Student Loans :-(

MissJS · Dec 3, 2008

Okay I need to vent!!!!! I have $45,000 in debt (not counting interest)...As graduation approaches I am upset tinking about the loans I will have to pay back!!!! I have $15,000 from direct loans and $30,000 from chase. What the heck!!!!! am I alone???? should I consolidate? any advice?

I understand where you're coming from. I already have $15,000 in student loans & I JUST got into the actual nursing prgram. I'll be taking out more loans to get through the program. My b/f told me to think of it as an investment towards something I love. That eased my mind for a few minutes. -lol- *sigh* Just wanted to let you know that you're NOT alone.

Jules A, MSN · Dec 3, 2008

I'm sorry you have all those loans looming over your shoulders and the only advice I would offer is to pay any debt off as quickly as possible.

Its refreshing to finally see someone being honest about this burden. Please consider adding your personal insight to the numerous threads where newbies are always encouraged not to work during school and live off loans. :icon_roll

Many congratulations on your upcoming graduation!

AZMOMO2 · Dec 3, 2008

Consolidating usually lowers your monthly payment and restarts the terms of your loan repayment and gives you a longer period of repayment than the student loan terms when you first borrowed. Some places will not consolidate private loans with federal loans except the private places, but the laws governing them are different than the federal part. Get as much information as you can and consider the final pay outs.

VA hospitals have great loan repayment and remember if you work in a high need hopsital (can't remember the actual name they call it ) but look under Nurse Loan Forgiveness Program. They will forgive about $18,000 or so in student loan for working in a designated need hospital. You have to continue to pay your payments in the mean time but there are options out there. There are also hospitals that offer loan repayment as a benefit too. They don't have to just be new grad places either. You can get loan repayment later in your career too.

Courtney Nurse Writer, BSN · Dec 4, 2008

I too have a butt load of loans. I think its hard for a nursing student to work and make good grades. I completely applaud those that do however find the time to do that (especially those with kids). We all have to do what we have to do though. Don't be afraid, you are not alone. Just take a deep breathe in and out, and remain positive.

Jules A, MSN · Dec 4, 2008

I think its hard for a nursing student to work and make good grades.

It absolutely is hard to work and get good grades but, imo, it sure beats the alternative. :) When I did the numbers for the 3 years it took me to get my RN it would have cost me well over $100,000 between lost wages and tuition. Maybe its because I'm old but my "future earings" as a nurse aren't nearly enough to have justified that loss.

CuriousMe · Dec 4, 2008

I too have a butt load of loans. I think its hard for a nursing student to work and make good grades. I completely applaud those that do however find the time to do that (especially those with kids). We all have to do what we have to do though. Don't be afraid, you are not alone. Just take a deep breathe in and out, and remain positive.

I think you're right ccakes....there is no one "right" answer. We all have to balance our lives in the way that makes the most sense for each of us as individuals. Sometimes that is sacrificing by working in school, sometimes that is sacrificing by paying back loans after school.

To the OP, I know it seems daunting. Consolidating should help you out. Due to a scholarship, I won't have near as much loans as you.....but my plan B (if I hadn't received the scholarship) would have put me right around the same amount. My plan was to continue living as I did as a student (which is verrrrrry simply) and pay it off within 5 years.

Peace,

CuriousMe

cwa82 · Dec 4, 2008

You are not alone! I think we all have ridiculous amounts of loans to pay back. I'm just finishing my first semester of a second-degree BSN, and I think when this is all over I will be $45,000 in the hole. Makes me sweat to think about the day I graduate!

However, are you aware that a lot of hospitals will give you tuition reimbursement? I read on the website of a hospital I plan to work for when I'm done that if I sign a three year contract with them, they will give me $15,000 up front to pay off my loans. From what I read on other sites, thats fairly common. Its not everything, but its a lot! My aunt works for the government and told me that if I work for the VA hospital, they give around $30,000 reimbursement. Find whatever resources you can - there are a bunch of them out there. And be happy in knowing that as a nurse, you will always have a job if you work it right! That thrills me in a time when so many other people are having trouble finding employment. Good luck!