How to provide financially for your family while in an accelerated BSN?

  1. 0
    Hi all,

    I currently hold a BS in Civil Engineering. While it pays good money, it isn't rewarding. I am wondering if anyone has made the career switch doing an accelerated BSN? Did you have children and a spouse? How did you make finances work? We live in NY where everything is extremely expensive. I've though about relocating in order to do this program but not sure if that is financially wise. I also contemplated taking about loans to cover my monthly expenses. Any advice is appreciated.

    Thanks
  2. 12 Comments so far...

  3. 0
    I took that route 19 years ago while single and unencumbered. For me, the "opportunity cost" of CRNA school as a follow up would now be 500K.

    You can not work while doing an accelerated program, do not try.

    All said and done, an accelerated program is designed with people like us in mind. The full and unconditional support of your spouse is absolutely required.

    Good Luck!
  4. 0
    I don't have any kids but I have dogs/cats that are like my kids

    We live in an expensive area as well (DC area) and the current plan is for me to go through my pre-reqs, then quit my job to get a BSN and possibly do NP part time. Although I may be rethinking that and try to do BSN part time and then work on NP full time. Either way, at some point, I'm going to be quitting and going to school full time.

    At the moment, our plan is to save as much money as humanely possible. We may take loans and if so, I'm going to look into either the NHSC (national health service corps) scholarship or if that doesn't happen, look at their loan forgiveness. Luckily, living in the DC area with fairly close proximity to Baltimore, there are quite a few areas that would qualify as under served and one of my goals going into nursing is to serve under served areas, it fits within my goals. We've also considered moving and New Mexico is one of our primary interests which also has many under served areas but schools there prefer NM residents so we'd have to move prior and hope that I'd get accepted.

    One thing we've started doing is putting more money into my husbands 401k and either way if it doesn't happen, we can take a loan against his 401k that would need to be repaid in 5 years. If we don't go that route, then no harm done as he'll just have more money in his 401k.

    So my advice is try laying out your finances and see what you can afford. One thing that surprised me though is between taxes, 401k and various other contributions, my take home salary isn't as much as I thought and we don't live paycheck to paycheck. It'd just mean that we couldn't save as much money as we do.
  5. 0
    I was lucky because I had the GI bill but if I hadn't there are other ways to get thru school at an accelerated pace and still eat. First, eliminate all unnecessary bills and teach your kiddos to live thrifty. Also, if you take out a loan there are several hospitals and employers that agree to help with loan repayment after graduation if you promise "X"amount of years working with them.
    I would say apply for scholarships but with a prior BS/BA I am attest to the fact that there is a slim/no chance of getting scholarships/grants, etc.
  6. 0
    Thanks guys. Leenak I get what you mean, but kids are more expensive than pets. With a car not and car insurance in NY as well as daycare, saving is doable but not enough.

    I had no intention of working. My husband's salary can't cover all the expenses. I thought about doing an ADN, but it would take much longer.
  7. 0
    Did you have kids at the time Flying ICU RN?
  8. 0
    Quote from Jeniya
    Did you have kids at the time Flying ICU RN?
    No I did not, and that most certainly makes things a bit more complex. Financially, I was still reeling from the layoff from the airline. It took me four months to find a job after graduation.

    My advice is that if you are willing and able to actually proceed, then do so hell bent on completion.

    When I started Nursing school I did not know if I was going to be able to stomach the nastiness, but I did know that I was going to finish, such was the strength of conviction.

    These days I call that very same nastiness, "The sweet smell of job security."
  9. 0
    Quote from Flying ICU RN
    No I did not, and that most certainly makes things a bit more complex. Financially, I was still reeling from the layoff from the airline. It took me four months to find a job after graduation.

    My advice is that if you are willing and able to actually proceed, then do so hell bent on completion.

    When I started Nursing school I did not know if I was going to be able to stomach the nastiness, but I did know that I was going to finish, such was the strength of conviction.

    These days I call that very same nastiness, "The sweet smell of job security."
    LOL...I am certainly willing and able. I've been contemplating this for years. I'm currently taking pre reqs. I'm going to apply for both accelerated BSN and ADN programs for 2011 school year. God's will, everything will be fine.
  10. 0
    Are there part time nursing programs in your area? And you could also look at moving to a cheaper area but that could also backfire such as less income from spouse if they switch jobs as well.

    Could you also go down to 1 car? Not sure if that would be feasible but I've known a lot of people that have done it and work around it. Any other expenses you could shed?
  11. 0
    Quote from leenak
    Are there part time nursing programs in your area? And you could also look at moving to a cheaper area but that could also backfire such as less income from spouse if they switch jobs as well.

    Could you also go down to 1 car? Not sure if that would be feasible but I've known a lot of people that have done it and work around it. Any other expenses you could shed?

    I'm sure there are. I live in NY. We only have one car, but car insurance is expensive here. When my child turns 4 she will be eligible for pre school which is free. So this knocks out one expense.


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