Student Loans: Shopgirl

narcissistic · May 10, 2006

Anyone?

ladybugsea · May 10, 2006

Sure, if the amount borrowed is low enough and the term long enough.

Travellpro · May 10, 2006

I have a regular student loan for about $3000 from a past degree and am only required to pay $50 a month. It is deferred now since I am in Nursing school. I thought that is what was required of everyone!

papergirlRN · May 10, 2006

I thought that's how it worked for everyone, too. I also had previous student loans (WAY MORE than $3000!) and were paying them off at $50 per month until I started back to school and they were deferred. When I did my loan exit interview the video said, basically, be preparred to pay $50 per month every month for the rest of your life.

ladybugsea · May 10, 2006

I just calculated what we have left on our original school loans, and at $50/month it would take us 72 more years to pay them off. And this is after 8 years of paying between $600-1200/month! The $50 plan from the start would have taken us 240 years. So I could leave my debt to my great-grandchildren to pay off, although I can't imagine any bank giving a 240 year loan.

cardiac.cure03 · May 10, 2006

All of my student loans for nursing school have a monthly payment of $50/mo or less and a 10 year period to them fully paid. However, the hospital I'll be working at when I grad pays up to $12,000 in my loans if I stay for 2 years...yay!

Travellpro · May 11, 2006

That is Great Adidasgirl... I am hoping to get a nurse technician job after my first semester and they will start paying for my tuition then. Can't wait!

narcissistic · May 11, 2006

All of my student loans for nursing school have a monthly payment of $50/mo or less and a 10 year period to them fully paid. However, the hospital I'll be working at when I grad pays up to $12,000 in my loans if I stay for 2 years...yay!

Wow! Where do you guys get loans that allows you to pay $50 a month for nursing (and we all know nursing is expensive!)? I'm from California. Any idea which student loan agency allows those kind of reimbursing rates?

carolinapooh, BSN, RN · May 11, 2006

It always depends on how much you borrow. I'm paying back 12K of undergrad loans at $165 a month. They're all Staffords from the Feds. I have three more years to go before they're finally paid. :pumpiron:

The kicker is, it's just about the lowest interest loan you'll ever get. If you borrowed $12K for a car loan, you'd be paying about $330 a month with principal and interest. So when you look at it that way, Staffords and their counterparts are bargains.