Pinching pennies or student loans?

[tracyd77]

I will be starting NS in August and I am so excited. My husband supports me 100% but we don't see eye-to-eye on the financial side of things. Up until now, I have worked FT and gone to school PT for my pre-reqs. When NS starts, I will have to be at school 2 full days and 2 half days per week. We have worked out our budget and if we cut out a lot of the extras (which we have already started doing) we could just about make it on his full salary and my 1/2 salary. We have our insurance and those kinds of concerns already taken care of and we don't have kids. Below are our possible solutions... I need to know from my fellow NS students, your opinions. Please. :smiley_ab

--My idea: I think I should work PT (1 full day and 2 half days-opposite of school-which I am 90% sure that my job is willing to do) and we should cut out all of the extras: cutting down our cable/phone bills(already done), not eating out as much, cut down our recreation & frivolous schopping considerably, etc. We have about $6,000 put away for school that should cover the gap, and I have scholarships for tuition. So, my actual school expenses should be a max of $800 the first year and less than that the second year.

--His 1st idea: He thinks I should quit my job altogether so that I could focus JUST on school and so I could get studying done during the workday so that we could still have "our" time in the evenings. His other argument for this was that I could still maintain my social life and "me" time so I wouldn't be so stressed. And I do tend to get stressed easily.

-The problem: That would mean we would have to take out at least $15,000/year in student loans... IF I could even get approved for that amount.

--His 2nd idea: That I should continue to work PT, but still take out student loans (probably $5,000-8,000/year) so we could maintain the lifestyle we have now: recreation, eating out, etc. He feels that we wouldn't have to pinch pennies and this would help to relieve/prevent the stress (at least $ wise). I can see the pros of this option, but I cannot decide if it is worth the student loan debt.

[hiddencatRN, BSN, RN]

If you take out loans, I think you should still cut back lifestyle expenses and use the slack for more studying time. Definitely don't take them out to be able to go out like you do now.

Honestly, a couple of thousand in loans (total for the entire program) to have a little more time to study and be less stressed might be worth it. But tens of thousands in loans so that you can keep living the life you and DH are accustomed to is definitely not.

[melmarie23, MSN, RN]

Loans were the only option for me. I already hold a Bachelors degree, in a field other than nursing. Nursing is a career switch for me. The only way I was going to be able to afford a nursing program is if I got into a Masters program because holding a previous degree is detrimental if you go back to school for something else. So for me to go back to school for an ADN or a BSN I would have had to pay it all out of pocket.

I was making good money before going back to school full time, but I was bored and under stimulated. I am grateful for my current program and having a husband who is so supportive of my dreams and goals and willing to support the both of us for these two years that I am in school. And I qualify for all the necessary federal aid and that pays for everything.

I must say, I am really shocked by the response here. You make it sound as if student loans are soooooooooooo bad. Really they are not, especially if they are not private loans (i.e. bank loans). Yes, Federal loans yes you MUST pay back, but you can get them deferred during financial hardships. So you lose your job or another family member, they take that into account and you are not made to suffer. These loans are an investment in your future...and in terms of health care, they are an invesment to our socieity's future as we are the ones helping and healing them.

Educational loans are not this evil thing. They are very necessary in some circumstances.

[hiddencatRN, BSN, RN]

I must say, I am really shocked by the response here. You make it sound as if student loans are soooooooooooo bad. Really they are not, especially id they are not private loans (i.e. bank loans). Yes, Federal loans yes you MUST pay back, but you can get them deferred during financial hardships. So you lose your job or another family member, they take that into account and you are not made to suffer. These loans are an investment in your future...and in terms of health care, they are an invesment to our socieity's future as we are the ones helping and healing them.

I don't think anyone here would argue against getting loans if that's the only way to get through school- but in the OP's case, she can get by without the loans or with minimal loans. And if you don't need the loans....why take them? Why take more than you need when you can merely tighten your belt for a couple of years? It's important to invest in education, but it's still smart to minimize debt load.

[Agrippa]

Wow, I thought you were going to take out some reaaal loans. But you're worrying about less than 10K total?!!

I will be taking out $15,000 in my first year of nursing school for my BSN program. And this is a public school. This is on top of my previous loans from my other schooling.

[tracyd77, RN]

Yes, I'm worrying about less than $10K of debt. I don't want to borrow ANYTHING if I don't have to... a "little" adds up over time.

Thanks to everyone for your opinions.