Sooooo much debt already

[KG MSN RN CCRN CEN, MSN, RN]

I am already a little over $40,000 in debt after just two years of my bachelors nursing program. For this coming year I took out nearly $21,000 in loans to pay for school, books, and to get quite a bit of it credited back to me, because I need gas money (live an hour away from the college). I don't have a job, and don't really plan on getting one because I don't think I could handle one with all of the nursing school stuff.

Regardless of this large debt that I have now, I should not have to take over $5,000 for my senior year (if I will even need any loans my final year). My debt should stick around the $40,000-$50,000 area.

Is this bad compared to other colleges/programs? Will this be manageable with me working a full time job as a male RN, BSN? My parents said I could also live at home until I get most of my debt paid off; so I figure most people don't or didn't have that luxury.

[KJ87, BSN, RN]

I didn't go to an insanely expensive school, but I was an out-of-state student up until my last semester. I needed room and board each year, which was more costly due to my request for a single room. I also stayed for two summers to get more pre-reqs in before I started the nursing program, more tuition, room/board, and books. My debt for 4 years with those two summer semesters totals $80,000 in student loan debt. My monthly expenses for just those loans averages $710 each month. Two or three of those loans are increasing due to high interest rates. When I was working full-time and making $21.25/hr I had enough to pay a little extra towards each payment, but I was not able to afford rent and utilities on top of my car payment, gas, and groceries. I am also living with my parents until I pay off my loans. It's the most frustrating thing, especially when it's so hard to find any job, much less a job you want and actually enjoy. But I figured if I could pay double the minimums each month I can be debt-free in about 3-5 years. That's after already having been paying on them for 4 years.

[RunBabyRN]

I think it depends on your job prospects, pay where you live, and other factors. Is there a good chance you'll be able to work full time?

I just graduated with my BSN, and I have about $30K in debt and a per diem job offer. We live on my in-laws' property, and have had the luxury of not paying rent while we couldn't afford to do so. My goal is to pay $1,000/month whenever possible once I start working.

It's great that you have your parents for this! Be sure to make it up to them when the time comes to move out!

Just a friendly heads up, you may want to change your SN if that's your real name. Anonymity is highly regarded on AN! :)

[KG MSN RN CCRN CEN, MSN, RN]

That definitely makes me feel a little better about my situation then. I go to the University of Cincinnati as an in-state student, and it's still pretty expensive for me. Thank God for our wonderful parents who let us stay with them. That's such a huge plus!!

[KG MSN RN CCRN CEN, MSN, RN]

The nursing jobs where I live seem to be pretty plentiful! Especially when someone has their BSN. I applied for a few ER tech jobs today, but am not sure if I will work these last two years in school. I might apply for the CO-OP program at Cincinnati Children's, which is fabulous But I shouldn't have any problems finding a full time job once I graduate. I am definitely going to try to pay as much per month as I can just to get my loans out of the way too!

[RunBabyRN]

That's good! You're lucky to live in a job market like that!

[Esme12, ASN, BSN, RN]

The nursing jobs where I live seem to be pretty plentiful! Especially when someone has their BSN. I applied for a few ER tech jobs today, but am not sure if I will work these last two years in school. I might apply for the CO-OP program at Cincinnati Children's, which is fabulous But I shouldn't have any problems finding a full time job once I graduate. I am definitely going to try to pay as much per month as I can just to get my loans out of the way too!

The job market isn't as plentiful as you think

[TABLE=width: 565]

[TR]

[TD=bgcolor: white]Akron[/TD]

[TD=bgcolor: white, align: right]$62,000[/TD]

[TD=bgcolor: white, align: right]7,040[/TD]

[TD=bgcolor: white, align: right]+8%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Canton[/TD]

[TD=bgcolor: white, align: right]$56,000[/TD]

[TD=bgcolor: white, align: right]3,860[/TD]

[TD=bgcolor: white, align: right]+18%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Cincinnati[/TD]

[TD=bgcolor: white, align: right]$62,000[/TD]

[TD=bgcolor: white, align: right]23,260[/TD]

[TD=bgcolor: white, align: right]+12%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Cleveland[/TD]

[TD=bgcolor: white, align: right]$63,000[/TD]

[TD=bgcolor: white, align: right]28,530[/TD]

[TD=bgcolor: white, align: right]+36%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Columbus[/TD]

[TD=bgcolor: white, align: right]$63,000[/TD]

[TD=bgcolor: white, align: right]17,740[/TD]

[TD=bgcolor: white, align: right]-6%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Dayton[/TD]

[TD=bgcolor: white, align: right]$61,000[/TD]

[TD=bgcolor: white, align: right]9,640[/TD]

[TD=bgcolor: white, align: right]+24%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Lima[/TD]

[TD=bgcolor: white, align: right]$60,000[/TD]

[TD=bgcolor: white, align: right]1,990[/TD]

[TD=bgcolor: white, align: right]+112%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Mansfield[/TD]

[TD=bgcolor: white, align: right]$59,000[/TD]

[TD=bgcolor: white, align: right]1,220[/TD]

[TD=bgcolor: white, align: right]+31%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Sandusky[/TD]

[TD=bgcolor: white, align: right]$56,000[/TD]

[TD=bgcolor: white, align: right]760[/TD]

[TD=bgcolor: white, align: right]+27%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Springfield[/TD]

[TD=bgcolor: white, align: right]$55,000[/TD]

[TD=bgcolor: white, align: right]910[/TD]

[TD=bgcolor: white, align: right]+6%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Steubenville[/TD]

[TD=bgcolor: white, align: right]$50,000[/TD]

[TD=bgcolor: white, align: right]1,510[/TD]

[TD=bgcolor: white, align: right]+107%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Toledo[/TD]

[TD=bgcolor: white, align: right]$58,000[/TD]

[TD=bgcolor: white, align: right]8,850[/TD]

[TD=bgcolor: white, align: right]+49%[/TD]

[/TR]

[TR]

[TD=bgcolor: white]Youngstown[/TD]

[TD=bgcolor: white, align: right]$55,000[/TD]

[TD=bgcolor: white, align: right]5,310[/TD]

[TD=bgcolor: white, align: right]+17%[/TD]

[/TR]

[/TABLE]

http://www.job-hunt.org/careers/nurses.shtml

Nor is is good in Indiana.

Upon graduation...if your loan interest rate is 6.8% and your payment are for 120 months (that is 10 years) your payment will be $575.40 per month...it is estimated that you will need a position that pays $86,321.00 per month to afford this payment. Student loan repayment calculator

It is important to not have more debt than what you will make in the first year of employment. If is a good thing your parents are will to help out with lining after graduation.

[Esme12, ASN, BSN, RN]

Kentucky

[TABLE]

[TR]

[TH=align: left]City and Area[/TH]

[TH=align: right]Median Salary[/TH]

[TH=align: right]Employees[/TH]

[TH=align: right]Job Density[/TH]

[/TR]

[TR]

[TD]Bowling Green[/TD]

[TD=align: right]$63,000[/TD]

[TD=align: right]1,380[/TD]

[TD=align: right]+37%[/TD]

[/TR]

[TR]

[TD]Elizabethtown[/TD]

[TD=align: right]$64,000[/TD]

[TD=align: right]1,030[/TD]

[TD=align: right]+31%[/TD]

[/TR]

[TR]

[TD]Lexington[/TD]

[TD=align: right]$58,000[/TD]

[TD=align: right]7,180[/TD]

[TD=align: right]+49%[/TD]

[/TR]

[TR]

[TD]Louisville[/TD]

[TD=align: right]$58,000[/TD]

[TD=align: right]15,890[/TD]

[TD=align: right]+28%[/TD]

[/TR]

[TR]

[TD]Owensboro[/TD]

[TD=align: right]$56,000[/TD]

[TD=align: right]1,760[/TD]

[TD=align: right]+108%[/TD]

[/TR]

[/TABLE]

[applesxoranges, BSN, RN]

The chart above seems to be inflated. My job market is listed up there and I am a new nurse. I make 12,000 less than that assuming I will not get overtime. I do put 15% away for retirement though and so I am taking home even less.

Also, do you really want to live with your parents? It's nice that they are giving you that option but you will be a burden to them in terms of using resources. Also, what if you do meet someone? Do you want to have to rely on your parents in order to make your weekly payments?

Start counting the nursing schools in your area. Then remember that there are those students plus other students who have yet to find a job. I would try to get into a hospital even if it is just 12 hours a week.

[__patiently_waiting]

After 2 years of completing my pre-reqs (I start a BSN program in the fall), I have already accrued $12,000 in loans. A couple months ago I knew exactly how the rest of my college career was going to go as far as loans. I had no plans to take out anymore, but now those plans have went left. Now I'm unsure if I'll have to take out more or not, but I'm doing everything feasible to decrease the likelihood of me having to do so.

I know I won't be working this fall or next spring semester, so this summer I'm juggling 2 jobs to save up money to pay for all of my expenses and have a little left over. I also applied to 9 scholarships sponsored by my school, so hopefully I have some luck there.

If all goes as planned and I don’t take out more loans, I want to pay $800-$1000/month to have it knocked out in a year or two max. The longer you pay on your loans, the more interest there is, so it’s best to knock it out as quickly as possible.

Regardless of what all the charts say about how much money you will make as a nurse, you also have to think about other aspects of it. What if you don't find a job before you have to start paying on your loans? Will you be able to make the payments? I would advise you to maybe work this summer to save money (if you're not also doing so), and apply to as many scholarships as possible. Anything that can prevent you from taking out as many loans, do it.

[RunBabyRN]

I think it's also important to remember that the salaries Esme posted are MEDIAN, NOT new grad salaries.

[KG MSN RN CCRN CEN, MSN, RN]

The estimated salary above for the area of Cincinnati, I don't particularly agree with..almost everyone that I know that has graduated from my program, starts out making above that. And the only ones who don't get jobs are the ones who don't try for it.