Student Loans Approaching

The total loans aren't bad.

Talk to your lender in more detail. Certain jobs and types of businesses can affect your repayment. 100 consecutive on-time payments when you work for certain types of non-profit companies can have the rest of your loan forgiven. You can gamble on the law not being changed retroactively from when you started repayment and go on a 25 year repayment plan and get it paid off very cheap, or you can minimize that risk by putting the difference in payment every month in a savings account that gains interest to be able to switch back to a 10 year repayment and be almost completely caught up. Sometimes consolidating can save you money depending on your interest rates. Depending on your actual loans, it can be cheaper to just go on a 25 year repayment, and make extra payment to pay off the interest then principle on your highest interest loans, then switch back to a 10 year to finish it off (You get to pick specifically which loans extra payments are applied to, but your minimum is split equally across all of your loans). Or just do a 10 year repayment and be done with it in 10 years.

Your student loan amount is around the national average. You were smart to go to a school close to home as this cuts back on living expenses which can be over half the total cost of higher education. There’s nothing wrong with living with family while going to school, and these students are probably less likely to get in trouble under the influence of dumb college kid behavior often seen in dorms/student housing compounds. I would not consolidate or make any payment plan set in stone just yet. As a nurse, you may have many loan repayment options available to you at the state, federal, or workplace/organization level. Many employers offer tuition reimbursement plans as part of a benefit package to recruit new nurses/healthcare employees. There are also tax breaks and surely other option I’m not aware of. Really depends on many factors, including the location you plan to work. I don’t know all the particulars so find someone, like an advisor, who might. Google is helpful.

And student loans are not a non-traditional student problem. They are a reality for most students. Good luck.

Thank you so much for your help. I am feeling much better about my student loans and I plan to take the necessary steps to tackle them as soon as possible.

You loans are close to the national average ($35,359 as of 2019) and you've exhibited thoughtfulness thus far by paying along the way and living at home to reduce expenses.

You may want to run your loan through a repayment calculator to get an idea of your monthly payment https://www.finaid.org/calculators/

However, assuming a standard interest rate and 10 year repayment plan you are looking at $300-400 month in payments which is reasonable assuming you are making at least $42K/year. Unless you living a really, really low cost of living area you will likely make at least this much as a RN working full-time, if not significantly more.

In terms of paying them off:

1) Some employers offer tuition/loan reimbursement see if this is something you would qualify for with your current/prospective employer.

2) Some employers qualify for federal loan forgiveness. (But this can be really convoluted to get, so don't count on it).

3) If your employer serves a high-needs population you may qualify for a Nurse-Corps loan-repayment program, which will pay off a large portion of loans in exchange for working for a qualifying employer for a number of years. Applications may be found online (or talk to your school's financial aid office).

4) If you are able to continue living at home and keep your living expenses down you may consider making extra payments/extra amount and simply paying off your loans faster than 10 years.