Re: Curious about debit from accelerated BSN programs

You have $20,000. in debt, not debit.

Re: Curious about debit from accelerated BSN programs

Originally Posted by carolinapooh

I have $14K in debt from my ABSN program - but I was lucky in that we were able to pay a chunk of the tuition out of pocket. Many of my classmates have much more than that.

On $20K, I'm paying $370 a month for federal loans. I have no private loans and my APR is 5.0 to 5.5%, depending on which loan you're talking about. Federal loan consolidation has been suspended, so I'm stuck with this for a while. But I don't think it's horrible.

How many years did they give you to pay back the loan? Thanks!

Re: Curious about debit from accelerated BSN programs

You could spread it out over 30 years, but that tacks on another $140,000 in interest.

Re: Curious about debit from accelerated BSN programs

Originally Posted by Valerie Salva

You have $20,000. in debt, not debit.

Actually, debit and debt are synonyms, so either would be acceptable in this case since they both mean money owed. But thanks for pointing that out.

Re: Curious about debit from accelerated BSN programs

I am planning a return to school after being a stay at home mom for 4 years. I plan to take community college and university prerequisites until beginning the accelerated 12 month course at Grand Valley in MI during the summer of 2011. I did some research for funding and found Michigan's No Worker Left Behind program, providing up to $10,000 for qualifying future students (unemployed, layed off, making under $40k), which will cover my prereq's if I make it in. I find out Friday.

I also have a B.S. in biological science, minor in chemistry, and a teaching certificate from Michigan State. That racks up about $30,000 in loans after already having paid $10,000 off. The bump in salary from teacher (~35k) to nurse (~43k) will be a relief for the life of all my loans.

I would research any programs that the state or federal government provide. If I understand it correctly, you may be able to secure 'loan forgiveness' if you nurse in an area of high-need. http://bhpr.hrsa.gov/dsa/ I had no idea of that MI program No Worker Left Behind...I just delved into my computer for funding info and ran into it. Try your state's labor department website and spend a good amount of time parousing. They're not going to advertise free money too loudly.

You may read about 'community college' credits and cringe. Personally, I cringe to think about what money I could have saved if I had done this for my biology degree. I would have saved thousands, with nothing different about my earned degree. That's just my pride! Well, now it's about the money I will save, as long as they transfer to the state college.

I plan to complete the accelerated program in 12 months (3 semesters) once my prereqs are done. The regular 2nd degree program is 5 semesters, so each course will be shortened from 12-14 weeks to just 10 weeks. Even though it's the same amount of material, therefore the same total tuition paid, it will allow me to make a good salary one year quicker than the regular paced program. In that respect you're saving money already.

As far as paying it back, I'm lucky to be able to support our family off my husband's income, so my entire paycheck will go to paying off my loans and becoming debt-free. We'll have $15,000 in childcare for our 3 kids for just that 1 year I'm in school. That's my #1 priority. (Yes, you're reading that correctly 3 kids = $15k in c-h-i-l-d-c-a-r-e!!!)

Good luck. I hope this helps.
Katy

Re: Curious about debit from accelerated BSN programs

Originally Posted by woodlandstar

Actually, debit and debt are synonyms, so either would be acceptable in this case since they both mean money owed. But thanks for pointing that out.

They're close, but not synonyms. You don't have "school debit" in the English language; you have school debt. Sorry, but after reading this forum for 2 years, the spelling and grammatical mistakes are really starting to get to me. Especially when people use poor grammar and spelling to complain about how they can't find a job.

http://dictionary.reference.com/browse/debit

http://dictionary.reference.com/browse/debt

Re: Curious about debit from accelerated BSN programs

Originally Posted by woodlandstar

Hi,
I will be graduating this spring with a BS in Biology and I am looking for a good accelerated BSN program. It seems like it is mainly private schools that offer this degree and they are quite pricey. Some of the programs I've looked at would top off at about $60-80,000, and I already have about $20,000 in debit from my BS. I checked out a loan calculator and was told my estimated income would have to be $145,000 to pay this loan back. I KNOW I will not make close to this amount of income. Are there any nurses out there who have this type of debit? Are these numbers pretty average for an accelerated BSN program? What is it like paying back this much in loans? I wanted the BSN because in the future I would like to go on to a master's program, but who can afford it when they are already in this kind of debit. Any input would be greatly appreciated.

You can come to New Jersey (UMDNJ-School of Nursing)-very reasonably priced, even for out-of-state students. Check the website www.sn.umdnj.edu under "Academic Programs." Follow the link to Accelerated BSN-two campuses (North Jersey & South Jersey). Total Cost for Program $ 30,451.68 (add $8,618.00 if out-of-state) in 2009.

Re: Curious about debit from accelerated BSN programs

Originally Posted by StudentRecruiter

You can come to New Jersey (UMDNJ-School of Nursing)-very reasonably priced, even for out-of-state students. Check the website www.sn.umdnj.edu under "Academic Programs." Follow the link to Accelerated BSN-two campuses (North Jersey & South Jersey). Total Cost for Program $ 30,451.68 (add $8,618.00 if out-of-state) in 2009.

I would not call 39,070 "very reasonably priced." It is not 50,000 or 60,000 but it is certainly not "very reasonably priced." I am looking at out of state schools that are less than half that. Most the schools I am looking at are about 15,000 USD for their ABSN. However these are in random places like small towns in Tennessee and Arkansas.

I live in CA and all the state schools have hundreds of applicants for 35 or 40 slots. I figure I can live in some random place for a year and a half. Heck I'll be in school all the time anyway.

Re: Curious about debit from accelerated BSN programs

Are the costs of these programs "all inclusive?" The total I quoted is for tuition, fees, books, and student insurance (which you can opt out of if you have other coverage saving $2,000). There are 48 spots in each class (2x/yr) on the Stratford campus with no waiting list at this time. Also, there is no entrance exam requirement (nor "exit" exam) and we have a 99% pass rate on the NCLEX.
Schools in the mid-west to southern US will charge less because their students are primarily from their area and the cost of living is different than on each coast.

Re: Curious about debit from accelerated BSN programs

Originally Posted by 1caring

Schools in the mid-west to southern US will charge less because their students are primarily from their area and the cost of living is different than on each coast.

Yep that is why I am leaving California to study in the South. Some of the tuitions are around 15,000 USD for the duration of the ABSN and rent is super duper cheap. The least important reason I am looking in the South is I like warm weather and the Bay Area is way too cold for me. I could never imagine living in New Jersey or New York or Boston where you can't wear flip flops all year round. Way too freezing for me.

I would love to stay in CA as the state schools are cheap but so impacted. San Francisco state has over 1,000 applicants for 80 spots. My 3.3 GPA can't compare with these 3.9 or 4.0 GPAs.