I am about to start Nursing school this Spring or Summer of 2015. I have been accepted into a BSN program for a total cost of 50,000. I currently have an Associates Degree and have yet to take out any loans for school. I paid for everything myself out of pocket and scrimped and saved. I also am working at a local hospital as a patient care tech making around 10.00hr and trying to make it as best I can. What advice would you give me on loans, federal loans, etc.
The amount of money scares me out of my mind due to my frugal lifestyle of saving. I am unsure if I should deplete my 401K to pay for school or take out loans. If so what types, etc. I thought I would get some advice from some of you that have all ready taken the plunge.
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.
If this school is your only option, then loans and any grants/scholarships are the way to go. I wouldn't think it too wise to dip into your 401k. However, try to avoid or be cautious with private loans as they can have higher interest rates and have fewer options when it comes to payment flexibility. As other PPs stated, $50,000 isn't unheard of but it is higher than I personally would pay. Good luck with whatever decision you make! Be sure to have a set financial plan and live frugally.
cracklingkraken, ASN, RN
1,855 Posts
If this school is your only option, then loans and any grants/scholarships are the way to go. I wouldn't think it too wise to dip into your 401k. However, try to avoid or be cautious with private loans as they can have higher interest rates and have fewer options when it comes to payment flexibility. As other PPs stated, $50,000 isn't unheard of but it is higher than I personally would pay. Good luck with whatever decision you make! Be sure to have a set financial plan and live frugally.