Worried about paying off student loan debt

Nursing Students General Students

Published

Hi all,

I thank you in advanced for any replies to my post.

As I further into my BSN degree, I find myself collecting more and more student loan debt. By the time I am finished with my degree, I will accrue approximately $100,000, and this worries me- a lot. My question is:

Would anyone be able to give me some faith that I won't be killing myself paying off this huge sum? I hate to go through all of this, only to find a job that will just allow me to get by in life when trying to pay down this debt.

Is anyone going through/went through the same sitaution?

Any comments would be appreciated!

Thanks

Some background information: I live on Long Island which isnt known to be particularly cheap!

There is a section in this article that supports my theory that there is not 64% of new grads finding jobs, they simply give up and take different positions in the health care field.

http://www.healthecareers.com/article/top-reasons-why-new-nurses-cant-find-jobs/172234

Up Vote Up Vote ×
Specializes in Neonatal Nurse Practitioner.
There is a section in this article that supports my theory that there is not 64% of new grads finding jobs they simply give up and take different positions in the health care field. http://www.healthecareers.com/article/top-reasons-why-new-nurses-cant-find-jobs/172234

I normally don't jump in unless I specifically have something to say, but that article is pretty much worthless as far as proving points and such. I can write an article about why the moon will turn into cheese with bullet-pointed "proof" as long as I don't have to supply reputable citations.

Up Vote Up Vote ×
Specializes in Pedi.

This is a listing from February of 2013 for a critical care residency that states that there likely will be more openings in August. New grad jobs are typically gone by February since most new grads (at least in traditional BSN programs) graduate in May. I don't recall saying that Mass General was currently hiring new grads into critical care positions.

Up Vote Up Vote ×
I normally don't jump in unless I specifically have something to say, but that article is pretty much worthless as far as proving points and such. I can write an article about why the moon will turn into cheese with bullet-pointed "proof" as long as I don't have to supply reputable citations.

I think it makes a valid point, I personally know new grads that have gave up looking for a job and went into medical billing, or surgical scheduling, even taken receptionist positions. So since you decided to jump in, what's your take on the issue besides pointing out one of the sources I posted doesn't have a reputable citation?

Up Vote Up Vote ×
Specializes in Pedi.
You're right, maybe you wouldn't have found the same job, maybe you would've, you took a gamble it cost you a fortune, you've done well, and I'm happy for you. I stand by the fact that the profession is not doing well overall, and it's getting worse, look at all the people who are now getting pay cuts, losing jobs, that's the other end of this issue that you have to consider.

As for the article, like I mentioned it's not a complete picture, it doesn't say that 64% are getting jobs, maybe some graduated but didn't pass the NCLEX, maybe some gave up and took other jobs, it's not definitive enough to say what the other percentage is doing, but I'd bet they're not all working!!

I think his chances based on where the OP lives, he will have a tougher time finding a job as a new grad, but maybe you can provide that 1 hospital's information in Boston that you know is hiring new grads and help him out? I know none of the hospitals near me would hire a new grad without experience, they advertise experience as a must.

The article specifically mentions "newly licensed RNs". If someone doesn't pass NCLEX, they are not a "newly licensed RN" since they don't have a license at all. If someone took a non-nursing job, they would still fall into the 36% of newly licensed RNs who are NOT working as RNs. It doesn't say 36% of new RNs are not working, it says not working as RNs so an RN working as something else would fit in the category of RNs who are not working as RNs.

Up Vote Up Vote ×
This is a listing from February of 2013 for a critical care residency that states that there likely will be more openings in August. New grad jobs are typically gone by February since most new grads (at least in traditional BSN programs) graduate in May. I don't recall saying that Mass General was currently hiring new grads into critical care positions.

Didn't say you mentioned it, just found it interesting that's all. I'm posting as I'm watching tv getting geared up for a busy week of work. I'm not worried about citations, or every little detail, I'm stating my point that new grads are getting their dreams crushed not being able to get jobs in a timely manner, if at all, and then being stuck paying back enormous loans. It's a trend that will get worse if you think so or not. You obviously haven't convinced me otherwise, and I haven't convinced you. You just made points that you own your own home, new car, and travel out of the country frequently, all points a new grad saddled with debt doesn't want to hear.

I wish you all the best, but I'm tired of beating a dead horse. I pray for the profession to rebound quickly, and that new grads don't face the struggles in finding employment that they are facing now.

Up Vote Up Vote ×
The article specifically mentions "newly licensed RNs". If someone doesn't pass NCLEX, they are not a "newly licensed RN" since they don't have a license at all. If someone took a non-nursing job, they would still fall into the 36% of newly licensed RNs who are NOT working as RNs. It doesn't say 36% of new RNs are not working, it says not working as RNs so an RN working as something else would fit in the category of RNs who are not working as RNs.

It doesn't say 64% of new grads or newly licensed RN's are getting jobs either. It doesn't state a percentage of newly licensed RN's taking jobs in other fields, it doesn't give enough detail how they acquired the data. It talks about both new grads and newly licensed RN's. But as I stated before, let's go with the 36% #, that's acceptable???? So essentially 1/3 of newly LICENSED RN's aren't getting hired, and you're ok with that?

Up Vote Up Vote ×

To the OP, I wish you all the best in your studies, I hope you graduate and pass the NCLEX on the 1st shot, and while you're doing clinicals, make friends, network, and market yourself as best you can! I found that many people who make a good impression at their clinical sites can use this as a potential foot in the door for a job! Also, having a good relationship with your clinical instructors could prove valuable as well, many instructors work in other settings, and if you impress them, they can be an excellent future job reference for you. While you did take on a lot of debt, it's not the end of the world, you'll survive! And when you start working, it truly is a rewarding career with endless possibilities.

Up Vote Up Vote ×

Wow, I am shocked at how many people are surprised by this. I too will be in about that much debt and I am in California. I will then be in further debt once I begin the Masters program. I however am not worried about the the loans, I look at it as an investment in my future and others that have done the same thing say it is not that bad and to not worry about it so much. Hope this helps!

Up Vote Up Vote ×

I'm ticked off at the HRSA option. The HRSA option only seems to hire Master's or Doctorates although they claim to help RNs. Must be 10 year experienced RN's with clinical experience since not many HRSA scored places are hiring them (by then that RN has already paid alot on his/her loan somehow). I found one handful of job options for the whole country. If you wanna go to the land of ice and snow or tornado alley..... I was really disappointed by this and it really woke me up about the nursing demand with respects to current health care craziness out there now. Like, how can you offer this program to an RN and then don't let it happen. What a dead end. Sooooo..... spend the money on an FNP and you'll get some portion of your loans paid off. But take the risk that in 5 years those rules may change.

I don't know why people are so shocked by this debt from OP (agree with KnCMommy). The more affordable options take years to get into if you do at all. If some private school is gonna offer you your RN in a year or two and you're working at Walmart.... there are opportunity costs if you don't go for it. You can say that the bottom line is the payment for the loan will spin you. I agree... but let's everyone look at the options given and not be so quick to judge. The options suck to pay for a field that has now turned out to NOT pay out for the present moment. Like I said before, schools and loan sharks are cashing in on a bad market. Not everyone has local options or the option to relocate to take advantage of these opportunities. OP is not alone by far on his/her situation. OP - you're gonna make it with some good budgeting tactics and financial ed. Get roommates, live on a hippie commune, get credit counselors and free legal advice.. whatever it takes. Just don't beat yourself up. There are lots of students in your boat. You're not alone.

Up Vote Up Vote ×
Specializes in Pediatrics, Emergency, Trauma.
I'm ticked off at the HRSA option. The HRSA option only seems to hire Master's or Doctorates although they claim to help RNs. Must be 10 year experienced RN's with clinical experience since not many HRSA scored places are hiring them (by then that RN has already paid alot on his/her loan somehow). I found one handful of job options for the whole country. If you wanna go to the land of ice and snow or tornado alley..... I was really disappointed by this and it really woke me up about the nursing demand with respects to current health care craziness out there now. Like how can you offer this program to an RN and then don't let it happen. What a dead end. [/quote']

Because a few years back when there was a "shortage", you could get a loan forgiveness, no questions asked. Now with the shortage towards outpatient/primary care, it has shifted to NPs.

Long are the days for loan forgiveness, it will take a few years to qualify, in addition to volunteering as well with your local med corps; there are still options.

Up Vote Up Vote ×
+ Add a Comment