Incentives VS Tuition Assitance Program

  1. I have a question with which I hope some of you may be able me. I will be finishing my BSN over the next year and am looking at ways to finance my tuition. Several hospital around here offer nursing assistance programs where they will loan you X amount of dollars in exchange for a year of service once you graduate. Do you think that is a better way to finance my education or does it make more sense to use the incentives offered by many hospitals to new grads as a way to pay back my student loans? I am looking at about $15,000 which would require two years of commitment to a particular hospital. Any one have an experience with this? What kind of incentives have newer grads been offered?

    Thank you,
    Jonathan
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  2. 6 Comments

  3. by   debbyed
    Personally....If it would only take a two year committment to pay for a 15,000 dollar education....TAKE IT. Unless the hospital has something SERIOUSLY wrong with it, give them the 2 years. In the end you will be able to go anywhere you want and find a job with 2 years experience and you will be debt free. It took me years to get out from under my student loan and other college costs.

    Look at it this way, working 12 hour shift you will owe them about 300 shifts, than you'll be free.
  4. by   Tweety
    Our hospital provides free education for people willing to work for two years. Yes, that's 100% books and tuition. Plus you can work 16 hours and get paid 40 hours pay.

    Our hospital basically doesn't have any sign-on bonuses for new grads after they graduate or any new grad incentives in the form of money. But the program while they are in school is awesome.

    I would take advantage of that. Plus two years is not that long, you're going to need experience to take with you somewhere else anyway (as was mentioned above). Pick a hospital you like where you've already had clinicals and interview.
  5. by   MtnMan
    Incentives come and go as well as go up and down. A 2 year obligation is nothing. Go for it on their dime and then use them to gain your initial experience.
  6. by   altomga
    I'm with them, take the committment. Shoot it's only two years. And then your tuition agreement is paid back and you can leave if you want to. It's easy to say you would use the incentive to pay back the loans, but we all know, money seems to leave so easily to other things. I signed a committment for a "bonus" one time for 18mos. Hated it hanging on my head, but it was worth it.
    Good luck with whatever you decide.
  7. by   OC_An Khe
    First choose the facility that offers you the best work and learning environment. In the long you will be better off. If both institutions are about equal in working environment then chose the tuition reimbursement. Good luck.
  8. by   llg
    I agree with ocankhe ... You want to be careful to avoid putting yourself into a position where you will be committed to a job you hate and/or one that will get your career off to a terrible start. $15,000 in the short run is not enough money to ruin your career in the long run for. It would be better to take out a loan -- which you could pay back in only a few years by working a few extra shifts on a job you loved. If you are in a job you love, you won't mind working a little extra -- or you will be more likely to do your best work and get a promotion, a raise, bonus money, or whatever else is available to help you pay back any loans that you have.

    However, if the hospital offering the assistance is a good hospital that will get your career off to a positive start -- and you are really sure you will be reasonably happy working there for 2 years, then it sounds like a good deal to me.

    llg

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