$100,000 in student loan debt?

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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?

Ummm the economy is tanking because people borrowed way more then they could afford. People pulling out these private loans that go off your credit, those loans people can file BK on can they not?? I know not the federally funded ones, but I believe the private ones they can. Your second paragraph fits right in with the people that borrow way more on education loans than they can afford. One poster admitted they didn't even look what their payment might be. I would be willing to bet she isn't alone and that many kids did this. I have to seriously laugh at you calling people that borrowed to much for a home an idiot, (or CC) but than you justify someone having over 100,000 dollar debt for a BSN degree, when that same degree can be had for a FRACTION of the price.

How is CC debt any different than this??? Both are borrowing of money that isn't yours.

You can get your student loans (same laws apply to federal and private) included in BK but it's not easy. You basically have to prove that you can not now and will pretty much never be able to afford to pay that money back. Usually that's a result of an accident or illness but it varies depending on the court.

The housing and credit card thing isn't meant to bash folks who are in those situations, I feel bad for them. However, choosing to further your education even if going in debt to do it offers a financial benefit. What benefit is there to charging up credit cards? Unless you are working to establish credit, there's zero benefit to you (and even if that is your goal you don't run up more than you can pay!). Buying a house might be a smart financial decision but not always! People gambled on the housing bubble, agreed to 100% financing (100%!!!) and signed off on ARMs without thinking about the consequences and are now ruining their credit in BK and forclosure without any benefits to them at all. It's sad and I honestly do understand how people end up there but it's also irresponsible.

I'm not suggesting everyone should rush right out and get 100k in student loans for a BSN. My degree didn't cost that much and I lived off loans while getting my BSN. I do however, understand how people can accumulate that much in student loan debt and I don't think you have to be irresponsible for it to happen.

Borrowing money to pay for something doesn't automatically make a person irresponsible. Or are you suggesting we just do away with all loans for everyone? I made a decision on how I'd get thorugh college and I've taken full responsiblity for that decision (and the resulting debt!), what's irresponsible about that?

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What I think is absurd is the insanely high debts people are incurring for JUST a BSN degree.

That statement sums up our differences perfectly! My education wasn't about getting just a BSN. I choose my school with more than my degree in mind and was happy to pay for it. For people who only care about being an RN, I get that the local community college and living at home with your parents while working weekends at the diner is a great way to go! If being an RN had been my only goal with regards to college then perhaps I'd have taken that path as well.

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Specializes in Utilization Management.

"However, choosing to further your education even if going in debt to do it offers a financial benefit."

Just a question...how is being in a debt ever a financial benefit? Sure, getting that degree can help you acquire a well-paying job, but if $500+/month of your well-paying job paycheck has to go to loans for the next 25 years...that sounds like a burden to me, not a benefit.

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Specializes in Cardiac.
I get that the local community college and living at home with your parents while working weekends at the diner ...

I didn't live at home. Was on my own. Living life and building a future with my spouse. Not at frat parties or dorm living and calling that an education. I was also working full time as a PCT at a hospital. Fine tuning my nursing skills. Trying to have a baby and paying for fertility treatments, up front, to boot. All while silently saving money towards the purchase of our house, which we bought just after graduation.

Again, debt free.

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"However choosing to further your education even if going in debt to do it offers a financial benefit."[/i']

Just a question...how is being in a debt ever a financial benefit? Sure, getting that degree can help you acquire a well-paying job, but if $500+/month of your well-paying job paycheck has to go to loans for the next 25 years...that sounds like a burden to me, not a benefit.

It's a benefit if your monthly paycheck is 2k instead of 1k--even with $500 going to the debt you are coming out ahead.

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Specializes in Cardiac.

1500 a paycheck? That's coming out ahead?

I'd rather that money go towards a home, and not a debt. Paying $500 (car payment + insurance) is not coming out ahead. lol.

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Specializes in Utilization Management.

Still $500 LESS. And that's just a loan payment. No thanks.

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I didn't live at home. Was on my own. Living life and building a future with my spouse. Not at frat parties or dorm living and calling that an education. I was also working full time as a PCT at a hospital. Fine tuning my nursing skills. Trying to have a baby and paying for fertility treatments, up front, to boot. All while silently saving money towards the purchase of our house, which we bought just after graduation.

Again, debt free.

Well, I was a traditional student straight out of high school without a spouse. I do consider dorm living and frat parties a part of my college education. It's not just what you learn in the classroom, it's the whole experience and how it shapes you. If I could only count my classroom experiences as my education I'd consider much of that time in my life wasted. I wouldn't have wanted your experience any more than it sounds like you would have wanted mine. I don't think that makes either of us right or wrong, just different people making different choices.

We obviously think very differently. It's really funny to me that so many people find my student loan debt so crazy while I find it reasonable. The thought of buying a second car makes my skin crawl and I would never even consider taking out a loan to pay for it. :chuckle I walk to work because I'm not willing to pay for insurance, gas, upkeep and taxes much less a car payment on top of that!

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Specializes in L&D/Maternity nursing.
"However choosing to further your education even if going in debt to do it offers a financial benefit."[/i']

Just a question...how is being in a debt ever a financial benefit? Sure, getting that degree can help you acquire a well-paying job, but if $500+/month of your well-paying job paycheck has to go to loans for the next 25 years...that sounds like a burden to me, not a benefit.

if you can afford that payment, then its should not be a burden.

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Specializes in L&D/Maternity nursing.
1500 a paycheck? That's coming out ahead?

I'd rather that money go towards a home, and not a debt. Paying $500 (car payment + insurance) is not coming out ahead. lol.

Home as in what...a mortgage? Isnt that is still a debt? Its money you owe the bank for the house.

Yet no one is criticizing people for taking out a mortgage are they? I wonder why?

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Specializes in Cardiac.

We obviously think very differently. It's really funny to me that so many people find my student loan debt so crazy while I find it reasonable. The thought of buying a second car makes my skin crawl and I would never even consider taking out a loan to pay for it. :chuckle I walk to work because I'm not willing to pay for insurance, gas, upkeep and taxes much less a car payment on top of that!

Well, we purchased our first car outright, and our second car will be paid off in under 3 years total at 1.9% interest.

I think I'm doing alrgiht.

But, you don't even work as a nurse. You aren't even an RN. So what did your education really buy you?

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Specializes in Utilization Management.

You can experience dorm life and frat parties without saddling yourself with years worth of debt though. I can't imagine being 40, still paying off my education...but, hey, you got to go to some frat parties that you won't even remember! :up:

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