Student Loan absorption

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The school I am hoping to attend is a hospital diploma program. After the first year we can have option of student loan absorption package available with positions on Med-Surg units after graduating and upon hiring.

If I chose to do this the payoff amount would be close to $10,000. For those of you who have done this, how long did it take you to repay? And how long did you have to stay in the med-surg unit?

I am afraid of being stuck in a unit I hate and start hating my job. Advice please!

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Specializes in SRNA.

They should be able to provide you with clear terms regarding how much time alleviates how much student loan debt.

If you think you'll be unhappy in Med/Surg, typical student loan repayment is 10 years. 10 years for 10,000 is not a very large monthly payment. I'd guess around $100/month depending on the interest. It may be worth it to pay it back yourself instead of sacrificing happiness.

However, get more information from the hospital on the terms of this offer.

Where I work, for example, they require 1 year of service for every $3000 borrowed for tuition reimbursement, but everywhere is different!

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Specializes in med-surg, step-down, ICU/CCU, ED.

Is 10k all you are going to owe after you're done? If so then there is no need to even agonize over your decision. 10k in student loan debt is peanuts in this day and age, many folks have that much and more in credit card debt alone!

Do your research before making your decision. That hospital could have dangerously high nurse to patient ratios which could explain why they're offering that payoff package in the first place.

Good luck

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For myself, I figured I was too old to promise myself after graduating to any hospital in the area. Find out what you are interested in. Your hospital may not even have a NICU, peds, mental health and so on. Another way to look at it is find out the work requirement. Some you have to work 72 hrs a pp. Take the money they were going to drop from your tuition bill and divide that by the number of hours you have to work (commit) to for that year(s). And $10 grand in debt??? Not worth it really!

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Thanks for the advice everyone!

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