$100,000 in student loan debt?

Nurses General Nursing

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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?

Specializes in ICU.

1) Private schools can usually deliver programs more efficiently than state u. Seating at state u and cc is often limited so not everyone has that option or is interested in waiting around while making minimum wage for a seat to open up. I've looked into state u many times, but never yet attended one because I always find a private school to can give me what I'm looking for well before state u could.

How do you come to the conclusion that private schools deliver education more efficiently than state universities? I have the option of applying for a well known private college but will not due to the cost. Instead, I am working hard to earn the grades for acceptance into the local university which will save me a LOT of money and I will get in sooner than the private school (due to pre-reqs required). If you are refering to wait lists, I think that has much more to do with the fact that more people would rather go to a less expensive school rather than any school running more efficiently than the other. Supply and demand.

I think it's pointless to debate what type of school is best to go to (not saying anyone here is) Each person will have a different set of needs. Some will choose to pay for an education at an expensive school (private or not) in order to start as soon as possible. Some will be able to make the grades necessary for acceptance into a lower cost competitive school. Others will choose to be added to a waiting list in order to avoid high tuition and insane application processes. And some will even choose to relocate in order to find an inexpensive program without a waitlist. Each group can point out the wisdom in their own decisions and the flaws of others, but the point is moot since everyone's situation is different.

Me, personally, I would not be willing to take on a 100K+ debt load for a undergraduate nursing degree, but that is just my own view. If it is worth someone else to do so, than so be it. I just wish more schools would take the time to ensure students really understand what these loans will cost them once they are out of school and be REALISTIC in the earning potential in their choosen field. I have heard of people taking out $70K in SL for a degree in English/History/Sociology/ect. from a prestigous private school, only to be stapped down by loan payments b/c they couldn't find a job that paid over $35K in their field. How sad, and it happens a lot.

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Specializes in Emergency Dept. Trauma. Pediatrics.
I have 130,000 in loans. I switched majors late in the game. I went to two 20,000 grand a year schools, and I was in school for 6.5 years. I'm middle class so I didn't get any financial aid. Trust me, no one sets out to aquire so much debt. I feel like some people are implying...I purposefully wasted my time and money. I just wanted the best education for my first major and then the best nursing education. Sometimes it just happens. However, Im not really worried about it. I make 55,000 a year and I graduated in dec. Single no other debts....... should be paid off in a few years.

I also want to go back to NP school and the maybe get a Phd.... so maybe I'll have a few years of deferment!

I don't feel you wasted your time or your money, after all, it's YOUR debt and time, not mine. Honestly though, it makes me cringe to see ANY person to have 130 thousand dollars of debt at 24 years old and not have a home they "own". It's an insane amount of debt, especially for someone so young and single with no kids and stuff. BUT I don't be grudge you for it, like I said, it's your debt.

After going through Financial Peace University it just makes me cringe and not in a "I now look down at you" sort of way either. So please don't think that, at least from me.

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Specializes in Emergency Dept. Trauma. Pediatrics.
How do you come to the conclusion that private schools deliver education more efficiently than state universities? I have the option of applying for a well known private college but will not due to the cost. Instead, I am working hard to earn the grades for acceptance into the local university which will save me a LOT of money and I will get in sooner than the private school (due to pre-reqs required). If you are refering to wait lists, I think that has much more to do with the fact that more people would rather go to a less expensive school rather than any school running more efficiently than the other. Supply and demand.

I think it's pointless to debate what type of school is best to go to (not saying anyone here is) Each person will have a different set of needs. Some will choose to pay for an education at an expensive school (private or not) in order to start as soon as possible. Some will be able to make the grades necessary for acceptance into a lower cost competitive school. Others will choose to be added to a waiting list in order to avoid high tuition and insane application processes. And some will even choose to relocate in order to find an inexpensive program without a waitlist. Each group can point out the wisdom in their own decisions and the flaws of others, but the point is moot since everyone's situation is different.

Me, personally, I would not be willing to take on a 100K+ debt load for a undergraduate nursing degree, but that is just my own view. If it is worth someone else to do so, than so be it. I just wish more schools would take the time to ensure students really understand what these loans will cost them once they are out of school and be REALISTIC in the earning potential in their choosen field. I have heard of people taking out $70K in SL for a degree in English/History/Sociology/ect. from a prestigous private school, only to be stapped down by loan payments b/c they couldn't find a job that paid over $35K in their field. How sad, and it happens a lot.

Very good points, and lets not forget, we will be sitting at the same boards in the end ;)

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Specializes in ICU.

After going through Financial Peace University it just makes me cringe and not in a "I now look down at you" sort of way either. So please don't think that, at least from me.

Aha! A fellow Dave Ramsey Fan!! I haven't been through FPU but I would like to

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Specializes in Emergency Dept. Trauma. Pediatrics.
Aha! A fellow Dave Ramsey Fan!! I haven't been through FPU but I would like to

It was awesome!!! I went through it twice ( one membership you can go as many times in your life) I missed a few classes the first time and my husband was working out of town so we went again when he got home. I love Dave!!

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Specializes in ICU.

I really enjoyed his books and tv show and if I can get the scheduling to coordinate with my husband's work schedule, I will definately sign up for FPU.

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I started with about $4000 in debt from a previous major, took out another $4500 to pay for tuition, food, gas, and the occasional night out for spring and summer semester. I've got another four semesters to go...so I might end up with $20k by the time I graduate. I can't even imagine spending $100k though....

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Specializes in CDI Supervisor; Formerly NICU.
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

As I gave up all my income to attend school (by quitting my job), I personally took out about 40K in (deferred) loans to cover bills/lost income. The 40k didn't completely replace my income for 2-3 years, but it paid off bills and lowered our monthly expenses for the time during which I am not working.

The cost of tuition at my CC are irrelevant to the who discussion, as they were paid out of pocket and, in reality, didn't amount to much.

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Specializes in Home Care, Primary care NP, QI, Nsg Adm.

Interest is a real curse and the cause of much of the current economic melt down. What's the point of living a life in debt? I bought a car on payments in 1985 and paid it off in 1987 and never borrowed since.

While some cannot avoid interest, think of life w/o debt and consider if all of life's trappings are worth it.

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I bow my head in gratitude to Community Colleges.

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Specializes in M/S, Travel Nursing, Pulmonary.

I spent about 20K as I bounced from major to major early in my college career and then many years later, when I returned to school, I added only 3K. Wish I had been so thrifty from the start.

I pay my loans and think..........my gosh, I'm going to be doing this for 30 years.

If I owed 100K, I think I'd just throw the towel in.

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Honestly is anyone taking into consideration location in this discussion. Because even the state schools are not cheap in the state ( cheaper than private, yes,but not cheap enough to do a 5 year wait list) 100 grand doesn't seem like an amount I should curl up and die over as some of you stated. Does it stink? Sure. However its completely doable to pay off. I know MANY people in other careers(Artists,unemployed Lawyers, psychologists, teaching, and english majors) who paid the same for the education and wont get close to making what I make within the next 2-3 years. So I guess seeing the other end of the spectrum makes me feel lucky and even **gasp** financial stable and secure.

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