Student loans - how much are you paying monthly??

ardTN · Mar 5, 2010

Well I guess it depends on what type of loans that you have. For instance, I have the stafford loan. I owe 12000 dollars on it. I have my RN, BSN. I do not have to start paying it back until 6 months after I graduate. Graduated in Dec. and will start paying it back in July. The monthly pmt is $149.00 per month. The interest is only like 4% so not that bad. I took the loan out through my school. I live in TN. Just be careful what type of loan you decide to get. Make sure the interest is low and there are no hidden fees or catches. Hope this helps!

shanyone · Mar 5, 2010

Loan payments really do vary a great deal and there are many options. For instance, I too have a Stafford loan of 15,000 and instead of choosing to pay it back in equal payments I have opted for lower payments for the first two years and higher payments for the rest of the life of the loan. The difference in interest payments was so little that I didn't even bat an eyelash at doing it this way. I chose to pay it back this way because I am paying for my son's private high school education for the next year and a half and this made it easy on me. I believe the payments were going to be 189.00 for the life of the loan. I chose the option that allowed the first two years to be 92.50 monthly and the rest of the years on the loan will be 241.00 monthly. I know I can afford to pay more than that once my son graduates because his tuition is more than that each month. So I'll be happily paying that loan down early once my son graduates. Then maybe I can help him with college :).

What you have to do is continue to live within your means so that when you make a nurse's wage you can pay back your loans. It sounds like you may want to plan to be paying a good chunk of change. Just be sure you can. That means no high priced cars and homes, etc. until your loan is pain. Just be smart and you will be fine. Where there's a will there's a way!

Good luck to you!

itsmejuli · Mar 5, 2010

Here's a student loan calculator to help you figure out what your payments will be.

http://www.finaid.org/calculators/loanpayments.phtml

I sure as heck wouldn't want to be paying on $110k in student loans if that's really what you expect your total to be.

Its nice to be ambitious in school, but stay in the reality of the mighty dollar. You're going to have regular bills to pay besides student loans. Remember that as a new grad you're not going to be making the big bucks to afford a big student loan.

I could be completing my ADN right now in a private school costing me $22000 in loans and out of my own pocket with no Pell. But by waiting a year it'll cost me ZERO for the ADN since I'll qualify for full Pell.

Life throws a lot of surprises that can be completely unexpected and expensive. Don't paint yourself into a corner with debt. Student loans can never be forgiven nor erased, they will haunt you the rest of your life.

red.tm · Mar 5, 2010

Thanks you guys! I understand what I'll be paying per month, but my question is really, how reasonable is it to pay back these $50-70k worth of loans on a nurse's salary? The monthly does indeed vary (rest assured that I'm savvy, & am only going for low interest staffords but there are other terms which change your payments) so I didn't list an amount. I'm just concerned about such a large debt and because it's out of my frame of reference... I'm hoping for a reality check from you guys who have opted for that kind of debt. Did it work? You have work? Re-payment is in process? You can still eat?? Your kids still have insurance? Etc. Know what I'm saying? If it's iffy then what would make it work?

red.tm · Mar 5, 2010

Here's a student loan calculator to help you figure out what your payments will be.
http://www.finaid.org/calculators/loanpayments.phtml
I sure as heck wouldn't want to be paying on $110k in student loans if that's really what you expect your total to be.
...
Life throws a lot of surprises that can be completely unexpected and expensive. Don't paint yourself into a corner with debt. Student loans can never be forgiven nor erased, they will haunt you the rest of your life.

Oh - I know! I really do. I have paid back student loans b4. I've also had massive debt that I paid back (early even). BUT the big difference was that it was my company's debt and it changes the entire terrain of what monthly is manageable (since in that world, what you make is entirely up to you & that's not a fixed salary). Plus, I was single, sans family. Entirely different. I'm not foolish enough to go for the $110k. But I am considering $55k with a BSN and not a great job outlook (lots and lots of nurses here, though most with ASNs). I'd prefer it to the MPT because I am much more inspired by organs (love that pancreas!!) and the evolution of MRSA, BUT I have other responsibilities, which I won't get into right now. So, how realistic is the $55k? Anybody?

Jules A, MSN · Mar 6, 2010

Personally I'm not a fan of debt even what some might call good debt. I did mine in steps LPN, ADN, BSN and now grad school out of pocket. Took a while longer but not having to pay back interest no matter how little is more important to me. Good luck.

RunningRNBSN · Mar 6, 2010

I have $60K in student loans and my monthly payments are between $600 - $700. However, I am only paying on my private loans right now and paying the interest on my federal loans, thus my required monthly payment is $400 between my private loans. Reason being is I am doing my masters degree and paying for that out-of-pocket which costs me $500/month.

If you have no intentions of going back to school immediately, I would focus on paying those private loans off quickly.

red.tm · Mar 6, 2010

I have $60K in student loans and my monthly payments are between $600 - $700. However, I am only paying on my private loans right now and paying the interest on my federal loans, thus my required monthly payment is $400 between my private loans. Reason being is I am doing my masters degree and paying for that out-of-pocket which costs me $500/month.
If you have no intentions of going back to school immediately, I would focus on paying those private loans off quickly.

Are you finding that monthly payment to be reasonable? And to be sure I understood - you're managing $1300/ month out of your salary as a RN (some for loans, some for ed)? I am finishing the last of my pre-reqs right now. I'll be enrolled in either the ABSN, MPT or DPT program in the fall (knock on wood). The budget I generated makes it look like the BSN is NOT very realistic... but I want very much for it to be realistic so I'm looking for evidence that my paper budget is erroneous (as they frequently are) and that I just rounded up way too many times (as I frequently do)... and that the BSN degree would fit my financial needs just fine! LOL.

red.tm · Mar 6, 2010

Personally I'm not a fan of debt even what some might call good debt. I did mine in steps LPN, ADN, BSN and now grad school out of pocket. Took a while longer but not having to pay back interest no matter how little is more important to me. Good luck.

I understand entirely. Although if I couldn't take out loans, then I'd likely never go back to school. Which is too involved to convey here. I must say though, that debt doesn't bother me as long as it's reasonable enough to pay off early (obviously, without penalty). If I can't afford to pay a significant amnt more than is technically due, then any debt is 'bad' in my mind. I don't mind taking it on as long as I can be quickly free of it. I'm willing to sacrifice for that freedom as well. And I'm good with a budget. So, it all comes down to how reasonable $55k is on a nurse's salary. I have the discipline but I also have the financial quicksand of family, hehe.

klone, MSN, RN · Mar 6, 2010

Between my husband's loans and mine ($24K total), we're paying about $130/month.

NickB · Mar 6, 2010

Thanks you guys! I understand what I'll be paying per month, but my question is really, how reasonable is it to pay back these $50-70k worth of loans on a nurse's salary?

Not very reasonable at all. That is a crazy amount of student loans for an RN. Your RN is no different than mine, which was acquired through 4 semesters of school at a community college paying no more than $1500 per semester. $50-70 might, and I stress might, be understandable for a masters level position like CRNA or NP, but that's about all.