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

SoonerGirl · May 2, 2010

I don't know if someone has mentioned this already, but if you are going to be getting federal loans you could qualify for the public service loan forgiveness program. Below is a link explaining the program in detail, but basically you have to have certain federal loans that qualify. If your loans qualify then after making 120 payments on the loan the rest of the balance can be forgiven IF you have worked in a public service role (like a nurse or NP) for a not for profit organization for the entire duration of 120 payments on your loan (10 years) as well as when you apply for the loan forgiveness. It is a lot of hoops to jump through but if you are worried about debt this could be an option to keep in mind to help resolve it in the long term. You seem like a planner to me so if you kept this program in mind you could probably make sure you work for places where you know you would qualify. Just make sure to keep a meticulous employment history and proof of employment since it is over such a long time period. No matter what I say go for it, there is always a way to make things work.

http://www.finaid.org/loans/publicservice.phtml

https://www.dl.ed.gov/borrower/QctrHelpCategory.do?cmd=initializeContext&CatID=QctrFaqu_C032

DoGoodThenGo · May 2, 2010

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.

Thing to remember about student loan payment deferrals is they are just that, one is merely putting off sending funds, but interest continues to accrue. At the end of the temporary pause, one either has to pay the interest or have it rolled into the current balance. Unless interest payments are made, and or they are added to the loan balance there will be a much higher balance than just the "missed" payments, all of which now has interest charged to it as well. Rather like some of the mortgage "assistance" programs being offered.

Also remember there are set limits on the number and type of deferrals depending upon type of student loan and who they are issued by. Exhaust all options early, and should something happen later in life there may be little or no way to avoid making payments legally.

zahryia, LPN · May 2, 2010

Check out SUNY Downstate and Stonybrook. Also look into Public Health Corps. There are plenty of loan forgiveness programs. Honestly, I think you'll be fine.

DoGoodThenGo · May 2, 2010

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

For what it is worth, here is my two:twocents:.

If you truly wish to become a nurse, and are flexible in terms of where you will live and or work in future, I say go for it, but choose a program that suits your "budget".

Like you live in NYS, actually in NYC (Manhattan), so know all about the current economic environment, healthcare, cost of living, etc....

Yes, there aren't as many nursing programs in the NYC area as their used to be, and a four year college degree is expensive regardless of one's major, but IMHO the BSN is truly working it's way to becoming the standard, at least in NYC. With so many smaller hospitals closing (we just lost St. Vinny's in the Village), what remains are the large teaching or heathcare networks, and they have the power to "throw their weight" around when it comes to hiring. Also with so many hospitals having closed within the past few years, there is a good number of experienced nurses under or unemployed, thus flooding the market. Then there are the constant new crop of new grads coming out of ADN and BSN programs like clockwork.

Thing about NYC and parts of NYS for nursing is that it isn't just in state nurses one is going against for jobs, but NJ (which has also seen it's fair share of hospital closings), parts of which aren't that far of a commute.

If NYU is your dream, then find a way to go about it, as the saying goes where there is a will.... Their nursing program as well as the university itself holds open houses so go on down and speak to someone in honest terms about your situation and let them advise you. As another poster stated, there are student load programs fpr nursing majors where one can have some or all of the balance paid or forgiven.

It is important to remember while certain famed or fabled nursing schools have reputations for producing a certain type of nurse, that is all very well I suppose. I mean just as holding an MBA from Wharton may open some doors, it isn't a promise of a sure thing. Today most places merely care that the nurse has a legal and vaild license, her background checks out, experience (or lack thereof), and perhaps a few more things. Most if not all hospitals have a certain culture, and look for nurses and or employees in general that will "fit", just as with any business. More important than where one went to nursing school in this situation is what you will bring to the table.

Don't you go thinking it is necessary to spend vast sums to become a "great nurse", because it isn't. Yes, NYU has a beautiful campus and can offer it's students things a CUNY or SUNY school can only dream of, but in the end all nursing programs today have one goal, to have the highest ratio of students pass the NCLEX on the first attempt, and that should be your number one guide in choosing a school.

If funds are tight, and nursing is your dream, then maybe consider going for an ADN. Yes, I know everyone is saying there aren't any jobs for ADNs at the moment in most areas of NYS, but they aren't hiring BSN new grads huge numbers either, if at all. Sometimes baby steps will get you where you want to go faster than sprinting.

ExPharmaGirl, BSN, RN · May 2, 2010

I'm in the same situation as you! BS and MS from a private school, now going back for nursing (and more loans).

I never used my first degrees. I got them ~10 yrs ago. I finished too, just to finish.

This one I know I will definitely use and I know it is what I want to do.If you want it, go for it! Yes, you will have to pay more in the end, but it could be way worse. You only live once so do what you want to do!

peggy austin rn cnl · May 12, 2010

I think you should look out of state. We have Blessing-Reiman College of Nursing associated with our Magnet hospital. BRCN offers a MSN, BSN, ABSN program. We have quite a few of advanced placement students. We have students who come from all over the US because we do not have a waiting list and we have a great program. Some of the students get jobs working at the college and others work at the hospital while they are going to school. If you are interested email me a [email protected] and I will get you a contact name. Good lUck with your decision but if you want to be a nurse follow your heart!!!!

peggy austin rn cnl · May 12, 2010

I think you should look out of state. We have Blessing-Reiman College of Nursing associated with our Magnet hospital. BRCN offers a MSN, BSN, ABSN program. We have quite a few of advanced placement students. We have students who come from all over the US because we do not have a waiting list and we have a great program. Some of the students get jobs working at the college and others work at the hospital while they are going to school. If you are interested the number is 217-223-8400 or you can check out their website. Good luck with your decision but if you want to be a nurse follow your heart!!!!

tthor5220 · May 12, 2010

I say look at going in the Air Force. If they don't take you the other branchs. I know a few people of your age (I am 54 so most of them are sons and daughters (grandsons?!?!?) of people I know who are looking to the service to get them out of financial and educational holes. It may not be an ideal solution, but it is one of them! Take care.

flhomebiznurse · May 12, 2010

While i was in nursing school I worked part-time at a hospital as a unit secretary and as long as my grades were good they re-imbursed 50% of what I paid for tuition and books every semester I have been out of hospital nursing for almost 8 years now because I am working from home but I am fairly certain they still do tuition re-imbursement. Hope this helps.

Ash333 · May 12, 2010

I am 100% in your situation. I graduated from UNH with a degree in Business in 2008, and after seeing what Corporate America was like...I quite frankly realized that LIFE IS TOO SHORT not to do what I always wanted to do; be a Nurse. Of course you need to take into consideration the financial burdon that comes along with going back to school, but the fact that you are already thinking about it means you are ahead of the game.

I am in the midst of taking my prereq's right now, and plan on applying to Accelerated BSN Programs at the end of the summer. I can only speak for myself when I say that the benefits of this job outweigh any debt that you my incur. This is an amazing career, and I am so excited that we have both made the decision to go back to school for it. In the end, I think you need to do what makes you happiest no matter what the cost may be. Everyone on this chain has been supportive. I think you need to narrow your search down to a few school and really check into the financial aid packages. I am in debt myself, majorly...and it looks like nursing schools are only going to make it that much more. But, you know what...too many people go through life without passion, if this is your passion GO FOR IT!

You will do great...hang in there. Try and rationalize the costs....but, understand you will pay your debt off. Don't stress!

Take Care! and GOODLUCK!

:)

WondeR.N. · May 12, 2010

Reganette,

First, hang in there. I doubt anyone here is going to criticize you for making the choice to go into nursing. You are not being silly by changing your path--silly would be knowingly continuing on a path that isn't fulfilling.

My suggestion is to use that teaching degree and start substitute teaching and tutoring when you start nursing school. You'll be in control of your schedule and work when you're available. Don't worry about your loans for now--there's nothing you can do about existing debt, and you won't have to start paying them down for a while, especially if you're still in school. There aren't any full-time teaching jobs available in our area, either, so going into nursing isn't a crazy proposition.

If you can afford an accelerated BSN program at Pace or another local school, go for it. I'm in your exact same geographic area, and I personally found the cost of those programs prohibitive, but you may feel differently. You would be done with your BSN in two years.

If you can't stomach more loans to pay for a second-degree BSN program, Westchester Community College has one of the best nursing programs in the state and is very inexpensive, comparatively. It's extremely competitive to get into, and it's hell to get through, but if you graduate, you'll fly right through the NCLEX (WCC's pass rates consistently rank in the top 1-2 in the state). They have an evening/weekend program, so you could substitute teach and/or tutor to help pay. Yes, you would graduate with an associate's degree, and most of our local hospitals prefer BSNs or only hire them exclusively. There are hospitals around that do still hire ADNs, though--or you can start in an outpatient, LTC, or other unconventional area (that's what I did). The job market sucks for all new grads, but maybe things will be different in 2 years--there's no way to know. Once you're working as an RN, you can quickly finish your BSN through SUNY or some great online programs.

The important thing to remember is that there's always a solution. You have LOTS of choices. Look into all of them and make the best choice for yourself. Best of luck!

Artistyc1 · May 12, 2010

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!

Correct me if I am wrong, but I believe she would have to be either : an LPN, who wishes to become an RN, OR, an RN that wishes to get a BSN or MSN. I don't think you can use the distance option from "scratch". :idea: