I've finally decided to follow my dream to be a nurse. I've applied to an ABSN (yes Im one of those losers who already has BS and MS). I've read all the posts here about ADN vs BSN and BSN is best for me. Unfortunately all nurisng schools in my area are 40K, yes! Im in big metropolitan area. The problem is I already have 40K in debt from my first degrees which I am actively paying every month--no worries.
MY PLANS
My initial plan was to apply for HRSA's nurse scholarship but you need EFC of 0 and since the stupid FAFSA makes you enter last years income (WHICH IS DUMB B/C WHEN I START ABSN I WONT WORK FULL TIME!!) I dont have EFC of 0.
Right now, my plan is to take out 40K to cover ABSN and some more money to cover living expenses (since I cant work full time in the program). I'm looking at 90K debt (ABSN plus previous loans)! There are two things making me feel I'll be ok:
Income based repayment plan: Right now I pay like $500/mo for my previous student loans of 40K, which I am comfortable with as a full time decent salaried person. With 90k debt, that payment would be higher. HOWEVER, under Obama's IRB Program, you pay based on salary. So even with 90K debt, as a new grad nurse making around 60K my monthly payment should still be like $500. Sure you accrue more interest with this plan but I dont really care about length of time to pay it off as long as I have a low payment each month, I'm fine with it.
HRSA's LOan Repayment Program: I also plan to apply to this program after getting a job at a hospital with a critical shortage of nurses. I looked up my area and pretty much a lot of the hospitals fall into this category. HRSA would then pay my nursing school debt.
SO as you can see I have a plan, but you know there's still a lot of worry since nothing's guaranteed....BUT I REALLY WANT TO BE A NURSE!!!!!!!!!!!!!!!!!!!!!The question is, do you think im crazy for this amount of debt to be a nurse??
Specializes in Critical Care, Med-Surg, Psych, Geri, LTC, Tele,.
As to the poster's original question, 2 of the most important factors, in my mind, when determining whether to take out student loans are: 1) Are their new grad jobs available and if not, how will you overcome this? and 2) how much are new grads and established nurses paid?
These are relevant issues because, in some areas, RN's are paid $17/hr while in others, new grads make $39/hr.
Also, these are factors because, in some areas, there are no RN jobs right now!
Plasmatix/Babyboomer: I appreciate your sentiments regarding debt. The problem is that the cost of education has increased as a result of the availability of financing. Without loans, people couldn't go to school at all. College is a necessity. If a person has a less expensive option that will allow them to go to school, I think they should take it. Also, as long as the govt allows you to take out loan after loan, people will.
Our government, like it or not, allows people and in some ways encourages people to get into debt for things like housing and education. Our government also allows people to declare bankruptcy, go into foreclosure and/or add on to their debt.
"If you want to be a nurse, go for it." I don't have an issue with the OP becoming a nurse. I have a problem with her continuing to collect degree after degree on the taxpayer's dime, at the same time she is talking about how she needs reduced payment arrangements.
I've always been a 'follow your heart' kind of person but I somewhat agree with this. It did rub me the wrong way that the OP was expecting to get a national scholarship to fund a BSN after having already earned a B.S. and M.S. in another field with the help of financial aid. Taking out additional loans for your education is one thing, but using up a very limited resource (such as a scholarship/grants) on a 3rd degree, when some people are struggling to finance their first degree, seems, selfish. I mean, I guess if someone was willing to hand me free money for another degree I'd jump on it too, but it doesn't seem completely fair.
Having said that, the student debt forgiveness program for special needs areas (they do this with teachers too) is a great option, and there are 'undesirable' places in nursing looking for help.. which is why the program exists at all.
vintagemother, BSN, CNA, LVN, RN
2,717 Posts
As to the poster's original question, 2 of the most important factors, in my mind, when determining whether to take out student loans are: 1) Are their new grad jobs available and if not, how will you overcome this? and 2) how much are new grads and established nurses paid?
These are relevant issues because, in some areas, RN's are paid $17/hr while in others, new grads make $39/hr.
Also, these are factors because, in some areas, there are no RN jobs right now!
Plasmatix/Babyboomer: I appreciate your sentiments regarding debt. The problem is that the cost of education has increased as a result of the availability of financing. Without loans, people couldn't go to school at all. College is a necessity. If a person has a less expensive option that will allow them to go to school, I think they should take it. Also, as long as the govt allows you to take out loan after loan, people will.
Our government, like it or not, allows people and in some ways encourages people to get into debt for things like housing and education. Our government also allows people to declare bankruptcy, go into foreclosure and/or add on to their debt.