BSN: 55K for 1 year vs. 4K for 2 years

Nursing Students Pre-Nursing

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Hey everyone,

As in my title, I'm in a predicament. I've had my heart set on an accelerated BSN program (a specific one) but only recently realized that I couldn't get financial aid for my SECOND bachelor's - only loans. The cost is around 55K for TUITION ALONE. It's a very reputable school, but the cost is just so high.

On the flipside, I called some traditional BSN programs in the area. With my previous BS, I can finish the BSN in only 2 years. I can only meet the deadline for ONE, and the cost is very cheap - around 2K a year for in-state residents after aid. So a total of 4K, but it will take two years.

So my dilemma: I spend only 1 year, but end up with 55K in loans. On the plus side, I would be working sooner and could pay the loans off sooner (perhaps). Plus I'm sick of school at this point. Or I could just do a traditional BSN in 2 years, but it will only cost around 4K total. Also the school isn't as highly regarded, though still good.

I just hate the fact that I will be in school 6 years for a BSN. It's kind of depressing. Advice?

Also: I already have around 18K in loans from my first BS. So the end result would be 22K to payback vs 73K. :confused:

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You even have to ask????? $55k vs $4k??? Trust me, you ain't going to earn enough in your first year of working as an RN to rationalize that difference. Plus, new grads are having lots of difficulty even finding jobs these days -- not only would you not have big loan payments to worry about with the less expensive program, but spending an extra year in school might be a benefit by itself -- you might be entering a more receptive job market by that time.

And you won't be "in school for 6 years for a BSN." You'll be in school six years for whatever baccalaureate degree you're already getting plus a BSN. Two degrees. Not at all unreasonable. Shoot, plenty of people nowadays spend six years or more in college just getting one degree. :) (Many years ago, my sister spent six years going full-time to a state university and still hadn't graduated (entirely her own fault, I assure you) -- she finally just gave up and dropped out. Six years and nothing to show for it ...)

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I just wanted to add that if in your shoes, I would NOT take out 55K+ in loans if I still had 18K in loans from the first degree.

What type of aid were you looking for? I thought loans fell under the category of financial aid.

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You are going to have a hard time getting a loan that large anyways, and do you really want to jam 2 years of school + clinicals into one...

Take it easy, both on your pocket book and sanity.

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Go for the $4K program. Nursing programs are pretty standardized, there is no way that the $55K program is significantly different or better than the $4K program. Besides, if you already have $18K in debt why on earth would you want to take on another $55K debt?? (unless you're an EU country, you won't get bailed out) Student loans are the WORST kind of debt, you can't discharge it in bankruptcy and they will garnish your wages, take your tax refunds, and even garnish your social security decades on if you can't pay them.

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Another benefit of a 2yr program is there is more opportunity to take advantage of student nurse opportunities: working part-time as an aide, participating in a student internship program, involvement with your local student nursing organization, etc. Such experiences increase both your own exposure and confidence as well as increasing your odds at landing employment upon graduation through 'a foot in the door' and/or networking.

Strictly financially, a 2 yr program might allow more availability for part-time work as a student plus all of summer break and often is less than a full two years - usually somewhere between 20-22 months from start to finish with summer break falling in there. A one-year accelerated program is usually somewhere between 12-16 months with no summer break.

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i’ll play devil’s advocate because i think the answer might not be as clear cut as it seems.

the question is: can you work while you're doing the two year program? if not, is someone supporting you financially while you go back to school?

if the answer to both is no, the absn is probably the better option. if you can’t work during the 2 year option the absn isn’t as expensive as it looks, since you’d be looking 2 years worth of personal debt of some sort while you finish the two year program.

one big reason absn programs are so popular even though most are pretty pricey is because time is a major concern for some people. and as crazy as it might sound, hundreds of students in absn and direct entry programs secure loans of 55k and up each year, mostly from private lenders such as discover or sallie mae.

also, i wouldn’t consider student loans the worst kind of debt. in fact, my finance-savvy friends claim paying off a credit card debt would improve your credit score more than paying off a student load of the same amount. and loan interest is tax deductible. also, your previous loan payment can be deferred while you go back to school. like any debt, you only run into problems if you default.

either way it’s a really big decision and i wish you luck!

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Yeah, exactly - it's not that clear cut.

I couldn't work during the two year program (most likely - I'm not sure what kind of job I could get with a BS in Biology). I won't have any expenses outside of tuition though - I am living at home and have a car (paid for).

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with that i would say you could go either way. the way i look at it, the absn program is 55k of debt, and 1 year of lost wages. the 2 year program is 4k of debt but 2 years of lost wages. if you expect to make, say, 50k per year when you graduate, the second year of the 2 year program is like losing 50k, which makes it almost the same price as the absn.

i'm oversimplifying here, but it's something to think about.

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with that i would say you could go either way. the way i look at it, the absn program is 55k of debt, and 1 year of lost wages. the 2 year program is 4k of debt but 2 years of lost wages. if you expect to make, say, 50k per year when you graduate, the second year of the 2 year program is like losing 50k, which makes it almost the same price as the absn.

i'm oversimplifying here, but it's something to think about.

again -- you're talking like it's a given that a new grad is going to immediately walk into a high-paying rn position upon graduation. look around this site -- the '09 nursing grads who haven't found nursing jobs yet are now terrified that they're getting "passed over" in favor of the "fresher" '10 nursing grads. lots of nursing grads aren't finding nursing jobs, despite looking hard for a long time. how does your math work out if op's income for that first year out of school is $0?? what happens when it's time to start making the payments on that total $73k student debt? lots of people who were "expecting" to make "say, 50k per year when you graduate" have been bitterly disappointed and are now in serious financial difficulties.

op, many nursing students work part- or even full-time while in traditional nursing programs (not so much with the accelerated bsn programs, which are much more demanding and time-intensive). it is quick and cheap to get cna training and certification (many nursing schools require this anyway) and hospitals frequently hire nursing students to work as cnas. many of the cnas i work with are currently nursing students. i have taught in adn and bsn programs in which many, if not most, of the students were working, doing all kinds of jobs -- cna in a healthcare setting, waiting tables, retail, etc. the same kinds of jobs college students have always held. most colleges/unis have offices that help students find jobs -- have you talked to the office at your school about what possibilities they may know of?

i still think, completely apart from the financial considerations, that there is a real incentive and value in taking an additional year in school and postponing the initial rn job hunt -- giving the economy and employment situation that much longer to recover ... to me, this is a no-brainer. esp. with no significant living expenses, in the current economic climate.

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like i said, i was oversimplifying. but if the op goes to a 2 year program and will not work as stated s/he is guaranteed to not be making a decent salary that second year. yes the job market is very tough, but if they do the one year accelerated they at least have the potential to begin to make a decent wage in year 2.

also, i’m not suggesting the op or anyone take 55k in debt lightly, but equally you cannot disregard the financial impact of not working or only working part time for 2 years vs. 1 year. many people do work while in school, some do not. it comes down to choice, abilities, etc.

my goal was to point out this wasn't just a black and white 55k vs 4k of debt question. everyone else was pushing the op in one direction, i simply wanted to point out the alternative viewpoints.

best wishes to all.

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One additional benefit of the 'slower' two year program is that you could likely get a position as a Patient Care Aide/Technician after you have completed the first semester of nursing school. This can be a part-time position that pays better than being a barista. Plus, you will gain valuable nursing clinical experience (and be paid for it at the same time).

When hitting the job market, students who have been PCAs/PCTs/CNAs often will get interviewed ahead of those without such experience.

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