Accelerated or Trad. BSN costs???

Published

i saw a couple of posts in regards to the absn vs. bsn route; however my questions are in regards to the cost. i did my research and it seems absn students do not get any financial aid and have to borrow private loans.

i am confused on what to do because i got accepted for fall 2010 to a bsn program as a transfer student (will graduate may 2013 even after i completed the pre-reqs before applying :mad:) and was given $40,000 in grants and scholarships:yeah:, so all i have to pay is $5,000 a year (thru fed. subsidized loans). on the other hand, i am on the wait list for drexel and u rochester's accelerated bsn programs for spring 2011 and i heard i will have to take out at least $35,000 in loans, however i will be done by 2012 and probably get a job to pay off the loans. i am sooo confused on what to do because i have until august to make my decision and hopefully hear from the schools that waitlisted me (drexel will notify me by december 2010 or january 2011)...any advice will be highly appreciated!

Up Vote Up Vote ×
Specializes in LDRP.

I'm starting an ABSN program next month, for which I am taking out $30,000 worth of federal and private student loans. (I sincerely hope I get a job soon after I graduate, to make indebting myself worth it!) I unfortunately don't qualify for any grants.

I wanted to remind you about Stafford federal student loans. There are subsidized and unsubsidized Stafford loans, both of which have a fixed interest rate (currently 6.8%), and there is a 6 month grace period after you graduate before you have to start paying the loans back. As far as I know, for the subsidized Stafford loans, interest doesn't start accruing until you graduate. However, interest starts right away with the unsubsidized Stafford loans. Fill out a FAFSA (at fafsa.ed.gov) to see how much you qualify for.

Private student loans should, of course, be a very last resort, but they are often necessary, like in my case. My advice with this is to get a co-signer if possible and do a little research among different banks; however, I found that most banks' offers were essentially the same. Remember that a bank that offers you a lower interest rate may get you somewhere else, like by having a loan fee.

My school's financial department actually had an advisor to talk to students specifically about getting loans and would explain loan terminology so that it actually made sense to me. Find out if your prospective schools have some such advisor that you can consult with and get advice from.

I wish you the best! Financial aid can often get very complicated, and it's always good to have a knowledgeable source from which to get advice! :)

Up Vote Up Vote ×
Specializes in Critical Care, Postpartum.

OP, the reason why most ABSN students aren't getting financial help (meaning just grants) because people who are entering the ABSN/AMSN programs already have a degree in another field. This is something that prevents us from getting those grants. However, there are 'Non-Traditional' scholarships and grants to students. The ABSN program I applied to gives out scholarships and I've personally found 2 additional scholarships. I won't be taking out any loans for my ABSN program. The gov't has already paid for some of my prerequisites classes and said they will pay the tuition for my ABSN program if I get in.

Everyone hopes to get a job after graduation or even a few months before. If you need to take out loans, then due so. But, I must add, see what scholarships you can apply for. It doesn't hurt to try.

Up Vote Up Vote ×

Thanks so much guys!!!

Up Vote Up Vote ×
Specializes in psychiatric, LTC, acute, rehab.

Anything accelerated or going to a private school will always cost more because they can charge whatever they want basically...be careful of which programs you choose to go to because you can't transfer credits and if you go to for instance Kaplan which charges about $40 for the 2 yr program (private loans only) most places won't hire you because they feel that their clinical training isn't strong enough. Keep in mind that even though nurses are in demand it's hard to find jobs right out of school becuase there are so many of us trying to get the same jobs

Up Vote Up Vote ×
+ Join the Discussion