Student Loans

Published

Loans give a bad taste in my mouth. Im currently a sophomore and transferring to a major university for a BSN (community college for awhile). My tituition and housing cost roughly about 16.5k a year so i most likely to pull out that much for a loan cuz my EFC is high. By the time i graduate, i will be 50k (that doesnt include interest) in debt which is troublesome. Do you think its alright to be that much in debt? What was your debt when u graduate?

Up Vote Up Vote ×

Between the wife and I (both Nurses), $110,000

Up Vote Up Vote ×

well 50K isn't that bad...mine is gonna be around 90K once i graduate =[

Up Vote Up Vote ×
Specializes in Emergency Nursing.

$0.00 in debt when I graduated from Ohio State 10 years ago. Scholarships are great. :)

I'm paying my own way through nursing school now. I'll be $0.00 in debt when I finish.

Up Vote Up Vote ×

Unfortunately, about 45,000 *sigh*. It's worth it though.

Up Vote Up Vote ×
Specializes in Mental Health.

"Loans give a bad taste in my mouth."

I love that.. lol.. I too am debt averse and have been ever since I was a young man. I learned early that I hated owing anyone money. I am a new grad, but I worked for 15 years/lived cheap/stayed out of debt and saved my tail off which enabled me to go back to school without taking massive loans. I like the "pay as you go" philosophy in life.

Certainly I'm not suggesting you postpone your degree for 15 years, but just wanted to commend you for being conscientious about the amount of debt you're looking at. It's not something to take lightly, and student loans never go away unless you pay them off. (Bankruptcy does not erase this kind of debt, ever).

As far as your questions, only you can make the decision. I know people who seemingly have no problem with massive debts they couldn't pay off in 3 lifetimes without winning the lottery, and I know people like myself who can't hardly tolerate owing someone $1. My debt at graduation was 0$ :)

Good luck to you!

Up Vote Up Vote ×
Specializes in Emergency.

Sure, loans suck but what is the alternative? No education? or... a long time to get your degree? I owe about $30k from my undergraduate business degree, and I don't regret it. Fortunately the VA is footing the bill for my nursing education.

I really don't think that $50k is an unreasonable amount for you to be able to pay back, especially if you start working as a nurse. It is doable. Just be smart about it, and don't take out a cent more than you possibly need. Another thing that helps is making interest only payments while you are in school if you can afford to do so. This will greatly reduce the amount you owe over the long term.

Good Luck! Don't let finances stop you from accomplishing your dreams.

Up Vote Up Vote ×

$15,000 for my first degree, BA, and it will be $23,000 for my BSN. Have you looked into merit based scholarships, including nursing scholarships? If your EFC is so high, does that mean that your parents are able to help you with some of the cost? Just some thoughts. :)

Up Vote Up Vote ×
Sure, loans suck but what is the alternative? No education? or... a long time to get your degree? I owe about $30k from my undergraduate business degree, and I don't regret it. Fortunately the VA is footing the bill for my nursing education.

I really don't think that $50k is an unreasonable amount for you to be able to pay back, especially if you start working as a nurse. It is doable. Just be smart about it, and don't take out a cent more than you possibly need. Another thing that helps is making interest only payments while you are in school if you can afford to do so. This will greatly reduce the amount you owe over the long term.

Good Luck! Don't let finances stop you from accomplishing your dreams.

Great advice. I'm too am taking out only the minimum necessary (enough to just pay tuition), and always make my interest payments. It's okay to have to take out loans, just be responsible about it!

Up Vote Up Vote ×
Specializes in LTC, Psych, Hospice.
Loans give a bad taste in my mouth.quote]

When I went for my Associates I graduated with $15K debt (single mom w/ 4 kids). I worked pt time and had some small scholarships. Kids now grown and I'm back for BSN. I'll be able to graduate debt free d/t working full time past 10 years and saving like crazy. Only you know what's best for you. Good luck!

Up Vote Up Vote ×
Specializes in Nursing Professional Development.

I've heard some financial advisors recommend that your student loans not exceed your yearly salary in the first few years after graduation. So that gives you a "ballpark" to use as a general guide.

Of course, that assumes that you will work full time until you pay off the loan -- and live frugally for a few years -- and not take time off to have children -- etc. So, keep that in mind. A lot of people get into trouble because they take out the loans and then want to get married, have kids, buy a house, cut their hours and go to grad school, etc. before they have paid off their loans. Those "purchases" after graduation prevent them from digging themselves out of debt.

So ... know what you are getting into when you take on that debt.

Up Vote Up Vote ×
$15,000 for my first degree, BA, and it will be $23,000 for my BSN. Have you looked into merit based scholarships, including nursing scholarships? If your EFC is so high, does that mean that your parents are able to help you with some of the cost? Just some thoughts. :)

It kinda sucks that i have a high EFC because my parents are like the hardworking middle class which it makes it difficult to get grants and all the free stuff >.>.... I wish my parents did a college savings plan like my relatives but they came to the U.S. not knowing any of this stuff which is coming back to haunt me and my parents. But my parents are willing to pay everything else(books, etc.) except for the tuition and housing

Thanks everyone for their opinions toward the student loans. It just hard to imagine being hat much debt from school. But I understand that education is a great investment especially towards a degree that i love. Kinda made up my mind before taking out any loans to live with my parents for a couple of years to pay off as much of the debt as i can even my pride says "move out" and to wait that same two years in buying a new car.

Up Vote Up Vote ×
+ Join the Discussion