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.
I am in the same predicament. I just graduated last year from college with a BS and now I want to go back to school for my BSN. It would only take me two years as well. I already paid WAY too much for my first degree, but what's done is done and I can't do it over again, so I'm trying to make the best out of what I CAN do. After my first undergrad, I already have $20,000 in debt. Federal aid is almost out of the question for a second bachelors degree. I have applied to 2 traditional BSN programs...both state schools, and both significantly cheaper than doing an ASBN. My thinking is that if I did an accelerated program, I would get it done sooner, BUT I would have about $40,000 more in debt. Who knows if I would even be able to find a job after I graduated! I figure if I do a traditional program, I can work part time as an aide or something and do a preceptor ship through my school. By the time I graduate, maybe the economy will have picked up by then.
Whichever path you chose, just be aware of the debt that you will be taking on, and the interest that comes along with it. How long will it take you to pay off $80,000? And you really don't know how long it could take you to find a job after graduation. The end result will be the same for whichever path you chose, you will get a BSN either way. It's just a matter of how you want to do it financially.
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).
I take it, then, that you didn't work part-time when getting your bio degree? It's wonderful if you can put all your time into studying, but for most it's *VERY* doable to work part-time while in a traditional (non-accelerated) nursing program.
Not having to worry about living expenses really gives you a lot of options. Even if you didn't work, taking a little bit longer (less than a full year!) doesn't have much in the way of a downside. You wouldn't be taking on any extra debt by taking a bit longer versus taking on *a lot* of extra debt for saving some time. AND most accelerated programs go by too fast to allow for getting experience as a part-time CNA or to take advantage of student internship opportunities, either of which can add to experience and employability.
I know a year can feel like forever especially if you feel like you're already behind the ball (eg friends have all graduated already or are in grad school and here you are 'still' an undergrad) but it's really not a problem.
It sounds like your heart is pretty well set on the accelerated program, though. So instead of focusing on the money question, maybe find out more about the two programs? Don't assume that the accelerated program *must* be better than than the two year program just because perhaps it's a bigger name school or the entry requirements are more strict. Can you find graduates to talk to? Do you know what reputation each program has in the local nursing community?
Do you have any idea what area of nursing you'll be interested in? Which school might better address that? If you're not sure what area of nursing, again, the longer route might allow for you gain a bit more direction while still a student.
After thinking over everything and reading everyone's replies, I'm going to apply to both programs. I did some research, and now I'm a lot more interested in the 2 year program, but feel like I have a lower chance of being accepted into it (it seems more competitive). When I think of the interest on 75K in loans I feel I'd be paying it off for 10+ years.
Here are some factors that I found helpful when I was struggling with the same type of dilemma:
NCLEX pass and attrition rates - I think it is crucial to consider both of these stats. You want a school that is going to prepare you to become a practicing, licensed nurse. And if the school has a great NCLEX pass rate, but only half of the starting class graduates, then there may be a problem in how they are preparing students that is being obscured by them weeding out those that the HESI indicates probably won't pass the NCLEX. At the second-degree level, a good school accepts qualified applicants, has a reasonable attrition rate, and a NCLEX rate that is at least near the state average.
Reputation in the market that you plan on practicing in - as many applicants pointed out, many new nurses are not finding jobs right now. So, going to a school that has great connections and/or reputation in the location that you plan on working in is very important. An important aspect of this is where your clinicals will be at.
Opportunites - I hesitated to attend a program that was so condensed that it would leave absolutely no time to work in a clinical setting, participate in student organizations, or take advantage of other networking opportunities. As many previous posters have voiced, right now there are far more applicants than there are new grad positions. A summer externship, part-time PCT/CNA position, and participation in organizations or activities that allow you to make connections with local hospitals drastically increases your chances of landing that crucial first job.
Liklihood of acceptance - this one is my least favorite. Like in most things, the laws of supply and demand apply to education. The more a school costs, the less people will be willing or able to pay for it. All other things being equal, the cheaper option is better. But this is exactly why many low-cost state universities have a 100+ applicants for each slot. So, holding out for the cheaper two-year program may end up taking several years.
Funding - this one is complicated. First, many private universities will include some grant money in the financial aid package. Secondly, unless you have saved a significant amount, you will have to take out a private loan to fund that much in one year. This is important because private loans are not subject to reimbursement or discharge in return for employment, work in an underserved area, or work for a non-profit. Thus, you absolutely will have to repay every cent (plus interest). And of course, there is lost earning potential - especially if it also takes several years to get into the cheaper school.
I found that the first three variables were the most important to me personally. After that, I decided what financial line I was unwilling to cross (for me it was taking on any private loans). After that, I cast a somewhat wide net with applications. That way I knew I was likely to get in somewhere that I felt good about and, if it was the cheap one, all the better! Paying $40-80 per application was painful, but really it is nothing compared to the prospective cost of tuition, years of school, and impact on your career.
I hope some of this helped. I was in your position a year and half ago and vividly remember the constant dwelling! Good luck to you!
CrunchRN, ADN, RN
4,556 Posts
1 year of lost wages is a very different thing that acquiring 55k in debt.
Have you even figured out what your interest payments on that debt would be? For a nursing degree? Totally nuts.
You will regret it for the rest of your life once you are in the real world. Just saying.....