Unlike grants and scholarships, when you get a loan to help pay for nursing school,
it does have to be repaid. And nursing education loan repayment can be just as scary
and overwhelming as any other part of your education. After all, when you get the loan,
you go into it assuming that everything will go well, and after graduation you'll be
able to get a good nursing job and make regular monthly payments toward your loan.
Unfortunately, things don't always go according to plan. With the economy the way
it is, it seems that even jobs in the medical field aren't as secure as they once
were, and unexpected things, such as illness or injury, can come up at any time and
completely change your budget and finances. So what can you do when you realize you
need help with your nursing education loan repayment?
Look at your budget carefully
At first glance, you may look at your checking account and think there's no way you
can make your nursing education loan repayment schedule. But that may mean it's just
time to sit down and take a long look at your budget. Look through your bank statements
and bills to determine where, exactly, your money is going every month. Is there an
area that can be trimmed down? Can you pay certain bills at a different time of the
month? All you may need to do is restructure your budget, and you could be better
off than you think.
Be honest with the financial institution
Yes, the financial institutions that hold you rloans need their money. But if you're
honest with them about your financial situation from the very beginning of when it
changes, you may be able to work something out with them to keep paying your loans
without putting yourself in a bad financial situation. They may be able to restructure
your payment schedule or amount, or even give you a longer grace period for payments,
which would allow you to get things under control. Many times, talking to someone
about what's going on is all you need to work it out.
Keep careful records
It's important to keep careful records of your finances anyway, but if you're having
trouble with your budget or repayment schedule, it's especially important to keep a
copy of everything you receive from your financial institution, as well as records
of everything you pay. That way, there's no question about what you've received,
any changes to your loan terms, and the dates and amounts of all payments you've
made. When you talk to your financial institution, you'll be on the same page if
you have access to all these records.
Look into nursing loan forgiveness programs
Some companies offer loan forgiveness programs that might be worth looking into.
While some of these programs are involved and have specific requirements, others
may forgive your loans by simply working for a specific hospital or clinic for a
certain length of time. Your financial institution or the financial aid adviser at
your school will probably have more information about these programs, and they can
help you determine if you qualify or not.
Whatever else you do, don't simply ignore the problem! By ignoring your nursing
education loan repayment schedule, you'll just cause more problems for yourself
in the long run. Not only will the interest from the loans add up, and you'll still
have to pay the money back, but you could seriously damage your credit rating by not
paying your loans on a regular schedule. And if you let it go long enoguh, the loan
could go into collections and there could even be legal action taken against you. Do
whatever you can to work something out, but don't simply leave mail unopened and phone
calls unanswered. No action is not the right action!