Curious about debit from accelerated BSN programs

Well first, it's debt. Debit is a kind of banking transaction.

Second, it depends on the ABSN program. I am in one at a state school and the tuition is around $4000 a semester for 4 semesters, so $16k. That being said, $80k in student loan debt can be extended to 30 years in repayment (if they are all federal loans) and monthly payments at 8.5% interest would be $601, so you would hardly need to make 145k.

Thanks for the reply Jbeau. Still, not sure if I want to repay that kind of debit until the day I retire. What program are you in? Thanks! ~Amy

I am in University of Southern Maine's accelerated program. If you don't have Maine state residency though, it'll cost more than my $4000 a semester. Look into your state school's programs.

Well first, it's debt. Debit is a kind of banking transaction.

Second, it depends on the ABSN program. I am in one at a state school and the tuition is around $4000 a semester for 4 semesters, so $16k. That being said, $80k in student loan debt can be extended to 30 years in repayment (if they are all federal loans) and monthly payments at 8.5% interest would be $601, so you would hardly need to make 145k.

4 years is not an accelerated program.......not what OP was referring to.......

your best bet is to find a program that is associated with a hospital....I did an accelerated BSN in Rochester NY at the U of R and there were a few people in my class with their first Bachelors in Biology and they worked the min of 17.5 hours a week in the lab at the hospital that is associated with U of R- the medical center-- and they got 2 classes covered each semester for that and then signed a contract to work for I think maybe 5 years for the hosptial as an RN after graduation and they got the other 2 classes covered for each semester this way....then you can continue to work there and get your masters paid for as well.

If you are interested in upstate NY check it out.

4 years is not an accelerated program.......not what OP was referring to.......

Jbeau said 4 semesters, not 4 years, so it is what OP was talking about. I'm starting an accelerated program this summer and what makes it accelerated is that the four upper division semesters of nursing are done back to back, so the program's completed in 15 months. My program is at a state school so tuition's only about $3500 a semester.

I have $14K in debt from my ABSN program - but I was lucky in that we were able to pay a chunk of the tuition out of pocket. Many of my classmates have much more than that.

On $20K, I'm paying $370 a month for federal loans. I have no private loans and my APR is 5.0 to 5.5%, depending on which loan you're talking about. Federal loan consolidation has been suspended, so I'm stuck with this for a while. But I don't think it's horrible.

carolinapooh, you can still consolidate with the federal government. Look into that.

It really depends on what state you're in and what the public schools there have to offer. That's likely to be the least-expensive option.

Other than that, check into those pricey private schools. You may find that private schools have a lot of foundation monies available for scholarships. One of the pricey ones I looked at offers some kind of scholarship to everyone admitted...even those who do not demonstrate extreme financial need. By the time you figure in any scholarship money the school offers you and the chances of getting a better job faster if you graduate from a big-name institution, it may all be worth it in the end.

You have $20,000. in debt, not debit.

I have $14K in debt from my ABSN program - but I was lucky in that we were able to pay a chunk of the tuition out of pocket. Many of my classmates have much more than that.

On $20K, I'm paying $370 a month for federal loans. I have no private loans and my APR is 5.0 to 5.5%, depending on which loan you're talking about. Federal loan consolidation has been suspended, so I'm stuck with this for a while. But I don't think it's horrible.

How many years did they give you to pay back the loan? Thanks!

You could spread it out over 30 years, but that tacks on another $140,000 in interest.