Student Loans....how long did/will it take to pay?

ruralgirl08 · May 23, 2011

I owed $18 500 after graduation, but I paid it off in 13 months, only because I didn't have a children yet, or rent/mortgage. I got married right after graduation and we lived with family (which was a challenge in itself), so we could pay off student loans and save for a down payment on a house. Yes, I agree, be very careful with student loans, they can be a huge pain for young people trying to start a family/life. Credit can be so easy to get, but so hard to pay back, (designed so the lender makes lots of $$ off us.)

tokmom, BSN, RN · May 23, 2011

OMG....please be careful with these student loans. I was just let go from my nursing job (after almost 3 years). I have no source of income right now (it has only been a week). However, I think I would stroke out if I owed that kind of money. Sure, I can understand 10k or less. However, nursing wages are stagnating. Nurses are being laid off. There is an overabundance of new grads flooding the market....and they can be hired for a lesser wage because all they want is training. PLEASE BE CAREFUL!!!!!

Not if the hospital is unionized. All new grad wages are the same.

I do agree about the student loans. I have a kid who just graduated with 40k in debt and no job prospect.

leenak · May 23, 2011

I graduated from undergrad (non-nursing degree) with $12k, I paid it off within a few years. For nursing, I am saving to pay out of pocket.

Kooky Korky, BSN, RN · May 23, 2011

I think that if you are unemployed, the period for not having to make payments is able to be extended/renewed/deferred. Do go to studentloans.gov or .ed and review the info there.

I also read there that if your loans become 25 years old, you don't have to pay them back! Of course, there are conditions that must be met - disability, death, maybe unemployment.

Do review your rights and then play hardball with your lender.

asp40 · May 23, 2011

KookyKorky - what you are suggesting is just dishonest. If you take out the loans, you pay them back.

noahsmama · May 23, 2011

I also read there that if your loans become 25 years old, you don't have to pay them back! Of course, there are conditions that must be met - disability, death, maybe unemployment.

I just googled this, and it appears to only be true for those on an "income-based repayment plan", who have been making payments for 25 years, and whose income is low enough that their income-based payments have not been enough for the loan to be paid off in 25 years:

http://www.ibrinfo.org/what.vp.html

The amount of loan that is forgiven is counted as income in the year in which it is forgiven, and the borrower then has to pay income tax on the amount of loan that was forgiven -- unless they meet certain criteria for insolvency.

I agree with your advice that one should do one's homework on these things!

joanna73, BSN, RN · May 23, 2011

I'm in Canada, and the standard educational fee runs approximately 40-45 000 for the 4 year BSN. We don't have private schools up here or 2 year Diploma programs anymore. That fee is just tuition, supplies, books. I am also a second career nurse, and on my own, so I had no choice regarding the loans.

Fortunately, Canadian nurses are unionized, so the pay and working conditions are fairly good and standard across the country. RNs make between 28 and 50 dollars an hour, depending where you fall on the pay scale. Also, they cannot arbitrarily fire people without a good fight, at the very least.

cooliegirl · May 23, 2011

Here's a website that will help payoff your Nursing loans (Florida residents only) im sure other States have similar programs. They pay out $4000 each year. Good luck a friend of mine is enrolled...best of all you hold your current job.

http://www.nslfp.com/

Student Loan Forgiveness

Program Overview

The Florida Legislature established the Nursing Student Loan Forgiveness Program (NSLFP) in 1989 to encourage qualified personnel to seek employment in areas of the state where critical nursing shortages exist. The program provides funds to assist in the repayment of nursing education loans.

Eligibility Requirements

The Nursing Student Loan Forgiveness Program (NSLFP) is available to students under the following conditions:

Applicant must be a licensed LPN, RN, or ARNP
Applicant’s loans must have been used specifically towards a nursing education

Applicant must work at one of the following institutions:

State healthcare facilities
Florida public schools
County health departments
Federally sponsored community health centers
Teaching hospitals, or family practice teaching hospitals
Specially hospitals for children

If the applicant is employed at any other Florida licensed healthcare institution (hospital, nursing home, etc.), the institution must match, dollar for dollar, the contribution made by the NSLFP toward loan forgiveness.

The NSLFP will make loan payments up to $4,000 per year, up to a maximum of four years, based upon available funds.

Payment is made at the end of each 12 month enrollment period and made directly to the participant’s lender for the student loan.

Enrollment and payment of awards is based on available funds.

BigButtNurse · May 24, 2011

My student loans have just entered repayment & I'm wondering how long it will take me to pay them off also.. Yes they came in handy, but now it's time to pay up!!! Hopefully if you double up on the payments, you'll get rid of the headache a lot sooner. Or we may qualify for a government bailout.!! :yeah:

joanna73, BSN, RN · May 24, 2011

That's exactly it. If you are able to pay more, do so. Otherwise, over the course of the loan, you end up paying an additional 5 to 15 thousand in interest. Not worth it, if you can avoid that.

pattyty · Jan 12, 2013

Hi im just wondring what lending company u have loans with??? im currently working with one of the well known lending company and I should say its just a pain in the butt if you owe them money... it will take how many years before you can pay them coz the payment you are making will first go to the interest then remaining will be allocated to the principal... correct me if im wrong... hihihi...

KelRN215, BSN, RN · Jan 12, 2013

Hi im just wondring what lending company u have loans with??? im currently working with one of the well known lending company and I should say its just a pain in the butt if you owe them money... it will take how many years before you can pay them coz the payment you are making will first go to the interest then remaining will be allocated to the principal... correct me if im wrong... hihihi...

That's how repaying all loans work. Your monthly bill is a combination of interest and principal. If you pay more than the amount of your bill each month, it is applied to the principal balance. Every month, they also offer you a "total pay off" amount which, if you notice, will be more than your remaining principle because the interest up till that day is included. Interest continues to accrue on the unpaid balances every month. I pay more than I owe every month on my mortgage, student loans and car payment. My student loans were financed through Sallie Mae.