Accelerated BSN Student Loan

[chapm199]

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.

[chapm199]

On 9/1/2019 at 8:13 AM, Frenchirn said:

WGU. Check the price tag. That is all.

Haha yea it’s only 30K but takes 2.5 years versus 1 year. That’s 1.5 years of salary as a nurse. Definitely gonna pass on WGU.

[Tacocat, ADN, RN]

You seem weirdly adverse to anything anyone says, especially for someone asking for advice?

Do you already have a network and job leads? Hiring managers, friends in high places? Because you seem awfully secure that you're going to graduate on time, pass NCLEX in your first go, and find a job as soon as your license is in hand.

Life happens. Have a backup plan.

[spacekitten9643, BSN, RN]

On 8/17/2019 at 3:00 AM, NICU Guy said:

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.

Where on earth did you go for only $20K for an ABSN program? Every program I look at ends up being $50K+, it's insanity

[londonflo]

On 9/9/2019 at 10:30 PM, chapm199 said:

it’s only 30K but takes 2.5 years versus 1 year. That’s 1.5 years of salary as a nurse.

This is what the so-called admissions people are told to say when you apply. "What you make in your first year (plus OT, plus picking up extra weekends and holidays) will cover the (exorbitant) tuition we charge."

There was some one on here years ago who took out a tremendous amount in living and tuition loans, counting on paying it back with OT. After graduation, he didn't find what he was hoping for.