How to fund a RN-MSN education

  1. Hello to everyone. I have been accepted to one, just one, RN-MSN program that begins in June 2007. I am very excited, nervous, full of anticipation, but more than all these things, I am terrified by the prospect of paying for these three years. Tuition alone amounts to [EVIL]>100k[/EVIL]. Besides tuition, this program is in NYC, which will add another 90k for living expenses and incidentals for the 3 years. So far I have seen numerous scholarships in the $500-$1000 range. Maybe if I am awarded 100-200 of these, things just might work out.

    Can someone please suggest a place to look for grants, scholarships, etc., and considering I am a man, perhaps someone could suggest male nurse associations.

    Thanks for any and all help.

    Robert
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  2. 18 Comments

  3. by   Tweety
    Good luck to you. Welcome to Allnurses.
  4. by   suzanne4
    If you have a full-time job as an RN in the Bog Apple, then most hospitals have a tuition reimbursement program. But $100,000 for tuition alone? That sounds very high.
  5. by   mazzini148
    Quote from suzanne4
    If you have a full-time job as an RN in the Bog Apple, then most hospitals have a tuition reimbursement program. But $100,000 for tuition alone? That sounds very high.

    Hi Suzanne,
    I wasn't very specific. It's Columbia University and tuition is $991 per credit for the 60 necessary for the BSN and $1200 for the remaining 36 credits for the MSN. The ETP program doesn't allow for employment, so I need to find funding through loans, etc. Any ideas?

    Robert
  6. by   traumaRUs
    Hi and welcome. This is an entry-level MSN then? That makes a big difference. Student loans are probably the most common source of big bucks.
  7. by   llg
    You start with the school's student loan office. Meet with one of their staff and review all of their options before going much further with anything else.
  8. by   military spouse
    Wow! I'm in shock over the total cost. Please be careful spending that kind of money. What if you spend a semester there and realize it just isn't what you want to do? Before I became a nurse, I was an accounting major at KSU and didn't finish the program but still owed money for the student loans. Certainly, there must be a less expensive option. That seems like an excessive amount of money to make $50,000-$75,000 per year.
  9. by   MBARNBSN
    Quote from military spouse
    Wow! I'm in shock over the total cost. Please be careful spending that kind of money. What if you spend a semester there and realize it just isn't what you want to do? Before I became a nurse, I was an accounting major at KSU and didn't finish the program but still owed money for the student loans.
    I think that is the catch-22 no one who is taking out large amounts of student loans is considering! Most think that he/she will complete the program, so why worry? Many don't realize that there are more people who do not compete nursing programs then there are that do. Those that do not complete nursing school still owe the money despite the lack of degree and license.

    A former co-worker of mine worked full-time and had a degree in another field. She paid cash for all of her pre-reqs and co-reqs. After she was accepted she quit her job and took out student loans to support herself. She had no family or responsibilites beyond her own care. Thus, everything should have worked out, however that is not the case. She did not make it through first semester and now she owes a ton of debt on top of the student loans from her first degree.
  10. by   Salamandrina
    Quote from MBA2BRN
    I think that is the catch-22 no one who is taking out large amounts of student loans is considering! Most think that he/she will complete the program, so why worry? Many don't realize that there are more people who do not compete nursing programs then there are that do. Those that do not complete nursing school still owe the money despite the lack of degree and license.
    I can't help but think that you are mistaken on this. You are really saying that more people DROP OUT OF A PROGRAM than complete it? Not a chance! And for Columbia specifically, they told us they had two (only 2) students leave the program last year and that is out of >150 that get accepted every year.

    A former co-worker of mine worked full-time and had a degree in another field. She paid cash for all of her pre-reqs and co-reqs. After she was accepted she quit her job and took out student loans to support herself. She had no family or responsibilites beyond her own care. Thus, everything should have worked out, however that is not the case. She did not make it through first semester and now she owes a ton of debt on top of the student loans from her first degree.
    This isn't just Nursing, this is grad school in general. Hell, I am not excited about all the debt but at the same time I think you need to have a little "skin in the game" as it were or you would attract a lot of people that aren't serious about their studies. Or conversely the competition for employment would be so high as to make your education meaningless.

    *shrug*
  11. by   Asherah
    Have you been checking the other threads regarding the future Columbia ETPers for Fall 2007? There seem to be more than a handful of them around here and I'm sure at least a few are in the same boat as you are. Also, I'm seconding the idea to meet with or phone the financial aid office, did you file your FAFSA yet as well?

    If they don't already, these super-expensive schools should be extra prepared to help potential students get through the process of filing financial aid and sorting it all out. Good luck to you!
  12. by   NurseLatteDNP
    Quote from Salamandrina
    I can't help but think that you are mistaken on this. You are really saying that more people DROP OUT OF A PROGRAM than complete it? Not a chance! And for Columbia specifically, they told us they had two (only 2) students leave the program last year and that is out of >150 that get accepted every year.
    *shrug*
    I disagree. We started our program with 130 students and now I am in the 4th semester, and we are down to 60. Not because they drop out, but because they fail the class. But our NCLEX passing rate is 99%.
    For the RN to MSN program here in North Texas, you have to be a RN first, that means that most hospitals are helping out in the tuition cost while you work for them. Maybe the OP can look into finding a job in the hospital that will help out.
  13. by   Dixiecup
    You should be able to borrow all you need through student loans, but the prospect of repayment is indeed scary!!

    I will end up owing about 100K after I finish my FNP. But my credit is so much in the gutter I don't expect I'll ever restore it, so I don't care if I have to skip a few payments, be late, whatever. If I don't have the money to pay it back I'm not going to worry about it too much until they threaten to garnish my wages and I think you have to get pretty far behind for them to do that.

    Now if I was trying to keep my credit in good standing that would be a different story. But these days it takes so little to trash your credit I don't know how it is expected for anyone to keep up!

    I know that sounds like a fairly bad attitude but really, they've (whoever they are!) made it so difficult for the normal person to borrow money for anything because of this new "credit score" that's all the rage, it just burns me up!
  14. by   dg05
    Hello all,

    I'm in the same boat as mazzini148. I was accepted to Columbia. I'm really committed to going and doing well, I feel like this is my life path, etc. But I just can't get past the money aspect. It doesn't seem like there are any other options other than "suck it up" or "find a cheaper program".

    Also, it seems that a lot of people are relying on loan repayment programs but it seems that even the most generous of those (federal programs at least) only pay $25K a year for 2-3 years which would still leave people in the Columbia program with at least 50k in student loans. My fear is that these demand for these repayment programs will FAR out weigh the supply and there will be a bunch of people with overwhelming debt burden.

    dg

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