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Nurse pays $1,600 per month in student loan payments

money and stethoscope

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Millions across the nation are facing or will soon face large student loan debts, something many of you nurses know about all too well. Last week, Congress passed legislation to keep student loan rates at their current 3.4 percent for another year. Without the legislation, rates would have doubled to 6.8 percent.

Even with interest rates remaining relatively low, loans are still placing a heavy burden on those struggling to pay them back.

The USA Today recently featured a story about 27-year-old ER nurse Kathleen Bijas. Bijas has a steady job and makes a fairly comfortable salary of $60,000-a-year. However, she has student loan payments of more than $1,600 per month. How does she make ends meet? She lives with her parents. Also, with her money situation the way it is, she describes the idea of getting married or having kids as “frightening.”

What sacrifices are you making (or have you made) in order to pay down your student loan debt?

Source
USA Today

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2 Responses to Nurse pays $1,600 per month in student loan payments

  1. Chad

    My school situation was a little different but in the end I think it worked out for the best because of how much money I saved. I spent my first two years of college full time at a local community college and got a psychology degree.

    I then made the decision to switch into nursing. I then spent the next two years attending part time knocking out the pre-requisite courses that I didnt already complete during my first two years i.e. chemisty, anatomy and physiology etc.

    After that I applied to and got accepted into a local 2 year nursing school where I will attend this fall. The best part of that is that I saved a lot of money considering I now only have to focus on the Nursing courses since all my other course requirements are already out of the way.

    Not only do I end up saving a lot of money in school cost, but I also have a much lighter class/work load when compared to some of my other classmates.

  2. MeganRN

    I went to nursing school over a decade ago, when the student loans were different. I was able to consolidate many of my subsidized and unsubsidized federal loans together to get a low monthly payment. My student loans are at about 3.5% interest rate over a 30-yr fixed rate loan. Before consolidating my loans, I paid around $500/month. After consolidating, I paid around $100/mo. I’ll be paying it off forever, but I have other bills to pay off too that don’t enjoy such competitive interest rates. It was great in the beginning to have a very low payment.

    When I tried to help my younger sister consolidate her student loans last year, I found out the laws and loans have changed a lot. It looks like student loans are terrible now. Bummer. I could barely afford college when I went. If I had to go now, I simply wouldn’t be able to afford it now. School is far more expensive, and the loan rates/options are far worse.

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