Isabel
How much do I need to worry about student loan debt?
I feel stressed about college costs and bills. I will need to pay for college myself and I know that nursing school is particularly expensive. I don't want to over-work myself, and I want to do well in school, so if that means racking up 50k in student debt by the time I graduate I'm okay with that. That just means I will need to pay off that debt asap. My concern is...Is it okay for me put my student loan worries aside until I graduate? #student-loans #college #money #finance #student-loans
4 answers
Maria Marin
Maria’s Answer
Isabel. I agree with Carol. Nursing careers are in demand. Depending on the field, loan forgiveness could be an option. Some hospitals provided sign on bonuses. That would assist towards the student loan debt. There are scholarships that can assist grealtly with the costs. Its difficult not to think of the 'right now' verses the overall picture.
Carol Kampf
Carol’s Answer
Isabel.....first of all Nursing is a career in demand. There seem to always be needs for Nurses. That is a great thing in itself.
As far as student loans I am not an expert but I did go online and ask your question. I found a few sites that might help you determine ways to deal with and manage the stress. If you look at multiple sites, look for consistencies in what they say. This should help you feel more comfortable that the information you are reading is accurate.
I used Google and typed in your question. Here is what I found so far to get you started.
Hope this helps. Feel free to reach back out.
Carol
Dealing with student loan debt - The Simple Dollar
https://www.thesimpledollar.com/15-ways-to-deal-with-student-loan-debt/
Feb 16, 2018 - How to Pay Off Student Loans Fast: 15 Ways to Deal With Your Debt ... graduates burdened right from the start, drowning in debt — and stress.
7 Ways to Save Yourself Money and Stress With Student Loans
Try these seven tips to save money on your student loan.
Utilize Your Grace Period. ...
Automatic Debit is Your Best Friend. ...
Student Loan Consolidation Could Save Your Life. ...
Your Job Might Get You out of Paying. ...
Buy Yourself Time. ...
Budget, Budget, Budget! ...
Stay up to Date.
https://www.estudentloan.com/.../7-ways-to-save-yourself-money-and-stress-regarding-y...
Carol recommends the following next steps:
Money questions, whether it's about student loans or buying a car or a house, will always be a part of your life. Money worries can create a dark filter through which you make second-rate decisions for yourself. Focus on and find the best school to fulfill your purpose. While in school make school your priority and learn to be the best nurse (or whatever you choose) you can be. In regards to money issues, learn to develop a good relationship with money. Give thanks to whatever means comes your way that allows you to fulfill your dream. Money will take care of itself if you take care of you.
Monica Cavell
Monica Cavell
Monica’s Answer
You will receive a lot of technical advice about dealing with the technical issues of your student loan. My emotional advice to you is focus on and find the best schooling that fulfills your purpose. Give thanks to whatever means allows you to pay for that. While in school focus on school and learning to be the best nurse you can be. When you start working focus on being the best nurse you can be. Live your desire to the fullest. Develop a good relationship with money and be responsible for your debts. But as you take care of you, then money will take care of itself.
Ayanna Murray
Ayanna’s Answer
I totally understand how figuring out how you are going to finance your education is causing you some stress. It's a very important question to consider--something that will affect your financial future.
Like the other counselors said, "nursing is in demand" so that is a good thing. There are students going into debt and their chosen professions won't pay off the student loans, so already you will be off to a great start.
The first thing, I would encourage you to do is to look at working for companies that have college payment programs. Basically if you work for them, then they offer some sort of tuition assistance. Companies like Starbucks, Verizon, AT & T, Disney, Wells Fargo, Bank of America, Walmart, Best Buy, Apple, Google, Microsoft and others have these kind of programs.
Here are some articles to learn more: https://www.cnbc.com/2017/08/23/these-companies-pay-for-college-tuition.html
https://www.buzzfeednews.com/article/mariahsummers/9-companies-that-will-pay-most-of-your-college-costs
https://www.fool.com/slideshow/30-companies-help-employees-pay-college/
Secondly, I would encourage you to take as many Clep Exams that your chosen school will accept. Clep Exams (https://clep.collegeboard.org/exams) are made by the same company that produces the AP Exams. Every school will list what Clep Exams they will take credits for--so make sure to check this out. If you study on your own and take the exam which has a fee between $50-$90, you can earn 3 college credits/exam. This totally saves you money and time! In addition there is a website: https://modernstates.org/ which provides FREE Clep Prep courses and provides fee assistance, so you could technically get your entire freshmen year of college provided for free! Now that's what I'm talking about!
And finally, community colleges (cc) offer courses at reduced prices and often have programs that connect directly with four year colleges and universities. People might look down on cc but who cares? If your goal is to reduce/minimize your student debt (which is counter-cultural) then I would take a serious look at what your cc might offer. Make sure any class you take will transfer to your chosen 4 year school and keep your debt manageable.
Most people will tell you to go into debt for your education, but my advice is to think outside the box. Try to keep your debt as low as you can. Get creative and be comfortable with a different path that will lead you to your desired destination. Keep asking the questions, and the answers will come your way.
I hope this helps!
Sincerely,
Mrs. Ayanna Murray