Student loans killing me!! stressed!

Nurses General Nursing

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Hey guys,

so im in a ton of student loan debt about $110k to be exact. Found out last week debt of edu disqualified me from the loan forgiveness program TWO years ago despite turning in all my paperwork. I never got any letter/email stating they were disqualifying me either. I just happened to stumble upon some small print after I logged in to my account last week to make a payment. Needless to say I've been extremely stressed and feel like I'm drowning. I almost made a couple mistakes while at work because I think subconsciously I'm so stressed and distracted about my loans...then that made me even more stressed thinking about how I could've potentially harmed a patient (looking at the wrong patients lab results and almost replacing potassium when it was

already elevated). Thankfully I caught myself before giving it but I feel stuck. Plus I'm a travel nurse so I feel like my license is even more on the line at times. Always wanted to move out of the country or do a mission trip overseas for 6 months, but feel like I can't even do what I've always dreamed about because of my loans.

On top of it my car broke down and my travel agency won't help me out. They said they would take the cost out of my paycheck. So I went and rented a car myself and ended up denting it on a short pole that I couldnt see when backing out of a driveway. 🤯

Any advice on loans, how you deal with stress, etc would be helpful!

thanks all

Specializes in Specializes in L/D, newborn, GYN, LTC, Dialysis.

Well I am just gonna say it. Expecting the rest of us to pay for others' financial mistakes is already a thing. So many default on home loans, credit card debt, etc only to wipe the slate clean with bankruptcy. Well WE still pay. I have an issue with that. I don't believe in school loan forgiveness, but assistance on realistic living while repaying is a good thing.

And unless you are truly starving, I also resent having to pay for food stamps, housing,etc. to support you. There are real people in dire need of these things, who, through no fault of their own, were phased out, laid off or forced into unplanned early retirement. There is need and there is NEED. When I went to school, we did eat beans, rice and ground beef (1 lb went into 4 meals) and never took extravagant vacations, etc. I lived in a tiny house of less than 1100 sq feet and bought many things second-hand.

Now I am living well. I have a great salary and our kids are grown and we are just now reaping the benefits of all that hard work all those years ago. I have worked for it; I feel I deserve to retire comfortably (on my dime by the way) in the not-too-distant future. You have years to work and pay back what you owe. So get to a financial planner and let them help you figure out how to ethically pay back what you owe, without going hungry or without basic needs.

Good luck.

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I don't consider used clothes, no vacations, and almost no dining out for 5 years "major" sacrifices.

Basically it's the way I grew up, and we thought we were middle class.

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Specializes in OR, Nursing Professional Development.
Well I am just gonna say it. Expecting the rest of us to pay for others' financial mistakes is already a thing. So many default on home loans, credit card debt, etc only to wipe the slate clean with bankruptcy. Well WE still pay. I have an issue with that. I don't believe in school loan forgiveness, but assistance on realistic living while repaying is a good thing.

Thank you! I cringe every time I'm listening to the radio on my way to work and a commercial comes on about settling your credit card debt for thousands less than owed. Who do you think ends up paying the costs for the people who do that? Those of us who take responsibility for our actions and repay what we borrowed/bought on credit. Huge difference in a credit card with an 8% interest rate and one with a 24% interest rate. Guess which company has been burned by people who lived beyond their means and skipped out without repaying?

OP, granted, you may not have known better. That's where I think we fail our nation's youth. This is the sort of thing that should be covered in a basic life skills course or even in a presentation by the guidance counselor. Now, I would certainly hope you know better should you decide to go back to school.

What you need to do now is reach out for financial guidance. Check with your bank- they may offer this service. Mine does via a wealth of online tools and assistance available by phone.

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Lol I don't understand why people sometimes relate or limit eating cheap only to rice and beans or Ramen noodles. As a poor college student, I am able to make amazing healthy meals on less than 50 bucks/week, sometimes two weeks. You just have to know how to shop smart and equip the kitchen well with essentials and good spices.

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Specializes in Nurse Leader specializing in Labor & Delivery.

"Rice and beans" is a Dave Ramseyism that just means to eat frugally and simply, don't eat out, etc. He doesn't literally mean eat nothing but rice and beans (or ramen) and I'm guessing most people here don't, either.

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Specializes in Med-Surg, NICU.
I am with this poster. I kind of laugh at the Dave Ramsey stuff because essentially he wants you to live like your income is at the poverty level so you can pay debt off, which in my opinion means less enjoyment in life. You could be dead before those debts are even payed or just after you payed them off, so enjoy life while you are healthy enough too and you are here, not after your debts are paid off! Of course don't add to the debt, but just pay it off as best you can while you are still able to enjoy having money!

Annie

Dave advocates paying off debts with gazelle intensity, usually in less than three years.

ICUMan stated he paid off 50k in a relatively short amount of time. Now he can go forward and enjoy his life, this sacrifice just being a blip in history. OP can do the same.

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I regret none of what I did to pay off most of my 70k debt in 5 years. Character building.

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"Rice and beans" is a Dave Ramseyism that just means to eat frugally and simply, don't eat out, etc. He doesn't literally mean eat nothing but rice and beans (or ramen) and I'm guessing most people here don't, either.

Wow didn't know about this. I will check it out for some tips as well. Is there a direct website to read about it?

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Specializes in Nurse Leader specializing in Labor & Delivery.

I'm sure he has a website, but I would recommend his book Total Money Nakeover. My husband and I read it together about 10 years ago. We changed our lifestyle and with the help of the book, we paid off about $75,000 in debt in about 18 months.

it helped completely change our attitude and outlook regarding finances. As a result, we actually have a sizable retirement account and could retire comfortably by 60, if we choose.

Also as a result of what we learned and internalized about personal finance and financial responsibility, our 20-year-old son already has about $15,000 in an IRA, which he contributes to monthly.

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Specializes in Geriatrics, Home Health.
OK so here's some truely constructive criticism. Like you said what's done is done and now you have a huge hole to dig yourself out of. I personally don't believe in loan forgiveness programs. When on takes out a loan they are signing a contract to pay back all that money in full with interest. One can easily look up the starting salary of a working RN and figure out what is reasonable.

Assuming, of course, that the job market doesn't implode, and you're able to find a job after graduation. I graduated from nursing school in May 2008, just in time for The Great Recession. No one wanted to hire new grads. I eventually found a job after 10 months, a cancelled job, and a 250-mile move.

Students are often advised not to borrow more in student loans than they can expect to make in their first year. However, that first year's earnings can be as low as $0 (unemployed) to $15,000 (40 hours a week at minimum wage). In-state undergrad tuition, room, and board at my state U is $30,000.

The radio show Marketplace has been examining the 10th anniversary of the 2008 crash. This week, they focused on 2008 college grads.

Anyway, Michelle Singletary is a great source for personal finance advice without incessant God-talk.

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Lol I don't understand why people sometimes relate or limit eating cheap only to rice and beans or Ramen noodles. As a poor college student, I am able to make amazing healthy meals on less than 50 bucks/week, sometimes two weeks. You just have to know how to shop smart and equip the kitchen well with essentials and good spices.

Good point, and that would be a great thread here or in the student section. "Nurses cooking beautiful meals on a budget"!

I'd love to know how you did that on $50 bucks a week. And I always love a good, creative recipe, budget conscious or not.

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I'm sure he has a website, but I would recommend his book Total Money Nakeover. My husband and I read it together about 10 years ago. We changed our lifestyle and with the help of the book, we paid off about $75,000 in debt in about 18 months.

it helped completely change our attitude and outlook regarding finances. As a result, we actually have a sizable retirement account and could retire comfortably by 60, if we choose.

Also as a result of what we learned and internalized about personal finance and financial responsibility, our 20-year-old son already has about $15,000 in an IRA, which he contributes to monthly.

That's great! I just googled dave ramsey and there's a show on YouTube. I will definitely buy the book. I am already a saver but need guidance so thank you.

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