Accelerated BSN Student Loan

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Hey all!!

So, I start my accelerated 12 month BSN in October. Tuition will be $41,500 which is on the very low end when it comes to costs of accelerated programs. I will be in the field a lot sooner, too, with it being just a year. But I have a MAJOR issue. Coming up with that money will have to be through loans, of course.

The only one I have been approved for is Sallie Mae. 12.75% INTEREST RATE!!!! Insane, I know. $675 in interest per month. But, I know it's doable. I should be able to make 1500/mo in payments as a nurse. I know all of the negatives that come with these loans. I am just looking to hear from anyone who has a similar situation or who has made it work with funding your school with a private loan.

What did you do for your funding? Are you gaining ground on your loans? There have to be some success stories out there! This is really my only option. Everywhere I look I see horror stories. I want to really discuss and research before I sign my life away on this loan that will get me to my dream of being an RN/BSN.

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Specializes in Mental Health.

That’s more money than your entire first year take home salary. Let that sink in when you are telling yourself “but it’s faster”.

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My first year take home salary will be more than that lol. Starting at 36 hourly here in MN plus OT of course.

Please explain.... so you recommend working as a nursing assistant for longer? Lol. Heck. Making a nurse salary in 12 months from now far outweighs working as an aide longer and doing a ADN program while working over a 2 year span and then coming out having to get my BSN still.

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Specializes in Neuro.

Being a slave to debt isn't fun. I've federal loans, my highest rate is 6% and that was with accruing interest while in school. Is your private loan going to earn interest while in school? If it is, then your balance will be more than $41.5k, with continued interest on the interested balance after school.

What is your life like? Are you young? Do you live at home? Do you have kids, expenses likes a mortgage, other student loans, etc? Sure throwing $1500 a month at a loan is great, but will you really? I mean will your truly be able to commit that much? If you are honest with yourself and really will be able to swing and commit to that, then sure, maybe you can get it paid off within 5 years, but, where do you want to be within 5 years? Life happens, cars break down or are totaled, you get married, you get divorced, you get pregnant....and bam, new expenses and now longer payback time and more accrued interest and higher balance on loans. Just be a realist when planning everything. Go in prepared for all potential outcomes.

A balance of 41,500 (not counting accrued interest) being paid back at 1500 a month would still take you 27.7 months to pay off...more than 2 years. Paying that at 1500 a month is somewhat steep and will require financial responsibility and discipline. Now add to that your 12.75 continually accruing interest, you may be looking at an additional 1-2 years. A minimum of 3 years of aggressive paying back at $1500 a month is doable, but may require sacrifice. If you can do that more power to you.

Just giving food for thought.

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Not to be negative, you also still have to factor in some stuff that might happen after you complete your program. I've seen about 100,000,000,000,000,000s posts about people not passing the NCLEX, sometimes not just one time, two or three! I hope this doesn't happen to you, but what if it does? It would delay you getting out there and getting a job. If it's like any other Sallie Mae Loan, they typically give you 6 months after graduation and then you have to start to pay.

Also, how soon will you obtain employment. It might take awhile. Again, there are tons of posts on this site about people waiting months, even close to a year to land the first job. I hope this doesn't happen, but if it does......do you have extra cash to begin those payments once they come due if you are not working as a RN?

I wish you the best of luck and hope it all works out for you!

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Specializes in Mental Health.
3 hours ago, chapm199 said:

My first year take home salary will be more than that lol. Starting at 36 hourly here in MN plus OT of course.

Please explain.... so you recommend working as a nursing assistant for longer? Lol. Heck. Making a nurse salary in 12 months from now far outweighs working as an aide longer and doing a ADN program while working over a 2 year span and then coming out having to get my BSN still.

Take home = after taxes. And no, it will not be a lot more than that.

Yes, if you took one extra year and did a two year program you would be in way better shape financially.

If you live somewhere that you can work as an ADN, the BSN will cost you next to nothing because your employer will likely have a reimbursement program.

It’s your money, I couldn’t care less what you do with it I’m just giving you the reality of it because it’s sad how many people make these types of bad decisions. That’s not even factoring in the awful 12% rate you have.

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Specializes in NICU.
12 hours ago, chapm199 said:

What did you do for your funding? Are you gaining ground on your loans? There have to be some success stories out there!

One of my credit cards (Citicard) offered a balance transfer to my checking account. It was 0% for 18 months (4% transaction fee). I was fortunate that my ABSN program only cost $5k/ semester for a total of $20K. Once my 18 month loan period was up, I transferred the balance to another credit card with the same offer 0% for 18 months. That was equivalent to a 2.66% loan for 36 months. The balance was paid off by the end of the second loan period. If it wasn't, then transfer the balance again. A 12.75% loan seems outrageous.

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Specializes in SRNA.

Did you try discover student loan? Also look at credit unions. PenFed gave me a 5.6 fixed rate after I consolidated with them to beat discovers 8.7% APR.

No way in h*ll would I take a 12.75% APR student loan for 41K.

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Lol thanks! I am going to check them out!

exactly where I’m at. No way in hell I can get myself to sign a loan at 12.75%. No matter what the amount.

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Specializes in Emergency department.

WGU. Check the price tag. That is all.

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On 8/16/2019 at 5:43 PM, chapm199 said:

My first year take home salary will be more than that lol. Starting at 36 hourly here in MN plus OT of course.

Okay, but then you have federal income tax, SSI tax, and if I'm not mistaken, MN has state income tax on top of it. Not exactly a king's ransom.

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Very true ! Update luckily- I was able to get a loan with Wells Fargo for 4.9% interest rate. Much better. Feels like a weight lifted....

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