Nurses reveal how much they still owe in student loans – Scrubs
Student borrowers got some relief last week when the White House announced the Department of Education would forgive up to $10,000 in debt per borrower and up to $20,000 in debt for scholarship recipients. Pell, which are reserved for low-income students, for those earning less than $125,000 per year. The decision also extends the moratorium on student loan repayment one last time until December. It applies to all federal loans and extends the student loan repayment moratorium one last time through December.
If someone has less than $10,000 left on their loan, they will be fully forgiven. Borrowers, including those with undergraduate and graduate degrees, will have until the end of next year to apply. The department will also reimburse borrowers who have continued to make payments since March 2020. Overall, up to 43 million Americans will be eligible for debt relief. Applications for the program are expected to open later this fall.
This is good news for hundreds of thousands of nurses who have student loans. Nurses are no strangers to student debt. The average graduate nursing student has a debt of approximately $19,928 when earning an associate degree in nursing (ADN), a debt of $23,711 when earning a bachelor’s degree in nursing (BSN) and a debt of $47,321 while obtaining a master’s degree in nursing. Studies show that approximately 70% of nurses need to take out loans to fund their education.
Millions of nurses reacted to online news by sharing how much they still owe in student debt. Some have managed to complete their studies without racking up thousands of dollars in debt, but others have had to take out large loans that they are still struggling to repay.
I worked 2 nursing jobs and went from my RN to BSN through it all. No debt!
I owe a LOT. I am happy with any help they offer. I did all the prerequisites possible in a community college, and I also worked all the time and got grants. It’s still not enough to cover everything. But I’m “lazy” and “should have chosen a better degree” according to people who went to college over 20 years ago, or never 🙄.
Nothing. I paid off ALL my college loans. School of Nursing and School of Law.
2 degrees and will start a masters: £0 🏴
I don’t know how you manage to go through life with so much debt related to education and health 😬.
I can’t sleep when I miss the window cleaner and have to owe him the £6 until he comes next month. 😅 I don’t know how I would manage to have thousands and thousands of debts 😣.
I repaid all my loans. I paid for my two children’s diplomas. I’m thrilled to hear of people getting debt paid off. That other people are relieved of their debts is wonderful. Definitely not upset to hear about other people’s manna!
My parents paid for my BSN and I paid for my graduate courses one by one. I took 12 years but I had no debt.
Zero I paid off my loans for my DNA and then worked a ton of overtime before I started my BSN so it was paid off. I paid for my master’s degree as I went along. I was only entitled to tuition reimbursement from my employer, and I took full advantage of it.
When it opens I plan to apply and I will feel no guilt.
Zero! Parents budgeted and saved my entire life to allow me things without credit, loans or debt and that included a degree for my brother and 2 degrees for me. And now my husband and I have paid for an associate’s and a bachelor’s degree for our own children. No debt due and no relief comes our way!
When I graduated in 1990, I had $30,000 in student loans and I paid them off in full. It took me 10 years to pay it back.
I am 49 years old and still repaying loans for a BSN from 25 years ago. I took out the loan; I will pay myself.
I don’t know if I qualify, but I do know there’s one thing I’m really happy about: my taxes will be used to pay off other people’s student loans. I would always rather do that than line the pockets of billionaire CEOs! 🤘
About another $70. About half are government loans. Will be forgiven after my 10 years working for a nonprofit/government in 2024. Can’t wait.
I worked while in school full time as a single parent raising a family and paid for my education myself. I disagree with us people who pay off your student loans. I believe they should drop the interest due for the loans. If I can work to pay for my studies, so can you.
I will be at $0 balance once debt relief kicks in 😏😏.
When I took a nursing degree program in 1991, it was $2,400. I got a scholarship and financial aid that paid for my books and my uniforms. My 3 kids went to 4 year colleges and their tuition was $19,000, $46,000 and $21,000/year. The people commenting have no idea how unscrupulous these lenders are towards these children.