Top 3 Ways to Repay Nursing Student Loan Debt
It’s December- my favorite time of the year. I love everything about the holidays. The lights, trees, shopping for gifts for all my family and friends, seeing all my family and friends, and obviously Christmas music. But Christmas spirit costs money. For many of us this holiday, we are juggling the added expenses of the season and gearing up for a new expense in 2022. At the start of the new year, over 43 million Americans will be expected to start repaying their student loan debt. The CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020 paused student loan payments along with interests due to the financial crisis related to COVID-19. What was supposed to be a 6-month reprieve turned into an almost 2-year break for loan borrowers. Despite lobbying, hope, and prayer, student debts will not be erased, and President Joe Biden confirmed that the CARES Act was in its final days last August. Nurses and other frontline healthcare workers hoped their student loan debt would be forgiven, but alas, they will be part of the 43 million Americans to resume payments after .
Nursing school is expensive, and data shows that almost 70% of nursing students use financial aid during their education always payday Yuma AZ. A recent article by CNBC states that over 75% of borrowers will experience financial hardship once repayment begins. Depending on the type and length of program a nurse attends, their debt can range from $19,000 to $47,000 and monthly payments average $400. Owing money for your education is daunting, preventing some from advancing their education or even delaying retirement. Allmost 20% of nurses older than 55 years of age are still carrying educational debt. Healthcare has the largest number of working mothers compared to other industries; one can infer that some nurses are still paying for their college education when they are starting to think about sending their own children to college. Read more