do you have still have students debts and how are you paying for them?

madricka, BSN, RN · Jul 12, 2016

I had a LOT of student loan debt after nursing (2 undergrad degrees). Honestly, there is nothing you can do about it. It is what it is. No loan forgiveness from OSAP since your income is so high and forgiveness is meant for people who have disabilities and/or are living below the poverty line. The exception being some provinces will offer some level of loan forgiveness to docs/nurses working in remote and Northern communities (though there is max amounts that might not cover your entire loan amount). I believe the military offers similar programs. If you Google "loan forgiveness for nurses Canada" you can find details about them.

OSAP loans are generally repaid over 15 years (as per the usual terms), you can opt to pay them off faster of course (if you work even one OT shift a month and put the entire amount towards your loans, it will make a big difference). Also, after paying monthly at some point the balance will tip and more of your monthly payments will go towards the principal rather than the interest so you will see the balance go down faster. You do have the option to obtain a bank loan to repay your OSAP -- you might be able to swing a better interest rate if you do this. A good thing about student loan repayment is that the interest you pay is tax deductible.

I found what helped me was looking at it differently. I was never a "prisoner", I chose to take out loans so that I could have a career I loved and could support myself. I was grateful that the opportunity to obtain loans existed because in many countries around the world, I never would have been able to go to school otherwise. It was an investment in my future and I do believe my life is infinitely better because of it. Loans are temporary (i.e. you CAN and WILL repay them) but the education and experience I was given in exchange is truly priceless.

YES, I agree, it sucks. But after a while you have to stop thinking about it or you'll drive yourself bonkers. It's just another bill to me (like union dues, health premiums, etc). I got mad about it in the beginning but tried to shift how I look at it and now I don't even think about it. If you make a plan to repay it faster (OT shifts, negotiating a better rate with a bank, etc) you can set a goal date and make plans to do the stuff you really want to do now but can't (like travel or making larger purchases). It's nice to have something to look forward to!

You'll get there!

dayandnight · Jul 12, 2016

In BC if you work in a rural area they will forgive your loans faster. I am not sure if they apply that for out of province graduates but would be a good idea to find out other options in other areas.

joanna73, BSN, RN · Jul 13, 2016

My OSAP loans were paid in 2.5 years (48,000). Very simple: I worked A LOT and saved my money. You will pay 20,000 in interest if you pay that loan within 9 years. I've done the math before.

Not worth it, IMO. Pay as much as you can to that debt.