I just passed NCLEX and am busy looking for employment. It is very hard to find jobs in NC right now for nurses. I have HUGE private student loans, at least $100,000. I attended a private college and nursing program that was very expensive. I just applied for a private loan consolidation.
My dad was my cosigner and that was a huge help. Are there any tips or advice you guys can give about working on paying these off? Any programs to use? We do not make a lot of money and my dad could never afford these payments alone. I will be getting a job of course
I assume you have a partner of some support since you said "we do not make much money" so i will suggest live off your partner's salary. I came out with 30 thousand in debt and graduated in may, didn't find a job until july and will have my loan paid off in april . all of my checks for the most part go to my loans. My dh does okay but we don't do a lot of extras, no cable , no smartphones, no health clubs ect..... those things are for people who aren't in debt :) and not paying those monthy bills lets us really hit the loan each month.
My sons undergrad degree will end up costing more than 100K, and he's a liberal arts major, lol. We believe that college education is the responsibility for the parents, so we saved and paid for it for him (as we will for all his siblings), and I have no regrets. You cannot put a price on education. Lots of young people blow money on stupid things like cars and iphones instead of investing in the best education they can buy, so I say kudos to you and congratulations.
What you can do is consolidate those loans and I have read that the loan reform put into practice this year was putting a cap on the amount you could be charged/month. I think it is also prorated according to income. Call your lender.
Hey someone who is in the exact same situation as me! I know how awful it is being saddled with this much debt and just starting out in life. If I could do it over, I would have made different decisions, but I can't change it now, so I just have to face the music and accept it. Here are my tips:
*If you dont have a job yet, get a loan forbearance. Contact your loan companies and they should be able to provide you with the paperwork. Most loan companies allow 1-2 years of forbearance, where you don't make payments due to financial hardship.
*Definitely consolidate, and when you apply for consolidation, pick an extended payment plan. This will lower your monthly payment.
*Take 6 credits of classes through a cheap community college/online, especially if you need any classes to maybe get a master's in the future. (For instance, I need stats for an MSN, so I'm taking that right now). 6 credits of college coursework will allow you defer your loans, and you're working on advancing your career anyway!
*Try to get a job at the VA. I'm not sure 100% on this but I was told they have loan repayment assistance for employees.
*Once you have a job, repay your highest interest loans first. If you consolidate you will only have one interest rate. But if you have federal and private loans, pay off the private loans first. Make the minimum payments on the low interest loans, and pay off as much as you can toward the highest interest loans each month.
*As someone else mentioned, if you can live anywhere for free, do it! With a family member or parents etc. This will allow you to pump as much money into your loans as possible. Even if you only could do this for a year or two, it would allow you to potentially take a big chunk of debt away before you have rent/mortgage payments. If you can't live for free anywhere, get an apartment with roommates.
*Don't try to pretend it doesnt exist and not make payments. This only makes the situation worse (which I'm sure you know).
*Don't rack up other debt (credit cards, financing big purchases). It can be tempting to use credit cards to buy things you want when you're feeling restricted, but stay away!
*Live frugally. This is easier said than done and I'm not saying live on ramen noodles, but think of ways that you could cut back. This means things like no Starbucks, manicures, vacations, buying things on a whim etc. Really stick to a budget. I found that I was spending way more of my money than I thought each month on things like eating out, and getting impulse buys at the grocery store or Target. Now I limit how much money I can spend on certain things per month, and when it's gone, it's gone.
Once you find a job it will seem a lot better too, but it's hard in this economy especially, to be looking for a job and feeling trapped and hopeless. I know it sucks, but hang in there and know you're not alone :)
I just passed NCLEX and am busy looking for employment. It is very hard to find jobs in NC right now for nurses. I have HUGE private student loans, at least $100,000. I attended a private college and nursing program that was very expensive. I just applied for a private loan consolidation.
My dad was my cosigner and that was a huge help. Are there any tips or advice you guys can give about working on paying these off? Any programs to use? We do not make a lot of money and my dad could never afford these payments alone. I will be getting a job of course
Any advice would be great!
I too have about 80000 dollars in school loans... Best best is to pay that first before buying that new car or moving out. Live like you were still anursing student untill u get those loans down.
I assume you have a partner of some support since you said "we do not make much money" so i will suggest live off your partner's salary. I came out with 30 thousand in debt and graduated in may, didn't find a job until july and will have my loan paid off in april . all of my checks for the most part go to my loans. My dh does okay but we don't do a lot of extras, no cable , no smartphones, no health clubs ect..... those things are for people who aren't in debt :) and not paying those monthy bills lets us really hit the loan each month.
. Good luck and Congrats on passing the NCLEX
I did not mean to put "we"...it is just me. My dad told me he WANTS to help me but I really dont want him doing that.
My sons undergrad degree will end up costing more than 100K, and he's a liberal arts major, lol. We believe that college education is the responsibility for the parents, so we saved and paid for it for him (as we will for all his siblings), and I have no regrets. You cannot put a price on education. Lots of young people blow money on stupid things like cars and iphones instead of investing in the best education they can buy, so I say kudos to you and congratulations.
What you can do is consolidate those loans and I have read that the loan reform put into practice this year was putting a cap on the amount you could be charged/month. I think it is also prorated according to income. Call your lender.
Thank you so much and I will give them a call!
Most of the time, they also figure living expenses, technology expenses, and books in "annual cost of attendance." I doubt $80K is tuition ONLY.
Mine was $22,000 a year and that was tuition ONLY!
I too have about 80000 dollars in school loans... Best best is to pay that first before buying that new car or moving out. Live like you were still anursing student untill u get those loans down.
Hey someone who is in the exact same situation as me! I know how awful it is being saddled with this much debt and just starting out in life. If I could do it over, I would have made different decisions, but I can't change it now, so I just have to face the music and accept it. Here are my tips:
*If you dont have a job yet, get a loan forbearance. Contact your loan companies and they should be able to provide you with the paperwork. Most loan companies allow 1-2 years of forbearance, where you don't make payments due to financial hardship.
*Definitely consolidate, and when you apply for consolidation, pick an extended payment plan. This will lower your monthly payment.
*Take 6 credits of classes through a cheap community college/online, especially if you need any classes to maybe get a master's in the future. (For instance, I need stats for an MSN, so I'm taking that right now). 6 credits of college coursework will allow you defer your loans, and you're working on advancing your career anyway!
*Try to get a job at the VA. I'm not sure 100% on this but I was told they have loan repayment assistance for employees.
*Once you have a job, repay your highest interest loans first. If you consolidate you will only have one interest rate. But if you have federal and private loans, pay off the private loans first. Make the minimum payments on the low interest loans, and pay off as much as you can toward the highest interest loans each month.
*As someone else mentioned, if you can live anywhere for free, do it! With a family member or parents etc. This will allow you to pump as much money into your loans as possible. Even if you only could do this for a year or two, it would allow you to potentially take a big chunk of debt away before you have rent/mortgage payments. If you can't live for free anywhere, get an apartment with roommates.
*Don't try to pretend it doesnt exist and not make payments. This only makes the situation worse (which I'm sure you know).
*Don't rack up other debt (credit cards, financing big purchases). It can be tempting to use credit cards to buy things you want when you're feeling restricted, but stay away!
*Live frugally. This is easier said than done and I'm not saying live on ramen noodles, but think of ways that you could cut back. This means things like no Starbucks, manicures, vacations, buying things on a whim etc. Really stick to a budget. I found that I was spending way more of my money than I thought each month on things like eating out, and getting impulse buys at the grocery store or Target. Now I limit how much money I can spend on certain things per month, and when it's gone, it's gone.
Once you find a job it will seem a lot better too, but it's hard in this economy especially, to be looking for a job and feeling trapped and hopeless. I know it sucks, but hang in there and know you're not alone :)
wow thank you for ALL of this very useful info! I am so glad to know I am not alone!
My alma mater for my first round of school prided itself on being an "affordable four-year university," and it still does. It's one of the cheapest bachelor's degree-conferring schools in the state.
Based on their website, the "annual cost of attendance" is $20K and change. That's $80K for four years, in-state tuition, at a no-name school.
Education in the 21st century ain't cheap.
Amen, sister!
I attend a similar type of college with a similar cost structure. The only way I've made it through so far w/o scholarships is through a combination of every poor-person grant in the book, help from the Bureau of Vocational Rehabilitation, and plenty of academic scholarships. I'm waiting to go to a big-name place (and amass big-name debt) when I move on to my advanced degrees!
OP, the best things I can suggest are the Indian Health Service (which you've already heard) and possibly going to your state's BVR (Bureau of Vocational Rehabilitation). To the best of my knowledge, BVR doesn't do anything with loan reduction, but often the folks who work there are knowledgeable about a lot of different options within the social services/government matrix, so they might be able to point you in helpful new directions. If you're a severe asthmatic, you should qualify for their assistance. The people at BVR can also help you to find a job and can make you a more palatable option for employers to hire (by reducing the company's tax burden, for instance).
I also second living at home and saving every possible penny until you get your debt down to more manageable proportions. Check with whoever provided your loans to investigate your options when it comes to paying extra on principle - some places are very sneaky about that sort of thing. Good luck to you.
Most of the time, they also figure living expenses, technology expenses, and books in "annual cost of attendance." I doubt $80K is tuition ONLY.
I didn't mean for it to come across at tuition only. Sorry about that. I was making a distinction between in-state and out-of-state tuition in the annual cost of attendance. Except for tuition, all other costs are not based on residency.
Out-of-state ratchets it up to about $130K for four years.
OMG ...... BUT I UNDERSTAND !!! I feel for you and your Dad... Ok what is done is done. I must admit I have tons of questions of how this happened to you but first. Have you talked to your dad..... Daughter to father?...... Was he able to offer advice or lead you to someone whom can help you realistically navigate you through this "bump"? That is all that it is if you handle it responsibly and it sounds like you want to...
You are NOT the only one in this predicament ... Please... You will get through this as a lesson learned.
evolvingrn, BSN, RN
1,035 Posts
I assume you have a partner of some support since you said "we do not make much money" so i will suggest live off your partner's salary. I came out with 30 thousand in debt and graduated in may, didn't find a job until july and will have my loan paid off in april . all of my checks for the most part go to my loans. My dh does okay but we don't do a lot of extras, no cable , no smartphones, no health clubs ect..... those things are for people who aren't in debt :) and not paying those monthy bills lets us really hit the loan each month.
. Good luck and Congrats on passing the NCLEX