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
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.
I had to do private loans due to the fact that he makes "too much money" for me to receive financial aid at the school I was attending. He has talked it out with me and we are working through it with each others advice. Like you said..it will be a lesson learned but I WILL get through it!
Thank You! I applied yesterday for loan consolidation.....takes 45-60 days to process. The loans do not enter repayment until mid-December and I was told to apply at least 60 days in advance of repayment.
It will only help for federal loans and only comes into play ten years later, but I suggest checking out the loan forgiveness that kicks in after ten years of public service (non-profit hospitals count) and payments. Short term, look into consolidation as well as income contingent and income based repayment plans. I would also try to get the longest loan possible in order to lower your monthly payments and then pay more as you are able (but make sure you won't be penalized for making early/extra payments).
Also, as long as you are paying your loans they won't even look at your dad's financials. As a cosigner, if you default then they will look to him to pay off the debt but otherwise it's only on you.
It will only help for federal loans and only comes into play ten years later, but I suggest checking out the loan forgiveness that kicks in after ten years of public service (non-profit hospitals count) and payments. Short term, look into consolidation as well as income contingent and income based repayment plans. I would also try to get the longest loan possible in order to lower your monthly payments and then pay more as you are able (but make sure you won't be penalized for making early/extra payments).
Also, as long as you are paying your loans they won't even look at your dad's financials. As a cosigner, if you default then they will look to him to pay off the debt but otherwise it's only on you.
Look into the loan repayment program by National Health Service Corps. I think their website is www. nhsc.hrsa.gov. Google it if that's not correct. However, do not consolidate your loans if you decide to go this route-they want to see each individual loan promissory note. Good luck!
OK wowwww. great stuff here.......... definitely some great stuff suggested. Now it us up to you!..... BUT If I might offer a thought. I think maybe just maybe once you create a PLAN you might generally want to share it here to possibly assist others........... Kinda an early give back to others that might need a little help.... direction. I have a bunch more suggestions but i think u have enough right now,,,,,,, I am gonna check in If u need any more ...... just reach out...... G Luck
I really dont need criticism. I am ineligible for the military *I am a severe asthmatic*. I will look into Indian hospitals. Most physicians end up in at least $250,000 of debt and struggle upon getting out of medical school.
I am going to work hard and do what I can to get on top of these loans.
Wow... comparing yourself to a doctor, with their stratospheric earning capacity? That's bizarre logic.
Specializes in Nurse Leader specializing in Labor & Delivery.
Wow... comparing yourself to a doctor, with their stratospheric earning capacity? That's bizarre logic.
Not that bizarre. For the first 4-6 years of their career as a doctor, the average wage, if broken down hourly, is about $10/hour. And they still have to pay their student loans. I'm sure most doctors would laugh at "stratospheric earning capacity."
HeatherGurl84
326 Posts
I had to do private loans due to the fact that he makes "too much money" for me to receive financial aid at the school I was attending. He has talked it out with me and we are working through it with each others advice. Like you said..it will be a lesson learned but I WILL get through it!