Student loans

MikeyJ, RN · Jan 12, 2008

I would do a search because this topic has been broughten up before and would probably help you.

I am not done with school yet, but I plan to have somewhere between $50,000 - $60,000 in student loans. That sounds like a ton but I am not too worried. I have figured that the minimum monthly payment will be around $600.

bradleyshanetaylor · Jan 12, 2008

if you dont minda taking 5-6 years to get your bsn, try to find a junior college and get your adn, only takes 2 years. then you can work full time and not have to borrow money as you work on your bsn online. thats what im doing. i graduated with around 2000 in debt, mostly credit cards and i will have them paid off in no time and then this fall i start an online rn-bsn course that i will be able to pay out of my pocket...

llg, PhD, RN · Jan 12, 2008

Your schools financial aid office should be able to give you the information you are looking for. They should have the figures for the loan payments for various amounts at various rates of interest. Never sign any committment to a loan without getting that information first. (e.g. "You are borrowing X amount of money at Y% and will repay it over a period of Z years with a monthly payment of ABC.")

Also be sure you understand how (and how much) your rate of interest can change. Some loan rates are set at an unchanging rate when you borrow the money. Others are re-set at graduation. etc. Be sure you get that information before making a committment so that you can make an informed decision.

Finally, take into consideration that you WILL need to pay it back and that may have an effect on some of your other life choices. For example, I have known people who have chosen to delay child-bearing a few years because they need to work a few extra shifts to pay back their loans ... or continue to work full time after after children when they would rather work part time with little kids ... or work in a higher paying job that they don't like as much as a lower paying one ... etc. Certainly, you'll need to be prepared to NOT spend a lot of money on a fancy car or house or vacations or clothes, etc. for a few years until those loans are paid off. Some people make the BIG mistake of splurging on those things once they are earning a good salary, forgetting that they need to pay back those loans before they indulge in things like that. That's how young families get into some serious financial trouble.

But if you are prepared to make the sacrifices AFTER graduation to pay back the loans -- and you have satisfied with the results of your number-crunching -- then go ahead and take out a few loans. That's the way a lot of people finance their educations.

fsaav · Jan 12, 2008

That was also my concern and with 2 kids and a mortgage, car payments, etc. already, a student loan payment is not something that I can handle financially.

I don't know if this would be helpful to you at all, but I'm getting my ADN from a community college (which is SO much cheaper) and then after working the required year after graduation, I'll take advantage of the tuition reimbursement that the hospitals where I live offer for the RN to BSN program.

Good luck!

RNWannaBe724 · Jan 12, 2008

hi!

it may be tough right now to think you could afford a student loan payment, but once you graduate you will most likely have a better salary and can afford it. just like others have suggested, don't splurge in the mean time, or for a while after you graduate so you can pay down the loans.

i am in a tough boat right now.. i went to college right after high school and have $24k in student loans.. from a previous degree. i am returning to school right now and am trying my best to pay out of pocket. i am sure by the time i get to the 11 credit nursing courses i will need student loans again. i figure my whole nursing education will cost me about $13k. $1200 of it is already coming out of pocket right now, so that brings it down.. every semester i finish a pre-req and pay out of pocket, brings the amount down..little by little. i am going to a community college and getting my adn. someday in the future i may go for my bsn but i will try to take advantage of tuition reimbursement through employers for that. i suggest the same for you.

i have put off going back to school for 2 years now because of financials. my last car payment is this month, and i plan to drive that thing until i after i am done rn school. i don't want to do it anymore... i want to get my rn. so, my way of thinking is, even if i have to get $8-$10k in loans on top of my $24k i currently have.. i will make at least $20k, if not $30k more than i do now in the first year.

as long as i keep my living expenses down then i can pay off my total loan balance, including for my previous education in less than 4-5 years, if not faster.

just weigh out the benefits.. i know i will be happier to go to work when i am a nurse, and i know i will be able to survive much better financially when i am a nurse.

good luck in your decisions...

babbz · Jan 12, 2008

I have a few ideas:

1) Getting an RN from a community college is the best way to go since the tuition is low and an RN degree is always an RN degree anywhere in the country. So if you can't afford your first choice for RN school, then go CC. I do and love it!!

2) I can't afford to stay 4-6 years in school trying to get a BSN without working since I too am doing the loan thing this year. So I am going to school for my 2yr RN, at a local CC and will start working after I graduate and pay off some of the loans.

3) After graduating, many hospitals/unions in my area (New York City) will offer some sort of tuition reimbursement/loan assitance and/or incentives for me to get my 4yr RN which I will run to take advantage of.

"Fsaav" and "RNWannabe724" have posted before me and have similar plans to take advantage of tuition reimbursment offered to RN's in many hospitals and medical facilities countrywide.

Wish you the best!!

curlysue82 · Jan 13, 2008

WOW I definitely have a lot to consider. :uhoh3:

kimmie518 · Jan 13, 2008

Generally, every $10k you borrow equals about a $100 payment/month (+ or -), if you pay back the government. If you refinance, that's a different story.

The minimum payment per month is is $50 (once again if you're paying back the gov't).

A friend of mine has about $70k out in loans and is paying around $430 a month (refinanced). My boyfriend had about $14k out in loans and pays around $100 a month (refinanced).

The amount you pay if you refinance will also depend on your credit score. So if you have good credit, you'll get a better rate.

Dr.Nurse2b · Jan 13, 2008

I am currently finishing up my prerequisites and looking into several nursing programs that I would like to attend. One of my main concerns is the amount of debt I will be getting myself into with the cost of some of these programs (BSN)
If you don't mind - Could someone share with me the average payment one pays back on student loans?

Can you relocate? Georgia offers "Hope" and "Neighborhood" grants. Live here for one year and the state will pay for 100% of your education. Of course you need to maintain a 3.0 or better. Good luck!

curlysue82 · Jan 13, 2008

"Generally, every $10k you borrow equals about a $100 payment/month (+ or -), if you pay back the government. "

That sounds great. I am currently working part-time and have managed to get by on that and gov. grants. I know once I start a nursing program that will change since I don't plan on working and my husband doesn't necessarily qualify for the best paying jobs.

I am pretty determined to get my BSN. I really want to get this out of the way and not have to return to school to move up the latter. Except for possibly a career as a CRNA if I still feel the same after a few years experience.

As far as relocating, I would love to attend school on the east coast if anyone knows of other states that provide grants that would cover the cost of tuition.