Can we speak frankly about salary? - Switch to CNM program

[txsummerRN]

Hello All,

I am halfway through a PNP program and am increasingly finding that my heart is just not 'in it.' For the past 2 years I have dreamed of becoming a CNM, but I also felt that I had already made my decision and needed to finish the degree I started. Now I am no longer so sure. My biggest question is, can I afford to make the switch? I already have a pretty big pile of student loans (>20,000), and starting over with a new degree certainly wouldn't help. What's the outlook for my salary? Is this a decision my family can live with or a dream I should put on the shelf? Thanks so much for your help!

[MaineMan88]

This is probably the most accurate assessment of CNM salaries you will find. See ACNM 2010 survey below:

http://www.midwife.org/ACNM/files/ccLibraryFiles/Filename/000000002053/ACNM_SalarySurvey_2010_FINAL.pdf

[txsummerRN]

Thanks!

[HolyPeas]

Pay your loans down first. 20,000 isnt HUGE as far as loans go, but it is quite a sum. I really would not proceed because the loans are going to be crushing if you just let them compound and compound... you could probably pay that in a year working full time if you kept you expenses down

[futurehomebirthcnm]

$20K is really not that much to walk away with after a master's. (Federal loan max with graduate courses is currently $138,500 if that gives you an idea.) It's up to you, of course, to decide whether or not it's worth it, but I'd suggest really thinking about if you really want to spend another year in school for something you don't want to do and then doing that job while putting your dream on hold.

If you need a dollar amount for repayment to see if it's fiscally doable for you, here are the federal loan repayment calculators, including ones based on income.

[Bety3ny]

I would love to know the actual salary for a CNM living in NYC. I found various salary sites quoting it at around 85,000 and I find it to be quite low. A a staff RN with 5 years experience I make 89,000 with barely any overtime in NYC.

[NewYorkMidwife]

New graduate CNM's may not get paid as well, but after 2 years, you usually can command at least 95K, if working in a hospital. Don't forget that you can also set up your own practice, like I did, which is much more profitable.

There is also opportunity to pay off your loan if you work for the NHSC NHSC Loan Repayment Application Cycle Now Closed - NHSC. Many new grads with big loans will do that. You need a 2 year commitment, and your loans will be paid off in the amount of $25K a year.