Worried about student loan debt

JenniferWilson74 · May 31, 2011

My advice is to live as cheaply and humbly as possible. Don't live off romin noodles though, because several years ago a co worker's daughter was a "starving" college student living off those. She also ate chips and drank soda. This is all she ate. So one day she woke up and literally couldn't move her face--the muscles in it were paralized. After some tests at the doctor it came back that she was severly malnurished and her body was going into survival mode and supporting vital functions at the expense of less vital functions. She had to start drinking V8 every day and quit eating top ramin. Okay, so that was an aside. For the debt, I would be determined to pay it off as soon as humanly possible after graduation. That means renting a small apartment or even a room and a majority of your future checks going towards that debt. If you do anything less, you will have it for a very long time and pay a lot more out of pocket.

BabyLady, BSN, RN · May 31, 2011

hi everyone.im going to an out of state school next semester because where i live its almost impossible to get into a nursing program. the only thing is the out of state tuition is $20,000 ($12,000 of it are student loans) for the first year after that it will only be $5,000 a year. i will have a bsn in 2 years. i have already been in school for the past several years and my student loans are already at $20,000. so these student loans are raking up. unfortunately the school im transferring to doesn't have transfer scholarships. is it bad to have around $35,000 to $45,000 in student loans when you graduate from an undergraduate program? then of course after i work for a few years i do want to get an msn so im sure that wouldnt be cheap at all. arent masters programs $30,000 a year and more? i just wish there was a way to offset these cost so i dont have to pay so much in student loans.

the blue part of your statement caught my eye...you need to be really, really sure you can get in-state tuition after the first year. most colleges will not allow you to have in-state tuition after the first year, even if you get an in-state driver's license, move your car registration, etc. they grade your tuition based on what you were catagorized on your first year...otherwise, every student would qualify after the first year.

the only exceptions i have seen is if your parents move.

you off-set costs by staying with an in-state school or going to a community college program and then transferring to an rn-bsn program. $45k in loans are going to cost you about $450 per month and that is going to be hard to pay back with rent, a new grad salary, etc.

i went to a cc first, total program cost: about $7k.

my rn-bsn program: total cost: $13,000 at a major university.

mariposabella · May 31, 2011

The blue part of your statement caught my eye...you need to be really, really sure you can get in-state tuition after the first year. MOST COLLEGES will NOT allow you to have in-state tuition after the first year, even if you get an in-state driver's license, move your car registration, etc. They grade your tuition based on what you were catagorized on your first year...otherwise, every student would qualify after the first year.
The only exceptions I have seen is if your parents move.
You off-set costs by staying with an in-state school or going to a community college program and then transferring to an RN-BSN program. $45K in loans are going to cost you about $450 per month and that is going to be hard to pay back with rent, a new grad salary, etc.
I went to a CC first, total program cost: About $7K.
My RN-BSN program: Total cost: $13,000 at a major university.

I would like to stay in state or go to a CC, but thats not possible and actually in the state where I live in state tuition is the highest of any other state in south east. I did speak to someone at the school and they said I can get in state tuition after I have been there for a year, but I will double check. I would have gone to a CC program, but the waiting list are ridiculous.

travelgurl18 · Jun 2, 2011

I am in a similar situation. The economy is still kind of unstable so I don't want to rack up a huge debt and then be unable to find a job for a year. So I am going to wait for the community colleges, and work as much as I can in the meantime at hospitals. Do you have any family you could live with in other states while you go to a community college there? Another thing to think about is finding a hospital or program agreement that will pay for your schooling if you promise to work for them for X amount of years.

jimithing112 · Jun 3, 2011

Just throwing this out there: With the new laws on federal loans you can apply for repayment on a sliding scale based on what you can afford. It doesn't mean you should rack up more debt, but it should give you a bit of peace knowing that the lenders will work with you.

RedRaiderBSN13 · Jun 4, 2011

Hey there, I am currently in the same position as well. I am currently a junior and entering nursing school this fall for my BSN. My tuition cost roughly around 15k~ a year which is pretty expensive that I had to pull out loans. At first I was really hesitant in pulling a huge amount especially the economy we live in. The thought of having a huge debt is really frightening. By the time i graduate, I will be 45k~ in debt. But my mom(who is also RN-BSN), told me not worry because there will always be a need of nurses you just gotta find them. If you are going for MSN route, it is smarter to go for your BSN. Why? It will save you time and money. Think of this, you graduate and you have 45k in student loans. With that amount and a nursing salary, you can pay it off in about 2-3 years. But like what JenniferWilson74 said, you might have to live "humbly" for those years. As you are paying your loans, it will be the same time in getting the necessary "experience" or requirements for a MSN program. By the time you fully pay your loans, you will be ready for grad school.

TakinItOneDayatATime · Jun 4, 2011

Student loans are a pain. Right now I have a good $20k ON TOP of my husband's $60k. It's tough, and we have about $700 in student loan payments a month, but that's because we want it paid off quickly. The new laws with federal loans are generous though. You can pick a payment contingency plan where they base your payment off of your income (the look at your income tax report). You also get a 6 month grace period after you graduate before your first payment starts so you have time to get a job. Once you are enrolled in school at least half time, like when you start you masters, you won't have to make payments on your undergrad loans until you finish or drop below half time with your masters. It's just a question of whether or not it's worth it to you. I know I'm willing to pay that much to have a career that I love.