Terrified about student loan debt. ADVICE

Ddestiny, BSN, RN · Jan 6, 2014

Going straight through and getting your BSN is a great option....IF you have financial backing. If you don't, it really can be better to get your LPN, then bridge to ADN, and then to BSN. You can get increasingly better wages at each level, not to mention valuable experience at each level. I had to take out lots of loans for my LPN (10k for school plus living expenses) but as I'm getting ready to go back for my ADN this month I am much more financially stable. And it's a lot more common to work FT while in school this way even if the school is FT. I only worked every other weekend for my LPN but with online options for ADN (clinicals in person) and BSN (usually don't have clinicals if bridging from ADN since it is more theory-based) working FT, and for a lot more pay, is definitely an option.

ArrowRN, BSN, RN · Jan 6, 2014

I would not worry about student loans it will only affect your classes. However do have a plan in mind of how you will pay it back. There are many programs for which your can work as a nurse and get your loans paid off. These include signing of a contract, working a various fields which has been declared a shortage area (mainly rural places). Other options include the navy and army. Finally private employers also have such plans.

I'm curious, with the mention of your parent income being so high and that being used to calculate your FAFSA, check your school requirements for declaring yourself as an independent. This might make more federal funds available to you. Just a thought.

Edit: I also hope to be a CRNA...I met one and she said she worked on weekends during her masters program. Anyways with her income she makes now she is basically debt free. So all it takes is good planning. The loans will come and go...worrying about it won't make it go away.

ThePrincessBride, MSN, RN, NP · Jan 6, 2014

You are already in 30k in debt. Adding 100,000 dollars (plus interest!) will ruin you financially, and I don't say this to scare you.

At this point, I would strongly encourage you to put schooling off for a bit. Stay at home with your parents (if you aren't already) and work, work, work for a couple of years and save as much as you can for college. I am living with my mother, and I work two jobs (as a PCA) and just sent out a big fat check of about $5300 out of pocket. I am a junior, but am technically in my fifth year of college. I also took some classes at my local community college to save some cash, some of them were prerequisites while others were general classes.

Yes, it is taking me a lot longer, and I won't be finished until I am twenty-three, but if I keep up this momentum, I will graduate with a bachelor's and no student debt. Some days, I'm exhausted; I've pulled sixty-hour work weeks occasionally and double shifts too often. Juggling school and work isn't easy. Normally, I would recommend a full-time job and take a couple of classes, but since you have a history of poor grades, I would strongly encourage you to take some time off and focus solely on making money.

johsonmichelle · Jan 7, 2014

That's not what they wrote. You CAN NOT default on a student loan. The only way to successfully default is to die. There are some loan forgiveness programs but the bottom line is whatever you borrow, you pay back with interest. So, borrow as little as possible.

not really, if you have co - signer then they will have to take over payments if the person dies

brandy1017, ASN, RN · Jan 7, 2014

To the person who already has a BA and can't get any more federal loans you could probably get federal student loans if you did a direct entry MSN RN/NP program. Check if any are in your area. Grad tuition is usually higher, but it starts the clock on federal student loans, assuming you haven't used grad loans and aren't in default. The downside is the interest capitalizes right away as the federal govt recently changed the rules and took away the interest grace period during school. Also the interest rates are higher than for an undergrad degree.

Private student loans can go as high as they want, even 18%+, they don't offer income based repayment or loan forgiveness options that the federal govt offers. That said loan forgiveness is easier said then done, is not advertised and not easy to get. Apparently nurses at my hospital should qualify for loan forgiveness which was news to me and I've been out of school so long that I don't qualify, it is only for those recently out of school. My loan won't be paid off till 25 years after graduation!

Private student loans usually need a cosigner and if you die they will still go after the cosigner for the money, whereas federal loans have life insurance, although I believe Sallie Mae has recently decided to add life insurance and not pursue money in the event of student death.

Or consider ultrasound tech, check out community colleges and even some hospitals offer a program and your prior bachelors would be a plus in getting in. You could be out and making as good if not better money than an RN in less time with better working conditions!

In general community non profit state tech colleges offer quick and cheap job training for a variety of jobs including nursing ADN and should be considered before paying for an overpriced BA?BS. Many people find their bachelors did nothing for them financially and end up back in school taking out more loans trying to get a decent paying job whether by tech schools or RN programs.

Ruby Vee, BSN · Jan 8, 2014

It has always been my dream to be a nurse and I'm hoping to one day become a nurse practitioner or CRNA (nurse anesthetist). Right now I'm in my second year of college, but I will probably be in school for three more years for my BSN due to some unsatisfactory grades and immaturity my freshman year, and I wasn't able to get a scholarship. I have been financing my education solely on student loans. Tuition and living expenses add up to about 22K per year. My parent's income is too high for me to get grants, but they can't afford to fund my education because they're in debt and only one parent is employed. I tried getting a job but it was just too overwhelming with the difficult classes, and the money didn't amount to much. I also am unable to live at home due to some family problems, won't go into detail but it's really not an option. I've been trying to get good grades to get this full ride nursing scholarship, but there's no guarantee it will work out. I'm currently about 30K in debt, if I finish school solely on loans it will be 130K in debt. This idea makes me cringe and I don't know if I should stay in school or it's just a bad idea! I'm trying to get an education ad achieve my dream of becoming a nurse, but I don't want to ruin my life!

You're right to be worried about student loans. One day, you're going to have to pay back all that money, and $130,000 will buy a house in some areas of the US! Don't give up on becoming a nurse, but you're going to have to figure out some way to knock down those loans.

I worked at least two jobs at a time while I was going for my BSN, sometimes 3. In those days, it wasn't possible to use loans for living expenses, so no one I knew did it. I was pretty creative in reducing my living expenses, though. One year, I rented a room in the home of an older couple. It wasn't a really nice home, but it was OK, and the price was right. I did yard work for them and carried their groceries in from the car, etc. in exchange for the room. Another year, I rented a room ($100/semester) in a sorority house. The sorority sisters weren't nice to me, and the room was in the attic (four stories up) but it was cheap. I worked in a restaurant and got two meals a day there. I got mighty sick of the menu, but I ate.

It doesn't sound like you want a job, but you may have to bite the bullet. Relying on improving your grades to get a "full ride scholarship" isn't realistic.

Can you go to a less expensive school? Would it be faster or cheaper to get an ADN and then bridge to BSN after you're employed? Some hospitals will provide tuition reimbursement after you've worked there for a year or so. Can your folks help you by identifying a friend or relative closer to school that you might live with?

I graduated with what seemed to me to be a mountain of debt, and my life was much more difficult as a result than my coworkers who graduated without debt. Taking out student loans for living expenses strikes me as the height of fiscal irresponsibility. Maybe things are different now, but it seems that you ought to be able to figure out some way to live more cheaply.

good luck!

Everline · Jan 8, 2014

It's shocking to me when I read about people coming out of school with a debt like that. I live in a 4 bedroom, 2 bath house that cost around that much! You should be concerned, IMO. I had a student loan from my previous BA and it took me forever to pay it off and caused me numerous hassles—and it wasn't even REMOTELY the amount you are contemplating. After paying my loan off, I promised myself to avoid student loans whenever possible or to borrow the least possible amount to accomplish my educational goals. Please consider the impact such debt will have on your future.

Emily Cox · Jan 8, 2014

Ive got about 30 k in debt as well. I just finished my assoc. degree and now I'm having to go straight to lpn school to pay off what I owe. I didn't have a choice I had to take out loans due to having a daughter and I could only work part time. I would do lpn first if possible! I plan on paying out of pocket for my rn online courses. You can do it though! Don't quite school! My payments for my loans are not that bad, however at 130 k they would be! My mother n law is a np and just graduated with 95,000 in debt. She makes enough that she can pay her loans just fine but not everyone can. Try and look at the big picture!

Nurse2B2016 · Jan 8, 2014

Ive got about 30 k in debt as well. I just finished my assoc. degree and now I'm having to go straight to lpn school to pay off what I owe. I didn't have a choice I had to take out loans due to having a daughter and I could only work part time. I would do lpn first if possible! I plan on paying out of pocket for my rn online courses. You can do it though! Don't quite school! My payments for my loans are not that bad however at 130 k they would be! My mother n law is a np and just graduated with 95,000 in debt. She makes enough that she can pay her loans just fine but not everyone can. Try and look at the big picture![/quote']
I hear u. Same boat. I have to take loans bc I have two kids and no family so the loans help immensely. I project to owe roughly 27,000 when it's all said and done with my associates and an RN license. Do u mind divulging what your monthly payments are ? Just wondered what I'm up against when I'm finished in a few years.

Emily Cox · Jan 8, 2014

Well I had to do a loan exit counseling and they told me the payments would be 175 a month starting out and go up to 300 a month after like 5 years I think. Right now I'm paying interest while in school I'm looking at 35k after my lpn then I'm not taking anymore out! There are several payment methods to choose from. I choose the one that starts low then goes up eventually.

Nurse2B2016 · Jan 8, 2014

Well I had to do a loan exit counseling and they told me the payments would be 175 a month starting out and go up to 300 a month after like 5 years I think. Right now I'm paying interest while in school I'm looking at 35k after my lpn then I'm not taking anymore out! There are several payment methods to choose from. I choose the one that starts low then goes up eventually.

Thanks for your response. That's a huge relief bc 175 is VERY doable and fair. I can handle that. I was worried it would be double that. Thanks and good luck!

Ruby Vee, BSN · Jan 9, 2014

Thanks for your response. That's a huge relief bc 175 is VERY doable and fair. I can handle that. I was worried it would be double that. Thanks and good luck!

Your loan may have very different terms. The best way to find out what YOUR payments will be is to contact whoever issued your loan and ask them.