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Discussion

Average DNP loans

Is it ridiculous for a DNP loan to be about 120k or is that average? A MSN in FNP would only cost 80k

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    • Expert

    I think it is a bad idea. The general recommendation is that your total student loan amount (for all degrees combined) should not be more than you can reasonably expect to earn in your first year of practice. Unless you have some inside track on an exceptionally high paying job, $120K is too high. In most areas of the country, it would be way too high. But in some areas of the country ... or if your cost of living is going to be exceptionally low ... and you have no interest in buying a house or a car or going on vacation or having kids for many years, etc. then it might be OK.

    Run the numbers. If you paid back $1000 per month, you'd probably get it paid off in about 15 years. Does that sound attractive to you?

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    OP: "Only cost"...at what rate of interest and compared to what projected return on investement? Debt peonage is never a solid life-plan. Dreams and aspirations notwithstanding.

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    I have to ask as it is not apparent from your previous posts- are you even a nurse yet?

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    • Expert
    A MSN in FNP would only cost 80k
    Only $80,000? That's a great deal of money.

    $80,000 financed over 10 years at a 6.875% interest rate results in a payment of $924 per month for many years to come. In addition, some FNPs do not earn much more than $80,000 annually in areas with lower costs of living.

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    • Expert

    Moved to the DNP forum.

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    Yes. Very ridiculous! Don't do it.

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    I'm 100k in student loan debt, but that is from my first two bachelors PLUS my MSN. My payment is about $700/month (on the 30 year fixed plan) and is manageable, but I would feel MUCH better not having it/paid out of pocket for my MSN (which was unfortunately not an option due to family circumstances). I'd go to a state school and do it slowly and pay it off as you go, that is the best bet.

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    120k is a lot..... thats about what med school costs. I wouldn't spend 120k on a nursing degree even if it was from like yale.

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    Yeah, 120k is way to much if that is just tuition. If that is total after all education from misc undergrad etc, then you can work with it, but 120k for just the NP portion is the school ripping you off.

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    • Expert

    I'll have my DNP-FNP in May 2017 and will have about 30k of debt. I actually borrowed more but the scholarships etc. paid back some of them. If they hadn't, if I had just paid for school with nothing but loans, it would have been around 54k.

    120k is way too much for a DNP.

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    ONLY EIGHTY THOUSAND!!!! ONLY 80k.

    With tuition reimbursement from my workplace and taking 1 class a semester I will finish my entire MSN for well under 18k, and next fall when I continue on to my DNP/FNP program, I will be able to finish that for under 13k...

    So yes, 80k is WAY to much, 120k is not even worth talking about. If I wanted to go that far into debt I would have gone to med school.

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    • Expert

    I guess I'm old school, paid for my education by having some savings and working the entire time.

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