Student Loan Defaulters ONLY

SnowStar4 · Jan 21, 2011

This makes me mad. I'm sorry, I don't know your situation, but you only work PRN because if you work full time your kids will lose their insurance. So basically we pay for it. Step up, work full time, and take your hospital's insurance. This is why our country is broke.

BrnEyedGirl, BSN, MSN, RN, APRN · Jan 21, 2011

Thanks, I have done forbearance and deferrment with Sallie Mae. I just sent them 400.00 which is all I had. I only work PRN because FT will cost me $ and if I work to many hours, my children will lose their state insurance. I reapplied to grad school and was denied admission. I know my credit will be ruined but at this point, it already is. What little money I have goes to grocer
ies diapers etc. I have no insurance to pay yet I need a stress echo next week.

I guess I'm confused. How will working full time cost you money? If you work full time, won't you have insurance through your job, then be making full time wages, have coverage for you and your chidren, then you can pay your loans and have your stress echo,...problelm solved!

I agree with the others, the loans never go away. They garnish your wages, take your tax return and wipe out your bank accounts to get their money! Make arrangements and pay something!

gettingbsn2msn, MSN, RN · Jan 21, 2011

you all don't get it and you are right it makes me mad too. If she works full time she looses state funded insurance which runs 10-15/per kid. If she works full time she looses this and has to pay 400 plus for family insurance. I get what she is talking about. It is also not her fault it is the way the system is set up.

linearthinker, DNP, RN · Jan 21, 2011

No, not her fault, but her responsibility. Snowstar, don't worry. The OP isn't going to "get away" with anything. Sallie Mae will get what is owed her, even if they have to take the bread out of OP's childrens' mouths. That is the reason people have been trying to give her helpful advice, b/c there is no way out for her, she will have to pay, one way or another. The most logical answer is to get a FT job. Yes, you will lose some benefits, but you will earn enough to pay your own way, salvage your credit and your dignity. There is no such thing as a free lunch.

hiddencatRN, BSN, RN · Jan 21, 2011

you all don't get it and you are right it makes me mad too. If she works full time she looses state funded insurance which runs 10-15/per kid. If she works full time she looses this and has to pay 400 plus for family insurance. I get what she is talking about. It is also not her fault it is the way the system is set up.

But presumably she's gain more than $400 a month switching to FT so would come out ahead on that count.

To the OP: I've never defaulted but have a couple of friends who did and then had to go through rehabilitation on their loans. It's possible to get them out of default once they go in by making contracted payments with the loan company, but the payments are usually higher than what your normal monthly would be and it was definitely no picnic for them. You want to do everything you can to avoid going in to default because the rode out of default is much harder than the normal payment plans. Plus as others have mentioned, it does more than just mess with your credit: it can make it hard to find another job or cause issues with your current one.

CrazziiRN913, ADN, BSN · Jan 21, 2011

Hey if you want to pm me I might be able to help you out I work for the us dept of ed

SilentfadesRPA · Jan 22, 2011

" Then when they can't pay the bill the lender comes calling at the hospital. Strike 2 on a garnish and you are out."

Under federal law (31 U.S.C. 3720D(e)), an employer may not fire you, refuse to employ you, or take any disciplinary action against you because your wages are being garnished.

hiddencatRN, BSN, RN · Jan 22, 2011

" Then when they can't pay the bill the lender comes calling at the hospital. Strike 2 on a garnish and you are out."
Under federal law (31 U.S.C. 3720D(e)), an employer may not fire you, refuse to employ you, or take any disciplinary action against you because your wages are being garnished.

But it's not illegal for them to check your credit prior to an employment offer. Seems like there are easy work-arounds to this law.

biblepoet · Jan 22, 2011

Can understand just try to pay them. I have a hard time paying them myself. Some reason they think I can afford the amount they want me to pay every month about 500 dollars. My hubby is working part time lost his full time job. I work full time and support a family of five on my first yr. nursing job. Not easy guess I will have to get a second job to afford it. I applied for numerous things and get denied make too much money for it. They assume it out of my gross salary and no consideration of family size. Just got behind and I am struggling to pay it. Guess I need to live on the streets or have no insurance to afford it. So I understand it. I have been looking for another job so I can work more than 3 nights a week to pay the bills. Guess seeing my kids is an option I do not have and do not see light out of the tunnel so before you condemn someone for defaulting and getting behind you need to know all the story.

canchaser, BSN, RN · Jan 22, 2011

This got my husband and I talking, Suzie Orman wants to see private loans treated like credit card loans. There is protection for the school and the loan agencies but not us the student. I've got huge loans from school too and not sure how I will pay. Crappy way the system is set up.

shoegalRN, RN · Jan 22, 2011

I only received the government loans while I was in nursing school.

I made arrangements with them when the first ones came due to pay "interest only" for the first year until I got on my feet financially. My monthly payments run me about 110.00 per month.

They have programs you can qualify for, you need to call them and make arrangements. I take my mortgage, car payment, insurance, and student loans SERIOUSLY because these things can cause me not to have a job if I default on them.

Also, I got a on a strict budget plan once I got my first RN job to get myself out of the hole of not landing my first nursing job until 3 months post graduation. I stick to it and got a good amount in savings.

Call your lender and see if there is ANYTHING you can qualify for to keep your loan out of default.

Good luck!

netglow, ASN, RN · Jan 22, 2011

Yes this is why I don't go RN-MSN until I find out if "nursing" could ever really pay for such an expense.

I have to be sure, that, my career/income as a nurse will "afford" this education. If I decide it cannot then there is no way I'm gonna spend the money. It would be a huge financial mistake. I would have to be sure to experience enough gain that I could benefit financially from the extra degree above what it cost me to get it.