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I am a college student studying to become a nurse. Therefore, I can't afford to sacrifice my precious time to work and make money during the school year. I do not have classes during the summer and wish to get a good paying job to save up and pay my loans faster. I know this is a personal question but I don't come from a family who are college-bred. I'm actually the first one to go to college in my immediate family. Do you think being 45,000 in debt in school loans after graduation (BA in nursing w/ RN degree) is a little steep. I do have a job lined up for me right after graduation, which is nice.

2006-12-13 15:55:06 · 3 answers · asked by bettyboop 2 in Education & Reference Financial Aid

3 answers

Look for a large corporation that you'd like to work for after graduation, then get on with them as temporary f/t summer relief, doing anything that peripherally relates to your end career. For example, work as a porter in a hospital, or in the community public health department on a street outreach program.

The advantages are that you get a look at the employer in advance before graduating, they may have corporate bursaries for staff education and, in the case of a unionized workplace, you may be able to start the seniority clock running, which pays off big time later.

You can also look around for a community that is starving for medical personnel (i.e. rural Canada) and cut a deal with them to work there after you graduate for a specific number of years, in exchange for their support of your tuition/expenses now.

Don't sweat the student loan. People pay off $48k for an expensive car in 6 years and have nothing left to show for it.

Go see a financial advisor soon. After graduating, one strategy is to:
-Determine what is the largest monthly payment you can offord to make to pay off the loan in the shortest amount of time.
-Then stretch out the payments for as long as possible, which reduces the monthly payment. (Don't worry about the interest, you'll see)
-Then make payments into a monthly retirement savings plan, such that the student loan payment plus the RRSP payment equal the amount that you determined was your maximum affordable amount per month.
-If you run into financial trouble, you simply back off the RRSP payment for a short time, while you get reorganized.
-After you finish off the student loan, you are sitting debt-free, with the RRSP as assets to support buying a house and you are a professional in a well-paying job.
-Now you do the same split payment thing, with a stretched out mortgage and ongoing payments into your RRSP. Time the mortgage payments to be done at the time you plan to retire.

The end result is that you will never miss the money, because it was never in the day-to-day budget anyway. And when you retire, at age 50 - 55, you will be sitting on a WAD of cash and a PAID OFF house, with a fat purring cat and a big garden......:>)

Also check out Harv Eker's Millionaire Mind Seminar.

2006-12-13 17:23:20 · answer #1 · answered by snowman 2 · 0 0

Go to the national parks. I work, (not real hard though) in Yosemite. They always hire a couple thousand people each year. Go to: Yosemitepark.com I'm starting my 4th year there in May. It's the most fun job I've ever had. Meet people from all over the world at the most beautiful place on earth. Or check for a park in your neighorhood. Have fun before you start working the rest of your life.

2006-12-13 16:09:44 · answer #2 · answered by johN p. aka-Hey you. 7 · 0 0

ok u should try getting an internship with nasa or work at a gas station. find a job next to where u live. Try working/interning for pay in a near hospital. choose the job that is more convinent 2 u

2006-12-13 16:04:17 · answer #3 · answered by dc's angel 2 · 0 0

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