School loans and debt, how much are you in the hole?

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How much are nurses typically in the hole after completing their education? I'm having some plapitations after signing for the money for my 1st year RN-to MSN program.:o $15,000 more to add to the bucket.

One year is gonna cost me more than the four years it took to get my ADN! I'm not sure if I can laugh at that or not right now. :bluecry1:

Do you pay on your student loans/interest as you go, or do you defer them all through school and consolidate/start paying when you're done?

I have around 23K to payback for my BSN over the next several years. I didn't touch the loans until I graduated, then I got on a 10 year consolidated payment plan with a fixed (low) interest rate with my lender. I do not plan on deferring the debt at all. Though I wish I could have gone to school without accruing debt, it wasn't possible (for me or my husband). But, I'm so glad we took the plunge and went to school. Really, it was an investment into my career. And, well worth it. I pay less for my education each month than I do for my car.

lifejourney

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Specializes in Stepdown progressive care.

I have about $23,000 for my BSN that I've been paying on for about 1.5 years and I swear the number never gets any smaller. I'm also thinking about going back for my masters which will be at least another $24,000. I dread the thought of more debt.

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Specializes in Long Term Care.

I managed to get by without huge loans costs so far, but the cost of an education is just another obstacle to getting a higher degree that I have to climb over...

Rn to BSN in spring.

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Specializes in Med/Surg, Geriatrics.

I didn't pay a penny for my BSN as I attended on a full scholarship. Unfortunately no such luck for my MSN. I started off paying as I went but when it began to take a toll on my time, I had to take out some loans so I finished $11,000 in the hole but I will pay it off by Dec 2007.

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Specializes in Orthosurgery, Rehab, Homecare.

After my MSN, which I am currently working on, I will owe close to 40,000. :eek: About 60,000 of you add my hubby's.

Sometimes when I think about it, I want to :barf01: or maybe :crying2: . But I think in the long run it's worth it.

The way I see it, even after paying back the loan plus interest, with the $ I'll make as an NP, I still come out ahead. (The same was true for RN) Even with paying back the loan, it beats working in some gas station somewhere. :lol2:

~Jen

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48,000 big ones for a 4 yr BSN and BA (double majored in psych) at a terribly expensive school.... Secretly wish I had gone to a state school.

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GM,

I have 16,000 dollars so far and just finishing up my AA degree at a community college. I start a BSN program this fall at a FSU which will probably be about another 16,000 and I am 45 years old, so I figure I'll being paying on my student loan until I retire!!!! It really has been worth every penny though, I have been an LPN for 15 years and I am learning soooo much. Very greatful to be able to continue my education!!

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$40,000.00 that's going to a private school for 4 years (after scholarships!!!)

Are scholarships really for scholarly work if only the needy can apply? Given the amount of loans I owe, it's a subject that really, really angers me.

May

Financial aid falls into both Merit- and Need-based. I've never been able to show a financial "need" (although I certainly ate enough ramen and rice to get by) but I had scholarships and grants all through my first bachelors program and the ADN I just completed.

Probably close to $24,000 over the years and that was all based on merit/grades or essays.

School debt can be unavoidable, though. And while I believe we should all have some sort of education, like anything else, it's about budgeting yourself b/c the financial aid system isn't totally fair. Paying $10,000 per year out of pocket for a private school is not out of the ordinary. In fact, it's not out of the ordinary for many state schools any more, either.

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I just finished my diploma program. It took me 3 yrs to complete. I am 18,000 in the hole.:angryfire :angryfire :angryfire

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I was very lucky in the UK they pay you to train. And then pay for your further education in your speciality. Thank God. It makes up for the lower pay we receive than the USA. :balloons:

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Specializes in Med-surg.

Eek. I felt bad about my debt before, but even moreso now compared to everyone else's. I changed majors so it's taking me 6 years for my BSN and I'll graduate with around $70,000 in debt (a lot of bad circumstances...). Will I even be able to make these payments?!

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Just graduated with my BSN in May. I owe Uncle Sam around $26K. Don't remind me.. :rolleyes:

No, seriously. Our bust-our-butt budget has us completely debt free within 2 years.. including that student loan. Let's hope life goes as planned! :)

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