student loan nightmare!!!

[May2009]

Okay I need to vent!!!!! I have $45,000 in debt (not counting interest)...As graduation approaches I am upset tinking about the loans I will have to pay back!!!! I have $15,000 from direct loans and $30,000 from chase. What the heck!!!!! am I alone???? should I consolidate? any advice?:uhoh21:

[NickiLaughs, ADN, BSN, RN]

I don't know where you are located, but many hospitals in california will repay some of your student loans. I'm sure it is offered in many other states.

I know tenet facilites do this

AND

the Veterans Administration hospitals will pay 10 k for every year you have worked for them up to four years.

However, I don't believe your chase loans qualify. I'd put in a year or two, and then you're already down to 30k with chase. That should be a bit more manageable.

Good luck

PS. Regardless of what you do, keep the direct loans as they are, federal loans are much easier to be repaid by facilities. Chase you will probably have to pay back yourself, however, if chase is several loans, at least see if they can consolidate it and maek the payments easier on you. Call and negotiate! with the economy right now, you never know what they'll do

[just_cause, BSN, RN]

You can look at several options:

• check local hospitals in your area for student loan tuition repayment.
  
• check your state/county/fed programs for student loan repayment or forgiveness.
  
• If you have a BSN you could look at entering national guard or reserves, they will repay up to 50k for 2 days a month + 2 weeks a year.
  
• You can look at the payment schedule and see if your work income will support it - and then just keep a tight budget.

If you were mobile I would recommend looking at the cost to benefit ratio of moving to a hospital or state that would support loan forgiveness. However, 45k is actually not that bad for loans (compared to many others... I know it's always bad when you owe it!)- as long as you live in an area where you have work and the salary isn't abnormally low.

link to federal health resources state administration loan repayment:

http://bhpr.hrsa.gov/nursing/loanrepay.htm

google your state + loan forgiveness: most states have areas in need / low economic areas where by working in you will gain a portion of your loan reduced over the years.

v/r

[katmarieRN]

If you have a BSN you could look at entering national guard or reserves, they will repay up to 50k for 2 days a month + 2 weeks a year.

I'd be wary of this one.....2 days/month + 2 weeks/year could = 1 yr in Iraq or Afghanistan.

[just_cause, BSN, RN]

katmarie, lol good point.

If you do have the opportunity to serve overseas your loans will be quickly repayed tax free + combat pay

Of course... if you look at the numbers of reserve nurse corp officers being deployed.. they are typically deployed to a state side hospital to replace and / or augment active duty units which have deployed. At this time many reserve officers want to deploy but do not have the opportunity.. if you have more questions check out the military forum.. but yes it's always a possibility to deploy in the military

v/r

[UjonesRN]

katmarie, lol good point.

If you do have the opportunity to serve overseas your loans will be quickly repayed tax free + combat pay

Of course... if you look at the numbers of reserve nurse corp officers being deployed.. they are typically deployed to a state side hospital to replace and / or augment active duty units which have deployed. At this time many reserve officers want to deploy but do not have the opportunity.. if you have more questions check out the military forum.. but yes it's always a possibility to deploy in the military

v/r

where is the military forum???

[just_cause, BSN, RN]

https://allnurses.com/forums/f57/

pm me if you have any specific questions.

v/r

ps you might also look in the military at the US health corp - they are federal.. a non-fighting branch that pretty much stays domestic.. check it out in the forums... stable with good benefits.

[caliotter3]

Another option once you are working would be to get a second job or overtime and insure that all the income from this source goes toward your loans and only your loans.

[yai J, RN]

I was drawn to this thread because I too have a lot to pay back...four times what you have! I did consolidate certain loans that were like your Chase loans, and left the federal ones aside. A good resource can be a University financial aid department because they have ax to grind. My personal plan is to live lean, work really hard and plug every cent I can into repayment. Good luck.

[melmarie23, MSN, RN]

Do you have any Perkins loans? Being an RN will have them forgiven.

[melmarie23, MSN, RN]

I should also add that you shouldnt consolidate your Perkins with your Stafford loans as you lose this option (having the Perkins Loan forgiven). But definitely consolidate your Stafford Loans (your subsidized and unsubsidized) if you have them.

[yai J, RN]

I was drawn to this thread because I too have a lot to pay back...four times what you have!

I did consolidate certain loans that were like your Chase loans, and left the federal ones aside.

A good resource can be a University financial aid department because they DO NOT!! have an ax to grind.

My personal plan is to live lean, work really hard and plug every cent I can into repayment. Good luck.

I am wicked tiredguess it is time for sleep