Accelerated BSN Funding

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Hello,

I applied to 2 of the top [state] nursing schools/programs in my area and got into both: one was a community college program (not sure if it included an RN to BSN after the associates was obtained, but I don't recall seeing it when I applied) and the other was an Accelerated BSN program as I already have a 4-year University degree in English Literature (please, don't ask - I don't regret it, but others do for me).

That said, I only have around $12.5k that the government will give me toward this second bachelors degree. The rest all falls on me. Clearly I will have to take a loan. I am nervous about it, and have been reading all the posts on here that strongly advise against taking out a student loan for living expenses, but I am single and still live at home with my parents (who do not have $41,000 for the 58 credits required to graduate let alone the other expenses the school is extorting charging me), and I don't want to risk working my current 6 p.m. - 10 p.m. job where I was already reprimanded for doing homework (when I was doing pre-reqs) during my down time. Furthermore, classes are more-or-less 9-5 3x/week, and the program assistant let us know that depending on placements for clinical rotations, we could be going anywhere from 30 minutes - 2 hours away if we're one of the lucky few, and "no, [they] do NOT know where you will be placed until around the week before you start, so don't ask us unless there are extenuating circumstances like DSS may get involved, etc."

Now, I got the decision to go to the accelerated program about a month prior to getting the decision letter for the community college program, and the accelerated program only gave us about 2 weeks to make a decision, so I was literally unable to even decide: it was kinda chosen for me, because I couldn't wait for the community college acceptance or denial (I did end up getting in).

With all these factors in mind, the federal LOAN, because I'm sure that's what I'll get, will not be enough to cover me, and yes, I plan on quitting my job, because the program is 4 semesters straight (including summer with ~16 credits/semester). Yes, people have/can/do work (and have kids and lives) during these programs, and I commend them, but this is my second chance at finally getting a career, that I [whomever] willing, I will enjoy and be able to sustain myself and finally move out of my damn parent's house.

TLDR: I hate the idea of taking out loans period, but it will be necessary, and I was quite careless (i.e. EFFING STUPID: currently standing at around $12k, and am looking into factoring that into my loan so as to pay it off) with regard to my credit card spending and will need to pay that off as well as have living expenses for 17 months, because although I'm living at home, this is America, Jack, and I can't live for free even if my parents are nice enough to let me stay. Does anyone have any experiences with taking out a loan for living expenses? I'm thinking about taking out ~$55k and hoping that's enough. My federal loan amount is around $35k. Again, I know this is ill advised, but does anyone have any advise on a side hustle or what life after taking this route is like?

I appreciate any/all responses in advanced. Thanks.

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Hello!

I am actually in your exact same position and am planning to take out private loans on top of the federal loans I've already been given.

I have also seen many posts on discouraging against student loans. I am debt free from my first bachelor's degree and 30 years old, so yes, taking out loans is scary for me too. But if you are diligent to pay them off after school (stay with your parents after school, work overtime/holidays/weekends, etc.) you can create a plan to pay the loans off in a short period. I recommend subscribing to Dave Ramsey for help with creating a plan ?

I am hoping to work PRN once a week, but I won't really know how that will work out until I start the program in the fall. I am not letting the cost or debt scare me because the main reason I am switching to nursing is for better pay/career opportunities and I am sure I will be much happier in the long run. Good luck!

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Take a second look at the community college option. How much would you save?

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Specializes in school nurse.

Well, having more debt definitely stinks.

Just to add more angst- why are you so sure you'll find a job afterwards? (This site is replete with new grad stories talking about their difficulties getting work...)

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3 minutes ago, Jedrnurse said:

Well, having more debt definitely stinks.

Just to add more angst- why are you so sure you'll find a job afterwards? (This site is replete with new grad stories talking about their difficulties getting work...)

I know plenty of new grad nurses and none of them had difficulty finding jobs after school. Most of them had job offers before they even graduated. I think it all depends on where you live.

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Specializes in school nurse.
Just now, nets5010 said:

I know plenty of new grad nurses and none of them had difficulty finding jobs after school. Most of them had job offers before they even graduated. I think it all depends on where you live.

I guess then that I'd advise the OP to gauge the market in her area.

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I borrowed 30,000 to do an accelerated second bachelor program. I recommend this route due to your age. You can move anywhere with a BSN and have a good chance at a job. It took me about 5 years to pay back the money at 8% interest. You'll just have to work really hard and pick up some extra shifts here and there.

More than 30,000 would have been scary for me and I'm not sure you can work much while in the nursing program. Mine was very demanding and they just didnt care. I'd be studying med flashcards at 5am after getting 2 hours of sleep before a 12 hour shift of clinicals. No one cared. I had to work just as hard as everyone else.

Maybe you can have an honest discussion with your family and live for free with the understanding you will pay them 100 dollars a month, once you are finished with the program.

Good luck with deciding! I've been a nurse a long time and do not regret going straight to a BSN.

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Specializes in oncology, MS/tele/stepdown.

I understand choosing the aBSN program, because I did it myself. I do tell everyone to go the CC route because there's very little funding for second degree bachelor's programs, but you've already made your decision. I do question why you think you can't work and go to school? Taking out extra money vs working seems like a no brainer.

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51 minutes ago, unknownjulie said:

I borrowed 30,000 to do an accelerated second bachelor program. I recommend this route due to your age. You can move anywhere with a BSN and have a good chance at a job. It took me about 5 years to pay back the money at 8% interest. You'll just have to work really hard and pick up some extra shifts here and there.

More than 30,000 would have been scary for me and I'm not sure you can work much while in the nursing program. Mine was very demanding and they just didnt care. I'd be studying med flashcards at 5am after getting 2 hours of sleep before a 12 hour shift of clinicals. No one cared. I had to work just as hard as everyone else.

Maybe you can have an honest discussion with your family and live for free with the understanding you will pay them 100 dollars a month, once you are finished with the program.

Good luck with deciding! I've been a nurse a long time and do not regret going straight to a BSN.

I needed to hear this! Thank you!

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Specializes in Nursing Professional Development.

Am I reading you right? You are going to take out a loan for $55K just for living expenses? Or is that amount what the total size of your loan will be? Why can't you live with your parents a while longer and cut your living expenses?

If you will need $55K just for living expenses -- think again. A lot of people live on a lot less. Swallow your pride and stay with your parents for as long as they let you.

In general, the recommendation is that your total loan should not exceed your yearly salary. Do your research and find out what you can expect your salary to be in your first year or two after graduation in the region where you plan to live. (Salaries vary greatly by region.) Then don't exceed that amount in loans. If you borrow more than that, you will be playing with fire and you might get burned.

You asked what life is like for people who take out huge loans. The answer is "pretty bad." Either they work too many hours to pay back the loan and become "burned out" very early in their careers ... or they spend years in debt. Some people never get out of financial trouble and spend the rest of their lives feeling poor and stressed about money.

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Specializes in Psych, Addictions, SOL (Student of Life).

How exactly is tuition considered extortion? I know you crossed it off but Tuition is money paid for services rendered. When you expect to be paid for a days work are you extorting your employer. Does the grocery extort money from you by not allowing you to walk out without paying?

Hope you get my point.

Hppy

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10 hours ago, hppygr8ful said:

How exactly is tuition considered extortion? I know you crossed it off but Tuition is money paid for services rendered. When you expect to be paid for a days work are you extorting your employer. Does the grocery extort money from you by not allowing you to walk out without paying?

Hope you get my point.

Hppy

$40,000 for 17 months of just classes ($600+/credit multiplied by 58 credits) isn't even the tuition part. That also doesn't cover the cost of required licenses or shots (e.g. BLS or titers) before you can even start clinicals, gas money to GET to clinicals, maintenance on your car, the $500 deposit to keep your spot in the program, etc., etc., etc. It's a lot of money. $40,000. No one is saying the professors should work for free or I deserve a free BSN for being a bump on a log: $40,000 is a lot of money for JUST classes is insane to me personally.

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