Suggested maximum amount of loan? Your experience?

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I've been able to get through all my prereqs working/paying my own way/community college/part time, etc. debt free. Now that I'm starting the nursing program (BSN, will take 1.5-2 years to complete) this fall, I'll need some loans. Is there a maximum amour of loans you'd recommend? If you took out any, how has your experience been?

Thanks for any input

(luckily, the Job market here is good for nurses)

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Specializes in SICU, MICU, CCU.

You have to figure out how much you need to pay for the bare minimums( rent, utilities, insurance etc,) I went through school without a cellphone, cable, car note, shopping or frequent eating out. I still had to take out loans because I couldn't work and attend school full time with 2 kids as a single mom with no family around to help.

Right now for a ADN and a BSN I'm under $15,000 in loans and although worthwhile in terms of my career, I hate paying the money back every month.

Word of advice: Get a job working in a hospital ASAP. It's much easier to maneuver in the system when you start looking for a job and most managers are very supportive of nursing students. Although the market in your area is good now for nurses, things can always change for the worst. Good luck with school and congratulations on your acceptance into a BSN program!

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Specializes in FNP.

The financial aid office should be able to tell you what you need. Take only that, no more.

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Specializes in geriatrics.

When I finished my BSN last year, I owed 34 000. I currently owe 22 000. My minimum payments are 300 a month, but I pay more. At 300 a month, it would take 10 years and thousands more in interest to pay off. Two and a half more years and I plan to be debt free.

We were discussing this last week in another thread. I suggest only taking the amount you need. The harsh reality sets in after graduation when those payments are due. Considering the job market isn't great, you also can't expect to land a full time job right out of school, even if you are working in a hospital.

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Specializes in ICU.

I'm taking 20k for my ABSN. The program is 15k and I'm only taking a little extra to help with rent and utilities for the next year, even though we're losing my entire income (25k last year). My husband works temporary/ contract right now, so this is a little scary, but I didnt want to take any more loans than I needed. Things are tight, but I'm too busy with school to notice the things we're going without! :)

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Is there a maximum amour of loans you'd recommend?

$1

Just kidding. I have much more than that. However, I didn't want to be waitlisted for 2 years and opted for a private school.

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