100k in loans worth it?

calivianya, BSN, RN · May 10, 2017

I paid $4000 per semester for my BSN, so about $20k total. I really think anything more than this is a total waste of your time and money. $30k, at the MOST, would be reasonable. I would not take out an additional $70k in loans just for a BSN, but that's just me.

I don't really believe in taking out student loans at all, unless you have absolutely no other choice. That is debt that does NOT go away - and you have to remember, in a very good portion of this country, as a RN you'll be starting out around $50k/year or less. And you CANNOT work overtime while you are in orientation.

I am working on my third bachelor's degree right now and I have $0 in loans for any of them because I have worked my butt off through all of them so I could pay my way. I had some family help with paying for my BSN just because the clinical hours changed every six weeks or so, so I had trouble holding down anything but a part time job, but for the most part I've paid for everything out of pocket. It's doable if you work hard enough.

For the record, you can work full time while you're in nursing school if you can find a job to accomodate the weird hours. My current degree program is way harder than nursing school was, and I work full time, go to school full time, take a separate prep class for 10+ hours per week, and volunteer every week, and it's looking like I'm going to come out with mostly As and maybe 1 B. You just have to want it bad enough.

Borntobenurse? · May 10, 2017

ravindram said:
I've seriously been considering going back to school for nursing. I started a while ago but had to stop because of things going on in life at the time. I did finish some classes but don't have any type of degree. I unfortunately DO have about $28k in student loans.
I am currently 28 years old and working for about $40k/year and absolutely hate the job. If I go back for nursing, I know i would have to quit as I wouldn't be able to handle nursing school and working full time as well. With this I would have to take out loans for living expenses such as rent a food. I've done the calculations and came to about $100k to acquire a BSN degree (this includes my current loan). I don't have any other debts besides my existing student loans ($28k).
Do any of you think this will be worth it, or is $100k in loans too much for a BSN . I know nursing is something that I would love and be able to pour myself into. I am currently living in Minneapolis so the market for nurses is pretty good, at least right now...

Get on a waitlist for an ASN at a community college, then get your hospital to pay for the BSN. 100k is too much for nursing degree in most states. BTW, good chance nursing will be much harder than you anticipate. I would read a couple of the 'I hate nursing' threads and makes sure that their complaints won't become your complaints. If the stuff sounds exactly like what you are dealing with now, just take note of that.

CelticGoddess, BSN, RN · May 10, 2017

It is not worth it. I am struggling to pay off $20,000 of student loans because i had to go on medical leave. (And I am not sure when I am going to be able to return to work). Have you thought about going the ADN route? That is what I did (second career, hence the loans). I was able to pay out of pocket for both my ADN and my BSN. If you are able to get a job with tuition assistance, that will help with the BSN.

Whatever you do, 100K in loans is not worth it. All you'll be doing is working to pay off the loans

ThePrincessBride, MSN, RN, NP · May 10, 2017

250k!?!

That is med school debt! Did that degree come with gems and and on gold paper?

I got out of undergrad without any loans and I plan on doing the same with my NP. The schools I'm looking at are around 30-40k.250 for a BSN is ludicrous.

RNperdiem said:
I once had the group of nurses who work a lot of overtime, 4-5 12 hour shifts a week, every week, working the same time as me. As we sat around the nursing station, I asked them how come they work so many days.
The answer was the same for all of them: student loans. The amounts varied from 5K to 250K.
Nursing is hard enough as it is full time. What if you were stuck working overtime, and the extra money just went to pay loans.
I personally would not do it.

RNperdiem, RN · May 10, 2017

250K is possible when you have three degrees from private schools. I guess this nurse took a long time to figure out what she wanted.

CrunchRN, ADN, RN · May 10, 2017

The advice you have been given is wise. Go to a CC and get the ADN. Work full-time while you wait to get in and sock away all you can for living expenses. Work part-time while in school. I did just about everything on eves and nights in nursing school to pay my tuition and living expenses. Then, once you have your ADN and a decent job as a nurse you can easily get your BSN inexpensively online.

I know this route is difficult and takes longer, but you have to realize that debt will follow you around forever and make it difficult to ever buy a home and other things.

Purple_roses · May 10, 2017

You might feel like you hate your current job now, but can you imagine how much you'll hate coming home exhausted from 3 12s, propping your tired legs up on the couch, and slicing a huge chunk on your hard-earned paycheck off and feeding it to your student loans that are accruing interest even as you sit there paying them off?

Natasha A., CNA, LVN · May 10, 2017

No. Their is life after nursing school. With all the many ways to pay for school. Do your research and save up please.

scuba nurse, BSN, MSN, RN · May 10, 2017

NO WAY! DO NOT DO IT! You will be in debt your entire life, SO NOT Worth it!!

FurBabyMom, MSN, RN · May 10, 2017

I would look at ways to find aid for school. It's a lot, and not necessarily an unmanagable amount. I mean, I have more loans than I wish I had from undergrad. Despite financing my brother's college education, my parents did not contribute to mine at all. It was an option for my brother to quit college, and I was not allowed to consider that option. My brother did quit going to school and while he enjoys what he does, he's not exactly making a ton of money.

I've paid a lot of my loans way down, and being in graduate school I did defer my student loans. I am making payments on the interest but not the principle. Since I'm still working full time, I am using what I would otherwise have been paying for my loans to pay off my credit cards (so close!!!!) and to actually have a real savings account for the first time ever. I'm fortunate to work somewhere where I get an amazing amount of assistance for my graduate education. It's rare to get as much assistance from my employer as I am getting, so I'll take it. That said, I probably would not be in grad school right now unless things had lined up just right.

There are some repayment programs to consider. One of my former coworkers had a different bachelors degree, and a MBA before she went to nursing school. She had a considerable amount of debt. But under a federal program, all of her loans were forgiven after 10 years of service in an eligible facility.

That said, you really do have to weigh it because $100K is no joke. Maybe find a cheaper school, or go the associates route to start?

chacha82, ADN, BSN · May 10, 2017

If you are asking....no, it will not be. The interest it will gather alone will be back-breaking. That is not an amount you can pay back at a leisurely pace. You will be making loan payments of $700, 800, or 900 a month. I am not saying don't do nursing, but don't borrow that kind of money to work as a nurse.

While some nurses will work overtime or extra jobs to pay off debt, keep in mind that this is not always an option. Many hospital residency programs for new grads will not permit you to work another job, and why should they? They are dumping lots of $$$ into your orientation. They are not going to schedule around your PRN or part-time job.

Overtime is not always available. I had one position where it was and another where it was not at all. People who were counting on overtime $$$ were out of luck. Also, after you do your three 12's a week, it is tough to muster up the time and energy to take yourself to a part-time job, which will have its own competencies, meetings, and requirements. Look into community college, hospital, or LPN then RN bridge programs.

Jedrnurse, BSN, RN · May 10, 2017

If money is tight, I'd go someplace and get CNA certification and pick up some hours doing that on the side. Build up some reserves and learn about the industry. Definitely don't take out those kind of loans for a profession that you don't even know you'll like. Not to mention that it's not a given getting a job doing it...