Hello. I have questions for you West Coast grads and current students.
Can someone please enlighten me. How does one qualify for such a massive private loan?? Im baffled. My credit is so so I did not qualify. My dad as decent credit, makes 120K/year and he too was denied for private loans to this school. I currently work as a private caretaker. Now is the perfect time for me to attend this type of school. I am in my early 30's no children no marriage just a dog. I have the following pre-reqs completed from a community college
Anatomy
Physiology
Chemistry
Microbiology
Psychology (developmental)
Currently would like to attend
West Coast University-Ontario CA
Tuition price 138K Almost 139K
And also what does the payback monthly bill look like? hope I'm not being to invasive with these questions but I'm very curious as this can be me paying back this loan in a few years .
I fudged around with some numbers using the $138k figure the OP started with. I put in a Direct Subsidized Loan for $70k and a Direct Unsubsidized Loan for $68k with a 4% interest rate on each based on the average interest and subsidized/unsubsidized ratios from my own loans. For tax filing status I entered single and put a family size of 1 since the OP stated she was not married and had no children. For income I put $65k since that is a reasonable new grad RN salary. The calculator gave me an estimated monthly payment of $1367 for a repayment period of 120 months.
EDIT: Keep in mind this is an ESTIMATE. There are several other factors to consider. For example, you wouldn't be taking out the entire loan at once. So you might end up with several different loans with different interest rates. This is why I said I used the average numbers from my own loans. My loans have varying interest rates from 3.56% to 5.11%. Also, if the OP does not have a previous Bachelor's, she may be eligible for Pell Grants, lowering the amount she takes out in loans.
Regardless of these factors, however, the OP can count on payments being at least $1000/month over 10 years if the tuition is indeed $138k.
OP, you've checked out the median wage for RNs in California; you must realize this factors in both experienced RNs who earn much higher than that, with new grads who earn much LOWER than that. Coming in as a new grad RN, you can expect to be the lowest earner on such scales....not the median.
While you do recognize how very competitive nursing school placements are, how impacted the entire nursing education system is in California, you are operating under the assumption that "the faster you get done, the faster you can start working". Sounds reasonable, except for one thing: approximately HALF of all new grads in California find themselves unemployed at the one-year mark, when yet ANOTHER ocean-load of new grads hits the job postings.
What is your plan for paying back these loans if you find yourself part of the half that has no job for a year, 18 months.....2 years? Or will you be willing to move then?
I believe it's been posted on this site that the rule of thumb for nursing student loans is to not take out any more than you can expect to earn your first year.....and you are VERY well beyond that. I'm not thinking this crazy-high expense is a good plan at all......
Specializes in mental health / psychiatic nursing.
West Coast University will cost me 136K but it will also give me the opportunity to finish RN BSN program in a time of 39 monthss (3 years 3 months).
This isn't much of an acceleration, a normal BSN program would have you through the two years of pre-reqs and through 2 years of nursing classes in 4 years. Is finishing a few months earlier really worth the 100K difference in cost?
This isn't much of an acceleration, a normal BSN program would have you through the two years of pre-reqs and through 2 years of nursing classes in 4 years. Is finishing a few months earlier really worth the 100K difference in cost?
Since there is zero chance of earning $100K in the first six months after graduation.....definitely not!
Thank you all so much for your feedback on this topic. Yes the price for West Coast is quite steep. Almost to the point of complete insanity and ridiculousness. It's darn near the same thing as buying a house:nailbiting:. Now the MEDIAN wage for an RN in California is 32.23/hour
( Registered Nurses* ) this equals to well over 60k/year based on a 40 hour per week. Here is the way I looked at this situation: As a caretaker I currently make 25K a year . As I struggle to finish pre-reqs added with the amount of time it will take me to complete a BSN program not to mention wait lists, I'm looking at approximately 6 years or more to become an RN if I go the traditional route (finishing pre-reqs, wait list etc.) If I continue working as a caretaker in these 6 years of attempting to finishing a traditional RN program, I am losing out on years of precious RN salary. West Coast University will cost me 136K but it will also give me the opportunity to finish RN BSN program in a time of 39 monthss (3 years 3 months). I will be working as an RN 3 years or more earlier if I go West Coast route than if I choose the traditional route. I am losing over 100k of potential RN wage by working as a caretaker. Southern Cali RN programs are so impacted at the community colleges. It's a nightmare trying to get into a program. I did the Math and Based on the median wage of an RN in southern Cali I will be losing out on over 100k of RN wage by taking LONGER in finishing the RN program the traditional way. So I can understand West Coat Universities concept. TIME=MONEY. The faster you get it done the faster you can start making money. Just wanted to share my perspective and enlighten the issue. Ask anyone here in southern Cali who wants to pursue nursing. It's a nightmare. Community college demands are on point and extremely competitive. One CC has a requirement that you MUST reside in the county of the RN program in which you are applying to! Makes things very difficult to continue. cost of education is insane. It's frustrating, almost makes me want to have a change of heart and switch professions. and feedback is always appreciated. Thank you!
You will be losing out on more than 100k in nursing wages by going to WCU because of the cost you will end up having to pay back. You shouldn't take out more loans than you will make your first year. You WILL NOT be making $136k your first year anywhere. You will also be trying to find a job in CA of all places, one of the absolute worst job markets for a new grad. I wouldn't want to be a new grad in that market with over 100k in student loans...
I would apply to all the CC's, I got into all of 3 of the ones I applied to on my first attempt. I wouldn't be in such a rush to make RN wages when you will be giving up a significant amount of it to WCU.
yes that is correct I will be applying to the LVN to BSN and I have a few pre-reqs completed. I have taken my Hesi exam, Im going for it! I will keep everyone Updated .
. As I struggle to finish pre-reqs added with the amount of time it will take me to complete a BSN program not to mention wait lists, I'm looking at approximately 6 years or more to become an RN if I go the traditional route (finishing pre-reqs, wait list etc.) If I continue working as a caretaker in these 6 years of attempting to finishing a traditional RN program, I am losing out on years of precious RN salary. West Coast University will cost me 136K but it will also give me the opportunity to finish RN BSN program in a time of 39 monthss (3 years 3 months). I will be working as an RN 3 years or more earlier if I go West Coast route than if I choose the traditional route. I am losing over 100k of potential RN wage by working as a caretaker. Southern Cali RN programs are so impacted at the community colleges. It's a nightmare trying to get into a program. I did the Math and Based on the median wage of an RN in southern Cali I will be losing out on over 100k of RN wage by taking LONGER in finishing the RN program the traditional way. So I can understand West Coat Universities concept. TIME=MONEY. The faster you get it done the faster you can start making money. Just wanted to share my perspective and enlighten the issue. Ask anyone here in southern Cali who wants to pursue nursing. It's a nightmare. Community college demands are on point and extremely competitive. One CC has a requirement that you MUST reside in the county of the RN program in which you are applying to! Makes things very difficult to continue. cost of education is insane. It's frustrating, almost makes me want to have a change of heart and switch professions. and feedback is always appreciated. Thank you!
caliotter3
38,333 Posts
Thought I read on here one time that someone was making payments (or trying to) of about $1560 month for their WCU education loans.