Columbia ETP 2015

Published

Has anyone started a thread yet? The application is due in 174 days and as you can see I'm already obsessing.

Anyone else?!

Eh I'm guessing that article is targeted at undergrads with significant debt, and those with debt from programs that don't pay very well. They also indicate the issue with student debt and home buying is when debtors don't make payments. I don't have much debt left from undergrad and have never missed a payment. As a PMHNP I will certainly be able to make my loan payments, so long as I pick schools wisely.

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If you pay your loans on time and don't let them go into default you should be fine. I will say that having a high debt payment will impact your debt to income ratio and will likely let you qualify for a smaller loan than you would have gotten had you not had debt. You can rent and save money for a down payment while paying off your debt and be well situated to purchase a home.

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I do think it's smart to be concerned though. This much debt should not be entered into lightly. It can impact your life for years to come.

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When it comes to buying a home, lenders will not only look at your payment history, they will also consider your total debt load. If they see you have $200,000+ student debt, and that you want to take out a $500,000 loan to buy an apartment, and your income is $100,000/year, I am not sure how favorably they will look at you considering that your total debt will be $700,000+. At $100,000/year pre-tax, $700,000+ will literally mean living paycheck to paycheck for the rest of your life.

Scary, and depressing...

Eh I'm guessing that article is targeted at undergrads with significant debt, and those with debt from programs that don't pay very well. They also indicate the issue with student debt and home buying is when debtors don't make payments. I don't have much debt left from undergrad and have never missed a payment. As a PMHNP I will certainly be able to make my loan payments, so long as I pick schools wisely.
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They look at your monthly debt to income ratio the most. I was a real estate agent in a former life. There are certain ratios for different types of loans.

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NMW, it seems like your gut may be telling you to go to the state school. You should listen to that little voice that is sending alarm bells. Just because Columbia is a great program doesn't necessarily make it the right program for you.

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Hi naicay! I also got in for midwifery and am still ecstatic about the news! I submitted my deposit yesterday and filled out my housing form for dorms. I am coming from Massachusetts so I'm hopeful that I can score a dorm, if not, I'll be happy to look into affordable rooming with nursing students in the area. I will be there on visiting day and can't wait to meet you all!

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Correct me if I'm wrong, but it just seems like taking on $200,000+ student debt for a $100,000/year income is untenable when you factor in living and mortgage expenses, unless you have a rich benefactor (be it a husband, or family) to support you.

Am I missing something here?

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So I reworked the numbers and it looks like a total of $196000 (including cost of living). I double counted a few things when I crunched the numbers last week. Then most students get $25k the first year, and $10k in the specialty year. That's still a good chunk of debt. My understanding is that most hospitals have some form of loan repayment in exchange for you staying there for a certain number of years. Then there are public service loan forgiveness programs on top of that. Perkins loans allow a bit of loan cancellation for NPs after a few years of work.

There are lots of programs available to NPs. There are also a lot of scholarships out there once you start a program. The nurse corps is also worth pursuing after you complete the RN.

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I just accepted an offer at another school and turned down my Columbia offer. I simply couldn't justify the cost of the program, along with the prospect of relocating my family to NYC. Anyone on the PMHNP waiting list, congrats! And congrats to everyone else- I wish you all the best of luck : )

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Good luck to you. Which school did you accept?

I just accepted an offer at another school and turned down my Columbia offer. I simply couldn't justify the cost of the program, along with the prospect of relocating my family to NYC. Anyone on the PMHNP waiting list, congrats! And congrats to everyone else- I wish you all the best of luck : )
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I'm looking at the different options of "towers" they have. How did you rank your preference? I'm looking at the descriptions, but I don't really see any major differences. lol

Hi naicay! I also got in for midwifery and am still ecstatic about the news! I submitted my deposit yesterday and filled out my housing form for dorms. I am coming from Massachusetts so I'm hopeful that I can score a dorm, if not, I'll be happy to look into affordable rooming with nursing students in the area. I will be there on visiting day and can't wait to meet you all!
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