At age 22, I was accepted into a nursing program at Vanderbilt. My family is not wealthy, but student loans made the expensive program seem doable. I planned to live with my parents throughout nursing school so I would not have to pay for living expenses during this time. I could save up money by petsitting and babysitting. Once I finished school, I imagined my income would easily cover student loan payments and I would benefit from the many healthcare organizations who offer student loan repayment. Early into the first year of nursing school, my parents lost their home due to inability to pay their mortgage. I was blind-sided by this. I was able to find a living situation, but needed to max out my student loan offerings to make ends meet. I am now 28, and I have over $230,000 in federal student loan debt and $14,000 in private student loans. It is near impossible for me to make my current student loan payments within the IDR plan along with rent, food, and necessary medical expenses each month. I am very regretful of the financial choice I made in pursuing this career, but there is nothing I can do about it now. I feel like I am drowning. I have thought about suicide. I think this post is a cry for help, as I do not know where to turn. I know PSLF is a possibility in the future, but I am at a loss when thinking about the next 8 years. If you have resources or words of wisdom, I would appreciate it.
Drowning in student loans
byu/Temporary_Hat_6918 inStudentLoans
Posted by Temporary_Hat_6918
4 Comments
what’s your current income? do you earn over time? more than likely the private student loans are super high interest, so you need to knock them out super quickly. i’m not saying it’s going to be fun, but the solution is working more, spending less, and putting the difference into the principal of the loans.
focus on one loan at a time while paying minimums on the others, you can do either snowball (smallest loan balance to highest) or avalanche (highest interest to lowest)
Nothing can be done now about the past. All you can do is breathe and deal with things as they come.
PSLF is likely going to be your best bet. Get on a qualifying IDR plan and just make your monthly payments. The 10 years will go surprisingly fast.
Your private loans are where you really want to throw your money (refinance for a lower rate if you can as well).
Financial pressure can be incredibly stressful, but it isn’t worth your life. I hope some day soon you can look back at this and feel good that you made it through.
Still in Nashville? Metro General qualifies for pslf.
Choose an idr plan if not already – are you still in Save forbearance.
New ibr is probably best bet right now if wanting to move off save until rap and then compare.
Several roommates if not already to help reduce high housing costs.
Live close enough to work to take bus and sell car if have a car payment.
Use several food banks in the area each month .
If its rxs check for maker’s copay cards.
Look into picking up some extra shifts.
Your IDR payment should be under $1200. Sounds like you are on standard. Go to studentaid and see what plan it shows.
Look into refi the private loans at a lower rate
I know physician assistants that graduated with $110,000 In student loans. For nursing, you way overpaid for your education. We understand why you did it though.
Honestly, you have 3 options:
– live a very frugal life for the next 7 years and pay as much as possible towards your loans.
– Get a better job; consider travel nursing.
– Find someone or a partner to collectively pay the debt you have.