The big D---Debt.

Nurses General Nursing

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there are very limited/competitive bsn programs here in new orleans. i spent most of my college career doing my pre-reqs elsewhere and then applying to the well-known programs. charity is adn--and frankly, i've gone too far in my pre-reqs to turn back now for an associates. lsu has different pre-req requirements, so that's out-unless i want to take several classes over. those 2 programs are the only affordable options for me, but i have been accepted for the our lady of holy cross bsn program starting in august, tuition is roughly 16k a year. the point of this post is that, of course, i went to the cheapest school ever to do my pre-reqs but still accepted loans (it was a situation where i sort of had to), so i'm already entering with 30k in debt. olhcc is expensive...i am calculating that when all is said and done, i will owe roughly 70k. my soul dies a little more each time i say it out loud, but what am i supposed to do now? i was accepted somewhere, and in 3 years, i will be a rn bsn. i've never even had a car note, so i'm consistently worrying about the debt when i come out. i don't want to starve to death. i just need someone to tell me that i will be ok. that if i'm willing to work my a$$ off via prn and float shifts etc...that i can do this. i don't have children/car note/other debts, and i intend on seeking my msn as well. i am also considering the navel nurse officer program, and am open to any programs seeking my time in exchange for repayment of a % of my loans. will i be ok?

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Specializes in Critical care.

The community college route would probably be best for you. Since you already done most of your pre reqs for your BSN it would not take long to get your RN to BSN when you are finish.

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Specializes in medical surgical.

Go get you degree at the community college. There is no way that you should be that much in debt for a nursing degree (or any other degree for that matter). Right now college debt has surpassed consumer credit card debt for the first time ever. What does this mean? I am no economic expert but it appears to look much like the housing fiasco. Please be careful. You can get your BSN later if you so desire.

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I can relate to your situation. I decided to goto Charity, I already had a degree so it was a bit difficult going back for an associates; however, I have one more semester left and I'm sooooo glad that I went this route because I almost finished. I've also been taking classes over the summer towards a BSN so after I graduate, I will only need 28 hours in LSU's RN to BSN bridge program. Most hospitals have tuition assistance as far as I know so I'm hoping to get some of the bridge program covered through my job. I already have a tech job so I'm hoping to stay with the company and get an RN job upon graduation since I will be an internal candidate. The manager at the hospital told me that an RN is an RN so don't stress about the BSN despite what everyone is saying. I still plan to get it, but that's what I was told.

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Specializes in ICU.

I graduated with almost 80k in loans, almost 100k w/ interest. Government can really screw you over if you're under 24 and your parents make a lot, but they don't wanna pay for ANYTHING....... and if you live in a very expensive state for school, try to go out of state who then says "you're under 24 and your parents live out of state, you can't get in state tuition".. Irony is if I stayed in the state that my dad works in, I would've paid just as much if not more.......

That said, I am paying $1500/month towards the loans altogether (almost one whole paycheck a month for me). I am pulling through it fine. I don't have a ton of spending money like my colleagues do. I'm young though, and I'm okay with that. There are a LOT of scholarships out there, and many helpful programs like military as you pointed out. If you are willing to work in more rural areas, you may even get help repaying from a hospital or government.

Just really make sure you calculate how much you'd make at the hospitals where you will be applying, the chance you will get a job right away so you can pay those loans, and how much the monthly cost will be WITH interest.

So, yes, if you calculate correctly, and you will have enough from paychecks to pay the monthly payments+other bills, and you value the BSN that much.. go for it. If you rather go the slower way, but have a lower debt and get the ADN, then go back and get BSN.. do that.. ofc you'll need to figure out how much that route costs too.

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Have you considered schools outside of New Orleans? I am currently enrolled in nursing school at Southeastern and the tuition is much less than 16,000 a year.

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Many words have been said on this site about accumulating that kind of debt. I am speaking as someone who struggled to pay off a third of that. So it always worries me to hear people thinking about taking on such a huge debt load.

My suggestion is that you figure out what your monthly payments would be now -- and remember to take interest into account, think about your projected earnings as an new RN. Whatever you think you will be earning or what you hear about from other people, immediately reduce it by 25%, because that will be a realistic idea of you take home as a new nurse. If you find a job.

Factor in how you will support yourself while in school, and then for the possible long period of unemployment that will follow, and for any glitches that come up -- health problems, family crises, etc. etc. that will cause you to lose time from work or school.

You say you are considering your MSN, think now about how you would like to finance that. What you are looking at now is the debt equivalent of a medical student, without the future income to be able to pay it off and survive. You may not be eligible for more loans anyway, if you take on that kind of debt to get your BSN.

Student loans, whether private or federal, cannot be discharged in a bankruptcy. They will go after everything you have, now and in the present. If you can't pay your student loans, they will happily step in and take your assets or garnish your future earnings.

If you get married your spouse will be on the hook for that debt too.

Don't know how old you are but think about how it would be to be able to stick that money you are paying off for your loans into an interest earning retirement account.

So please think this over very carefully. The market for nurses is not that good, it may be better when you graduate, maybe not. Whatever happens, you will struggle to find a job, and then to find a job that you like.

You sound like you have a handle on some other options out there, I would say consider this carefully before you jump in. Wouldn't it be nice to face a future full of options and possibilities, rather than a future of crushing debt, obligation, and responsibility?

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Specializes in family practice.

I went the ADN route and got my BSN all without debt and self pay. You could do this but it would take longer. You can go the ADN also and have the facility you work at pay for your BSN.

If you take the loan, you can decide to work for IHS and they would repay your loan for at least 2yrs commitment. all i say is consider your options before u make a decision

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You're going to graduate into an $18 - $22 per hour job. Take that into consideration while budgeting your education.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
I am calculating that when all is said and done, I will owe roughly 70k.
Here is a simple rule-of-thumb when borrowing money for school: Never borrow more than what you can reasonably expect to earn during your first year of working!

If you plan to remain in Louisiana, it is highly unlikely that you'll earn $70,000 during your first year as an RN. However, the job market is truly difficult in areas that offer more competitive pay right now, so borrowing that much money for a nursing degree at this time is a lose/lose situation IMHO.

Your payment will be $805.56 per month if you borrow $70,000 and finance it over ten years with a 6.8 percent interest rate. $800+ monthly is staggering and not a way to start off one's career. It will negatively affect your quality of life for many years to come. I urge you to look into other options.

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I know that this a lot to think about, and I know that it is a heavy debt I am considering taking on. I don't want to sit out anymore time. Charity is a year wait, and sitting out is not an option. I would have to re-take some of the courses I have already completed to try for LSU, and I don't even know how long the wait is for LSU.

To me, sitting around and waiting for a spot in another program will be waisting more of the one thing more precious than money--time (but I will still be waisting money, as well). With the many repayment options/tuition reimbursment options--not to mention the rewarding, fulfilling option of becoming a Navel Nurse Officer--I really think I can do this. There are only 3K Navel Nurse Officers, and it is an elite title and something to be very proud of.

Where there is a will, there's a way. I am not afrain of hard work and dedication. Thank you all for responding, it helps alot to get other points of view. It also helped me to realize how serious this decision is, and that I do have to do whatever is necessary to get where I want to be. I know plenty of people who racked up massive student loans at prestigious art schools (MICA), and came out with 180K in debt to--teach art--but forgivness programs saved their tails. If I just give up a few years of my life to help where I'm needed (which is why I got into this career in the first place), then many programs can/will help ease the burden of loans in exchange for my hard work and dedication.

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Thank you for your input ICUEnthusiast. It helps to hear advice from someone who understands the complication of this situation. To me, taking more time and waiting for a different program is simply not an option--I'm already battling the terrifying concept that I will be 30 the semester I graduate! I wasted enough time being a New Orleans party girl before discovering the importance of a degree--and a BSN is what I've always wanted. I am careful with money, this will be the most reckless thing I've ever done---but do you feel it was worth it for you, the debt I mean?

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