Direct entry MSN worth over $100,000 in debt?

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Specializes in Infusion.

Hi all, my daughter has a biology degree and is interested in the direct entry MSN programs. There are none in our state so she will have to go out of state. I'm a nurse myself with ADN and never had to face this type of debt she will incur. She wants to complete her schooling as fast as possible, but is it worth the return on investment?

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Specializes in Labor and Delivery/ Postpartum/ School.

That is a lot of debt to take on. There must be cheaper options?? She might have a MSN at the end of the program, but at the end of the day, she is still an entry level RN.

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Specializes in OR, Nursing Professional Development.

The rule of thumb that I was always told is that loans should not exceed the realistic first year of salary. What will her DE-MSN provide? Will she be an NP at graduation? Will she be living in an area where first year NP salary is equal to or above the amount of her loan? I definitely do not think it worthwhile for an entry level RN and have opinions about NP without nursing experience but will keep those to myself for now.

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Specializes in Psych/Mental Health.

If she's going for a highly-rated NP program and she's relatively young, getting it done quickly is not a bad idea.

My BSN and MSN-PMHNP (both great programs) total about $90k and I am doing both in about 6+ years. I paid some of the debt along the way with my RN salary, but if I had gone to a 3-year DE program I would've paid all my debt off by now and have 3 years of NP experience. I do have RN experience, but it's not worth the experiential & opportunity costs of that 3-year NP experience.

If I could choose again I would've gone to a DE-NP program without any hesitation.

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Specializes in Infusion.

Thanks for the responses. Her end plan is a nurse practitioner, but will probably work as a RN once she graduates prior to getting her NP. She is young (23) and wants to get it done as fast as possible. Her school she's looking at you have to have some experience as a nurse. She had been looking at PA schools, but they seem to be just as expensive and very competitive to get in. At least going the NP route she can work as a nurse and tackle some of the debt ahead of time.

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Specializes in Psychiatric and Mental Health NP (PMHNP).

You can estimate monthly student loan payments using a number on online calculators. So, use that to determine if she can make the payments based on expected earnings. There are also a number of repayment plans. Some are income-based, so the payments start out lower as new grads don't make as much money, then go up over time.

There are scholarships - apply for them.

There are also loan repayment programs through the Nurse Corps. Many states have equivalent programs. Some employers do, too.

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Hi, I am in the same exact boat as your daughter. I have my BS. in Chemistry and my end goal is to become a FNP. I have recently been accepted to the University of Maryland Direct entry to nursing with a Clinical Nurse Leader focus and now I am second-guessing on whether or not to accept my offer because of the COA. (I am out of state) Does anyone have any advice? I am wanting to complete my schooling sooner rather than later. Is it naive or 'wishful thinking' to think that I can off-set the potential debt with loan repayment programs after completing my program and working as an RN? I have 10 days to make a decision to accept my offer and I am beyond stressed! 

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On 9/10/2020 at 6:46 PM, Jasmine0 said:

my end goal is to become a FNP. I have recently been accepted to the University of Maryland Direct entry to nursing with a Clinical Nurse Leader

If you want to be an FNP, why wouldn't you do FNP program instead of a CNL program? Getting the FNP cert later would just cost more and take longer.

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Specializes in Psych/Mental Health.
On 9/10/2020 at 6:46 PM, Jasmine0 said:

University of Maryland Direct entry to nursing with a Clinical Nurse Leader

These programs tend to be extremely costly and do not provide much added value (especially if your end goal is FNP). You'll graduate practicing as a RN possibly with a good amount of debt, which will limit your options when you go for your FNP.

Consider cheaper accelerated BSN programs. You can get those done in a bit over a year, start work as a RN, and pursue FNP part-time (or full time). Or just go straight for a Direct-Entry FNP (you won't be able to work as a RN with this option).

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On 9/10/2020 at 6:46 PM, Jasmine0 said:

Hi, I am in the same exact boat as your daughter. I have my BS. in Chemistry and my end goal is to become a FNP. I have recently been accepted to the University of Maryland Direct entry to nursing with a Clinical Nurse Leader focus and now I am second-guessing on whether or not to accept my offer because of the COA. (I am out of state) Does anyone have any advice? I am wanting to complete my schooling sooner rather than later. Is it naive or 'wishful thinking' to think that I can off-set the potential debt with loan repayment programs after completing my program and working as an RN? I have 10 days to make a decision to accept my offer and I am beyond stressed! 

Hey, What did you end up deciding? I am in the exact same boat... pretty much. Got into a direct entry CNL program, but I am think that I may want to do FNP later on, or even CRNA, so I am not sure what to do and if it is best to do an ABSN program.

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Specializes in retired LTC.

The way things are going, you may have to think DNP, esp for a CRNA.

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Hi!

I graduated with dual degrees in Biology and Psychology, and just got accepted to accelerated MSN/NP programs. Although it is expensive, some programs are cheaper than others, especially if choosing one that offers in-state tuition rather than one that is a private school where it will be higher. 

Additionally, some programs require their students to work as an RN for 1-2 years before continuing on into the master's portion of the program, or they require a certain number of hours to be completed. This also helps earn some extra money along the way that can help pay for the expenses of the schooling. 

Also, personally I took a couple years off after graduating to work and do research and gain experience (and was able to save a lot to help with expenses). And even though there are some days I wish I could've completed all of my schooling earlier, I feel like I benefited from the time I took to work because it offered me exposure and experience to things I would not have gained otherwise or elsewhere, and I feel like it also made me a stronger applicant as well--so would definitely recommend doing that if it aligns with your wishes!

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