Jump to content

$100,000 in student loan debt?

Posted

Specializes in LTC, Med/Surg, Peds, ICU, Tele. Has 15 years experience.

I keep reading about new nurses saddled with $100,000 worth of student loan debt. I'm curious about this. Are these students using their loans to live off of while they attend school or are they attending very expensive schools? You could almost buy a house for that amount. How common is that level of debt?

NurseLoveJoy88, ASN, RN

Specializes in LTC. Has 6 years experience.

Wow ! So far I've gotten myself into 3, 000 worth of debt and I may be using an extra 2,000 for summer. I have used 75 % to pay for classes and books and 25 % for spending. My goal is to not have to owe no more than 10, 000. I've been also blessed to have a scholarship for all my prereqs, so the only classes I had to pay for was my nursing classes.

I was a single parent during nursing school, and I only ended up with $20,000 in loans. I worked during school, and I used some of the loan money to live off. I can't imagine $100,000 for nursing school. That sounds more in line with medical school

evilolive, BSN, RN

Specializes in Cardiac/Step-Down, MedSurg, LTC. Has 6 years experience.

I can imagine $100,000 in nursing school debt can come easy nowadays, especially if you don't get any financial aid from your school. Even the state school I went to (as a state resident) worked its way up to $20,000/year by the time I finished. Figure if you go to a school from out of state (example, a New Yorker going to UMass) you could EASILY accrue that much debt!

Nursing students should definitely be smart when finding the right program for them. I hate to say it, but that money can hang over your head for a long time!

llg, PhD, RN

Specializes in Nursing Professional Development. Has 44 years experience.

I hear of it with students who switch their majors and START nursing school with $20,000 from their previous degrees, etc. ... also from students who go to the most expensive private schools ... also from students who choose to go to school full time while not working at all and with no savings to rely on.

I don't think that much debt is necesssary and I don't think it is very wise ... but that's just my opinion.

FireStarterRN, BSN, RN

Specializes in LTC, Med/Surg, Peds, ICU, Tele. Has 15 years experience.

I agree that it's very imprudent to accrue this level of debt, unless it's for an expensive degree with a hefty earning potential.

If one goes to West Coast University in CA for a BSN, they can start out with $116,000 in debt. You have to want it badly to go that route as far as I'm concerned.

I switched majors after two years of studying Mechanical Engineering, my final debt for that and nursing school is 50k. I thought that was terrible enough, I would probably be really depressed with 100k. I am hoping to get a job that will offer some loan reimbursement or something to help me. The recommended monthly payment to pay it off in 10 years is 620 dollars, and I would rather be pumping that into a savings account.

Jolie, BSN

Specializes in Maternal - Child Health. Has 35 years experience.

I cringe whenever I see a post asking whether one should borrow money for living expenses in school.

I always shout, "NO!" at my computer screen.

As I understand it, some financial aid programs "penalize" students who have money saved for education, so some families don't establish college savings, thinking it will lessen their ability to get low cost loans for college. That's a shame, because such savings can go a long way toward meeting living expenses during college.

I can't imagine taking out loans for living expenses and paying 6-8% for 30 years for groceries and utilities. But since our public education system does such a poor job of providing the basics of financial and economic education, many young people don't understand the ramifications of doing so.

I understand the desire to get thru college as quickly as possible and begin earning a professional salary, but I think most students would be better off to work full-time for a few years to save for college and living expenses, or go to school part time while working.

Graduating with crushing debt is not necessary, and most who do, come to regret it when they realize the impact it has on their post-college standard of living.

FireStarterRN, BSN, RN

Specializes in LTC, Med/Surg, Peds, ICU, Tele. Has 15 years experience.

Part of our economic problems in this country stem from the philosophy of buy now, pay later. I wonder what percentage of student loan debt ends up going unpaid? Much of it is for much less useful degrees than nursing.

I also wonder at the continued inflation of academia. Fields of work that once required a Bachelors now require a Masters or PhD, with people entering into their productive work years at older ages and in more debt.

I can see how that happens. There was a very long wait list for the RN prgram down here a few years back. I found an opening in a private LPN school and took it. That year of LPN school was about 15K total. After LPN school, I wanted my RN but plans got pushed off for a year. I got my ASN through Excelsior (about 6K total) BUT if I had lived in a state that didn't accept it, the BSN program I considered was about 30-40K plus books. (

Some young college students see the loans as "free money for now". They add up quickly and sometimes it is easier to focus on your studies and not work during an intense program. I know a RN who went to a school were the regular tuition price was 22K a year PLUS she lived on campus which was another 8-10K a year. She wanted the "name" of the school more than the degree. Now she has over 110K in debt even after paying it down for the last year. I think some people need the student loans but they also need a financial aid class that explains you have to pay it back and this is what the payment will be for X amount of years- do you still accept this money?

I switched majors after two years of studying Mechanical Engineering, my final debt for that and nursing school is 50k. I thought that was terrible enough, I would probably be really depressed with 100k. I am hoping to get a job that will offer some loan reimbursement or something to help me. The recommended monthly payment to pay it off in 10 years is 620 dollars, and I would rather be pumping that into a savings account.

$620 for 10 years and that is for 50K?!?! YIKES.. what is the payment for 100K? Doubt that?! That is like making a mortgage payment on top of your other payment. I'd be so upset but I bet these kids were never told that figure in the beginning!

TexasPediRN

Specializes in Pediatrics Only.

The school I attended was 25k a year, 100k total for my BSN.

That was without student loans, scholarships, and financial aid.

I owed about 30k in loans when i graduated, I think thats pretty good.

Most people fail to realize that the vast majority do NOT pay the full tuition amount. There is always fin. aid offered from the college and scholarships.

But to not get anything, and have 100k in loans, I dont think so!!

http://www.finaid.org/loans/

This is a good link to average debt for student loans. Looks like average for a four year is $19,237. Only a tenth of student borrow more than $35,213 for undergraduate degrees.

My daughter had about $24,000 education related debt when she finished school. It was worth it because she has a very nice career going. But that doesn't mean that paying it off hasn't been a burden at times. I try to imagine 4 times that amount and the mind boggles.

Unfortunetly I am one of the individuals who will owe close to 90,000 when I get done with my BSN in Nevada. To pay it off, I have applied to go active duty with the Army for three years. I am just waiting to hear back from them at this point. I would have to say for my money I didn't get what I paid for....

Cindy-san

Specializes in CCU & CTICU.

Depends where you go. People attend those fancy-pants-pay-for-the-name schools and get $40K tuition bills a year as undergrads.

Me? That'll be grad school. :eek:

ParkerBC,MSN,RN, PhD, RN

Specializes in Medical Surgical/Addiction/Mental Health.

My total student loan debt is about $75,000. The debt amount is not hard to accumulate when there isn't any financial aid extended and the only way of paying for the expenses is with student loans. My parents both have excellent paying jobs. They chose not to save up for us kids to go to school because they had no one to pay for them to go. I am glad it happened that way. We learned quickly of how to be responsible. My debt includes my Bachelors and Masters degrees. Having two degrees from an Ivy League university isn't a free pass to a corner office and it doesn't protect you from economic downturns. I considered nursing when I first went to school, but decided on the business route instead (should have went with my gut instinct). Now I am returning to school to do what I truly want to do, nursing.

Student loan debt is like any other debt: a person must decide on how much they can afford. Here is where people get into trouble. When I incurred my debt, I made a conscious decision to make certain I had no other debt leaving school (credit cards and auto loans), which I did. I also decided that my first home wasn't going to be a 250K home. I also knew student loans were tax deductible. I spoke with a tax accountant who told me based upon my mortgage interest and student loan interest how much my tax liability would be for the end of the year. I was then able to determine how many dependents I could claim in order to bring more into my household. Before attending nursing school, I was able to bring home about $500.00 more per month. I used that as extra principle payments on my student loans. So, I don't see the loans as bad thing especially since my tax write off's are enough to make the monthly payments.

Guest
This topic is now closed to further replies.