Student Loans

2 Loans give a bad taste in my mouth. Im currently a sophomore and transferring to a major university for a BSN (community college for awhile). My tituition and housing cost roughly about 16.5k a year so i most likely to pull out that much for a loan cuz my EFC is high. By the time i graduate, i will be 50k (that doesnt include interest) in debt which is troublesome. Do you think its alright to be that much in debt? What was your debt when u graduate?
Between the wife and I (both Nurses), $110,000

well 50K isn't that bad...mine is gonna be around 90K once i graduate =[

$0.00 in debt when I graduated from Ohio State 10 years ago. Scholarships are great. I'm paying my own way through nursing school now. I'll be $0.00 in debt when I finish.

Unfortunately, about 45,000 *sigh*. It's worth it though.

"Loans give a bad taste in my mouth."I love that.. lol.. I too am debt averse and have been ever since I was a young man. I learned early that I hated owing anyone money. I am a new grad, but I worked for 15 years/lived cheap/stayed out of debt and saved my tail off which enabled me to go back to school without taking massive loans. I like the "pay as you go" philosophy in life. Certainly I'm not suggesting you postpone your degree for 15 years, but just wanted to commend you for being conscientious about the amount of debt you're looking at. It's not something to take lightly, and student loans never go away unless you pay them off. (Bankruptcy does not erase this kind of debt, ever). As far as your questions, only you can make the decision. I know people who seemingly have no problem with massive debts they couldn't pay off in 3 lifetimes without winning the lottery, and I know people like myself who can't hardly tolerate owing someone $1. My debt at graduation was 0$ Good luck to you!

Sure, loans suck but what is the alternative? No education? or... a long time to get your degree? I owe about $30k from my undergraduate business degree, and I don't regret it. Fortunately the VA is footing the bill for my nursing education. I really don't think that $50k is an unreasonable amount for you to be able to pay back, especially if you start working as a nurse. It is doable. Just be smart about it, and don't take out a cent more than you possibly need. Another thing that helps is making interest only payments while you are in school if you can afford to do so. This will greatly reduce the amount you owe over the long term. Good Luck! Don't let finances stop you from accomplishing your dreams.

$15,000 for my first degree, BA, and it will be $23,000 for my BSN. Have you looked into merit based scholarships, including nursing scholarships? If your EFC is so high, does that mean that your parents are able to help you with some of the cost? Just some thoughts.

Quote from Emilynn09Sure, loans suck but what is the alternative? No education? or... a long time to get your degree? I owe about $30k from my undergraduate business degree, and I don't regret it. Fortunately the VA is footing the bill for my nursing education. I really don't think that $50k is an unreasonable amount for you to be able to pay back, especially if you start working as a nurse. It is doable. Just be smart about it, and don't take out a cent more than you possibly need. Another thing that helps is making interest only payments while you are in school if you can afford to do so. This will greatly reduce the amount you owe over the long term. Good Luck! Don't let finances stop you from accomplishing your dreams.

[quote=velocity2325;4462673]Loans give a bad taste in my mouth.quote]When I went for my Associates I graduated with $15K debt (single mom w/ 4 kids). I worked pt time and had some small scholarships. Kids now grown and I'm back for BSN. I'll be able to graduate debt free d/t working full time past 10 years and saving like crazy. Only you know what's best for you. Good luck!

I've heard some financial advisors recommend that your student loans not exceed your yearly salary in the first few years after graduation. So that gives you a "ballpark" to use as a general guide.Of course, that assumes that you will work full time until you pay off the loan -- and live frugally for a few years -- and not take time off to have children -- etc. So, keep that in mind. A lot of people get into trouble because they take out the loans and then want to get married, have kids, buy a house, cut their hours and go to grad school, etc. before they have paid off their loans. Those "purchases" after graduation prevent them from digging themselves out of debt.So ... know what you are getting into when you take on that debt.

Quote from MInurse.st$15,000 for my first degree, BA, and it will be $23,000 for my BSN. Have you looked into merit based scholarships, including nursing scholarships? If your EFC is so high, does that mean that your parents are able to help you with some of the cost? Just some thoughts.

Hi, Im planning on going back to school in January for MSN. I know I will be getting a student loan. I agree with the above posts. A person has to be responsible dealing with borrowed money. I know I will have to take at least 18 to 20k out for school. I am mentally prepared to do this. I will be consulting my financial advisor to see what are my options and how much I should borrow. While in school I still be working two prn jobs. One job teaching practical nursing students clinicals. Second, working prn in a hospital setting. I want to be comfortable while in school if I decide not to work I will be okay to pay bills if needed. I have friends and family support. I do have an advantage on most is that I am not married with no children. I dont have to go the extra mile at this moment but I am still taking everything in consideration. It is a tough choice. I can tell you this I cannot see myself being a staff nurse in a hospital setting for 30 to 40 years from now. I want to be able to grow and enjoy whatever I decide to do is to be a Professor of Nursing.