Student Loans

I wouldn't ever take a loan out for living expenses.

Also keep in mind that you don't want your loans to total altogether more than you would make your first year in salary (that includes previous student loan amounts not yet paid off).

Tierra60,

I have a differing perspective when it comes to students loans. I completed an accelerated BSN program where I attended class and clinical six days a week. I had clinical once during the week and always on Saturdays. Working and completing that program simply was not an option. So, I did live off of my student loans and savings. I saved prior to attending nursing school. Here is the reason I deiced to live off of student loans.

1. First there are a multitude of repayment options (for federal student loans). Here is a link to review those options: https://studentaid.ed.gov/repay-loans/understand/plans
   
2. Second, there is an opportunity to have the balance of your student loans paid off by the government after ten years of public service. Here is the link to that information: https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/public-service
   

For any other loan that does not offer those kinds of options, I concur with Rose_Queen and BeachyRN2Be. I have read many of their responses to postings eliciting help and they always give sound advice. I am not one to refinance my home to take vacations or to purchase a large ticketed item. I am very conservative with my money. However, sometimes one must bite the bullet to better themselves. The economy has changed. It used to be one could work part-time while contributing to their living expenses or help to pay down tuition. Today, it seems it has become increasingly difficult to do so.

Something else to consider- states are offering grants for adults to return to school for a better paying career and to acquire new, relevant skills. You should look into that. I know it includes a monthly stipend and free child care. I did not qualify because I was exiting a well-paying job to switch careers.

I suspect you will get people who will say, you took out the loans, you should pay them back.” I too agree with this notion, but my rebuttal simply is…if the government is offering tuition forgiveness to work in the public sector, it's for a reason. That reason stems from basic economics- supply and demand. I figure when I apply for the loan forgiveness, I will have paid back about 96% of my loan balance, but no interest.

Good luck to you.

I would not take out loans for living expenses. You could wait a couple of years, save money like crazy and work maybe part time and live off the savings. There are options out there.

to the previous poster about not paying loans back and loan forgiveness being there for a reason, do you realize who pays for that? The taxpayer does!! The school does not forgive that money. The government does and we end up paying for it. That comment makes me a little upset as you don't know how it works I guess.

I know exactly how it works. If it pisses you off, too bad. The option is made available to every public service employee. If you don't like it, write your President to change it. Do you claim your kids, spouse, or take any other deductions on your taxes? Yeah- I thought so. So, you're no better. You may dismount your high horse now.