Debt! I'm making the right choice, right?

[reganette]

This is long -- so sorry... I'm venting (/crying) and I'm so afraid of what people might say, if there is any response at all. This is a really personal and important subject to me so be kind please.

I'm graduating this month from college (private) with a large amount of debt. I was initially going to become a teacher, so I'd go on and get my MS in Teaching and be even more in debt, and play it off forever. I'm going to work for a career, so I'm ok with having some loans, as long as I can make the payments.

Anywho, about a year ago I decided that I would be unhappy as a teacher, and what I really wanted was to become a nurse. I know I want to be a nurse. I know that this is the right choice for me, I am positive that this is what I want to do with my life. It was too late to switch my major, and I just figured I'd graduate and apply for an ABSN (after I get my pre-recs done at the local Community College - I'm working on them already).

So, I'm from Downstate NY (right outside the city) and I've been looking at programs, and they are priced astronomically! CUNY Hunter is affordable, but insanely competitive. The rest are 50,000+ (NYU - a dream of mine - is 70,000). I'm kind of freaking out about how much this is going to end up costing me.

I will be applying for financial aid (inside and outside the programs, like for example, Tylenol has a scholarship), but there are no guarantees in life. I'm a serious planner and budgeter, and I've made calculations and spreadsheets with what I'll have to pay back, the timelines, how much it costs to live in NYC when I graduate nursing school (all the insane extras included).

I can't just become a CNA or get an associates, because the hospitals in NYC and the burbs are not really looking to hire new grads without a BSN (from what I've read.. and in this competitive market, I don't know if it's worth taking the chance that they will).

I get it, I know everyone's going to tell me I'm insane for having so much debt and to not persue this degree. Please don't reply with stories about how you graduated with this little amount (because it will only make me further regret my first degree... who lets an 18 year old decide what they want to do with the rest of their lives, anyway?), or I should wait and things like that.. I can't wait. I'm going to need a job! I'm already in the hole, and I can defer my loans when I'm in school..

I need some support! I think I just need to hear someone say I can do this and I'm not an idiot. I find that people here can be overwhelmingly kind or brutal... I just feel like I'm in expensive limbo

[A1551]

I'd say go for it!

I'm in a very similar situation -- also in the NYC area, I'm actually starting Columbia's ABSN program (1 yr long) - and still had tons of undergrad debt from my first degree. I also have a massive spreadsheet with all sorts of financial modeling, budgeting, forecasting, etc. lol that I used to figure out how the heck I'd financially survive it! Glad to know I'm not the only spreadsheet nut :)

It probably will be bad in terms of loans, but theres plenty of people who graduate with degrees in bubble blowing with $100,000K+ in loans, and if they survive, you will too right

In your planning, keep in mind the sooner you graduate and get working, the sooner you'll be getting paid. SO a shorter accelerated program may seem like a lot, but if you get out a year or more earlier thats $60,000+ you'll earn in the grand scheme of things that you otherwise wouldn't

Another item of note - the Columbia program is about the same price as NYU sticker value, but they give virtually everyone a scholarship worth $22.5K for the program. I had to decide between both programs (and have heard wonderful things about each) and went with Columbia for that reason and a few others.

IN terms of your prereqs -- don't know how much you have to do but you can do them at one of the CUNY's to save money. I took my prereqs at BMCC, was literally free after last years fed. stimulus tax rebate for education, I felt the quality of the classes were (mostly) as good as I got from my undergrad school, and in some cases were better.

Finally, I saw someone mentioned loan forgiveness. I doubt PRIVATE loans would be forgiven, which is what the majority of your second degree with be financed with. The only federal aid you'll be eligible for is loans, and eligibility will be capped at $12,500 a year. So if you attended NYU at 15 months long, you'd get something like $18,750 in federal loans, which would be eligible for the new rules...but the rest (a lot) wouldn't be.

Anyway, good luck!

[Junebugfairy]

if i were you, i would either enter a traditional bsn program, like another poster mentioned, or get an associates degree, then get your bsn.

pre req's in sciences are necessary, if you do not already have your a&p, microbiology, chem, etc.. you could fairly cheaply take these at a community college.

associates degree nurses are being hired, so are bsn nurses, but the economy is hurting everyone, so even with a bsn you could wait some time before you are hired.

[JStylesNY]

Since you already have your BA, you might want to look into Pace University.

I've heard its about 1 year (maybe 1.5) for those who already have a BA/BS.

Cost is somewhere around 45K.

Additionally, you can also look into the Navy's Nurse Candidate Program.

They pay you $1,000/month as stipend + tuition assistance + books.

I was living in NYC, but after graduating high school I came to buffalo to pursue my BSN at D'Youville College. Compared to NYC, rent here is dirt cheap (navy takes care of that). Tuition is about 20K yearly (navy takes care of that too).

Obligation to the Navy would be 4 years of service after graduation. 3 years if you're with the candidate program for only one year. I think its a great idea =/ the navy pays nurses well, and after you get out of the Navy, what hospital will reject you when you have military nursing experience on your resume?

-best of luck

Tan

[WabashRN]

Since you want to do school from home I would personally recommend checking out a distant learning program. They're really increasing in popularity and you can do almost all of it from home w/ the exception of doing some local clinicals. Also, when looking for a distance learning nursing program, it doesn't necessarily have to be from New York. Alot of schools have programs that are not in your state but you can still sit for state boards in NY. Alot of these programs are ALOT cheaper than the prices you were mentioning. Hope this helps!

[WoosahRN, MSN, RN]

I would say you are ahead of the game by looking at your debt and options. I too am terrified of debt. Worked my way out but I am going back to school for my BSN/MSN and trying not do debt for it. I know how overwhelming it is. That said I think you need to go for something you know you want to do. I would spend all your 'free' time searching and applying for scholarships. It can be a full time job and you might only get 10% of the ones you apply for but if you can throw out 100 apps and get 10 scholarships, it is worth it. And there were a lot of other great suggestions too. Since you are already planning how you can get rid of debt keep the dirt cheap budget when you eventually graduate and get that job. Don't adjust your lifestyle very much to a new income and use as much as possible to pay down debt. In the meantime anything you can do to save money will add up. Buy one or two books a semester instead of financing. Cut 200-300 a semester from debt just by that. Obviously find used books when you can. I like the idea of getting an Associate's RN and then doing BSN. You might not get the dream job but you will probably be able to find something while finishing BSN and you will be gaining experience while you do it (along with getting the RN pay). That is what I did but it wasn't in such a competitive market. By the time you graduate I feel confident the job market will have improved significantly. At the very least you will save a lot of money with CC classes v. university. In my area hospitals have partnerships with schools (community colleges). If you go through a partnered program the hospital pays for school and you owe them three years after graduation, so you also get a job out of the deal. Pretty decent deal. Hope it all works out for you! Keep your head up! :)

[CuriousMe]

Actually, I would look into the Navy. They pay you while you go to school, you work for them your first 4 years and never have to look for a "newgrad" position. One of my Prof's is a retired Army nurse. She said they paid her, her salary for 2 years, and paid her tuition for her to get her MSN.

Just another option to look in to....

[Floridanurse8257]

You may be able to combine both of your loves. Nursing needs great educators. You can do both. And no, I don't think you are making a mistake. Good luck:up:

[CrazierThanYou]

I would probably try to find a cheaper school. I have a BSEd degree that ended up costing about $30,000 in loans (not as much as some of you guys but its a fortune for me). I graduated 3 years ago and there hasn't been a job in sight. So, I totally regret running up that much debt for nothing. And it has been for nothing, as that degree has proven to be useless so far. And future projections say the teaching job shortage is only going to get worse.

So, now, I am starting nursing school in August and I will be paying for all that myself. The school I'm going to doesn't have a loan program but the one a few counties over does. But, I chose not to add any more to the loans I already owe.

I have federal loans and one state loan. The federal loans are now on the IBR and my monthly payment is $0. Not helping much toward paying off those loans but what can ya do? The state loan has to be paid regardless. It was a scholarship loan, meaning if I had taught school in a low income area, the loans would have been forgiven. But, I couldn't find a job and that is too bad. I was out of work for a year and fell behind on that state loan and got a VERY scary letter from the NC Dept of Justice.

I saw something on here where people were discussing the HRSA scholarship loan but after what happened with my teaching scholarship loans, I am afraid the same thing would happen again and that would be a LOT of money to pay back. And from what I read, you don't have a lot of time to pay it back, either.

So, the moral of this meandering story is, I would definitely try to find a cheaper school.

[Faeriewand, ASN, RN]

I say stop adding up all the loans :) Really. Because they make you think about it too much. I too would go Navy. Good luck whatever you decide! Nursing is definitely the right choice!

[reganette]

It is so good to hear all these POVs. I'm really happy to see what people have to say about following my dream and looking at other programs and locations. Thank you all so so so so much. Seriously. This is such a great community, I love it here.

JStylesNY - Funny you mention the Navy! I come from a big Army family, my brother's trying to convince me to get by BSN and walk right into a recruitment center. He says that they can pay off my existing loans (like up to 120,000 of it over the course of 4 years) and I'll get paid as any other officer on top of that - did I mention 30 days paid vacation? I can do an ROTC program or just walk in when I am done (which is what he recommends, because apparently someone with two Bachelor's Degrees and one of them being in Nursing would warrant some special treatment - like picking schools and locations, etc).

I know our Armed Forces are hurting for nurses. I just am not completely sure I could handle the Army or Navy... or more specifically, their PT tests, being so far away from my family, deployment (even though apparently, nurses only go for 6 months). I am really keen on the idea of working in NYC, but the military is not too far from my mind.

If anyone else is interested: GoArmy.com Overview

[southernbelle225]

You can request an educational deferrment for your loans through whichever company manages them....therefore you wouldn't be required to make payments during school.

[ItsTheDude]

if it's what you want to do, do it. debt, no matter how large is it can be lived with, it just takes planning and sacrifices at times.