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Discussion

Working with a disability, How to reduce student loans?

I am trying to gain insight into how I can reduce my student loan amount. I have my BS in Biology and I went to school and obtained an MS in Surgical Assisting. The program was a stifling 80k, but I knew it was a good paying field and It was a great opportunity to learn and grow in the health profession. The last year of my surgical rotation, my hands could not withstand the "scrubbing in" my hands would weep, blister, swell and ooze. My school tried its hardest to accommodate me by purchasing specialized scrub soap and gloves. Nothing worked! I went to numerous of doctors,Nps, and PA. Specialties included primary care,allergists and dermatologists. They found I was allergic to many but notable was the allergy to rubber accelerators such as carba mix to name a few, but my allergist pleaded to me that I also have dry skin to the point that even if I avoid these products,which is why my hand still reacted the same. He stated he had the same condition as my own which is why he became an allergist opposed to a surgeon. I tried everything and thankfully still being able to graduate, I accumulated an additional 80k a debt on top of my remaining 40k.. I am 130k in debt. Now after working as a medical assistant, I constantly wash my hands with soap and use sanitizer, I have no problem since I am not scrubbing. Many of the RNs, Nps became a second family and I am now in a ADN program. However my dream is to become an educator with my PhD and also a nurse practitioner. Are there any ways in which I can persue my dreams without adding an additional 50k onto my already 130k? I don't have much guidance on this matter, but I know this forum has many intellengent and experienced nurses they may know more avenues that I am not aware. Also, what is your advice on managing and reducing such a large debt load?

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    • Featured Replies

    The way to reduce your debt is to finish school, get on a strict budget, and pay off your current loans as fast as possible.

    You already took an educational gamble and lost. Now finish that ADN, then get to work learning your trade, earning money, and paying down debt.

    Becoming a professional student will only grow your debt...

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    Agreed. The way out of a hole is not to continue to dig.

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    The first step is to not take on any additional debt.

    I work with a couple of nurses who have the debt level you have. They work 48-60 hours a week every week. They always work overtime to help pay the debt.

    In your workplace, if you are able to self-schedule, take advantage of any night or weekend differentials to boost your pay. I don't have debt, but weekend, overnight, overtime pay is the best!

    A second job per diem is another option, agency work etc. You won't be eligible for these as a new grad, but they can be useful in the future.

    Are you financially savvy? A lot of young people starting out are not.

    Luckily, financial knowledge is something anyone can learn. Dealing with this kind of debt is going to take work and discipline.

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    • Author

    I am not sure if I am financially savvy but I am learning to be. I am not the type of young person that likes the latest items. I don't go shopping. I have no interest in expensive habits on shoes purses or any thing that is costly. I have a car that has been paid for 2years now and do not plan on buying another one for atleast 5years or more from now.

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    • Author

    Yes, I have a strong passion working in underserved communities. That is an option and something I will apply to. Unfortunately, I know it's not a guarantee. However, that is one of my options that I can to atleast try to do

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    I am not sure if I am financially savvy but I am learning to be. I am not the type of young person that likes the latest items. I don't go shopping. I have no interest in expensive habits on shoes purses or any thing that is costly. I have a car that has been paid for 2years now and do not plan on buying another one for atleast 5years or more from now.

    It sounds like you are frugal by nature, which is good. To become savvy, it will help to learn the basics of retirement planning, investing, and how to lower your tax burden.

    I agree with the others who said to start paying down that debt before even considering adding more.

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    • Author

    Thank you, I see what you mean. I definitely have more learning to do!:happy:

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