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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!
o and I don't know exactly how it works but I beleive part of Obama's new plan will cancel loans after ten years of consistent repayment. And while your debt is huge I wouldn't think of it as a mistake, you got an education. Maybe you could have went to a cheaper school, but everything happens for a reason and I'm sure you would still be in a decent amount of debt either way.
Suze Orman and Michelle Singletary also have great financial advice, without quoting the Bible every few pages. Why do all of Dave Ramsey's success stories involve people finding Jesus? Was he under the couch?
Because Dave is a Christian. Most Christians will tie any successes they have with Jesus. Don't read his stuff if that's not your thing. Problem solved.
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.
*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!
Definitely worth considering but be careful! I got a BA in the 80s (long before becoming a nurse) and then applied for lots of forebearances (is that even a word?) while making a pittance in my first jobs and my $22K debt quickly snowballed into $45K, i.e., doubled. In other words, if you decide on a forebearance, at the very least, pay the interest during the forebearance period. It will make your burden less when you begin the actual repayment process.
Suze Orman and Michelle Singletary also have great financial advice, without quoting the Bible every few pages. Why do all of Dave Ramsey's success stories involve people finding Jesus? Was he under the couch?
Yes, he makes pertinent biblical references *a few* times (such as "The debtee is slave to the lender" or something like that), but he hardly shoves the bible down your throat. My husband, who, as an atheist, is hypersensitive to that, had NO problems reading and adopting the ideas in Total Money Makeover (which is a more secular version of his Financial Peace books).
We paid off $70,000 in consumer debt in about 18 months, using the principles in TMM.
klone, MSN, RN
14,857 Posts
Okay, dad. Sorry.