$100,000 in student loan debt?

eriksoln, BSN, RN · May 18, 2009

Why did my post........post twice?

Lovely_RN, MSN · May 19, 2009

I didn't realize that it was even possible to borrow this much money. I thought there was a cap on the amount of money that could be borrowed?

15k a year in payments is $1,250 a month and that's w/o interest. I hope you live in an area that pays nurses a lot. If not then you may need to re-locate and work a LOT of OT for years to make your payments. If you live in IA or FL you simply will not make enough to pay this kind of debt.

I hope you aren't going to have to borrow anymore?! :crying2:

Hi Everyone,
As I read this thread I sit here with that all to familiar sinking panicky feeling in my gut and I actually am breaking a sweat as I have so many nights laying in bed wondering how I am ever going to pay off these loans. I went to a private college. Initially I was majoring in PTA, but withdrew first quarter to go into the nursing program. My nursing program alone was $50k not to mention my prereqs which were probably close to 9k. Unfortunately I was one of those students who took out above my tuition cost to supplement my loss of income that I was bringing in prior to nursing school. Had I not been able to do that I wouldn't have been able to go to school. I only went to the private college because there are few BSN programs here and the shortest waiting list was 2 years! So, yes I panic, I really do. I am in over $150k, but I have to remind myself that that extra is what kept food on the table and paid half the rent. I'll be paying back forever, but that is o.k. I am in a career that I love and plan to further my education in. I have NO IDEA what my monthly payments will be yet, and quite frankly would like to stay in denial as long as I can. In a year or so, I will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.

pers · May 19, 2009

I think people are confusing federal loans ,private loans and grant money. Federal loans (Stafford for example) have limits and 100k exceeds what you can get for an undergrad. Those limits are for everyone and the school doesn't "run out" of money to give, the loans are available to all eligible students. My taking out the max every year has no influence on someone else's ability to also get a loan.

There are a variety of private loans available that a financial aid office may help a student set up that don't have the same requirements or limits.

Grant money however, does run out but it's an entirely different beast. That's money that isn't paid back and is almost always based entirely on financial need.

Found a link for those curious about federal loans that has an easy to read chart regarding the different types. Just keep in mind that while you may not get 100k in federal loans, you certainly can get that much (or more) once you add in other loan sources available to students. http://studentaid.ed.gov/students/publications/student_guide/2008-2009/english/typesofFSA_loans.htm

Freedom42 · May 19, 2009

No one should have to incur $100,000 in debt for any degree. But not everyone equates education with a pay check or a credential. Some people incur heavy debt to attend a school that offers an excellent education -- along with a nursing degree -- because it will enhance their quality of life and leave the door open to greater opportunities in the future. Boston College, for example, comes to mind. There's a big difference between a four-year degree at BC and a two-year degree at a community college. Yes, we all sit for the same boards in the end. But not all of us go to college strictly to earn a nursing license. It's about the bigger picture, and it's an individual choice.

imalilteapott · May 19, 2009

think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.

Well then I have to ask.What should I do?

According to you I can:

1) Kill myself due to my debt

2) Build time machine.

Guess I'll go work on that time machine

Bortaz, MSN, RN · May 19, 2009

think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.
Well then I have to ask.What should I do?
According to you I can:
1) Kill myself due to my debt
2) Build time machine.
Guess I'll go work on that time machine

Helllooooooooooooo, McFly!

tfleuter, BSN, RN · May 19, 2009

Some people incur heavy debt to attend a school that offers an excellent education -- along with a nursing degree -- because it will enhance their quality of life and leave the door open to greater opportunities in the future. Boston College, for example, comes to mind. There's a big difference between a four-year degree at BC and a two-year degree at a community college. Yes, we all sit for the same boards in the end. But not all of us go to college strictly to earn a nursing license. It's about the bigger picture, and it's an individual choice.

Sorry, I'm not getting your point here. In what way does attending a prestigious school "enhance their quality of life" or make a significant difference in the opportunties that they will come across (as it pertains to nursing that is)? Quality of life does not come from the school you attend and I have yet witnessed anyone give a specific circumstance where a hospital turned down a new grad from a community college and gave preference to the expensive private school grads. Some places want BSN of course, but you don't have to attend a 20K+ per year university to obtain that. I'm pursing a BSN at a state university and in state tuition will put my degree at approx $14k, including all pre-reqs. Obviously your mileage will differ depending on what state you live in.

I have no ill feelings towards those who have accumulated massive amounts of student loan debt in the persuit of their RN. I just hope that those who are in the beginning of their schooling pay attention and learn from other's experiences, good and bad. Choose your school, degree and loans wisely.

~Mi Vida Loca~RN, ASN, RN · May 19, 2009

think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.
Well then I have to ask.What should I do?
According to you I can:
1) Kill myself due to my debt
2) Build time machine.
Guess I'll go work on that time machine

Excuse me???? When did I ever suggest ANYONE kill themselves?? Or mention a Time Machine??? You will live and learn, it's all anyone can do. That is all I have ever said. Do I think it's absurd to rack up so much debt for a ADN-RN or a BSN-RN Absofreakinglutely, I don't care what the justification is. 100,000 thousand plus dollars for these one of these 2 degrees, I think is absurd. That is MY OPINION. BUT like I have stated many times, it's not my debt, it's not my problem in the end. I simply gave my opinion on the topic.

You ask what you should do??? Pay your debt, you already incurred it so it's a little to late for advice. So all you can do now is pay it. Or don't pay it and get in trouble. Either way, it's not my problem.

I do think quite a few posters are wearing some rose colored glasses about the seriousness of this amount of debt that will be found out later when it's time to pay back and you have all lifes other bills to boot. But hey, what can you do, it is what it is.

Please don't accuse me of saying things I did not, such as killing yourself over debt. No amount of money is worth somones life. As someone who has battled suicide many many years ago (not due to money) I don't take comments like that lightly.

~Mi Vida Loca~RN, ASN, RN · May 19, 2009

Helllooooooooooooo, McFly!

:yeah: :yeah::banghead:

Bortaz, MSN, RN · May 19, 2009

:thankya:

Freedom42 · May 19, 2009

Sorry, I'm not getting your point here. In what way does attending a prestigious school "enhance their quality of life" or make a significant difference in the opportunties that they will come across (as it pertains to nursing that is)? Quality of life does not come from the school you attend and I have yet witnessed anyone give a specific circumstance where a hospital turned down a new grad from a community college and gave preference to the expensive private school grads. Some places want BSN of course, but you don't have to attend a 20K+ per year university to obtain that. I'm pursing a BSN at a state university and in state tuition will put my degree at approx $14k, including all pre-reqs. Obviously your mileage will differ depending on what state you live in.
I have no ill feelings towards those who have accumulated massive amounts of student loan debt in the persuit of their RN. I just hope that those who are in the beginning of their schooling pay attention and learn from other's experiences, good and bad. Choose your school, degree and loans wisely.

I said that an excellent education enhances quality of life. I didn't say that you have to attend a "prestigious school" or a "private school" to get it. You did. Prestige does not always equal price tag, nor does excellence.

An excellent education enhances your quality of life no matter what degree you pursue. Education is, in its broadest sense, meant to teach you how to think critically for the rest of your life. Your quality of life is enhanced by knowledge of history, language, the arts and sciences. My point was that not everyone goes to school only to earn an RN's license. Some go to attain an education that helps them to become well-rounded, broad-minded citizens, not only wage earners. And yes, the better your education, the more opportunities you will have later in life. It's a heck of a lot easier to get into a graduate school, the Peace Corps, or the presidency when you've got Harvard or Yale on your resume. (Again, I did not equate future opportunities solely with nursing. You did.)

Some people believe they can find excellent education at a school that may cost more than another institution. There are excellent public schools that come with a lower price tag. There are excellent private schools that are expensive but that offer great financial aid. My point is, the choice of which to attend -- and whether to incur debt -- is that of the individual.

If you equate education solely with your pay check, of course the cheapest option is the best option for you.

eriksoln, BSN, RN · May 19, 2009

Well to make myself even more clear, it was a undergraduate adviser who has no affiliation with the accelerated BSN. Sorry that my situation does not fit into the point you were trying to make.
And you don't need data to show the opportunity cost lost by pursuing 2 year ADN without debt vs. an accelerated BSN with debt
DO you have any data to support your stance?
And actually you responded to my post, with the question "your joking right?"

I know, thats why I deleted it, but.......it posted it with and without the edit. Dont ask me why.

Here, you want data. I'll give you a little project to do. Most of us have done it already, I imagine you have to and are "forgetting" what you already know.

Call a few friend nurses who have ADNs that also live in the same area. Ask them what they started off at. You'll be surprised how little difference there is. After, oh....about three years, there is ZERO difference if the facility uses performance based evaluation/raises. Given enough time, good ADNs are make the same as good BSNs and bad ADNs lack the same increases that bad BSNs lack.

I get this from all the BSN nurses who tell me not to go back for "the money", its not a significant raise. Thats why I waited until I was done travel nursing to start looking into getting mine. I still want it despite the lack of career advancement it offers (you need a MSN to move into admin. if thats your goal), but I'm going to let my hospital pay for it. Thats the difference...............I am not being reckless by taking my time and not taking on unecessary debt.