<p>I need about $18,000 per year payed off in loans. I am planning on becoming a nurse right out of 4 years (or so) of college. Do you think there are places or lenders that can give out this big of a loan every year to me? Will I be able to pay this kind of loan off as a nurse for a few years and then hopefully a nurse anesthetist (low 100ks). Thanks.</p>
<p>Have you looked into Federal nursing loans? I had this in college back in the day and they are forgiven over a period of 5 years. I think they are still available. Also check out Johnson and Johnson, they have nursing scholarships.</p>
<p>On a nurses pay it is going to be tough paying off a loan like that. $18,000 a year for 4 years at say 8% and assuming you will be capitalizing the interest (not paying it as you go so adding interest to the loan and then paying interest on the interest) means at the end of 4 years you will owe @ $87,000. That is a very big debt and will limit your options for many years after graduation. If you go to finaid they have a loan calculator
FinAid</a> | Calculators | Loan Calculator
that shows you what the monthly repayments for a loan would be and the salary recommended to comfortably make that payment. For $87,000 the monthly payment for 10 years would be $1,055 with a recommended salay of $126,000.</p>
<p>If you have any other college options that will not leave you with so much debt you should consider them. That is a very very high debt load and will be very difficult for you to pay off. On the finaid site they make this comment about the $87k debt</p>
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Wow! You're borrowing a lot of money to pay for your college education. Maybe you should think about attending a less expensive college? A good rule of thumb is that your total education debt should be less than your expected starting salary. If you borrow more than twice your expected starting salary you will find it extremely difficult to repay the debt.
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<p>What is the starting salary for a nurse?</p>
<p>There are loan forgiveness programs for nurses such as the one here
Nursing</a> Education Loan Repayment Program</p>
<p>However they are not guaranteed. If you look at the figures for 2007 they received applications from 4711 nurses and made only 315 initial awards for 2 years.</p>
<p>starting salary for a nurse in new york is around 65,000. It is higher in the city AND there is so much opportunity for lots of overtime. Ypu can make a ton of money.</p>
<p>Traveling nurses make an excellent wage if you are up for it. Lots of times they provide housing as well. My cousin did it for several years and loved it.</p>
<p>I would NOT recommend traveling nursing for a new grad!</p>
<p>Katcarp, from your previous posts, it appears that you have not applied to schools as of yet? Have you investigated your state school programs or two year programs? Many RNs enter the field via an associates degree and then with tuition assistance from their employer, complete the BSN part time while working. This route is very common and financially feasible. If you prefer the 4 year route, cast a wide net and find a nursing program with tuition low enough to avoid borrowing more than 20k. Best of luck. Nursing is a wonderful profession with many varied opportunities.</p>
<p>Check out hospitals near you for scholarships, or somewhere you might like to work for a few years after graduating. Here's an example of some from the hospital network in my area. I just bumped into it and bookmarked it today when I was googling for something else entirely - maybe it's fate! :)</p>
<p>Florida</a> Hospital - Memorial Healthcare System - Broward & Palm Beach County - Florida</p>