Debt for Nursing School

MLTtonursing, BSN · Nov 19, 2015

I would say to think it through. I can understand wanting to be a nurse, but see if you can find a program that would cost less. I would also suggest if you work at a hospital, check to see if they would pay for nursing. Some hospitals will pay for your nursing degree if you currently work for them, or will work for them after graduating. Just look into all options before deciding.

mindofmidwifery, ADN · Nov 19, 2015

You already have a lot in student debt, I'd be wary about digging the whole that much deeper

mindofmidwifery, ADN · Nov 19, 2015

Also, do you really want your goal to be: "these student loans need to be paid off before I die" ??

TheCommuter, BSN, RN · Nov 19, 2015

I like my current job, but can't shake the feeling that I want to be a nurse. Is a BSN worth getting into that much debt for?

If you like your current line of work, you are better off than the majority of Americans who either tolerate their jobs neutrally or outright hate their jobs. My advice is to not let a good thing slip from your fingers.

You like your job. You probably earn good money. You probably receive a modicum of respect at your workplace. Unless you can find a more affordable nursing program, accumulating a grand total of $80,000 in student loan debt is not the wisest idea.

Whispera, MSN, RN · Nov 19, 2015

will you be able to afford about $800 per month for 10 years, to pay off that $80,000... cuz that's what it will be...

WookieeRN, BSN, MSN, RN · Nov 19, 2015

I would pay off a significant amount of the debt you already have first.

llg, PhD, RN · Nov 19, 2015

Most experts say that your student debt should not exceed your yearly salary as a new grad. As others have indicated, you'd be taking on a high level of debt by taking on the route you are planning for yourself.

I say ... Get the BSN, but look for ways to reduce that debt a bit. Most decisions like this don't have to be "all or nothing." Usually, if you look hard enough, you can find ways to compromise that allow you to end up with what you want in the long run -- just perhaps not right away.

Here are some things to think about.

1. Can you delay your entry into the BSN program by 2 or 3 years and live really cheaply -- paying off a big chunk of that existing debt?

2. Can you start taking some of the BSN courses on a part time basis so that you can continue to work as you go to school -- and not have to borrow so much? (Maybe your current employer offers tuition reimbursement that would help.)

3. Are there less expensive educational options -- that might take a little longer but be worth it in the long run. For example, students with previous degrees in my area can dual enroll in a community college ADN program -- and simultaneously take courses toward their BSN. The community college is much cheaper -- and by the time they finish their ADN, they have only 1 semester left of coursework for their BSN. That route adds only a semester to the ADN route -- and is a lot cheaper than going the 100% BSN route from the beginning as the ADN tuition is so much cheaper.

Look around. I'll bet you have some choices that are more financially sensible.

SarahMaria, MSN, RN · Nov 19, 2015

Look up the Public Service Loan Forgiveness plan. It will wipe out student loan debt after 10 years of payments if you work in public service.

Karamia0x · Nov 19, 2015

Really?

Whispera, MSN, RN · Nov 19, 2015

The Public Service Loan Forgiveness plan isn't something you can get just because you meet their qualifications. Once they've given out their budget, no one else gets it. I know a whole bunch of people who applied, and met the qualifications, and didn't get it. Also, they don't always pay everything. There are lots of "it depends on..." variables in it.

Besides, student loan repayment is timed for 10 years, usually, so what's left?

Karamia0x · Nov 19, 2015

You can change the repayment time, it will just obviously cause you to pay more over the life of your loan. 10 years is standard, but you can make it 20 or 30 years if you choose so that the payments are lower but then you are stuck in it for that long. So there are a lot of upsides and downsides. I just don't understand why education is so expensive. How am I supposed to get ahead with 35,000 in debt, 23 bucks an hour as a lab tech with no upward ladder, and a 6.5% interest rate? Even on my federal loans the interest rate is like 4%. It's crazy.