Quote from Soyrizo
I am not against student loans, but I do tell people they should be cautious. Student loans are "good debt" to have, but it comes with a high amount of responsibility in return. You will always have to pay it back, there are programs to help, but for the most part the responsibility to pay it back falls on the borrower. To maintain that "good debt" you have to pay it back on time every month. And it is more than reasonable, but sometimes things go south in life and large student loans can complicate it.
What if you can't get a job like many new grads currently? You can only defer for so long or receive so much forebearance. What if you become disabled and cannot work? What if you have kids and want to work part-time or not at all? What if you really hate nursing or become burned out? What if something happens and you have large amounts of other debt that need to be addressed, like medical bills?
I think people should always keep the possibilities of the future mind when considering large student loans. $75k may seem like a lot before you're working, but it goes quick when you also have a mortgage, car payment and insurance, medical needs, children, and so on. You may not be able to do things you love like traveling or taking time off to medical
mission work because you have to keep working to pay the bills, including student loans.
If things happen and you can't afford your house, you have options like selling it, renting it, a short sale, or even bankruptcy. If you can't afford your car, you can sell it or even have it repo'ed and rebuild your credit, and buy a cheap beater. But you can't sell your education and downgrade to get through the tough times. Again, I am not against student loans, I am just cautious.
Fair points all. I may not get a job, I may become disabled, I may get burned out. I had an opportunity to go to the best and most competitive BSN program in my state, and I took it even though I had to take out those loans.
$75K will go quick, but not as quick as the $17K I supported my family of three on before this program. Because I did a BSN and not an ADN, I do have more loans. I will be an RN 5 1/2 years sooner than I would have been if I had done an ADN. I also have an opportunity to work at 5 of the facilities in the area that only hire BSN nurses or move on to a graduate degree as my next step.
Believe me I kept all the possibilities of the future in mind. And this made the most sense in my situation, in the area I live in and with the resources I had at the time.