Debt and Nursing School

liberated847 · Aug 30, 2014

Don't do it!!! 50,000 is outrageous! Go to an online school instead, many of them can be done with less than 10,000. Heck a highly motivated student can do the BSN at WGU for less than 5,000 and the school is fully accredited.

klone, MSN, RN · Aug 30, 2014

I think the OP does not have a nursing degree.

Is the school accredited? Can you finance some of it yourself? Do you have to take out loans for the entire amount?

Are there any community college options or state universities that would be viable options?

$50,000 for a Bachelor's degree is not awful. I might shop around and see if there are other options, though.

cracklingkraken, ASN, RN · Aug 30, 2014

Is your Associates in nursing? If so, there are a lot of more affordable options, such as online bridge programs. If not, I think 50,000 is a bit steep, but try looking into scholarships and grants for your school amd area. It might help wheb purchasing your books and nursing kit.

klone, MSN, RN · Aug 30, 2014

The OP stated s/he is currently employed as a patient care tech, so I assume their Associate's degree is NOT in nursing.

Everline · Aug 30, 2014

I would not pay that much for a BSN if I already had an A.A. degree (which should mean that the "general education" classes have been completed.) I urge you to look into many schools and consider the various aspects of what you are looking for in a college and the cost of tuition. If you haven't taken your nursing pre-reqs, consider taking them at a community college to reduce the cost. I know many people will say that 50,000 isn't much. And it's really up to you to assess your own comfort level with that and your ability to pay down the road. But I always encourage people to strive to graduate with the least debt possible. Investigate your options.

Medic2BSN13, BSN, RN · Aug 30, 2014

I agree with klone and other posters. I don't think that $50k is outrageous, but if there are other affordable BSN programs they are worth looking into. I have heard from some financial advisors that students should not accrue more student debt than they will earn their first year as a working professional. On average, I would say that nurses start between 40k-50k annually, but that depends on location. Just because this program falls within this financial guideline, I still think less student debt is better in the long run.

You will be much happier if you are not tied to significant student debt for the first few years of your nursing career. Research the reputation of the school/program, talk to current students, research potential scholarships, etc. Will you be working while in school? Does your current company offer tuition assistance? Some other things you might want to consider. Good luck!

rob4546, ADN, BSN, MSN · Aug 30, 2014

Have you thought of getting your Associates Degree in nursing (ADN) and then completing a bridge program to get your BSN? That is what I am doing. Got my ADN this year and spent around 4000.00 out of pocket and will start my BSN in 1 month which will cost around 12000-14000 (or less). I have worked for the past 2 months and just sent the last 1200.00 payment to pay off my ADN. Feels good to have no debt to think about. I should be able to pay for my BSN without massive loans... I live pretty cheap as well.

NurseGirl525, ASN, RN · Aug 30, 2014

You are right to question spending that amount of money. It's not the highest I have heard of for a BSN but it's still pretty steep. I am paying out of pocket for my schooling. I will never have debt again in my life. I have been debt free for several years now and it is honestly the most freeing thing in the world!!! I would look at other programs in your area and see what you can come up with. I'm looking at around $12000 for my ADN. Then at most 8-10k for my BSN. So I am looking around 20k when it's all said and done. I think you would be better off staying around there. But it what you are most comfortable with.

Stephalump · Aug 30, 2014

I think the OP does not have a nursing degree.
Is the school accredited? Can you finance some of it yourself? Do you have to take out loans for the entire amount?
Are there any community college options or state universities that would be viable options?
$50,000 for a Bachelor's degree is not awful. I might shop around and see if there are other options, though.

In my mind, it's less about what's average or reasonable for a degree type and more what's reasonable for you to pay back with the job you're aiming for.

Ten year repayment on 50k puts you where a month...over $500? For some people maybe that's reasonable...others already have debt or a large family to support and that payment is impossible.

RunBabyRN · Aug 30, 2014

$50K is a lot of money, and I can definitely understand why you'd be leery of spending that kind of cash.

What is the expected salary your first year in your state for nurses? One general rule of thumb is to never take out more in student loans than you can realistically expect to make your first year.

Are there ANY other options in your area? Are you able to move for another school?

Whatever you do, DON'T TOUCH your 401K. Should you end up getting student loans, do your best to avoid private loans. You have way fewer protections than you do with federal loans.

Beyond that, it sounds like you're already scrimping and saving where you can. Keep living frugally to keep the expenses down, and if you have loans, try to pay the interest throughout school, at least, if you can.

Best of luck whatever you decide to do!

SeattleJess · Aug 30, 2014

Is it weird that I am so debt conscious about this large purchase (investment in my personal education)? I guess also the fact that I've been so conscious about borrowing that its new to me and such.
I think it's weird you aren't MORE debt-conscious about this purchase! Have you mapped out a worst-case and a best-case scenario here? How much can you expect to earn at best, what will be your living expenses, including your loan repayment? For how many years? I've known people who can't buy homes because of student debt. Or cars. Vacations? Fuggidaboudit. Our CNA instructor showed us a case of a nurse who had her license suspended because she defaulted on her student loans. And what if things aren't so rosy and you need to work for a tech for awhile until you get a nursing job? Or move? Or....
For me, an ADN followed by an online or bridge RN to BSN program made more sense. Much less expensive, options for paid internships that lead to employment after the first year. And there's an RN to BSN program in my area, respected and reasonably priced, that's scheduled for working students. That was a big factor in choosing the ADN program for me. I've always tried hard to be debt-free. Paid cash for cars, prepaid a 30 year mortgage to pay it off in 15, vacations, able to go back to school to change careers now, etc. I can't tell you how invaluable the freedom that not having debt is. I hope you can experience this for yourself.
I would do anything to avoid incurring debt and everything to be sure I wasn't buying more than I needed if I had to. But as long as you do the math, spend the time thinking it though and make your decision based on your values, you'll make the right choice for you.
Best of luck on any path you chose!