Originally Posted By: bassadict69
My loans are building up slowly also...I have been able to pay part of the costs myself but am still having to get a Fed loan here & there. Next year, I will have to reply on the loans since I will be quitting my full time job to start clinicals.
Luckily, I think some of our local hospitals will pay back a big portion of your school loans if you sign a contract with them for a few years.
My total student loan for a four year degree was right at 20,000 bucks. It would have been considerably more, but because of the GI Bill through my military service, I received roughly 900-1000 bucks a month for 36 months. That GI Bill is a great deal for a young guy trying to do things himself. It required 4 years of my time and an initial investment of 100 bucks per month for twelve months. Now I hear the GI Bill program is even better than when I had it in 99-2003. The repayment at 10 years would have been 225 bucks per month. I had Wells Fargo put me on the 20 year plan which makes the payment roughly 125 a month. My interest on the loan is 2.25%, which is not too bad. I have the money to pay it off, but the 4.88% CD I am in doesn't quite make it wortwhile to pay off right now. I am no financial guru, so someone will probably poke holes in my theory.
Wish I had a job where they would help repay the loans. That is a great program if you can find it.
In my opinion, there is no better investment than education. You will hate taking out more student loans when you quit working full time, but when you are more stable in your career, making solid money, and loving your job, it will not be a huge deal in the end. Heck, people blow money more money on new cars and toys than your student loans can often be.