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Is it common nowadays for nursing students to graduate with >100K in student loan debt? I am trying to wrap my head around how this is happening so let me throw a few questions out there.
And rarely does a kid defer college to work to pay off tuition as they go.
I was one of those 'kids' who deferred college until a much later date since my parents were unwilling to provide their SSNs or financial information for the FAFSA. I entered the low-paying, entry-level workforce immediately after graduating high school and remained there for five years.
I graduated high school in '99, but didn't enroll in school until '04. By that time, I was a homeowner with enough credit established to obtain private student loans on my own with no cosigner. However, since I was still under the age of 25, I was still considered a 'dependent' student and therefore couldn't obtain federal aid without my parents' financial information.
The current system of higher education financing in the U.S. is unfair. Then again, nothing in life can be expected to be fair.
I can assure you I'm neither a fool nor stupid. To each their own, no need to call names or pass judgement for someone who has done something differently from you and your ideals of what's acceptable. Judgement is not exactly a characteristic becoming of a nurse.
I never called you a fool or stupid. I simply was stating a fact that the payment on a 100k loan is about $1,000/month which is close to what an average new grad takes home every two weeks. I was simply stating a fact. No judgement here.
since I was still under the age of 25, I was still considered a 'dependent' student and therefore couldn't obtain federal aid without my parents' financial information.
That is insane that at the age of 25 living on your own you are still considered a dependent for federal aid. My guess here is that the big fiancial corporations have lobbied the government to have this asinine policy put in place to make people dependent on them and thier loanshark terms.
I agree. I was a homeowner at age 22 and earned more than enough income to support myself, but due to bureaucracy I was still considered a dependent for all intents and purposes.That is insane that at the age of 25 living on your own you are still considered a dependent for federal aid.
The only ways of becoming independent for federal aid are the following: marriage at a young age, having children at a young age, aging out of the foster care system, joining the military, or legal emancipation.
Thank you everyone for sharing your stories. I have read them all so far and appreciate your input. Sometimes I wonder if people turn to expensive private and (ugh) for profit schools because it is easier to get in due to decreased competition as a result of cost. I can totally understand it is difficult to get into reasonably priced State Universities and Community Colleges because there is a larger pool of applicants. Could some of the huge debt be a result the attendee being impatient to get into nursing school and therefore of attending a school that is essentially unaffordable?
You have hit the nail on the head.
Actually Dishes, according to the various posts I've read here about student loan debt, it seems that unfortunately, 80-100k is becoming more common.Part of the reason for that is the inflated cost of many of these schools. I never would have believed it either.
The huge loans are becoming MORE common ... but they are not yet common. I just read a statistic (from a reliable source, but I can't remember the citation) that the average debt is around $35K. While the average amount of debt is increasing, most people are keeping it below $50K.
I have a lot of debt b/c of a masters in teaching at a private school. Didn't know any better (my first BS was at a state school and was less than 20K-needed living expenses there). I got my ADN at CC for less than 5K and my BSN online from a state university for less than 4K (got a scholarship). I rented my textbooks. I am now starting mt MSN at a prestigious school but with not having to pay room & board and tuition assistance from work, I will be spending less than 15K for my MSN. I will end up with a lot of debt, but that will be for 6 degrees, not one.
I am now starting mt MSN at a prestigious school but with not having to pay room & board and tuition assistance from work, I will be spending less than 15K for my MSN. I will end up with a lot of debt, but that will be for 6 degrees, not one.
I am curious what does a "prestigious" school offer that your average school does not? I am asking this in all sincerity. What do they provide to justify the added cost?
brandy1017, ASN, RN
2,910 Posts
Parent Plus loans don't have the income based repayment option that student loans have and I'm not sure if they offer deferment or forbearance either. If she really plans to repay them she might have been better off getting Student Plus loans instead.