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 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!
I third Dave Ramsey and urge you BOTH to go through Financial Peace University. It will help you A LOT if you just apply the principles. It's a lifetime membership so you can go back if you need to!
You have a great attitude about all this. I hope you find a way to make it work.
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?
Trust me, I find it as annoying as you do, but I think what he's got to say about finances are spot on.
WRT the others, Suze Orman makes me twitch. I'll have to look into Singletary, I've never heard of her.
Someone said Duke OR Wake? Are you talking about Wake Tech, the community college? I am planning on attending Durham Tech (meeting with advisor TODAY) and that scares me. I have looked at the tuition cost and doubled that for books, and for me, having taken some pre-reqs and paid for those through my current tuition reimbursement through my employer, I see it will be arount $3500-4000 to get my ADN. Now, of course, that doesn't include living expenses, like my mortgage, but I am hoping DH and I can "beans and rice" it through those two years. We don't qualify for FinAid because we make too much, even with my DH laid off for six months this year.
Am I crazy for thinking I can get out of school with little or no debt? Is anyone else out there like me? I am hoping to need less than $10,000 in debt, because I hear there are loan forgiveness programs locally that max at that number, so I don't want to go above that.
I currently work in banking, and I do recommend DR to many customers. Just disregard the idea that your credit score is unnecessary unless you plan on paying cash for your mortgage and are not applying for jobs or insurance. I also LOVE LOVE LOVE Suze Orman's "Young, Fabulous and Broke" for good general financial advice (even if I think her hair is ridiculous ).
Someone said Duke OR Wake? Are you talking about Wake Tech, the community college? I am planning on attending Durham Tech (meeting with advisor TODAY) and that scares me. I have looked at the tuition cost and doubled that for books, and for me, having taken some pre-reqs and paid for those through my current tuition reimbursement through my employer, I see it will be arount $3500-4000 to get my ADN. Now, of course, that doesn't include living expenses, like my mortgage, but I am hoping DH and I can "beans and rice" it through those two years. We don't qualify for FinAid because we make too much, even with my DH laid off for six months this year.
Am I crazy for thinking I can get out of school with little or no debt? Is anyone else out there like me? I am hoping to need less than $10,000 in debt, because I hear there are loan forgiveness programs locally that max at that number, so I don't want to go above that.
I currently work in banking, and I do recommend DR to many customers. Just disregard the idea that your credit score is unnecessary unless you plan on paying cash for your mortgage and are not applying for jobs or insurance. I also LOVE LOVE LOVE Suze Orman's "Young, Fabulous and Broke" for good general financial advice (even if I think her hair is ridiculous ).
I think they were referring to Wake Forest...
I don't think you're crazy for thinking you can get out of school with little or no debt...I graduate in December and I will owe nothing. I was lucky that I did not have to take out loans.
I am worried about you being a nurse. You should have thought about how you were going to pay them off before you spent the money. Now that you have spent it then do what ever it takes to pay them off. If you must miss a few meals and live in a small camper then that is what btou must do. I hope you are not asking to get out of paying them. That is a crime in my book. Work lots of hours if neccessary. Your choice!
Why would you be worried about her being a nurse? And she never even alluded to the idea of trying to get out of paying them. She just wants to know what the best course of action is. There are lots of ppl in this situation and maybe someone can give her some feedback.
Thanks for the encouragement, Boog'sGirl... Debt, in general, scares me... I am trying to figure out how quickly my DH and I can pay off our mortgage once I start making better money...
I am worried about you being a nurse. You should have thought about how you were going to pay them off before you spent the money.
She probably thought she was going to get a job right after she graduated, maybe even before then. Many, many recent grads have searched for months before landing their first job.
I really don't have much advice, other than perhaps loan counseling and budgeting. A budget is essential. Do everything you can to save money to make sure you can make those payments. I feel scared over MY loans because they enter repayment in November and I haven't yet found a job. However, my minimum payment is only 53 dollars, if I want to take 10 years to pay it off. I'm hoping I find a job very soon and will get all my debt paid off very quickly (government loans over 4500, personal loans from my parents, 3000). Every job I apply for I get told I was overlooked for more appropriately skilled candidates. I knew it would be hard to find a job without experience... but how am I ever supposed to get any? I wonder if had I worked as a CNA first it would have any difference.
If you found a job or two in California, would you be able to relocate? The money here is great and if you can stand it and work two jobs, you'll be able to pay the loans off in no time. Of course there's lack of sleep, etc. There are loan forgiveness programs from HRSA and the military...but as a former military "brat" I would not want to have someone tell me how to live my life.
Someone mentioned living with your parents..yes it might be hard, but it's what you might have to do.
Do you live near a VA Hospital? If you could get into a Federal VA hospital they would help you make a dent in the loan repayment. The VA program is a civil program you're not in the military, you don't need basic training. The benefits and pay are better than most private hospitals and the VA was the first hospital system in the country to invest in lifting equipment and computers for safety.
That is your best chance for getting out of debt. Whatever you do don't let you're loans go into default because they will add collection fees that can double the loan amounts. You must stay current on your loans or you will be unable to practice in nursing. If you default they will keep you from getting the RN license you need to hold a job.
Do you have to do a private refi? If you could do a govt consolidation you would be somewhat better off.
Also they will come after you and your dad with all barrels if you fail to make payments, garnishing wages, confiscating any tax returns, even disability and social security is fair game so this debt has to be your absolute top priority because neither you nor your father can get rid of this debt. You cannot declare bankruptcy. At least with credit card debt you can declare bankruptcy or with mortgage debt you can give the house back.
What school did you go to? Was it one of the private for profit schools because they are the worst.
Quick question: Why why why would one spend soo much to become an RN when there are much cheaper options available? I could have sworn I saw 100,000 in student loan debt. I'm really sleeply after working a 12 :nuke:, so I might be wrong. But 100,000 to become an RN? I am shocked and amazed. I hope that is at least for a bsn.... I'm just curious, really. Oh congrats on passing the Nclex. I hope you find a job very very soon (hopefully you already have one). The new grad job market is a little in the dumps. Well I wish you the best. I wouldn't wish that much debt on anyone.
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. I'm just curious, really. Oh congrats on passing the Nclex. I hope you find a job very very soon (hopefully you already have one). The new grad job market is a little in the dumps. Well I wish you the best. I wouldn't wish that much debt on anyone.
cmonkey
613 Posts
I third Dave Ramsey and urge you BOTH to go through Financial Peace University. It will help you A LOT if you just apply the principles. It's a lifetime membership so you can go back if you need to!
You have a great attitude about all this. I hope you find a way to make it work.