Published Aug 1, 2016
Is it ridiculous for a DNP loan to be about 120k or is that average? A MSN in FNP would only cost 80k
Jules A, MSN
8,864 Posts
I guess I'm old school, paid for my education by having some savings and working the entire time.
Aromatic
352 Posts
80 k is a deal
on a new lambo
Buyer beware, BSN
1,139 Posts
Jules, me too. But today young people, vets and grandma are all clay pigeons when it comes to the loan mill industry fired up by the Department of Education and exploited primarily by the for-profit post secondary education "industry."
To be succinct, the DoED, state governments and the school"s greed are responsible for creating this gravy train tuition inflation environment.
Be glad you went to school before the deluge. The price of a nursing degree in most cases if financed by loans exclusively makes no economic sense.
Students are not to be exploited to enrich some Wall Street greed-ball that could give a hoot about the next generation of caregivers.
These folks are being economically killed. And we all know what happens next in too many instances.
I will riff on this issue till hell freezes over.
Jules, me too. But today young people, vets and grandma are all clay pigeons when it comes to the loan mill industry fired up by the Department of Education and exploited primarily by the for-profit post secondary education "industry." To be succinct, the DoED, state governments and the school"s greed are responsible for creating this gravy train tuition inflation environment. Be glad you went to school before the deluge. The price of a nursing degree in most cases if financed by loans exclusively makes no economic sense. Students are not to be exploited to enrich some Wall Street greed-ball that could give a hoot about the next generation of caregivers. These folks are being economically killed. And we all know what happens next in too many instances. I will riff on this issue till hell freezes over.
Although like with the housing bubble people also need to take some responsibility. It seems no one wants to wait for anything and will sign for whatever some predatory entity offers them if it means not having to work and or save for a goal.
babyNP., APRN
1,923 Posts
Yeah, that is too much money. My MSN cost me $60k which is steep, but I paid sticker price for a very reputable brick & mortar in a specialty that has very few programs (
Then again...I made six figures my first year as a NNP, so the loan has been pretty easy to pay off so far.
I'm now doing my DNP which costs $25k overall, but haven't put a single penny of my own money towards it. It's been paid through the hospital and scholarships so far. Getting the DNP for me is a personal goal, I don't need it to practice in my field (especially now that I have a couple of years experience).
FWIW, my BSN cost me $17k in student loans.
I totally agree that people need to know what they will make with their degree. My sibling is going to grad school next year and I asked what they would make once they graduate and they couldn't tell me. That's not the right answer. You need to know your earning potential before investing so much money and time into an endeavor such as this.
anchorRN, BSN, MSN, RN, APRN
279 Posts
120K for a DNP?!? O_O wow. Never. My first house didnt cost that much. I'm using my GI Bill to pay for my MSN (God bless Uncle Sam for that benefit), and will have 1 year of GI Bill eligibility left at the end of my program to put towards DNP should I decide to go that route. My total personal cost for graduate degrees should be close to zero.
The military isn't for everyone but the benefits sure are worth it to serve your country honorably.
Bluebolt
1 Article; 560 Posts
$120,000 for just tuition on a DNP is not a good deal. If you're calculating total costs over three years including expenses then it's a steal.
For my DNP the tuition is $82,000 for the three years. Although, since we're not allowed to work for three years during the program you also have to add in loans to pay for food, shelter, clothes etc. If you live cheaply on $30,000 a year that equals $90,000 over three years. So all together with factored in accruing interest on federal Stafford loans I'll owe around $180,000 when I get out.
Did you specify what type of DNP you're going for? If you're doing FNP then I wouldn't spend much because your earning potential to pay it back will be low. Alternatively, if you're doing CRNA DNP like myself then don't worry so much about the loan amount, you'll have the earning potential of $200,000 a year your first year out.
VETEROSA
59 Posts
That is very high loan to repay.
meanmaryjean, DNP, RN
7,899 Posts
OP is not even a nurse yet.
You need to also consider 3 years of lost wages. As a RN that would have cost me an additional $240,000 so if my math is correct you are looking at more like a debt load of $422,000.
wow thanks jules, you just reminded me that I am already out 250 of lost wages, tuition, interest, and other med school application costs and I am only through one semester of med school. I hate you lol!
After 4 years I will be out... lets say....
165x4 for wages
160k loans
30 k interest
living expenses would be in both so ill leave that out.
wont add in residency interest because I would like to sleep tonight somewhat at least
800kish
I'll go die in a closet now thanks.
Oh wait forget to add in lost wages in residency
165k-55k = 110x 4
so yeah about 1.2 million
not including losses from selling my old business.
Wont have made up the difference when calculating all the interest in till im 46, but hey 46 is young right?
Still worth it the way psychiatrist and neuro salaries are heading since one of those are my two main plans
Lol, but wait you can moonlight in residency so that will chip away some of your losses and will have truly earned the right to call yourself Dr. :) The brand new psychiatrists in my area are starting around $300,000 a year and the experienced ones ho open a cash only boutique practice make $500,000+. I'd imagine a bad ass neurologist is even higher.
Justifying it for MD wages and earning potential is a big difference as compared to most DNPs who will be lucky to make much more than $125,000, imo.