I have recently written an article about student loans. The gist of the article is that in this economy, more and more out of work people are going back to school. Many of them are choosing student loans to pay for their education. And a great number of them are choosing nursing.
The value of additional education is rarely challenged. Most studies show an increase in average salary and lifetime pay for those getting a college degree or finishing a technical program. However, getting out of school, with an above average paying job, like nurses, with a college loan debt of $100,000-would that be smart? Of course not. It will take years of struggle to pay those loans back, with enormous stress along the way.
So what do Millionaire Nurses do when faced with this sort of situation?
- Check out all scholarship opportunities. These can include hospitals that will pay for school for a work obligation, financial needs type scholarships, military scholarships, and good student scholarships.
- Work and school part-time. Pay for school as you go along. Many folks have worked nights, and finished their education during the day-how is that for dedication.
- Take a year or two off from school, work, live on nothing, saving up, then going back to school.
All of these options take sacrifice and dedication. But isn’t that what being a nurse is all about.
I want nurses to excel in their personal finances and begin building wealth as soon as possible. That cannot happen unless you get out of debt as quickly as possible and learn to begin saving, investing, and growing your net worth. So student loans are not always a blessing. But with smart planning you can minimize your student loan debt and make progress towards your goal.
Let me know your thoughts and student loan stories-successes and horror stories alike. And for a copy of my free e-book, “Emergency Money Resucitation” go to my website. Signing up will also provide you with a free mini-course on managing your personal finances.
Tags: student loans
