Appropriate Debt for Nursing School

RNsRWe, ASN, RN · Aug 8, 2006

Community college ADN program = no debt for me :)

Why can't you work while in school?

OCstudent · Aug 9, 2006

The programs around here strongly advise against working+. Also, I have to keep my family in mind. Working mom + school = stress & average grades. I really can't afford that since nursing is so competitive.

That's awesome that you were able to walk away with no debt - good for you! I'm hoping to have very little. :)

DDD · Aug 9, 2006

Don't worry about comparing yourself with others. We all have unique situations. Some have families, others live at home with parents.

Like myself. I have a wife and child, a BA, going to an ADN program. I'm looking at about 35,000 in debt (including 7,000 from previous degree). I'll work part time, but I'm not going to work so much that my family and studies suffer. Be sure you're right, then go ahead! Take a risk...you'll be glad you did.

That much debt will allow you to extend your payments for 20 yrs at about $200 a month. But you can, as I will do, work a PRN position to pay it off in about 5 years.

OCstudent · Aug 9, 2006

thanks ddd - that makes me feel better! my husband works however it's commission only so it fluctuates. but realistically i'll probably have to take out a few here and there to make ends meet and ease worries. so i'm estimating it'll be about $36k total. on the other hand, i know that i'll be better focused on academics knowing the bills are being paid. :)

by the way, what is a "prn" position? 5 years is nothing so i'd like to know more about that!

thanks again.

cardiacRN2006, ADN, RN · Aug 9, 2006

I also have zero nursing school debt thanks to tuition reimbursement and my ADN program.

PRN means 'as needed'. So you don't have to promise them so many hours a week, you just work when you can.

RNsRWe, ASN, RN · Aug 9, 2006

Not sure why I didn't think to mention this before, but I reduced what my bill considerably with scholarships. You may not be able to get something right off the bat, but after a semester or two of pre-reqs, you can certainly look into applying for whatever you may be eligible. Some are based on academic merit or achievement without any further consideration (I liked those, personally) and some are designed to be given under very specific circumstances (Physically challenged Asian single mother with at least four kids earning less than $20K per year, with ties to some obscure organization). Lots in between.

Your school should be able to help facilitate the search (community colleges have scholarship offices; it's their job to pull in donors so they DEFINITELY help).

Check local banks and businesses to see if they offer scholarships. You may find you don't need anything more than a complete application to be eligible, or perhaps have a business tie of some type. Maybe a relative works for a company that offers family members scholarships--they're out there.

Sometimes, hospitals fight so closely over new grads that they will offer tuition reimbursement (aka signon bonus, but they aren't calling it that!). Can be several thousand dollars. Of course you have to wait until after graduation and then hire, but it's a possibility.

My last suggestion IS my bottom of the barrel suggestion, personally: If you're truly desperate, you can check with a hospital where you'd like to work and see if they'll offer you a tuition reimbursement WHILE you're in school. Some, most, will pay so much that all or most of your bills may be covered. Many do this as a way of guaranteeing your employment with them later, BUT (and it's a HUGE "but") you have no control later over what your start pay will be, what hours you work, what shifts you work, what unit you work. You are OWNED by them until your "debt" has been paid back in terms of the number of agreed-upon hours. I don't recommend this, but some people take it and it turns out ok.

Good luck!

NJNursing, ASN, RN · Aug 12, 2006

I worked my first year in college. Then I found out that taking 12 credits and working as much as possible (somewhere between part time and full time) was not theraputic for classes. I was getting burnt after the first year. I quit working for the next 3 years I was in my ADN program. I had a husband and a toddler.

I applied for and got a Pell grant to cover my $1100 a semester tuition. I paid for my own books which ranged from $400 to $700 a semester. Typically I'd have leftover pell grant money which was refunded to me midway through the semester to reimburse the cost of my books.

The pell grant continually paid for my tuition until my very last semester and then I took out a $3500 stafford loan which I have until November to start paying on and then it'll be about $50 a month (but of course I'll pay more and save on the interest). So that's my debt. $3500. However I was accepted into a BSN/MSN program which will be astronomical, I'm sure, but the hospital I was recently hired at will pay $5200 a year towards college costs, so I'll take 1 class at a time (at about $600 a credit hour) so that it's minimal cost out of my pocket and minimal increases on my loan.

clyen · Aug 12, 2006

My debt so far ranges close to DDD. Being single and having too many bills (car, medical, etc), I have a lot of debt racked up on Stafford loans. However, as DDD said, once you graduate and start earning the RN wages, it won't take long to pay back the loans. Also, if your school does a Perkins loan, check into that. If it stays the same, as long as you work as an RN for a year or so (it may be more, but you school would know), you can ask for all or part of the Perkins loan to be forgiven since you're going into the nursing field. Another good thing about Perkins loans if you can get them - if you get run over by a truck/etc and are no longer around afterwards, the loan gets cancelled instead of it going against your estate/being your husband's responsibility to pay. Good luck! 1 more semester and I'm done with my BSN! :-)

DDD · Aug 13, 2006

PRN positions are just part time positions that you work when you're available. They usually pay about time and a half. I'll just use those entire checks to pay off the loans.