Worried about paying off student loan debt

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Hi all,

I thank you in advanced for any replies to my post.

As I further into my BSN degree, I find myself collecting more and more student loan debt. By the time I am finished with my degree, I will accrue approximately $100,000, and this worries me- a lot. My question is:

Would anyone be able to give me some faith that I won't be killing myself paying off this huge sum? I hate to go through all of this, only to find a job that will just allow me to get by in life when trying to pay down this debt.

Is anyone going through/went through the same sitaution?

Any comments would be appreciated!

Thanks

Some background information: I live on Long Island which isnt known to be particularly cheap!

Don't feel bad. My school it's 19k/SEMESTER.[/quote

....so you feel my pain?

Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.

We all feel your pain....it's a shame just the same.

Hey I'm a poet and don't know it...LOLOLOLOL

I understand your position, but at 100K, I would take the NP route over the RN route any day.There are many cheaper alternatives to obtaining an RN, and I don't believe a 100K program is going to be significantly better than a 50K or a 25K program for that matter. That cost for a BSN is insane! And if they are a new grad, it will be very difficult to get employed, because there are more RN's now than there are RN positions, so those who have experience under their belt will be hired over new grads. Those RN's with the "higher earning potential," are those who have many years of experience or are specialized/certified in some area. Also, keep in mind that when the ACA really takes place, the scope of the RN will expand as will the workload, but somehow I don't feel the salary will follow.

I'm in NJ, and NP's are popping up everywhere, ER's, individual practices, orthopedic offices, wellness clinics, and minute clinics, and urgent care centers. The trend for NP's will continue to grow exponentially under the ACA, because they are actual providers and can treat many illnesses at a cost lower than a physician. You also have to consider the drastic shortage of family/primary care doctors since more and more medical students are opting to specialize.

Hundreds of thousands of primary care/family docs are retiring at a time when we will eventually be adding millions of people to the health care system, so NP's and even Physician Assistants make a great alternative. Many of these healthcare corporations are going to realize the value of the NP, and the demand will drastically increase, and so will their pay. I'm an RN, and when I first got out of school, I was lucky to be hired rather quickly due to a managerial, law enforcement background giving me an edge over the next person who recently graduated an RN program and never had a job. I'm going to head towards the NP route because the cost/benefit to me makes more sense. I say all this respectfully, I guess I'm just ****** off that school's are charging these ridiculous tuition rates that are way above the cost of inflation. The numbers are insane, tuition costs from increased 439% from 1992 to 2007 while family income has increased by only 147%, shameful!

Specializes in Critical Care.

I don't know how old you are, but if you attend a private school you should be going to one that wants you enough to subsidize the cost of tuition via grants. If you are paying full price you are overpaying! If no private school is willing to offer grants to go to school then you should be attending a public instate school so tuition is more reasonable. Believe me the pay is the same whether you went to a public or private school. The job is the same. Truth is the pay is usually the same whether you have an ADN RN or a BSN, although in urban areas and the east coast the BSN is preferred. You must plan to relocate when you graduate because New York has a glut of nurses, this compounded by the recent hospital closing and possible future closings!

If you continue this insanity of spending $100,000 you better plan to live a very frugal life, either living at home or having roommates because student loan debt, especially private is the worst debt out there, the most dangerous debt to take on and this without a job! You are potentially walking into a trap of lifetime debt!

Specializes in Pedi.
Don't feel bad. My school it's 19k/SEMESTER.

When I graduated in 2007, the full cost of a year at my school was $48K. It had been $33K when I was applying and the cost steadily increased about $3,000/year. I am quite certain this school costs over $60K per year today. Actually, I just looked tuition alone for one semester is over $22K and then room and board for a semester is somewhere around $7500. Tag fees onto that and the total cost is well over $60K. I didn't know there were private schools around that cost $25K per year in 2013- I was paying more than that 10 years ago.

I understand your position but at 100K, I would take the NP route over the RN route any day.There are many cheaper alternatives to obtaining an RN, and I don't believe a 100K program is going to be significantly better than a 50K or a 25K program for that matter. That cost for a BSN is insane! And if they are a new grad, it will be very difficult to get employed, because there are more RN's now than there are RN positions, so those who have experience under their belt will be hired over new grads. Those RN's with the "higher earning potential," are those who have many years of experience or are specialized/certified in some area. Also, keep in mind that when the ACA really takes place, the scope of the RN will expand as will the workload, but somehow I don't feel the salary will follow. I'm in NJ, and NP's are popping up everywhere, ER's, individual practices, orthopedic offices, wellness clinics, and minute clinics, and urgent care centers. The trend for NP's will continue to grow exponentially under the ACA, because they are actual providers and can treat many illnesses at a cost lower than a physician. You also have to consider the drastic shortage of family/primary care doctors since more and more medical students are opting to specialize. Hundreds of thousands of primary care/family docs are retiring at a time when we will eventually be adding millions of people to the health care system, so NP's and even Physician Assistants make a great alternative. Many of these healthcare corporations are going to realize the value of the NP, and the demand will drastically increase, and so will their pay. I'm an RN, and when I first got out of school, I was lucky to be hired rather quickly due to a managerial, law enforcement background giving me an edge over the next person who recently graduated an RN program and never had a job. I'm going to head towards the NP route because the cost/benefit to me makes more sense. I say all this respectfully, I guess I'm just ****** off that school's are charging these ridiculous tuition rates that are way above the cost of inflation. The numbers are insane, tuition costs from increased 439% from 1992 to 2007 while family income has increased by only 147%, shameful![/quote']

You have to have a BSN to be accepted into NP school though. And then OP will just be piling more debt on top of the $100k they already owe.

Specializes in Adult Internal Medicine.
You have to have a BSN to be accepted into NP school though. And then OP will just be piling more debt on top of the $100k they already owe.

There are several ADN-RN to MSN/NP programs.

There are several ADN-RN to MSN/NP programs.

Maybe I should have said you have to be an RN first. My point was that the OP would still have to go back to school which will add more debt to the astronomical amount he/she already has to pay.

I have 65K which I will start paying on next year. Fact is, I will do what I can each month but I am not going to let mortgage/utilities/fuel/food suffer to pay the loan back. Yes, I know I owe it. Yes, I intend to pay it but with jobs as low paying as they are where I live and as scare as they are - $1500 is an absolute no go - in fact 1/2 of that would be for me - I too went to a private school. I will do what I can but am not going to stress over it - I stress enough about meeting day to day expenses that rise continuously while my salary stays the same.

It's tough because you think that taking out the loans for a nursing degree will be worth it since "you can get a job anywhere as a nurse." But just like all job sectors, we are suffering too, especially with all the changes happening with reimbursements. It's hard to find a job outside the hospital without at least a year of hospital experience but those positions are hard to come by too. Primary care seems like the way to go but seems like those positions are not advertising for RN's - only high acute positions in the hospital are out there. I know some people who spent this kind of money on massage therapy and art design jobs who are in the same position. Schools are raking in on the " I can't find a job so I better get back to school and get a degree in something that will hire me" situation that is out there now in our economy. But all sectors are not really hiring. Private loan sharks are just eating this desperation up. It drags down the economy if people are spending alot of their check on loan repayment instead of goods and services that support the economy.

Specializes in Oncology/hematology.

I'm really shocked by the $100k amount. Some of these private schools are such a horrible scam! I am in an RN program and will then bridge to a BSN at a state university. My total loan cost will be about $11k, unless I can get more scholarships. I have a friend going to a private school for her BSN and she will be spending upwards of $90k. Obviously, she can't afford that out of pocket. It's ridiculous! We will be able to work the same jobs and she'll have to work an extra 3 years doing nothing but paying loans.

Basically, I'm just trying to say that I'm sorry you're stuck in this situation.

Specializes in Neonatal Nurse Practitioner.
When I graduated in 2007 the full cost of a year at my school was $48K. It had been $33K when I was applying and the cost steadily increased about $3,000/year. I am quite certain this school costs over $60K per year today. Actually, I just looked tuition alone for one semester is over $22K and then room and board for a semester is somewhere around $7500. Tag fees onto that and the total cost is well over $60K. I didn't know there were private schools around that cost $25K per year in 2013- I was paying more than that 10 years ago.[/quote']

I go to a private school and tuition is about $10K per year.

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