Student Loans

Nurses General Nursing

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?

Specializes in Tele, ICU, ED, Nurse Instructor,.

Hi, Im planning on going back to school in January for MSN. I know I will be getting a student loan. I agree with the above posts. A person has to be responsible dealing with borrowed money. I know I will have to take at least 18 to 20k out for school. I am mentally prepared to do this. I will be consulting my financial advisor to see what are my options and how much I should borrow.

While in school I still be working two prn jobs. One job teaching practical nursing students clinicals. Second, working prn in a hospital setting. I want to be comfortable while in school if I decide not to work I will be okay to pay bills if needed. I have friends and family support. I do have an advantage on most is that I am not married with no children. I dont have to go the extra mile at this moment but I am still taking everything in consideration. It is a tough choice. I can tell you this I cannot see myself being a staff nurse in a hospital setting for 30 to 40 years from now. I want to be able to grow and enjoy whatever I decide to do is to be a Professor of Nursing.

Up Vote Up Vote ×

I've got about $30,000 in loan debt from my BSEd. I am now a jobless wonder due to the economy and my loans have been in repeated deferment.

I have a scholarship loan for my nursing degree that can be forgiven after 2 years of employment as a nurse or it will add about $6000 to my debt.

Up Vote Up Vote ×
Specializes in NICU.

I have $50K in loans. I would have MUCH rather not have had to take them out, but it was the only way to pay for school. I'll make about $65K this year though, so I can easily afford them. The end result of being an employed RN is worth the loan to me. Of course, if I hadn't found a job....I'd be singing a different tune.

Up Vote Up Vote ×

When I graduate I will be $0 in debt. I'm working right now and going to school, but after this year I won't be. My husband and I changed our lifestyles to where his income covers everything...without him I'd have a bunch of school loans. I also apply to scholarships like crazy...hope your doing that too

Up Vote Up Vote ×

I'm about 78k right now everything included, for 3yrs on Nrsg school. I plan on being around 150k 180k after I'm done with CRNA school. I have a lot of friends that have a lot more debt than that. No debt is ever a good thing, but school debt is better than other kinds of debt. Its an investment and if you really want it 50K isn't that bad. one of my co-workers is went to NYU and is 100K in debt another will be around 350K once her and her husband are done with dental school.

Up Vote Up Vote ×
Specializes in Operating Room.

50k is A LOT. Have you done the repayment calculator to see how much you'd be paying a month once you graduate? Look around for scholarship and apply like a frenzy. It is worth the time. I will be graduating with no debt. First three years, I got a scholarship and my parents covered the rest. I worked to pay for books and supplies. I'm a senior now and just got another scholarship that covers my tuition + books. School is a great investment but personally I think there is a cut off line between a bad investment and a good one. Getting yourself in massive debt is never good.

Up Vote Up Vote ×
50k is A LOT. Have you done the repayment calculator to see how much you'd be paying a month once you graduate? Look around for scholarship and apply like a frenzy. It is worth the time. I will be graduating with no debt. First three years, I got a scholarship and my parents covered the rest. I worked to pay for books and supplies. I'm a senior now and just got another scholarship that covers my tuition + books. School is a great investment but personally I think there is a cut off line between a bad investment and a good one. Getting yourself in massive debt is never good.

It's nice that you didn't have to get into any debt from school, but it sounds like the reason is b/c your parents paid the difference so that you wouldn't have to take out loans. Many people are not that lucky. If getting yourself in debt is "never good," does this mean that if someone doesn't have parents to cover some/all of their tuition, they shouldn't go to school because they will owe money in loans after? I just don't think your advice is all that fair since you had your parents paying the bills...

Up Vote Up Vote ×
It's nice that you didn't have to get into any debt from school, but it sounds like the reason is b/c your parents paid the difference so that you wouldn't have to take out loans. Many people are not that lucky. If getting yourself in debt is "never good," does this mean that if someone doesn't have parents to cover some/all of their tuition, they shouldn't go to school because they will owe money in loans after? I just don't think your advice is all that fair since you had your parents paying the bills...

Ditto. Not everyone has mom and dad to back them up, sometimes life makes it necessary...must be nice.

I had 2 kids and a husband when I got my BSN, and am now in $43K. Does it suck? Yep. Do I regret it? Not one bit. $43K is what it cost for me to acquire a degree and education that allowed me to work at a job that I absolutely love, and it's worth every penny.

Up Vote Up Vote ×
Specializes in Mental Health.
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.

I think you have a very good head on your shoulders. Your sense of personal responsibility will serve you well throughout your life. You're going to be just fine. :)

Up Vote Up Vote ×
Specializes in Family Nurse Practitioner.
It's nice that you didn't have to get into any debt from school, but it sounds like the reason is b/c your parents paid the difference so that you wouldn't have to take out loans. Many people are not that lucky. If getting yourself in debt is "never good," does this mean that if someone doesn't have parents to cover some/all of their tuition, they shouldn't go to school because they will owe money in loans after? I just don't think your advice is all that fair since you had your parents paying the bills...

I didn't have parents to contribute to my tuition. Everyone has to make their own decisions but heck if this poster was willing to live at home instead of moving out I think that was a sacrifice that shouldn't be discounted. FWWI I did it the old fashion way...worked nearly full time, got my LPN, RN, BSN and now in NP school with zero debt. I'm not a fan of debt and would not have gone back to school if I couldn't have worked and paid up front but thats just me.

Up Vote Up Vote ×
Specializes in Tele, CVIU.

Kudos to the OP for being so financially conscientious! It's a good idea to start looking at these things early. I have about 40K worth of student loan debt right now that I used to get my BS in Health Science and my ADN. My parents couldn't afford to pay for my school but I can guarantee my kids won't have to pay for theirs. :) I did what I had to do to get that RN behind my name and I think the debt is worth it. I am estimating that I'll be done paying off my loans in about 3.5 years or earlier. Not too shabby in my opinion. I plan on getting my NP license within the next 4 years and I'll pay for that without the help of student loans. Good luck to you with whatever you decide.

Up Vote Up Vote ×
+ Add a Comment