Best online Psych NP Program? - page 3
Hello all,I'm considering applying to a psych NP program in the next few years, and will be living nowhere near a program. My only option then is online. Anyone have experience with a program, good or bad? Things I'm looking for... Read More
- 0Apr 4, '13 by BlueEyedGuyQuote from harmonizerThat's not how tax brackets work. You don't even hit the 35% bracket if you're making under 90k. Or are you just estimating and adding in state income tax as well?wrong.
First, the salary may not be 90k. 3/4 of my ex-classmates do not get that last year. The salary and demand will probably fall sharply within the next few years since more NP will graduate esp from online school. Secondly, you did not consider tax. $45k after tax (35%) is $29. On top you these, you can work part-time as RN during those 6 months, which will make you come off ahead. Accelerated curriculum will cause you to work less due to busy schedule, resulting in lost in income. Third, think of 6.8% interest of student loan on top of these figure. I would go to cheaper school.
- 0Apr 5, '13 by harmonizerQuote from myelinDid you read.. the original post stated that it is 30k MORE than the other program.. so the program costs more than 30k.. probably $50k range..lol 30k is really cheap for a NP program. Not sure if people who are posting aren't familiar with higher education costs in general, but 30k for a masters (especially in a healthcare field) is cheap.
- 0Apr 13, '13 by MrSensitivityThat's true BlueEyedGuy. Good point. The tax rate and the "effective" tax rate are two different things. Someone making $100k might end up in the 35% bracket, but the effective rate will be around 15-18%.
I'd agree myelin, $30k is very cheap. The price of a new car nowadays, lol. So, if you have to pay $30k more to graduate a year sooner, it's money well spent in my opinion. Particularly in light of taking a $90k job as a new grad. You more than make up for it. Even if there was a 35% effective rate on that amount, and even if you could only make $60k, and even if interest on the loan was 8%, and even if there was a state income tax where you live. The math still works.
- 0Jul 3, '13 by dmerillat65Many of you have mentioned that the job market is good for psych NP. Where to psych NPs practice? Esp. if you are a new grad. I have completed part of a psych NP program at St. Louis University (very expensive) and am not currently enrolled due to financial reasons. Yet, I am considering changing to geri NP. Any thoughts would be appreciated!
- 0Jul 3, '13 by zenman GuideQuote from dmerillat65Last I heard the Geri NP is about to bite the dust! Better check it out.Many of you have mentioned that the job market is good for psych NP. Where to psych NPs practice? Esp. if you are a new grad. I have completed part of a psych NP program at St. Louis University (very expensive) and am not currently enrolled due to financial reasons. Yet, I am considering changing to geri NP. Any thoughts would be appreciated!
- 0Jul 4, '13 by priorities2I think the shorter/more expensive vs. longer/cheaper debate always depends on individual circumstances. For example, if someone had no kids and had gotten thru undergrad debt-free, worked as an RN for a year and saved 30k, then chose to attend the 12-mo program Vanderbilt (net cost including living expenses probably around 58k?), so this person took out 28k in debt, vs. attending UND which is a 20 month, full time program (including summer) for which they did not have to take out any debt except maybe 5k. Now, 8 months of working as an NP could equate to 50k after taxes. Considering that 28k would probably cost an additional 2k in interest per year, while 5k would only generate maybe $500, it still seems a better deal to go with the shorter program. Even if you were able to work per diem during the UND program, the difference would probably not add to $20k to cancel out the opportunity costs of attending UND.
- 0Jul 4, '13 by Jules AQuote from harmonizerOMG where are you located? In the Balt/DC area PsychNP new grads are making $125,000 with experienced PsychNPs making in the $150,000 range. Unless you are working at Hopkins where you are paid in reputation, lol.wrong.
First, the salary may not be 90k. 3/4 of my ex-classmates do not get that last year. The salary and demand will probably fall sharply within the next few years since more NP will graduate esp from online school.
I do worry that our rates will decrease as the FNPs who are making in the $90,000 range start getting their psych cert.