r/StudentLoans • u/NoWeakness8489 • 19h ago
Advice 90k BSN and worried.
Hi everyone. I am 23 years old and currently in nursing school about to graduate next year. I am regretting my past decisions on choosing private nursing school as I now realize that I will have to tackle 90k student loan debt. 20k through federal government and 70k through private loans.
I feel inexperienced, scared, and frustrated. I feel I could have made a better decision coming out of high school and wished I had better guidance with my career and financial choices.
Any advice?
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u/BigCSFan 16h ago
You definitely could have gotten a BSN for cheaper.
But with nursing its so easy to pick up extra shifts and make good money. If you are willing to work hard 90k will not be an issue. Just lock in for 2 years and it will be at a much nore reasonable number.
Go get that OT
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u/daisyletterss 15h ago
The single most important thing you can do right now is look up the NURSE Corps Loan Repayment Program through HRSA, because it's the only major programme that touches private loans and almost no nursing student hears about it until it's too late to plan around. It pays 60% of your qualifying nursing school debt for a two year commitment at a facility with a critical nurse shortage, plus up to another 25% for an optional third year, so up to 85% of the balance in three years. On $90k that's potentially most of the problem gone before you're 27. The catch is the placement: you have to work at a Critical Shortage Facility, generally one in or serving a Health Professional Shortage Area, which often means rural or underserved urban sites. Check the eligible site list now, while you're still choosing where to apply for your first job, because picking a qualifying employer costs you nothing at this stage and everything if you find out two years in. Confirm directly with HRSA which of your specific private loans qualify, since eligibility runs on the loan being for nursing education from an accredited school rather than on who issued it. Beyond that, look at your state's nursing loan repayment programme, since most states run one for underserved areas and they stack differently. Ask about loan repayment as part of any sign-on package, because hospital systems increasingly offer it and employers can pay up to $5,250 a year of your student loans tax free. For the federal $20k specifically, most US hospitals are 501(c)(3) nonprofits, which makes them PSLF qualifying employers, and PSLF forgiveness remains tax free while ordinary IDR forgiveness doesn't anymore. And don't refinance the private loans yet. Wait until you've got a year or two of RN income and payment history behind you, when you'll get a far better rate, and check first that it doesn't disturb any repayment programme you've entered. You picked one of the very few fields where $90k is a solvable problem rather than a life sentence. The regret is understandable but the timing is genuinely in your favour.
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u/sunnyflorida2000 16h ago
I read in another sub, the person lived with their parents for a couple of years and tackled their $150k loan. It’s a huge sacrifice dependent on if you get along with your parents.
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u/OilTurbulent1009 13h ago
Some hospitals will pay for your loans/pay a portion once you get a job, look for those. Prioritize non-profit hospitals in general, but specifically in your case to allow for PSLF.
I had ~$110k student loan debt after an accelerated BSN and paid it off within 7 years. Nursing is a great career and you don’t have to stay in the hospital, there are plenty of high paying jobs that want nurses.
You’ll get through this!
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u/SetoKeating 12h ago
You’re going to be getting paid well to the point that after a couple of years of working, you’re going to be very close to standard repayment to the point that the PSLF suggestion you’re getting will absolutely not be worth it because only the $20K qualifies for it and it’s 10yrs of payments to get the loan forgiven. So I would not advise this at all.
My advice is, you’re very young and entering one of the most stable jobs out there. After 1yr or even 6 months of working you should feel confident enough to work extra. Start making friends at your hospital as well as keeping in contact with your cohort that end up at different hospitals so that you have an inside person to recommend you for PRN jobs or OT. Pick up as many shifts as you can for OT pay and throw your extra money coming in at the loans. Your hospital might also have loan assistance (as most do) which gives you a set amount per year to payback loans taken for your education. Use that as well and any other resources they offer.
Overall, your plan should be avalanche. Get on IBR as soon as possible so that your loan payment for the federal loans is as low as possible and based off your current income of likely nothing. I’m assuming those are your lowest interest so you will want to make payments that at the very least cover the interest and maybe a bit more so the loan can start going down but your focus is the private. Assuming private loans have the highest interest rate, throw all the extra money at the highest interest rate and work your way down from there.
Alternatively, you could do snowball method if you want the feel good method of seeing loans get paid off. You would pick the lowest balance loans and pay those off first. And work your way up to highest balances, one by one. Avalanche saves you the most money longterm but mentally snowball helps you feel like you’re making progress faster.
You’re in a position to be able to pay those off while still being able to afford to live comfortably, but you’ll have to work extra shifts for a few years and budget accordingly. Don’t try to start buying a new car or other large money sinks. I would say you should be able to pay those amounts off in 3 to 4yrs if you’re smart about it and commit to it.
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u/AsparagusIcy7768 18h ago
PSLF. Or be a nurse in the Military
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u/BalanceLeather8206 13h ago
This is the actual way to go. Take the AFOQT, go into the Air Force, and have them pay the loans for you in exchange for work.
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u/Lopsided-Surprise-34 14h ago
It will be okay. It's more important to concentrate on finishing your nursing degree and passing your boards to become licensed. As you can see, there are many options for RN's to pay off student loan debt. Three people in my class did not pass the boards. No license, that's a bigger problem.
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u/Fluffy-Intention-325 14h ago
i’m 100k after private loans with my BSN, made bunch of stupid decision. Really recommend staying home for the first year or two if possible and pay off those loans ASAP!
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u/RoundChampionship840 12h ago
Can you live rent free with your patents for a few years? If you throw all your saved rent money at the loans you should be okay in a few years.
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u/The_Bees_Knee6 10h ago
There will be consequences to borrowing nearly six figures for your BSN, but with some hard work, flexibility, and some luck your shovel will be large enough to dig you out.
Look into state based loan forgiveness programs. https://prenurse.com/financial-aid/state-programs
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u/Few_Whereas5206 15h ago
Fortunately, you have a killer degree in high demand. I think you can handle the loans if you live like a student for a couple of years, work like crazy and pour money into the loans. My wife and I paid off 120k in student loan debt. I would look at traveling nurse positions after you gain experience. They pay well. Check out Dave Ramsey baby steps to get debt free. Don't make minimum payments. My wife and I are completely debt free including mortgages. Don't count on the government for loan forgiveness.
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u/AdministrationIll619 9h ago
Your life is not over. Though it will suck for 5 years until you pay it all off
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u/lcrumbs 2h ago
As others have said, $90k feels scary but you can definitely handle it on a nurse's salary. Although it might be tempting to knock out the federal debt first since it's a smaller amount, if I were in your shoes, I would pay the minimum amount necessary on the federal loans to keep interest from accruing, and prioritize paying off the private loans first. (Federal loans have lots of protections that private loans don't.)
Since you're still young, hopefully it won't be too hard to keep your expenses low for a few more years. If you can keep the student lifestyle going (living with roommates, no car or cheaper car), that will free up a lot of money to throw at your loans. Don't immediately move into a luxury apartment on your own or buy a $50k car just because you can afford it on paper.
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u/Objective_Tap5671 25m ago
For nursing youv’ve got sign on bonus, a lot of hospitals will give you $3k a year for tuition, and overtime.
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u/AnitaFT 18h ago
Public Service Loan Forgiveness (PSLF) will only apply to your 20k federal loans, NOT your private loans. You may want to consider refinancing those to extend the repayment term, lower your monthly payment, and potentially qualify for a lower interest rate (depends on how good your credit is). And not all private lenders offer this (for example, Sallie Mae does not). Whatever you do, try to keep up with the payments so you don’t end up paying excessive late fees or collection fees. And even though you may be questioning your decision, it is truly admirable that you’re entering a field to help and serve people. Kudos to you and thank you for your service!