5 Ways Travel Nursing Can Help You Pay Off Student Loans
One of the most amazing benefits of being a travel nurse, is being afforded the opportunity to pay off student loans. By following an appropriate budget and using extra income allotted from travel nursing, you may be able to eliminate student loan debt faster than expected.
1) Non-Taxed housing stipend – While working as a travel nurse you will have the choice to receive a non-taxed housing stipend or have your agency coordinate housing. If you’re looking to pay down debt, we recommend taking the stipend and living within your means. By saving on housing costs you can then “pocket” the remaining stipend to put towards paying off your student loans instead. As an added bonus, you can also opt for a housing stipend from your agency. Some travel nurses will rent out a basic room or purchase second-hand furniture (to sell when they leave) – this additional cash will come in handy to pay off debt.
2) Meal and incidental stipend – Travel nurses receive non-taxed stipends for meals and other incidentals while they are away working. This can be an additional few hundred dollars beyond your weekly paycheck. In many cases, they also receive non-taxed travel stipends to alleviate some of the costs incurred from traveling from place to place. Most agencies reimburse $500-$1000 of travel expenses per assignment. This helps you save money on necessary expenses and provides available funds to pay off your student loans.
3) High pay – It is quite well known that working as a travel nurse pays better than working as a staff nurse. In some states, such as California, nurses are even paid double the typical pay in other states. Commit yourself to continue living on your previous salary and use this extra income to get rid of your student loan debt!
4) You don’t shop as much when traveling – When living out of a suitcase, you cannot afford to shop due to limited space. Most professionals have a shopping budget, but as a travel nurse there is no need for shopping. Since you cannot buy tons of things and bring them around with you, many travel nurses avoid shopping altogether. This allows more savings towards student loans.
5) Work overtime – The majority of nursing shifts are three 12-hour shifts. This allows nurses 4 days off, plenty of time to be out and about wasting money. Instead, it makes more sense to pick up extra shifts at work. This way, you can make time and a half pay to use towards paying off your student loans, instead of blowing your budget.
Plenty of travel nurses have been successful paying off their student loans. Many of them account the above benefits of travel nursing that enabled them to become student loan debt free. If you are tired of carrying around the burden of student loans, sign up today to begin an exciting career in travel nursing!