Debt! I'm making the right choice, right?

Nurses General Nursing

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This is long -- so sorry... I'm venting (/crying) and I'm so afraid of what people might say, if there is any response at all. This is a really personal and important subject to me so be kind please.

I'm graduating this month from college (private) with a large amount of debt. I was initially going to become a teacher, so I'd go on and get my MS in Teaching and be even more in debt, and play it off forever. I'm going to work for a career, so I'm ok with having some loans, as long as I can make the payments.

Anywho, about a year ago I decided that I would be unhappy as a teacher, and what I really wanted was to become a nurse. I know I want to be a nurse. I know that this is the right choice for me, I am positive that this is what I want to do with my life. It was too late to switch my major, and I just figured I'd graduate and apply for an ABSN (after I get my pre-recs done at the local Community College - I'm working on them already).

So, I'm from Downstate NY (right outside the city) and I've been looking at programs, and they are priced astronomically! CUNY Hunter is affordable, but insanely competitive. The rest are 50,000+ (NYU - a dream of mine - is 70,000). I'm kind of freaking out about how much this is going to end up costing me.

I will be applying for financial aid (inside and outside the programs, like for example, Tylenol has a scholarship), but there are no guarantees in life. I'm a serious planner and budgeter, and I've made calculations and spreadsheets with what I'll have to pay back, the timelines, how much it costs to live in NYC when I graduate nursing school (all the insane extras included).

I can't just become a CNA or get an associates, because the hospitals in NYC and the burbs are not really looking to hire new grads without a BSN (from what I've read.. and in this competitive market, I don't know if it's worth taking the chance that they will).

I get it, I know everyone's going to tell me I'm insane for having so much debt and to not persue this degree. Please don't reply with stories about how you graduated with this little amount (because it will only make me further regret my first degree... who lets an 18 year old decide what they want to do with the rest of their lives, anyway?), or I should wait and things like that.. I can't wait. I'm going to need a job! I'm already in the hole, and I can defer my loans when I'm in school..

I need some support! I think I just need to hear someone say I can do this and I'm not an idiot. I find that people here can be overwhelmingly kind or brutal... I just feel like I'm in expensive limbo :crying2:

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Do you need to stay in NYC?

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Specializes in Dialysis HD/PD, ICU, ID/DD.

Look into programs that allow you to get your RN (BSN) using credit from the BS degree you already have.

Most of them are completed in 2 years or less.

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CuriousMe, Yes I have to stay in NYC because I plan on living with my parents.. Unless I want to take my prerec classes (and eventually nursing classes) full time, fine a full time job to live on and move somewhere alone...... and I don't know if I can handle that.

And Jennrn01, thats my plan, I want a Accelerated BSN.. and they're still that expensive!! :(

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Well, I'm not sure what help I'll be, but I just wanted if nothing else to extend a HUG out there. Debt can be insanely overwhelming and crushing. I don't know what your personal situation is, but it sounds to me that yes, those schools are crazy expensive. BUT if you don't need to stay in NY, then get out. If your prereqs are done, move somewhere for a year or two and even with out of state tuition, it would be cheaper. California has some of the cheapest tuition in the country (so I hear) but even that is going up lately. I would seriously consider moving somewhere for a couple years. Florida is crazy cheap to live in, too, and I think you only need to live there 6 months before getting in state tuition (I'd double check that tho).

Good luck. Its your life, your dream, and debt sucks. Consider throwing in a couple years in some weird place so you can get your degree.

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CuriousMe, Yes I have to stay in NYC because I plan on living with my parents.. Unless I want to take my prerec classes (and eventually nursing classes) full time, fine a full time job to live on and move somewhere alone...... and I don't know if I can handle that.

And Jennrn01, thats my plan, I want a Accelerated BSN.. and they're still that expensive!! :(

If you could move someplace else, you could find a school with MUCH cheaper tuition....then taking a bit more than that in loans to live very frugally (ie rent a room in someone's house, etc) and working part time would still likely be much less than what you're speaking of.

Do look in to the specifics of gaining residency somewhere though. Often you need to live there & work there from 6 mnths to a year....without going to school before you're considered a resident.

It's something to look in to.

Best to you!

Peace,

CuriousMe

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Reganette,

The only thing that I can tell you is...follow your heart and listen to your gut.

I am 35, married (husband has been laid off since Nov.), have 3 children (ages 9-14 so they are not cheap), graduate in 5 days, no clue where I am going to find a job, AND I have about $85,000 in loans from my education. Do I regret it? Not one bit (although I would take pre-reqs at a community college if I could go back). When I have my patients tell me thank-you with tears in their eyes or spouses who pat you on the back after caring for their dying loved one, it becomes apparent that this is where I need to be.

You are going to have people rant and rave about your financial situation-we are all very eager to judge someone else before ourselves. I am going to tell you to really think about it and decide if you want to work for X number of years to pay of teaching loans or XX number of years to pay them and nursing loans off. But this is YOUR decision and nobody else's. Where there is a will, there is a way...Good luck with your decision and good luck with your endeavors in life :)

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Specializes in Medical Surgical/Addiction/Mental Health.

i have done a lot of research about student loan debt. first, i went to the department of education’s website to learn about the different options for paying back loans. there are numerous options! go to http://www.finaid.org/loans/forgiveness.phtml and look under calculators. that page will list the many options for paying the loans back. i will be about 115k in debt by the time i am finished. the option i am looking at is the income contingent option. what that means is that my payments will be based upon my agi (adjusted gross income). based upon an agi of 65,000/year, with one dependant, and a balance of 115k, my payments will be 525/month. now here is an interesting fact. you will be required to make payments for 25 years. afterwards, your loan balance is paid in full. the calculator will show you what your balance will be in 25 years and what amount will be written off. for me, it will mean that i received interest-free loans for school. also, i am not sure what area of nursing interests you, but if you work in community health, after ten years of payments and working full-time, your balance is paid in full. you can also exercise the income contingent payment plan while paying your loans for the ten years.

i am learning many people aren’t aware of the many options available to them. i have had some people trash talk me for my debt amount, but i don’t have any other debt. i don’t have the national average of 30k in credit card debt. my car is paid for. i don’t have a mortgage. so, i think it is a personal choice. check out the link and research all of your options. you will be surprised. i know i was.

good luck to you.

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I am with mom student! You r sooo young. You will pay off your student loan in time, build a great credit history with your punctual payments. You will be ahead of the game. You will have debt for the rest of your life, car, house... Now you have to manage your debt, that is the work. ( I am probably making financial advisors cringe!) But following your passion... That is the fun!

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My advice would be to not limit yourself to ABSN programs, which are typically more expensive. Look into regular BSN programs as well.

I'm working on my second bachelor's degree in nursing and chose a traditional BSN program. It will take me 18 months to complete. At most, it's only 6 months longer than an ABSN program. Graduating 6 months sooner isn't worth the increase in tuition to me.. especially when you consider that as a second degree student, you are no longer eligible for grants--it's loans all the way.

You can manage either way though, no matter what program you end up choosing. ABSN programs wouldn't exist if second degree students weren't enrolling in them.

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Wow.. I'm extending a HUGE virtual hug to everyone (really!). Thank you for this info and support. ParkerBeanCurd, I'm going to comb through the student loan website, something I haven't found yet! And also - Litchi, I plan to take a closer look at traditional BSNs. I really needed some love and am so happy I found myself in a mini-crisis and posted. :heartbeat

:[anb]:

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I graduated with Associates Degree and I interviewed at two new york city hospitals this week (I did well). I went out of states for interviews and was offered the position immediately.

I was called by the agency and I have another interview for Homecare next week.

Although it is the trend in NYC that they encourage BSN, a lot of places hire ADN's and pay for RN-BSN degree.

Finish your prerequisites and apply to many different programs to keep your options open.

Accelerated, Generic Bachelor's (2 years long after prerequisites), and Associates.

I had transferred to a community college for nursing after completing 115 credits from a state university.

Like you, I didn't want to wait another semester, but I give applause to you for graduating first.

I decided to go for associates first because there's only 4 classes to take before the program and you can finish others while taking nursing classes, and the tuition was too good to be true.

I had loans from SUNY school and didn't want to take out more loans.

I easily paid my full tuition each semester by working part-time.

Another option is to go to Hunter, Lehman or York for nursing (CUNY schools) for Bachelor's. Very affordable. About $200 per credit.

Finish your remaining classes and apply to different types of programs.

Also, schools like NYU, Columbia, etc. take students with bachelor's in other major and associates in nursing right into graduate program for nursing.

Do one thing at a time.

For now, just focus on getting A's in classes if you are sure you want to do nursing.

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