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

Flying ICU RN · Oct 1, 2010

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!

leenak · Oct 1, 2010

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.

chulada77, ADN, BSN, MSN, APRN · Oct 1, 2010

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.

Jeniya · Oct 1, 2010

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.

Jeniya · Oct 1, 2010

Did you have kids at the time Flying ICU RN?

Flying ICU RN · Oct 1, 2010

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."

Jeniya · Oct 1, 2010

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.

leenak · Oct 1, 2010

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?

Jeniya · Oct 1, 2010

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.

sekishin · Oct 1, 2010

One thing we are doing before going to school full-time (we are DINKS) is refinancing our home to a 30 yr from a 15 year(10yrs left).

Our (required minimum) payment will go from $1120 to $462 - there are no prepayment penalties on the new loan. So if we can continue to make the $1120 per month - we will still pay off in the same amount of time as the current loan (minus the closing costs of the new loan).

But if things get "tight" on one salary, we can drop back down to $462 on the mortgage. It just gives us "options".

Good luck from a EE . . .

grasshopper7780 · Oct 1, 2010

Hey leenak, I also live in the DC area and I have been thinking of nursing for years and well, 6 months out of my MPH, I am going for it. I have to take the prereqs though as I have a BA and only stats will count from my MPH. Right now I have been talking to people about my options and trying to figure it all out. Did you take your prereqs in DC? If so, where? I am debating what to do to make this happen.

I hate my day job with a passion (and they would not be good about part time school) and I know if I am serious about this accelerated option, I dont want to wait. I work part time at a very expensive steakhouse so I am thinking my best best would be to quit my job, go back to serving fulltime and bang the prereqs out over spring/summer 2011 and then hopefully I can apply for Jan 2012.

Any advice about prereqs? Programs you found in the area or scholarships? I am open to moving, been in DC for almost 6 years so I will go where I get the best deal.