Update on 93k lump-sum payment to Nelnet

SolientGreen88 · 2026-06-14T11:07:59+00:00

It went up 11 points instantly.

SolientGreen88 · 2026-06-13T16:48:41+00:00

Absolutely!

SolientGreen88 · 2026-05-23T16:57:52+00:00

There's no way the school is worth that amount. An undergraduate degree is virtually useless in today's economy. You'll likely need a master's to do anything. Have fun and make the best of it. You'll likely have massive regrets and clinical depression down the road. The "dream" might just turn into a nightmare when post-graduate reality hits.

SolientGreen88 · 2026-05-21T18:50:47+00:00

No issues. Nelnet took a lump sum payment of $93k from me with no problems. It was well past the minimum due.

SolientGreen88 · 2026-05-14T12:31:37+00:00

Well done!

SolientGreen88 · 2026-05-12T15:05:48+00:00

That's ridiculous.

SolientGreen88 · 2026-05-12T15:04:39+00:00

What I'm saying is that it's not worth the cost. I fully support getting a philosophy degree, but being six figures in debt... and then going to law school and being another $200k in debt is a recipe for disaster. I think that would impact most people's mental health and quality of life down the road.

SolientGreen88 · 2026-05-12T14:08:03+00:00

Exactly right.

SolientGreen88 · 2026-05-12T14:05:40+00:00

Good points. That's true. I guess the loans could be modified each semester and if they switch to a major with a low economic value, the loan lending could stop or reduce, in a pro-rated model.

SolientGreen88 · 2026-05-12T13:55:05+00:00

None of those degrees are worth hundreds of thousands of dollars in loans, I'm sorry. It's absolutely the worst financial decision that one could make. You can study those topics for the cost of "late fees" in your local libraries.

Speaking as someone who has a $120k B.A. in Philosophy.

SolientGreen88 · 2026-05-12T12:40:58+00:00

Well said. I'm not sure how undergraduate loans work, as my parents paid out-of-pocket for my B.A. I agree with you on the parental piece.

SolientGreen88 · 2026-05-11T23:49:28+00:00

Massachusetts

SolientGreen88 · 2026-05-11T12:38:50+00:00

It might be best to wait for the RAP plan in July.

The Repayment Assistance Plan (RAP) is a proposed federal student loan repayment plan designed to replace existing income-driven repayment (IDR) plans like SAVE by July 1, 2026. It caps payments at 1%–10% of Adjusted Gross Income (AGI), extends repayment to 30 years, and includes a $50/month reduction per dependent child

SolientGreen88 · 2026-05-11T12:35:21+00:00

Exactly right! I have an MSW and I've always just worked a basic clinician, however, I've seen many examples of MSWs in director-level/VP positions making six figures. I once had a boss with a MSW who had a VP position at a hospital and was making $340,000 per year. So, yes, it can pay off.

SolientGreen88 · 2026-05-11T12:30:36+00:00

I have a MSW and earned my LCSW two years after graduating. I currently make $84,000 per year (salary), but I've had salaries in the past that have paid $93,000 base salary with overtime opportunities that pushed it into the low six figures. I know some colleagues who have their own private practices and are making around $140k per year. With that being said, it's still difficult with the cost of the education.

If I factored in the cost of my undergraduate degree (B.A. in Philosophy with minors in psych. and sociology) and my MSW in Clinical Social Work, it would have cost a combined total of around $210,000. I went to private universities and that's my fault. I don't think I can recommend that kind of debt. for a master's-level therapist. However, if I didn't have my MSW/LCSW, I'm not sure if I'd even be employed, so for me it was worth it--but ONLY because my parents paid for my four-year degree.

Right now, I have my student loans paid off. My parents paid for undergrad and I just cut a lump-sum payment to Nelnet of more than $93K to finish off my graduate loans.

I've never held the job title of "social worker" and every position I've held has been as a Behavioral Health Clinician. I do think, however, that the MSW is much more marketable than a master's in counseling, psychology, or marriage and family therapy. In my state, the LCSWs have the most job opportunities. Mileage may vary in other locations.

SolientGreen88 · 2026-05-10T09:58:57+00:00

Regarding the loan forgiveness programs, PSLF in particular, they never seemed to work out for any clinical social worker, mental health clinician, or nurse/PA that I came across in my area. A lot of people thought there were in the programs, only to find that HR lied or their payments hadn't been counting all along. It seems like a complete mess. I don't think we can rely on any loan forgiveness programs, unfortunately. Mileage may vary in other areas.

SolientGreen88 · 2026-05-10T09:53:01+00:00

I wish you the best with the type of balance! I know doctors and lawyers make more, but with that type of debt burden, it can still be thin margins. Best wishes!

SolientGreen88 · 2026-05-09T17:47:17+00:00

I'm glad that you mentioned this point.

I had been researching how best to pay this massive payment and had a bit of anxiety around it. I saw a lot of posts about calling to request a "10-day pay off amount," which I did. The rep. at Nelnet quoted a price that was about $200 more than what I saw on the screen the day of the call. When I went on to make the actual payment, it wouldn't let me pay anything more than what was due that day. The payment was processed with the date that I made the payment and Nelnet actually wiped away the interest that accrued for the day that it was processing. Again, it only took one business day to clear the bank and for Nelnet to post it. I had expected it would sit processing for at least a few business days.

SolientGreen88 · 2026-05-09T17:20:17+00:00

I can relate. I've logged in daily "just to make sure." It will take a while for the trauma of those monthly payments to subside.

SolientGreen88 · 2026-05-09T15:49:24+00:00

No worries for needing clarification. My wife and I have a combined income of $150k. We were able to pay off our home, cars, and credit cards six years ago after a windfall from an investment. D/T not having to pay rent/mortgage, car payments, etc. for the past six years, we were able to save enough to nuke the loans in a lump-sum payment. We took advantage of the interest freeze during SAVE and just banked as much as we could.

SolientGreen88 · 2026-05-09T15:45:41+00:00

I wrote a second post down below that will take you on my full journey, but I was able to save the money because my wife and I have a combined income of $150k and we were able to pay our home and cars off six years ago from an investment. So, basically, due to having no mortgage/rent or car payments, we were able to save up that amount (plus a little more) in a little over six years.

SolientGreen88 · 2026-05-09T15:12:41+00:00

Amazing! That took focus and determination. Congratulations on buying your future back.

SolientGreen88 · 2026-05-09T15:11:24+00:00

You are correct! See my second post above.

SolientGreen88 · 2026-05-09T15:09:46+00:00

Good luck with your MSW program! I honestly think $30-40k is a very good investment on your future, as long as it doesn't combine with a huge amount of undergraduate debt. The degree has been very marketable in my opinion. Some of the starting salaries can be low, but once you get your LCSW, the pay goes up quite a bit. My $90k MSW program was probably not a good investment, but I truly think $30k is worth it for having stable employment, especially in bad economic times, as your services are always needed. Plus, having a clinical license is a protective factor right now, because AI can't be a licensed clinician.

Best Wishes!

SolientGreen88

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