$100,000 in student loan debt?

Tweety, BSN, RN · May 20, 2009

I think it's foolish to borrow above and beyond what you need to live. My ex did this when he was getting his Masters, just because it was offered. Granted his loan repayments are only $125 a month for ten years.

I didn't have that option when I went back to school a few years ago, as the school I seemed stingy and would only give enough to cover the cost of the courses minus our tuition reimbursement because the knew we were working RNs.

I don't think the money is out there in such generous amounts anymore so the point is probably moot.

Was there anyone on this thread that actually said they paid $100,000 for their RN. I doubt it's really all that common, but high debt is. Parents can't afford the cripplling costs of an advanced education and getting loans are the only option for most people.

Interesting now that Suze Orman (not sure what Dave Ramsey is saying) is that having some credit card debt might be good for the next year because otherwise your limits will be cut, or your card canceled and you won't have the limit you need in an emergency. This happened to me as I have no credit card debt and was informed by my credit card company that my limit was cut in half.

~Mi Vida Loca~RN, ASN, RN · May 20, 2009

I can't believe the emotional investiture that you all have in this topic! It astounds me, actually.

LOL I am not emotional at all about it. If it were my debts I might be, but being that they aren't I am not. :yeah:

~Mi Vida Loca~RN, ASN, RN · May 20, 2009

I think it's foolish to borrow above and beyond what you need to live. My ex did this when he was getting his Masters, just because it was offered. Granted his loan repayments are only $125 a month for ten years.
I didn't have that option when I went back to school a few years ago, as the school I seemed stingy and would only give enough to cover the cost of the courses minus our tuition reimbursement because the knew we were working RNs.
I don't think the money is out there in such generous amounts anymore so the point is probably moot.
Was there anyone on this thread that actually said they paid $100,000 for their RN. I doubt it's really all that common, but high debt is. Parents can't afford the cripplling costs of an advanced education and getting loans are the only option for most people.
Interesting now that Suze Orman (not sure what Dave Ramsey is saying) is that having some credit card debt might be good for the next year because otherwise your limits will be cut, or your card canceled and you won't have the limit you need in an emergency. This happened to me as I have no credit card debt and was informed by my credit card company that my limit was cut in half.

No it wouldn't be Dave Ramsey saying it, he is against CC period and thinks people should have an emergency fund instead of relying on CC. I have heard some of Suze Ormans stuff and I think she has very good advice on some things but overall I am with Dave. LOL

Some people in here have talked about coming very close to 100K and some PAST it. One girl said she was 130 thousand in the whole and she was in her early 20's if I recall. I had no problem getting the max federal student loan for this Fall semester coming it. It will all go to childcare and tuition and books and stuff. A lot of these people though are also getting private loans.

FireStarterRN, BSN, RN · May 20, 2009

LOL.......you frequently say that after you start a thread. You're the master at starting these kinds of looooooong threads.

:lol2:

And, I always end amazed at those who can stick to the topic for so long! My attention span is definitely not up to that of these tenacious souls!!!:chuckle

Saifudin · May 20, 2009

Re: $100,000 in student loan debt?

"I can't believe the emotional investiture that you all have in this topic! It astounds me, actually"

Lets add another '0' and see what happens...

FireStarterRN, BSN, RN · May 20, 2009

Incidentally, I didn't pull this figure out of thin air. I started this thread after reading the opening post to the following allnurses thread:

Staffs full, nurses struggle for work

When Katharine Barron enrolled in Boston College's school of nursing in 2005, everyone - family, friends, college officials - assured her hospitals would be "banging down her door" with job offers.
Because nurses were in such high demand, they said, Barron's degree was going to be like a guaranteed paycheck. Or so she thought.
Turns out Barron will be lucky to land work in Boston after she graduates later this year. The 22-year-old Newton native will be saddled with more than $100,000 in student loans and anticipates moving back to her parents' home."I really hope I can get a job," she said during a break from class Thursday. "It's frustrating. And it's scary to think about the future."

eriksoln, BSN, RN · May 20, 2009

I think most people who read this will understand the problem with this logic.
I think anyone who bought a house within the last 5 years would. Probably would be offended. Especially those who saved 20% to see it wiped away.
But If you dont, I think its obvious you will not be changing your opinions.
It been a great debate everyone!

It isn't just California,and it was NOT luck!! but those are the people that were not smart about debt and got themselves into a mess. Had that not borrowed more than they could afford they would not be in that mess. This is how buying a house works for most people that are smart about their investment, they find a house they can afford and is at a good price, they live in it for many years, when they go to sell it, they have equity in their home and they actually make money off of it. This is the norm for the past couple hundred of years, the norm isn't people paying an obscene amount for a little house in comparison and than NEEDING to sell because they didn't pay attention to the loan terms and all their buddies did the same and others were not going to be dumb with their money and pay that amount for the same house. Although it isn't just the people to blame, I also blame the lendors, but in the end the responsibility falls on the individual IMO and the lenders shouldn't have gotten bailed out either. IMO

Yep, same sense of entitlement that goes into borrowing 100K for a 10K degree makes using loop holes to afford a house one would not normally be able to get seem alright. Only, with the housing, its not just a simple matter of someone somewhere else getting the vise applied to them because spending is outta control (as with school loans). This time, the reckless people got hit instead of some....unseen unknown entity.

I have very little sympathy for those that lose their home because they went into a home they couldnt afford long term. That "Keep up the with Jones's" mentality will get you every time. But, for some reason, when it does happen, people want to point the finger at the bank, the government and anyone else involved with the loan except themselves. NO LOAN CAN BE TAKEN on your credit without your consent, you are the final/last safegaurd of your credit. Predetory lending habits or not, its up to you to know when to say "no". Stop trying to have the biggest/brightest EVERYTHING on your block and financial moves like this lose their appeal.

Think I dont know about the dangers of ARM mortgages? Wife and I, when those loans were still vogue, had to choose between buying a house that was ideal in many ways or persueing travel nursing. We atually prefered to buy the home and start a family. Problem was, at the time, it was hard getting a fixed rate loan. The banks and all the lenders pushed for an ARM mortgage. Told us we had to come up with more money down if we wished to have a fixed rate. We declined, went into travel nursing and put home buying off. Now look at things. Fixed rate is back with a vengence and the evils of ARM mortgages are understood by all. And it is such a buyers market. Some houses we looked at 2 1/2 years ago went from 275K to 160K.

Way I see it, I'm not "catching a lucky break" and taking advantage of a buyers market. Prices and loan options have just...........gone back to normal. The whole "Keep up with the Jones's" mentality is no longer vogue, people are not spending like money is no object, and we have gone back to realizing what is and isnt important.

Sure, I dont like to see people's dreams snubbed by a bad economy, but when your motivation is to "outshine" everyone else (from material point of view) regardless of the costs/debt you build up..............something has to bring you down to earth.

cardiacRN2006, ADN, RN · May 20, 2009

And, I always end amazed at those who can stick to the topic for so long! My attention span is definitely not up to that of these tenacious souls!!!:chuckle

Oh, but I love a good argument and can basically argue a point forever. Especially when I'm right!

If we put this thread to sleep and revive it next year, I'll still have an opinion!

I think most people who read this will understand the problem with this logic.
I think anyone who bought a house within the last 5 years would.

I bought a home within the last 5 years too. I saved for the down payment, which I didn't need because we have a VA loan (thank God). I'm paying exactly what I thought I'd pay, and we sat down and did the math before buying.

If my home value were to drop (I got the home after it already dropped significantly in price) then no bigge. I plan on staying here for a while.

Anybody can lose their job or spouse at any time. But, I don't live in that kind of fearful world where I base my life of the bad "what-if's". That's no way to live, and quite frankly, a cop out.

I think it's obvious what's going on here. When you spend so much on an education, you have no choice but to lash out and shout out how right of a choic it was. Seriously, you have no choice. I still haven't seen one person take accountabilty for their actions. Nope. It was all worth it because of drunken frat party pictures, or experiences that we could never understand. Lol, I mean really, lol.

If I need to, emergently, I can sell my home and cars. Can you sell your student loans? No. Can you sell your education, no. But I also obtained my education reasonably, like most people did.

And to somehow equate the recklessness of over borrowing loans for education (and food, living expenses, etc) with responsible home buying is way beyond me! Seriously, that is way dense.

This comes from the naivety of not being a home owner! I remember being that naive before I purchased this home too. Wait, nah...I wasn't ever that naive.

Those that spend recklessly rarely take any accountability for the end result of their poor decisions. Eventually they look for a hand out, expect to be saved from the debt beast they've created for themselves. And the government is beginning to sympathize with these individuals. Not fair for those of us who have gone without the frills and luxuries in the name of being responsible. Our taxes go up, we continue to go without and get no sympathy/hand out from the government. .

What can I say? It was so true that it needed to be said twice.

melmarie23, MSN, RN · May 20, 2009

Can you sell your education, no.

Of course you can. Its called getting a job.

cardiacRN2006, ADN, RN · May 20, 2009

Oh honey, I have a job! AND I have a house and cars. All which I could sell at any given moment.

But you can't do anything about your debt.

melmarie23, MSN, RN · May 20, 2009

Of course I can. I paid off a few thousand of it when I was working, and as soon as I am licensed, I will continue to pay it off.

Isnt that by virtue how loans work?

cardiacRN2006, ADN, RN · May 20, 2009

Boy, you are living in a dream world. One where you just spout stuff off without thinking, and fail to hear anything of logic that is said to you. I cant' fix that in you, sorry.

Now I know exactly why Mi vida felt like banging her head against a wall. It IS like talking to a teenager!

IF an emergency happened today I COULD SELL STUFF. You couldn't . I could make my debt GO AWAY! You couldn't . Nuff said.

I'm going to eat lunch now. I'm tired arguing when you're just going to play that silly game. It would have been nice to have a real debate, but whatever.