Are your student loans freaking you out?

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Specializes in Med surg, cardiac, case management.

I'm in a direct-entry MSN program full time, and I'm looking at nearly 100K in loans, a fact that occaisionally freaks me out. I was wondering if anyone else out there is in a similar situation.

Not that I regret my decision, or even that the debt bothers me that much. I know I can find a way to pay it all off--I'm used to having little money as I've worked in academic research for 10 years. ;)

But still, sometimes I do freak out a bit. :uhoh3:

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Specializes in Licensed Practical Nurse.

boy o boy, don't I know how u feel. My story is.... I'm attending a 4 yr college for my BSN, this school is $729 per credit, mind you each class is atleast 3 credits!!!!:uhoh21: and I must finish 128 credits in all, whew!! you do the math, anyway, I will rack up close to 95K, in student loans!!, Now I'm an LPN, I just went today to complete all my info before I start working, my salary $22 and hour, I was expecting 23, or 24, I new to the workforce all together and don't know if I will be able to cut my loans in half with this salary, plus other misc stuffs to pay for! I don't know if this answers your question, but I also will face a big loan amount, what can I say, we're in this together! Just plan everything out, take it slow, and try not to think about the entire loan amount-(some slight comfort in that)!;)

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Specializes in SICU-MICU,Radiology,ER.

Many of the NPs I know recieved their masters while working for a hospital or service that paid for their advanced education.

Perhaps you might consider this route (if you havent already)?

As far as entry level nurses attending ADN or BSN programs not to worry, upon graduation simply sign on to a hospital that will pay your tuition. This will of course require a commintment, usually of two years (and possibly a relocation). Maybe look into state tuition reimbursment programs as well-

HTH

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All you can do is pay those loans, one check at a time and try not to freak out. When I got laid off years ago, I had to leave school, the mortgage was in front of me, my student loans were in front of me, and all the rest of the debt was in front of me. All I could do was deal with it. I never really recovered, but I'm now housed, even though I lost my mortgaged home; I'm employed, even though I couldn't finish my education and the pay is low; my student loans were paid off with the remains of my savings, and my credit has been shot for years; but I do eat. Hope that no catastrophe gets in your way that prevents you from finishing your program and reaping the rewards in the future. All you can do is pay off those loans, one check at a time.

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Specializes in Neonatal ICU (Cardiothoracic).
boy o boy, don't I know how u feel. My story is.... I'm attending a 4 yr college for my BSN, this school is $729 per credit, mind you each class is atleast 3 credits!!!!:uhoh21: and I must finish 128 credits in all, whew!! you do the math, anyway, I will rack up close to 95K, in student loans!!

Come work for NY Presbyterian when you get your RN. They're giving me $10,000 a year for school with a 6-month service commitment. I've yet to find an employer that offers that level of reimbursement!

Stephen

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Specializes in burn ICU, SICU, ER, Trauma Rapid Response.

That sure as heck would freak me out! Why would anyone pay 100K just to become an RN? I guess I just don't understand. My RN, BSN and masters won't cost $40K total.

I think that is WAY too much money to pay just to become an RN. You could relocate to Wisconsin, spend $6K getting an ADN with no or only a short wait to get in, live pretty high on the hog for two years without working a single hour for pay, and still have way less invested than 100K.

No offense but I think that is a very un-wise investment.

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That sure as heck would freak me out! Why would anyone pay 100K just to become an RN? I guess I just don't understand. My RN, BSN and masters won't cost $40K total.

I think that is WAY too much money to pay just to become an RN. You could relocate to Wisconsin, spend $6K getting an ADN with no or only a short wait to get in, live pretty high on the hog for two years without working a single hour for pay, and still have way less invested than 100K.

No offense but I think that is a very un-wise investment.

:uhoh21:

So I don't understand - your profile says you have been practicing for 11years? So are you already $40K in debt, or is that what you are planning to spend to further your education?

As to whether or not an investment is "Wise" - some midlife career switching men need to consider spending money in order to make money. I don't want to move to Wisconsin. I want to be marketable and well trained. I agree the pricetag is high - but we can pay it back, hopefully committed to helping people while we're at it.

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Specializes in ER/Trauma.

I just bought a car (old car was 12 years old. I got tired of the brakes failing every 2 months or so...)

Car payments + insurance + Rent (utilities etc.) + student loans = one very indebted Roy! thud.gif

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I had it pretty good I guess. I had a full ride for my LPN, My ADN was 75% paid for by my employer. No I am working on the BSN side and this will be the first time I will have to pay for all of it.

Good luck to you, at least you are going into the BEST profession there is!

By the way, you are still VERY marketable with only,---(I almost don't even like typing it) an ADN/ASN. As a matter of fact at most places it is the EXACT same pay/job/responsibility. You could always get your BSN later and CHEAPER.

Tom

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Specializes in burn ICU, SICU, ER, Trauma Rapid Response.

So I don't understand - your profile says you have been practicing for 11years?

*** I have been a nurse for 12 years. 11 and an LPN and a little over a year as an RN.

So are you already $40K in debt, or is that what you are planning to spend to further your education?

*** I have no debt. My RN license cost me about $3200 at a community college, I got paid to become an LPN. The Hospital I work for is currently paying 100% of the $5400 my BSN will cost. The graduate CRNA school I am interested cost about $30,000 total.

As to whether or not an investment is "Wise" - some midlife career switching men need to consider spending money in order to make money.

*** Yes I understand but it does them no good to spend $100K on a product (entry level RN) that can be had for around $6,000. Why burden ones self with that much debt?

I don't want to move to Wisconsin.

*** I was just making a point about how much money is being spent for an entry level RN education. I am sure there are ADN or BSN programs in your area for far less money. Here in Wisconsin the ADN cost around $6,000 and takes two years for those who start with zero college credits. We have accelerated BSN programs for people who already have bachelors degrees that can be done in one year and cost a fraction of what the OP is spending.

I want to be marketable and well trained.

*** You won't be any more marketable or well trained as a new nurse than a graduate of a quality community college program.

I agree the pricetag is high - but we can pay it back,

*** Sure you can, but why would you want to? It's like shopping around for a new truck and finding the truck is selling for $100K at one dealership and $6K at another and then choosing to pay $100K for what could have been had for much less.

Personally I think it's almost criminal for a school to cost that much just to make a person qualified to get a job where they will make around $50-$60K.

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Specializes in burn ICU, SICU, ER, Trauma Rapid Response.

By the way, you are still VERY marketable with only,---(I almost don't even like typing it) an ADN/ASN. As a matter of fact at most places it is the EXACT same pay/job/responsibility. You could always get your BSN later and CHEAPER.

Tom

*** I work in a large level I trauma center's SICU. I work side by side with RNs who have ADNs, BSNs and MSNs. We all do the same job for the same money. Our nurse manager has a BSN. Her boss has a BSN.

When I graduated from my ADN program I applied to the ICUs of 5 different hospitals, I was offered a job in all 5 and got to take my pick of sign on bonuses, pay and education programs. I don't see how a person with an entry level masters could do better if they were interested in the same type of work.

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Specializes in Med surg, cardiac, case management.

I guess I should explain why I'm going for an MSN, since many of you think I'm nuts to do so.

Well, first off, you're right about me being nuts :lol_hitti

It's clearly not a good choice for many nurses, but it's a good one for me for me because:

1. I'd like to try teaching nursing, which you can only do with a graduate degree. A previous foray into high school teaching was a disaster, but college teaching I've done and like.

2. If I didn't go into nursing, my second choice was a counselor. With a graduate degree, I could be a nurse-psychotherapist.

3. I'm a researcher, and I think I'd like to do nursing research, which also requires a graduate degree. It's likely a result of having done molecular biology research for 10 years, you're always thinking "How does this really work?" and "Can we do this better?"

4. It has fewer prerequisites and less competitive admissions than the regular and accelerated BSN programs I looked into. Sounds like a dumb reason, but at 35 I don't want years of night school and repeated rejections. I'm gettin' too old for that:wink2:

It's a lot of money, I know--but I'm not so much looking for a safe a lucrative career but a challenge and a calling. Even if I have to pitch a tent in a national forest to save on rent, I'll do it. :)

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