DNP FNP school loan

Nursing Students NP Students

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Specializes in ICU, Triage, Home Health, primary care FNP.

If you're going to chastise me for considering taking out student loans, that won't be helpful so please don't respond to this thread with negativity. I only need helpful and constructive advice based on your experience regarding navigating student loans while in NP school. Here is my situation:

I am a 40 year old mother with a 3 and a 6 year old. I bring in half of our household income. I have over 10 years of bedside experience and work in the ICU part time. I got accepted to a DNP FNP program (no masters option where I live and no, I can't do online/distance learning). I am trying to wrap my head around how to finance my education: I'm thinking of taking only 1-2 classes per semester, work extra, maybe wait until my son is in kindergarten. Part of me thinks that taking out a significant amount of student loan would be worth it because eventually, I will be making at least twice as much as I am making now (I only work 7-12 hour night shift/month), my son won't be needing childcare by then, and I will be able to work full time as an NP. What are you thoughts? I appreciate your input.

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Specializes in NICU, ICU, PICU, Academia.

What if 'helpful, constructive' advice goes against what you want to hear? Are you open to that?

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Specializes in ICU, Triage, Home Health, primary care FNP.

Yes, I am. I want to hear people's input or experiences whether it's good or bad. Thanks!

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Don't listen to all the negativity here. If you want to be an NP, go for it! Only you and your significant other know your budget. Estimate your future earnings as an NP versus the monthly student loan payment you can afford. Some loans provide income-based repayment plans. This is completely your decision.

You should also try for scholarships and grants. Must states have their own programs and there are federal programs through HRSA, as well. You should also research and apply to any other scholarships and grants you are eligible for. The states and fed also offer loan repayment programs in return for working in medically underserved communities. So does the VA (Veterans Administration).

Good luck.

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I think the vast majority of NP students have student loans. Of course, it would be great if you had a big pile of cash to fund your education. We'd all love that. Education in a field such as nursing (or anything medical) is a great return on investment. The interest you'll pay for unsubsidized loans is a small price to pay for a better career with an average salary of $100k/yr.

I've got loans for my FNP program and did not bat an eye about taking them out. Sure, it's a chunk of money -- well worth it, though. After all, my career is something I'm going to be spending 40+ hours a week doing for the next umteen years.

Just don't take out foolish loans that fund your lifestyle rather than your education. That's where people get into a fix. Tuition is $5k and they take out $7k to fund their lifestyle. My advice would be to take out what you need for tuition, only.

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Specializes in Neurology, Psychology, Family medicine.

My advice on all student loans is this. Your loans when you graduate should not exceed your expected income. This I feel is solid advise and should direct your thoughts on the subject. Loans are nothing if the end goal is a career that brings you satisfaction and in 10 years you can pay them off from the increase in salary. Good luck

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Go for it. I am a mother of four kids, ages 8, 6, 4, and 2. I also bring in about half the income, maybe just a little under. I'm just going part time in my program, which is going to cost about $70,000 (excluding books) for a BSN to DNP. I'm in an acute care NP track so I also cannot complete my program online. I chose to take out student loans to pay for my education because I have a large family and cannot afford to drop my hours at work. I'm confident I will be able to pay these off when I'm done with school because of the jump in income. So far, the curriculum is very doable, though I am only in my first semester. Best of luck!

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Specializes in ICU, Triage, Home Health, primary care FNP.

How many years are you thinking it will take you to do the program part time? For me, I think 4 years is reasonable.

Best of luck to you too! Wow, 4 kids and going to school and work. You are amazing! Thank you for your realistic response. The median income for most of the NP's in my area is more than the amount that I plan on taking for student loans and plan on setting aside $1,000 a month once I start workin as an NP to pay for the loans. I'm hopeful.

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That's a great idea! I may do that as well! And thank you, it can be challenging! I am hoping to complete it in just under 4 years but no longer than 5. I tend to get impatient and stack classes on and overwhelm myself. I probably could've taken three classes this semester since it's not so bad right now. I'll have to reassess everything once clinical starts. I know that'll be intense!

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