My degree is not worth the debt! - Page 4

Register Today!
  1. Jun 25, '11 by
    As many have said, it's about responsible borrowing. I paid cash and/ or used the GI Bill for my prereq's, but I had the old GI Bill for the first year of nursing school (3 semesters) and the new one for my 2nd yr (2 semesters), so I am very much in debt (If I had had the new GI Bill for the whole time I was in school, my debt would be less than 50% of what it is now; I was denied for any other form of financial aid that I applied for). However, my loan payment is roughly 7% of our monthly household income. We do have 3 kids (which got me jack and squat while in school, so I'd love to know how people with kids automatically get free schooling), so I am basically working because of student loans, but I know that with our total income, I really could be working less than part time and be ok. Right now, I'm working FT to get the experience, but I am looking to cut back in the near future. Most people would probably throw up if they owed as much as I do, but it was a conscious decision on our part and one that we can manage.
    CCRNDiva likes this.
  2. Jun 25, '11 by
    Quote from 0402
    We do have 3 kids (which got me jack and squat while in school, so I'd love to know how people with kids automatically get free schooling)
    You mentioned "we". I'm assuming you're married or in a domestic partnership. The "people" that other posters have mentioned are single parents. A lot of the women in my program are single parents, and they get scholarships & grants. AKA: free money, free education. I'm a bit torn about that situation. On one hand, it encourages single mothers to better themselves. But on the other hand, it makes me a bit mad that I can't get that same opportunity at "free money" simply because I'm not a single mother. Idk. No disrespect to single mothers.... just my
    bearcat194, Smartone86, AtomicWoman, and 8 others like this.
  3. Jun 25, '11 by
    I will be 70k in debt for my BSN at a private school. I was so stupid to go to this school but I am working 56 hours a week now to help give me a better future!! And trust me, there are no trips to New Zealand in my future! My only advice is: don't do it!
    tokidoki7, Borntobenurse?, lindarn, and 2 others like this.
  4. Jun 25, '11 by
    Quote from 0402
    As many have said, it's about responsible borrowing. I paid cash and/ or used the GI Bill for my prereq's, but I had the old GI Bill for the first year of nursing school (3 semesters) and the new one for my 2nd yr (2 semesters), so I am very much in debt (If I had had the new GI Bill for the whole time I was in school, my debt would be less than 50% of what it is now; I was denied for any other form of financial aid that I applied for). However, my loan payment is roughly 7% of our monthly household income. We do have 3 kids (which got me jack and squat while in school, so I'd love to know how people with kids automatically get free schooling), so I am basically working because of student loans, but I know that with our total income, I really could be working less than part time and be ok. Right now, I'm working FT to get the experience, but I am looking to cut back in the near future. Most people would probably throw up if they owed as much as I do, but it was a conscious decision on our part and one that we can manage.
    A single parent with child (children) was probably the scenario the others were mentioning related to school being 'paid for' if you have kids.
    lindarn likes this.
  5. Jun 25, '11 by
    Quote from cogath
    I will be 70k in debt for my BSN at a private school. I was so stupid to go to this school but I am working 56 hours a week now to help give me a better future!! And trust me, there are no trips to New Zealand in my future! My only advice is: don't do it!
    Nothing to be ashamed of. I imagine the recession and poor job market has prompted a lot of decisions being made that are now heavily regretted.

    Put your story and voice out there, let people who are considering the same path know the story from the eyes of someone on the front lines of the action.

    I think in the end, the lesson people will learn is, it is best to just work a few years at w/e job, live a "getting by" lifestyle and go to the affordable school. It may seem like its too long, but when you are in your 50's you will be SOOOOO HAPPY you did it.
    lindarn likes this.
  6. Jun 26, '11 by
    I am going to CC for my general studies that I need before I can do the RN to BSN. Sooo much cheaper that way. Plus I am choosing a public university saving again. Hopefully I can pay as I go for most of it, but since I don't fit into any program that would help financially, may have to sell a kid or 2. jk, but you get the idea!
    lindarn likes this.
  7. Jun 26, '11 by
    Quote from BabyLady
    This was a GREAT article to post, however, anytime there has ever been a debate on AN regarding student debt and how nuts someone was to run up a huge bill, you always get a student getting nasty about "My education is important to me and I have every right to attend a prestigious university if my grades were good enough to get in."

    Well, my dear children...here is a newsflash:

    That prestigious university is not going to get you a job. The interview, your GPA and how you conduct yourself, is going to get you the job. That prestigious university is not going to KEEP you employed. Your own hard work is.

    The fact is, if your TOTAL student debt is MORE than your annual salary there is over a 90% chance that you will NEVER pay it off in your lifetime...ever.

    So, for all those nurses making $45K per year with $80K in student debt because they were too impatient to stay on a wait list and instead, went to an expensive private university? You won't realize until you get out and start paying it back that making rent, a car payment, insurance, utilities, food is going to be impossible when you have an $800 per month student loan payment to go with it.

    Overtime, is not guaranteed and many new grads think that they can just walk in and demand a particular unit and a salary...they don't understand that the nursing shortage for new grad nurses is o-v-e-r.

    My first attempt at nursing school was a private university, thinking I would never get in a state program. Long story short it didnt work out and I ended up getting kicked out after the 1st semester which was indeed a blessing in disguise. I already had taken out 9 grand for that short time in that private program and had I been able to stay and finish the BSN there I would be at least over 20-25k in debt and probably more. One semester later I was able to transfer to a state college to get my ADN without taking out more loans. Now I'm close to finishing my RN-BSN from a state program and I haven't had to take out a single loan. I'm still bitter about the loans I owe from that private university but I suppose I'm blessed that I can pay what I do owe off in about a year or two. I really think people need to avoid these private institutions like the plague unless they can get really generous scholarships. These private schools are rip offs.
    tokidoki7, Borntobenurse?, and lindarn like this.
  8. Jun 26, '11 by
    A large part of the reason that ADN prepared nurses (initialy) have had such a huge advantage over those who went strait for the BSN until recently.
    In four years:
    BSN:
    My state University = $15K/year x 4 years = $60K in tution alone.
    Newly licensed RN
    No experinece
    made no or very little money in four years.

    ADN
    My state community college = $6K entire ADN program.
    After 4 years the ADN has 2 years real Rn experience and a BSN
    paid for by the hospital. Woud have made something like $100-120
    over the two years as a working RN.

    Pretty easy to see the huge advantage of the ADN program. Too bad so many hospitals distain this rout to RN, BSN by refusing to hire the new graduated ADN RNs.
    Maybe their plan is to only hire those with significant debt so as to aquire more compliant nurses who will not rock the boat and tolerate poor working conditions for fear of losing their jobs while having so much debt.
    Faeriewand, corsair, tokidoki7, and 6 others like this.
  9. Jun 26, '11 by
    Some of these stories show a really bizarre kind of mindset about money. Who in their right mind would take out $240,000 in loans to get a degree in social work? That's a career where, if you're even lucky enough to find a job, you're probably not going to ever earn more than $40,000 a year.

    Why would any financial institution fund such a stupid endeavor? How would they expect to even get that money back? You want to buy a car or a house they put some limits on how much you can borrow; apparently that doesn't happen if you're funding a college degree.

    Another student says that "America has let me down." Such a sense of entitlement, I really don't know what to say. Since when do you just get to go careening through life, make whatever stupid, half-baked decisions you feel like, because you think you deserve something, and then blame America when reality kicks in?

    These people are smart enough to get into college, you would think they would be smart enough to think things through more carefully. Also, some of these degrees are completely useless. Journalism? Graphic design?

    Then there's the guy who says he wants to get married but he doesn't want to propose until he can afford a big ring because he wants to do things "right." Is he expecting to pay down some of his debt so he can afford to take out a loan for it? How do you fork over thousands of dollars for a ring when you're up to your ears in debt? And why is the ring even that important? Apparently, he still hasn't figured things out.

    One person talks about how she thought the American dream was about going to college and educating yourself to get a good job and have financial freedom. Actually, the American dream is more about giving people, who are willing to work their rear ends off and struggle against circumstance to accomplish things, the opportunity to find outlets to become empowered in their professional and personal lives. The American dream respects the struggle. It's not about just buying your future. And funding it through loans.

    Yersh. The whole thing makes me feel incredibly stabby.
    Conqueror+, Borntobenurse?, lscarecrowe, and 8 others like this.
  10. Jun 26, '11 by
    Quote from PMFB-RN
    A large part of the reason that ADN prepared nurses (initialy) have had such a huge advantage over those who went strait for the BSN until recently.
    In four years:
    BSN:
    My state University = $15K/year x 4 years = $60K in tution alone.
    Newly licensed RN
    No experinece
    made no or very little money in four years.

    ADN
    My state community college = $6K entire ADN program.
    After 4 years the ADN has 2 years real Rn experience and a BSN
    paid for by the hospital. Woud have made something like $100-120
    over the two years as a working RN.

    Pretty easy to see the huge advantage of the ADN program. Too bad so many hospitals distain this rout to RN, BSN by refusing to hire the new graduated ADN RNs.
    Maybe their plan is to only hire those with significant debt so as to aquire more compliant nurses who will not rock the boat and tolerate poor working conditions for fear of losing their jobs while having so much debt.
    That was then, this is now. How times have changed.
    lindarn likes this.