Financial stability while in an accelerated nursing program

Double-Helix, BSN, RN · Dec 19, 2016

No one can survive if you have money going out and no money coming in, unless you have savings to live on for the duration of your schooling. Most people who do these programs either use savings to pay their bills while in school, work part time, have a significant other who is supporting them, and/or live with family/friends to minimize expenses.

In order to qualify for unemployment, you must be unemployed "through no fault of your own". Choosing not to work when you have marketable skills and degrees just to pursue another advanced degree would not meet this qualification. If working part time is truly not an option and you do not have savings to cover your cost of living, you might consider attending school in a location closer to friends/family who might allow you to live with them while you're in school.

Scottishtape · Dec 19, 2016

Yeah, I agree with PP. No money coming in and no one to lean on, make this situation not very workable.

I'm in an accelerated program. I worked through the first semester, and while it was hard, it worked. That's how I paid my tuition. By the second semester, things really kicked up a notch and I quit working to focus on the program. The only way I make it work is because my husband makes enough to cover all our bills, plus my tuition.

Without him, I would have no choice but to go back to work to pay tuition. I'm assuming you're in the same boat as I am - too many college credits to qualify for financial aid? If so, you're in a tight spot. Maybe get a job and save up what you'll need for your program, then quit and start school.

Good luck!

elkpark · Dec 19, 2016

Are you sure that an ABSN is your best option? A traditional BSN program would take longer but be slower paced, and you could continue working at least part-time. Have you talked to any other types of nursing programs, or have you only looked at ABSN programs?

Also, if I were looking at doing what you're proposing, I would be cutting back on every possible expense I could now, and saving up as much money as possible before starting a program in >18 mos. That's a fair amount of time to accumulate some significant savings.

kbrn2002, ADN, RN · Dec 19, 2016

First, don't count on unemployment as an income source. UI is there for people who lose a job through no fault of their own. If you are fired for cause or quit a job, no chance of getting unemployment. Not to mention UI is considered a stop-gap form of income to only be used until you find other employment and most if not all states not only have a time limit on how long you can receive it but also have job search requirements to prove you are actively seeking employment while receiving UI.

Now that I got that out of the way, if you really need to not be working while in school about the only way this will be possible as it sounds like you have no options for financial aid is to save enough money to not only pay for school but to live while you are in school. Sounds like a tough go. Look into any and all scholarships you might qualify for to help with school expenses and if you have family you can stay with to minimize life expenses it may be possible with less money saved up, but you will still need to have a substantial amount of money saved to go a whole year or longer with no income.

verene, MSN · Dec 19, 2016

As others have pointed out UI is for those who lose their jobs, not for those who decide to take time off. I doubt you will be eligible to use it.

As a student in an ABSN program I rely strongly on my spouse's income to pay our day-to-day living expenses and a portion of my school related expenses. I don't think I would or could take this route with out spouse or family support (i.e. if I was single I'd probably move back in with my parents if they were willing). About 1/3 of my tuition and related expenses is from savings my spouse and I had put aside before the program, 1/3 from a generous scholarship from my university, and 1/3 is loans. I should note that I had no outstanding debt when I started the program which makes taking out this amount in loans make sense for me, it may not make as much sense if you already have significant debt.

I would say most of my peers are heavily reliant on spouse/family in this program for support. The few who aren't are older with substantial savings behind them.

Those who don't live with family have been creative in finding low-rent options, usually with several room mates. Several work the minimum work-study hours necessary to qualify for food-stamps. Others work full-time at prior jobs during breaks from the program. Most of us have taken out loans in smaller or larger sizes to afford the program and living expenses.

I highly recommend working and saving as much as you can now, applying to every scholarship and grant you might conceivably qualify for, and knowing your credit score / how much you are likely to qualify for in loans + what it will take to pay those loans back. Also make a plan B for if after savings, scholarships, and loans you aren't able to meet school and living expenses. It could be other less expensive programs or continuing to work for a time and re-enrolling in the future, but know what it is.

WanderingWilder, ASN · Dec 20, 2016

You can only collect unemployment if you are laid off, or let go for no fault of your own. Employers will generally fight to keep people off of unemployment.

CCU BSN RN · Dec 20, 2016

You need plans A-Z for this one if you're serious, but also if you want legitimate financial advice, we need more facts. What's your credit score? What's your debt to income ratio? How much money do you have in savings? How much do you have in retirement accounts? Do you have a mortgage? car loan? student loan debt? What's your current income?

Have you worked up a budget and tracked your expenditures so you know how much your cost of living is? Are you living in an apartment or do you own a home/condo? If you own, you still need to plan for the roof caving in or the heating system or hot water heater exploding tomorrow.

What is the cost of tuition at the schools you're looking at?

Keep in mind- plenty of RNs got their associate's degree in 1-2 years, worked full time making $30/h while getting their RN to BSN (many of them online). Their educational costs are pretty darn low, and the opportunity cost of not being out of the job market for too long sure didn't hurt.

Plenty of RNs got their BSN at fancy colleges in 4 year programs and are 160k in debt. Their student loans alone cost more than my Mortgage, and are on 30 year repayment plans.

Do you plan to work in NYC after graduating? How well-connected are you with health care professionals in that job market? It's pretty tough in the Northeast overall for new grads. It helps if you want to work at a hospital you did clinical rotations at, it helps if the hospital you want to work at is familiar with your school. I went to a 4 year BSN program upstate, and finding employment in CT as a a new grad in a hospital involved my father making a lot of phone calls, despite my excellent GPA and passing my boards. Applied to hospitals near where I went to school and had a call back within hours.

I don't want to dissuade you from becoming a nurse or getting an accelerated BSN in any way, I just want more info about your situation if you want real advice.

meanmaryjean, DNP, RN · Dec 25, 2016

We see posts like this all the time, and I'm truly curious. Why are you not using your previous degrees? You have education credentials you are not using - why do you think nursing will be different? Again, no snark- truly curious.

FutureNurseInfo · Dec 26, 2016

We see posts like this all the time, and I'm truly curious. Why are you not using your previous degrees? You have education credentials you are not using - why do you think nursing will be different? Again, no snark- truly curious.

Yes, I have BA and MS in Childhood Education. I have also worked as a teacher for 7 years in the South Bronx. I will not go into the whole education thing in America, but those 7 years have taken a toll on my physical and mental health. I love the "working with kids" aspect of it, but everything else about teaching sucks. My last year I was able to barely finish, since I was sick numerous times during the year. I decided to quit full-time and stay part-time, which is what I am doing now. Eventually, I want to transition out of teaching and into the nursing.

I know many will think I am crazy for trading teaching for nursing since nursing is as well physically and mentally demanding. I do realize that. However, I do have my reasons for that and I know I can do it. Those people (if there are any on here) who have worked as teachers will surely understand.

ItsThatJenGirl, CNA · Dec 27, 2016

Can you do something to supplement your income? Like private tutoring?

Buckhill · Jan 3, 2017

I'm so glad I found this post. I am in a very similar situation as you. I also live in NYC and am at the tail end of completing my prereq's. I'm an older adult (46yrs old) and have been working as a fitness trainer for the last 18 yrs. I've reached a point now where I'm ready for a career change and am seriously considering applying to a college in NYC that offers an accelerated program (Hunter,NYU or columbia) This issue of money however has been a source of contention between my wife and I. I'm more of the idealist believing that "somehow" things will magically work in our favor allowing me to afford an accelerated program. My wife, the ultimate realist thinks otherwise saying there's no way in !@#@ we'll be able to pay our mortgage,maintenance, health insurance....etc without me working. In my heart I know she's right. I was looking into the generic program that Hunter College has....but it seems to have the most ridiculous prereq's that one must take before entering the program. At least with NYU & columbia the necessary prereq's are fairly reasonable that make sense. Decisions Decisions Decisions....