Debt for Nursing School

TheCommuter, BSN, RN · Nov 20, 2015

since you put it that way, would you rather die in debt, or die knowing you didn't pursue the career that would've changed your life?

Nursing is not life-changing. This is where people get themselves into trouble...they enter this profession thinking it will fulfill them and change their lives in some transcendental manner. Once nursing falls short of these lofty ideals, they become disillusioned.

Nursing is a career and a means to an end. Never look to a job to fulfill you, change your life or make you whole. Expecting a job to change one's life is a surefire recipe for disaster and burnout.

we're all in debt- thats the price we pay for education.

No, we're not all in debt. I have no student loan debt at the present time.

ThePrincessBride, MSN, RN, NP · Nov 24, 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.

As opposed to making 25/hr with over 80k in loans?

Right....

direw0lf, BSN · Nov 25, 2015

I wonder if maybe just volunteering to have pt contact might be enough? Since your job pays well and you like it.

Goldenfox · Nov 25, 2015

I wouldn't take more loans if I were you. Find a cheap community college to go to to get your nursing degree. Then find a reasonably priced online college to finish up the BSN.

turtlesRcool · Nov 25, 2015

So, do you actually have a bachelor's in something else? It's just not clear from the OP, but I think most ABSN programs require a bachelor's in something. If so, how much have you looked around at ABSN programs? Is moving an option? I'm betting you can find ABSN programs that run less than the $45K you mention in the OP. Mine was under $30K.

Also, what are you doing right now to pay off your original student loan debt? Are you just making the minimum payments or are you actively working to reduce it quickly? $23/hr isn't a huge amount of money, but assuming you don't have other major financial commitments (like kids...they're really expensive), you can easily put a big dent in your current loan over the next year or so. Assuming you work full time, or at least close to it, you are making over $40K per year as a tech. As a young single person, you should be able to live for much less than that.

If you are thinking of taking on more debt, you'll need to get used to living on less anyway (don't know your area, but read some of the threads on first year in nursing - many new RNs are starting around $25/hr). So see what happens if you spend the next, say, six months where you save 1/4 (or more) of your income and use it to pay down debt. Be creative with your expenses. Can you get a roommate? Get rid of cable and use netflix? Meal plan and bring leftovers to work instead of eating out? This isn't a budget forum, so I'll stop with the examples, but I think you get the idea. If you really want to go for the ABSN, you're going to need to make some sacrifices for it. Better to try out the new budget now when it's optional, than be forced into austerity later when you've got crushing student loan debt.

snyakowa · Nov 29, 2015

45K? Wow! CC is a good way to reduce that bit. I graduated as an LPN last year and paid 4k more or less, and will hopefully be doing transition program in January, took all my prereqs few at a time and will pay maybe 3,500 at most to get RN. It's so much cheaper going that route than getting that kind of loan, in total those loans could probably get you a house.

TheCommuter, BSN, RN · Nov 29, 2015

So, do you actually have a bachelor's in something else?

Medical technologists are educated at the baccalaureate (bachelor's) degree level.

nursephillyphil, BSN, RN · Nov 30, 2015

I say do what YOU want to do, if it's nursing, be a nurse! just make sure you're getting your BSN and not associates, they're being phased out and it's very hard to get hired with one. My advice? take your pre-reqs at a local CC, make sure they're transferrable to BSN programs around you. Apply, if you are waitlisted then save up during this time. Once you get in used the saved money to pay off the monthly interest on your loans so it doesn't sneak up on you later. Once you graduate, look into loan consolidation or refinancing. You won't be in debt until you die, handle your finances properly and you'll be fine :)