One Nurse’s Financial Turnaround
Cameron awoke with a start. Her clock read 2:59 a.m. Immediately, the worry monster was in her head. How was she going to manage? It was time to pay bills, and she barely had enough cash to cover them—certainly not enough to put anything aside for emergencies or her two daughters’ college funds.
As a BSN at age 37, Cameron was making about $10,000 more than the mean salary of $79,000 per year for nurses, but it was just not enough. The mortgage payment on her condo, her student loan payments, her car, personal loans and credit card payments continued to eat her alive. And now, she’d have to report for her 7:00 a.m. nursing shift at Trinity Hospital with no more sleep tonight.
Nurses and Debt
Cameron is not alone. Debt.org provides the following snapshot.
Median household income in early 2021 was $79,900
Median household debt was $145,000
Millennials average debt was $140,643
According to the American Association of Colleges of Nursing, 69% of nursing graduates take out student loans averaging $40k to $55k. Even though some student loans can be forgiven, Cameron realized she does not meet the eligibility requirements.
Like Cameron, while investing in their professional education, most nurses also have living expenses, including rent/mortgage payments, car loans, childcare expenses, insurance premiums, taxes and more. As a result, they often take on credit card debt, stretching their paychecks thin.
Help From a Friend
As Cameron and her co-worker, Michelle, settled in at their station, Michelle remarked, “Hey, Cameron, you seem extra stressed this morning. Is everything okay?”
“I didn’t get much sleep last night,” Cameron replied. “I am so stressed about money, and I just can’t pull anymore doubles. Honestly, I don’t know how you managed to put your boys through college.”
“Well, I didn’t do it without help,” Michelle said. “Yes, we did have Frank’s paycheck, but what helped most was consolidating our debt to afford their college expenses. We just had too much credit card debt that was draining our checking account.”
Cameron nodded in agreement. “I tried that. Not even my bank would help me. And I have been a customer for 20 years! Who did you use?” As Michelle ran down the hall for an emergency, she called back, “Hippo Lending!”
What Debt Consolidation Can Do
On her next day off, Cameron looked up Hippo Lending and discovered that they specialize in debt consolidation loans for nurses. She soon realized that there was hope. Taking this step could give her…
One payment. Less time and stress devoted to managing several payments each month. Better rates. Rates much lower than her credit cards and personal loans. Lower payments. It’s like getting a raise. More savings. Setting aside money for her daughter’s education.
First Step to Relief with Debt Consolidation
Cameron immediately decided to apply at HippoLending.com. To her pleasant surprise, an experienced Customer Service Advocate at Hippo Lending quickly contacted her. He greeted her warmly and began to ask her about her situation.
During their call, he reviewed her loan request and then asked her about her goals and circumstances. She told him that she had been with Trinity for 10 years, had purchased her condo 5 years ago and had inherited some modest investments from her mother that she didn’t want to touch. After listening intently to her, he shared that Hippo helps nurses just like her and that he was confident that Hippo could help her.
Cameron ran through a mental checklist of all the things she might do with extra money, but her first priority was to help her daughters with school. After she had done that, perhaps she could do something nice for herself, like the vacation of her dreams…Hawaii! Amazing, for the first time in a while she could actually dream.
A Real Solution With Hippo
Overcome with relief, she asked how Hippo could offer reasonable terms. He replied that the company has taken the time to understand what it is like to be a healthcare professional both personally and professionally. This understanding allows them more flexibility in assessing risk and determining terms. He also pointed out that the company invests in assigning each applicant a personal advocate, such as himself, to make sure that all individual circumstances receive proper consideration.
He further remarked that healthcare professionals, especially nurses during the Covid pandemic, are overworked and under tremendous pressure. They have neither the time nor energy to endure a complicated application process. He ended, “I’m proud to work for a company that relieves stress for healthcare professionals and helps them advance in their lives and careers.”