Time for that "teacher" to be re-educated. The use of slang or such abbreviated terminology, especially in a hospital, is not appropriate for the education of a student. These terms are not used in a discussion with students of any type, including doctors in training, or new grads. It is difficult enough to prevent medial errors without adding additional confusion.
You ask me for a "sat" and I can give you at least 5 different "sats" in less than 10 minutes. You have SpO2, SaO2, SvO2, ScO2, SjvO2 and SmvO2 from the PA. I can give you values measured from the blood and values from beside technology.
An RN with 20+ years of experience in the ICU may ask if I've gotten my "sats" on a patient. But, since we have that patient together and we know the patient is a TBI with an IJ for SjvO2 monitoring, I (also with 20+ years of experience) know he/she means a blood draw for monitoring calibrations. As well, if Nitric Oxide is running or the patient is in the burn unit, "sat" again takes on a different meaning. When in doubt, I ask.
In the situation posted, the "teacher" must "teach" the differences and not instruct by assumptions.
If you did not understand the abbreviations I used in this post, you can imagine the confusion for a student in a clinical situation.
Again, inappropriate use of terminology by a teacher who should know better.
As for as being in debt, many hospitals will pay off the debt of RNs and other medical professionals since they have confidence that the person who puts forth 4 years of effort to get an education will be seeking a career and not just a job.