I want to go to Emory University for nursing for undergrad but will end up in $100k in debt if I do. I want to pay off these loans before I go to grad school. Will paying off most, if not all of these loans be possible if I live with my parents while working as a nurse for 2 years? I thought this would be possible if I use almost all of my earnings to pay off my student loans. Emory University is my dream school and I really want to go, I wasn’t able to get more financial aid from them though.
If I work a lot of overtime during the two years of working I think I would be able to pay off my loans. Please tell me if this is possible or not.
$100K is a life altering level of debt.
$100,000 loan at 6% is over a $1,100 payment every month, for 120 straight months (10 years). Working as a nurse for two years will not even come close to paying off these loans. Look at the calculations here, as well as see what type of income you need to afford that level of debt. https://mappingyourfuture.org/paying/standardcalculator.cfm
You, the student, can only take out $27K in total loans for your undergraduate education. Are you parents taking out the remaining $73K in loans? Do you have any affordable college options?
Are you planning making $100k per year as a nurse? To pay off $100k in 2 years, you would need to pay $50k per year plus whatever interest accrues. Even if you make $50k per year, you’d have taxes and insurance and commuting costs. You could probably pay $20k per year if you devoted every single dime you made, but that’s not likely.
Be realistic.
I know a few kids living at home and saving a lot of money. I’m guessing they make about $50k (one an engineer, one a finance guy) and I know they are maxing out their 401k accounts (the condition set by their parents)but they still have taxes, commuting costs, the occasional lunch out of the office. Both are blessed with no student loans, with good salaries, but they aren’t swimming in money.
And I’m sure many will jump in to say you can’t borrow that much in your own name.
Going into that much debt is a very unwise thing to do, especially for a degree as employable as nursing. I have a dream of owning a beachfront mansion on Malibu, but my bank account tells me otherwise. Money is simply a fact of life, and it’s a precondition for choosing any college. If you have to co-sign student loans to pay tuition, then you can’t afford it. If you can’t afford it, it’s not a dream, it’s a fantasy.
Are you a NYS resident? Did you get into any of the SUNYs?
Thats a huge student loan debt. The old adage is: don’t take out more in loans than you expect to make your first year in the workforce.
@chai1vhh, PLUS loans of $100k will be much more than that with interest. What if the jobs OP is offered aren’t close to home?
If you have ways that students can earn $100k passively in a handful of years why not post them here?