1. The truth out there is that for the most part with rare exceptions, Hospitals don't care where you went to school. Taking out tens of thousands of dollars in student loan debt to get a "designer" degree will not make you more competetive. It will however limit your opportunities because you have to generate a siginificant cash flow in order to pay off your debt.
2. When you do finally land your first job it most likely won't be the one you want. We all have to start somewhere to get our "foot in the door". When you have big debt you don't have the luxury of being able to be "between jobs". You will need to keep your crappy job no matter how much it sucks unless you have another one lined up and ready to go. Being without a paycheck even for a couple of weeks is not an option.
3. Big debt puts you in a position where you must "put up" with conditions you might not otherwise be willing to put up with because you can not afford to lose your job.
4. Money has been described as the "root of all evil", but the fact is that in our society (money=freedom). If you don't have it, or worse yet if you owe it to someone, then you are being controled.
Having said all of this, your outlook on life in general will be much improved when you go to your job because you "choose to" rather than "have to". I'm not saying that I am independently wealthy by any means. I have to work to live like everyone else but I do it on my terms.
Think about this, a lot of us before school worked jobs that didn't pay nearly as much as nursing and we got by OK. We did however had to work full time and then some to make ends meet. If you stay out of debt, you can make the same amount of money working a minimal amount of hours. This affords you to have a large quantity of something that is simply priceless and that is "time".
There are 3 types of poverty in this life and they are
1. Poverty of cash
2. Poverty of time
3. Poverty of the soul.
Solving "poverty of cash" by living in "poverty of time" is not a good trade off. We are all given a limited amount of time here on earth. When we work we are basically selling our time. I don't know about you but my time is priceless to me and I will only sell it to the highest bidder on my terms. However this is only possible if you plan it that way and stay out of debt.
Sorry but, a little discipline and debt can be paid off just fine.
No BSN would have been worse...just sayin.
That is if the amount of borrowed money is reasonable. No BSN is worth the equivalent of a mortgage. Designer degrees are a racket. In the big picture one BSN is no better than another BSN. Some just cost more.
All of the above points are true but let's remember that thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.
When I read about the debt levels and the wages in the US, I'm appalled, and I really feel for you nurses. I'm Canadian, and all of our tuition fees for nursing are fairly standard across the country. A 4yr BSN is mandatory now, but the cost averages about 8-9 thousand per year, including supplies. 20, 30 or 50 thousand a year is unheard of for us. How would you pay that off???
Not to mention, because Canadian RNs are unionized, the pay and working conditions are pretty decent. Pay ranges from about 27 to 50 an hour plus differentials. LPNs start at around 23 per hour. Aside from Cali and a handful of other states, the pay for American RNs is not enough, IMO. Some of the reasons I am thankful that I live where I live.
All of the above points are true but let's remember that thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.
Then I would skip that school. Like with mortgages just because you can get one doesn't mean you actually can afford it.
thanks to the federal government's generous student loan policies private school tuition is approaching $50K a year.
You got that right. And they are creating a college bubble in much the same way they created a housing bubble. The truth is when it all comes out people are going to start defaulting on their student loans left and right. But wait, you can't have your student loans wiped out by a bankrupcy anymore. So you will owe that money until the day you die. Every time you get a job and a pay check, Uncle Sam will be there to take a chunk of it. Don't have enough left to live on? Not our problem.
That is if the amount of borrowed money is reasonable. No BSN is worth the equivalent of a mortgage. Designer degrees are a racket. In the big picture one BSN is no better than another BSN. Some just cost more.
Whether its 10k 50k or 100k, I think people obsessed with student loans neglect to think about the earnings lets say for 10 yrs as an RN (if you can find a job these days) is going to gross out 500-700k....if you can't pay those loans off theres other things that your spending on that need to be cut. Additionally find me a job with as much versatility, earning power, and geographic versatility that a 2-4 yr degree affords?
Loan interest is still tax deductible, and usually low.
Whether its 10k 50k or 100k, I think people obsessed with student loans neglect to think about the earnings lets say for 10 yrs as an RN (if you can find a job these days) is going to gross out 500-700k....if you can't pay those loans off theres other things that your spending on that need to be cut. Additionally find me a job with as much versatility, earning power, and geographic versatility that a 2-4 yr degree affords?
Loan interest is still tax deductible, and usually low.
I'm not arguing against the degree, what I am saying is that paying an insane amount of money for it is exactly that. Insane. You don't make any more money graduating from a foo foo private school than you do if you do with BSN earned from an ASN->BSN bridge program.
Also the "real" cost of college is not just the tution. It is:
tuition + income not earned d/t not having a job while in college = true college expense.
I'm not arguing against the degree, what I am saying is that paying an insane amount of money for it is exactly that. Insane. You don't make any more money graduating from a foo foo private school than you do if you do with BSN earned from an ASN->BSN bridge program.
Also the "real" cost of college is not just the tution. It is:
tuition + income not earned d/t not having a job while in college = true college expense.
So i couldnt get into a state school or ADN without waiting 2-4 yrs due to impacted wait lists.
Am I to assume the 100-400k I did earning due to said private school (I attended one) is a waste of money?
Some people would prefer to work rather than sit around and wait, and credit card debt is the true devil. Again the interest rates on student loans are extremely low and interest is again, written off on taxes!
I'm 38. Had I finished school owing 100 k, it would take me until retirement with virtually nothing saved to pay off that debt. You have to be careful and really weigh these aspects.
I'm 38. Had I finished school owing 100 k, it would take me until retirement with virtually nothing saved to pay off that debt. You have to be careful and really weigh these aspects.
I am starting to doubt the mathematical ability of people on this board.
The avg (this is conservative) nurse lets say makes 50k...so you will earn $1,250,000 (conservatively) if you work 25 yrs and you won't be able to pay off 100k in debt? (if you had it)?
No ones talking earning power....everyone thinks they are clark howard here but theres no actual math. Even after taxes you will have some money saved! Invest in a 401k and work the dollar cost averaging. Buy a home, and get some equity (thats a tough one these days)...invest some money and make a return. Too much debt gloom and doom. ROI is there in nursing...I'm sorry but its a hard job, tough on the body and mind, but really go APRN and earn more.
If debt was so evil then no one would go to medical school...they come out 250k in debt and guess what, they earn enough to pay it off.
Sunsurf RN, that's a rather condescending remark. My math is just fine, thank you. Keeping in mind all of my other expenses, and as well as the interest that would accrue on 100 grand, it WOULD take many many years to completely pay that amount, starting from age 38.
I am very good at budgeting. I also do not plan to work full time to age 65. So my previous remark still stands.
Factor in they are talking about American tax policies and student loan forgiveness.
Only the interest on federal loans is tax deductible in Canada. Anything like a student line of credit from the bank? No tax relief. We also are unable to claim our mortgage interest on our income tax.
Totally different tax structure.
We can budget all we want to up here but those loans and the NON TAX DEDUCTIBLE INTEREST is what kills us.
KeepItRealRN, BSN, RN
379 Posts
That is if the amount of borrowed money is reasonable. No BSN is worth the equivalent of a mortgage. Designer degrees are a racket. In the big picture one BSN is no better than another BSN. Some just cost more.