Student Loans - What repayment plan?

[here_we_stand]

Hi all,

So for my BSN program, financial aid/scholarships don't cover everything. I'm not able to have a cosigner for a loan, but thankfully I have pretty good credit.

So for private student loans, (around $14,000) regarding the repayment plan - which is the best way to go?

Is it better to repay some every each month? Or to just pay interest each month? Or to completely defer the amount in hopes of applying for loan forgiveness? (I've only heard slightly about this, I am not very knowledgeable about it, forgive my ignorance right now, but I've heard nurses can apply)

Looking forward to hearing your thoughts!

[FutureRN_15]

As far as loan forgiveness, it is in regards to public service employees, so yes this would be applicable to you but it doesn't come without limitations (i.e. 10 years of full-time work with 120 minimum payments based on your salary once you graduate, etc.). As far as the repayment plan, this is based on what your financial situation is right now. Are you working? Can you afford to pay the interest right now? Or is it better to wait until you have graduated and pay it then? I know it is very overwhelming, as I am in the same position as you. But this is based on a personal basis rather than, someone being able to provide input to help you out..maybe go talk to the financial advisor at the bank who is lending you money?

Good luck to you and all of your endeavors!

[here_we_stand]

Thanks for your response!

I am/will be working during the program, so technically I could make payments. It sounds like you end up paying less in the end if you make payments (not just interest) through-out school?

[FutureRN_15]

If you are working, I would definitely consider making payments on the interest while in school. I have been unable to do that throughout school and wish I had as I am seeing the interest build-up as time goes on.

[pittnurse24, BSN, RN]

While I was in school I not only had federal but I also had to take out private student loans. I didn't work until my last year or so in school so I had deferred all payments until graduation. I'd definitely recommend paying interest maybe while in school to help lessen the amount you owe. In regards to loan forgiveness, if I'm not mistaken it only works for federal student loans, private loans don't participate in that. Private loans are the devil and I wish I didn't have so much in private because they don't work with you at all once you graduate and your deferments are up!