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How on earth do you pay for NYU's ABSN program?

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nyc1990 nyc1990 (New) New

Hey everyone,

I'm applying to NYU's accelerated second degree nursing program to attend in the fall 2015. It would be a dream come true to live in NYC and go to NYU (I may be silly to be so attracted to the prestige of the name, but out of all of the accelerated programs in NYC, this one has the most positive feedback from students, by FAR- other than Hunter of course which is nearly impossible to get into).

However, I am petrified of the price tag. I have never taken out student loans or applied for a scholarship, etc. in my entire scholastic career and don't have a penny of debt to my name. So, from what I understand, NYU (tuition alone for the 15 months) will run me about $70,000.

My question is: how did/do NYU nursing students pay for this? Private loans? If so from who and how much do you get? Scholarships/grants? If you receive any of these things how much money (sorry for the bluntness) do you receive and how hard is it to qualify? And lastly, do you really think we will be paying off these student loans (supposing I don't get any scholarship money) until we retire? Please help! I'm getting discouraged. This is a huge investment.

missmollie, ADN, BSN, RN

Specializes in Neuroscience. Has 4 years experience.

70,000 is a lot of money for a degree in nursing. Regardless of whether someone goes to a community college or NYU, the only way that they work is by passing the NCLEX. The NCLEX doesn't change based on what school you went to.

I could not imagine the stress of having to pass the courses and the financial ruin for those who fail out. That is horrifying.

To answer your question, if you have never taken out student loans, then you need to fill out a FAFSA and get that ball rolling. You should easily receive money for school, though I'm unsure of how much you'll be awarded. Be aware that financial aid will stop when you hit a certain amount of credit hours, regardless of whether you've had a financial aid loan before or not.

May want to look at grants and scholarships as well. I would also seriously consider what you will do if you do not receive all the money that you need. A great student can succeed anywhere. Keep that in mind.

Part of the reason tuition is so high has to do with the cost of room & board; if you live in the outer boroughs and have roommates the tuition will drop significantly.

I plan to live in an outer borough and have roommates. I was under the impression that the figure $70,000 didn't include room and board and $70,000 was the estimate for tuition ONLY? I hope you're right. did you go to NYU?

From my knowledge (and correct me if I'm wrong), once you obtain a degree like a bachelor's in another major you are no longer qualified for FAFSA or if you are you would get little to no financial aid. I was in my undergrad in college and 2 classes away from graduating with a kinesiology degree but my advisor told me if I plan on going to nursing school and obtaining a BSN that it might not be financially wise to graduate with another degree because FAFSA would not support a second degree and I would end up in debt. So I think in your case with obtaining a 2nd degree you wouldn't be qualified for FAFSA or financial aid so you would probably need to take out loans and apply for scholarships.

I am a retired NYC paramedic and for many years I would bring patients to NYU medical center, so I knew quite a number of nurses that worked there, anyhow, I just asked a friend who graduated the college of nursing in 2011 and was told the tuition was roughly $1100 per credit hour including all those pesky fees. I am sorry if I got your hopes up. On the upside, the hospital tends to hire many of the students who rotate through there.

strawberryluv, BSN, RN

Specializes in LTC, Med-surg.

If its $70,000 and you're a NYC nurse then most likely, you will be making more than $70,000 just because the cost of living there is high so wages will be high. You would be able to pay back some of them relatively quickly.

Now, if you were paying $70,000 and working in a state where the nurse pay is low like Alabama then that would make no flippin' sense.

To Missmollie: Thanks for your response! I agree that a great student can succeed anywhere but I would love to be in New York City (any of the boroughs, really). Hunter would be awesome, so would Lehman or SUNY downstate but I'm already out of the running for Hunter because of certain VERY particular requirements that they have, Lehman also has a hefty load of prerequisites that would take me another year to finish and I'm ready to start ASAP (also, the Bronx isn't my ideal location, to be honest), and downstate would actually be my first choice if I didn't decide to go to nursing school so last minute (I missed the deadline so I'd have to wait another year to go) because the tuition is much cheaper and their NCLEX pass rates are high. Pace is basically just ask expensive as NYU and possibly harder to get into, I believe and Long Island University (Brooklyn campus) is close to $60,000. Also, for the state schools I would still pay out of state tuition.

SO NYU is pretty attractive to me because they allow you to finish certain prerequisites after you've been accepted. My plan is to look into grants and loans and scholarships I just didn't know where to start so I was hoping for some guidance. As for FAFSA, NYU said that I would fill out those forms in my application. I also went to FAFSA's website and they don't have an option for a 2015-2016 school year. In reference to you mentioning funds will run out after a certain amount of credits, I believe the BSN is 60 credits...would this most likely exceed funds?

Edited by nyc1990
wanted to direct response to missmollie

To Kimmy20: Thank you! I'll check on that, too. It's odd that the admissions counselor would tell me that FAFSA forms are included in the 2nd degree program's application if 2nd degrees will disqualify you- but that is something I will definitely look into. And I hope I qualify for ANY scholarships...my overall undergrad GPA is only 3.1 but the prerequisites that I've finished so far is a 3.9. I have quite a bit of volunteer work in non-medical settings. I have no clue what qualifies one for scholarships.

If its $70,000 and you're a NYC nurse then most likely, you will be making more than $70,000 just because the cost of living there is high so wages will be high. You would be able to pay back some of them relatively quickly.

Now, if you were paying $70,000 and working in a state where the nurse pay is low like Alabama then that would make no flippin' sense.

If I attend NYU...I will accrue (at least) $70,000 of debt, not even factoring in interest :(. I would then like to work in NYC for a year or two before going home to Louisiana. Even though NYC nurses make, on average, $77,000 a year the cost of living is so high that I don't know if I would be able to pay off loans much faster than if I was working in say, Louisiana where my rent is $500 a month...It all evens out pretty much. So regardless, $70,000 is a lot of debt, I believe. I just hope I qualify for some scholarships.

edmia, BSN, RN

Specializes in Emergency, ICU. Has 10 years experience.

Wow! That is a lot of money for just a BSN. And living in the city is really expensive unless you go out about 40 minutes on subway. Is this your end degree? If BSN is as far as you want to go then maybe it's worth it, but, honestly I don't think NYU is that good a program. I know a couple of people who did the accelerated there and they were not that happy with it. It's not a bad program, it's just not what $70,000 should get you.

Maybe not the feedback you're looking for but I feel a responsibility to warn you about getting into that much debt. Especially with how tight the new grad market is in NYC, even with a BSN.

Good luck with whatever you decide but be sure it's really worth it.

Sent from my iPhone -- blame all errors on spellcheck

70,000 is a lot of money for a degree in nursing. Regardless of whether someone goes to a community college or NYU, the only way that they work is by passing the NCLEX. The NCLEX doesn't change based on what school you went to.

I could not imagine the stress of having to pass the courses and the financial ruin for those who fail out. That is horrifying.

To answer your question, if you have never taken out student loans, then you need to fill out a FAFSA and get that ball rolling. You should easily receive money for school, though I'm unsure of how much you'll be awarded. Be aware that financial aid will stop when you hit a certain amount of credit hours, regardless of whether you've had a financial aid loan before or not.

May want to look at grants and scholarships as well. I would also seriously consider what you will do if you do not receive all the money that you need. A great student can succeed anywhere. Keep that in mind.

If its $70,000 and you're a NYC nurse then most likely, you will be making more than $70,000 just because the cost of living there is high so wages will be high. You would be able to pay back some of them relatively quickly.

Now, if you were paying $70,000 and working in a state where the nurse pay is low like Alabama then that would make no flippin' sense.

Sorry but no matter where you work you aren't going to be able to pay off 70k relatively quickly.

As stated above, a BSN is a BSN. Your end result will be the same, you're choosing to be in debt for location and title. You can always go to school elsewhere and find a job in the city after you graduate, but that 70k+ title on your head isn't going to guarantee you work. 70k also might be chump change to a spouse of a high up executive, but its also enough for down payments on 2 homes in your home state.

Edited by zzbxdo

Wow! That is a lot of money for just a BSN. And living in the city is really expensive unless you go out about 40 minutes on subway. Is this your end degree? If BSN is as far as you want to go then maybe it's worth it, but, honestly I don't think NYU is that good a program. I know a couple of people who did the accelerated there and they were not that happy with it. It's not a bad program, it's just not what $70,000 should get you.

Maybe not the feedback you're looking for but I feel a responsibility to warn you about getting into that much debt. Especially with how tight the new grad market is in NYC, even with a BSN.

Good luck with whatever you decide but be sure it's really worth it.

Sent from my iPhone -- blame all errors on spellcheck

Thank you! I appreciate the honesty. and I do plan to advance my degree (eventually) to be an NP.

edmia, BSN, RN

Specializes in Emergency, ICU. Has 10 years experience.

Thank you! I appreciate the honesty. and I do plan to advance my degree (eventually) to be an NP.

Great! Then I hope you find a more affordable way to get the BSN and put the debt into your graduate degree. There are lots of loan repayment programs for NPs.

Sent from my iPhone -- blame all errors on spellcheck

First of all, don't take out more loans than you can reasonably expect to earn in your first year of work.

Let's take a look at some numbers. You'll be spending approximately $70,000 for a BSN and the opportunity to live in NYC for a few years. However, you forget about the interest you'll be paying on that loan. The average interest rate is 4.6%. The most common repayment length is 10 years. Over that period of time, you'll pay about $750 a month, and will end up paying about $17,500 in interest, for a total expenditure of $87,500.

You could qualify for an income based loan repayment plan. The interest will likely be the same, but the length of repayment will be stretched. However, you will pay more interest the longer the repayment lengthens. A 20 yr repayment will cost you $37,000 in interest at $450 a month, and a 30 year plan will cost you nearly $60,000 in interest with monthly payments of $350.

This degree could cost as much as $130,000 in a worst case scenario when you add tuition plus interest!

Or you could go to Louisiana College's accelerated BSN program for about $30,000, then move to NYC for work. The difference would be $10,000 in interest on the 10 year plan or $35,000 on the 30 year plan. That's a ton of cash, considering NYU's NCLEX pass rates are 10% lower than LC's.

That's not even considering the simple cost of living in NYC compared to Louisiana. Nor is that considering the added cost of advanced degrees, should you choose that road someday. And we won't even talk about the added savings of attending a state school like LSU on a regular BSN track for about $10,000 total.

PLEASE, take a long, hard, responsible look at your plans. You're going to have to decide if the dream of getting your BSN from one particular place is worth the substantially large financial penalty.

First of all, don't take out more loans than you can reasonably expect to earn in your first year of work.

Let's take a look at some numbers. You'll be spending approximately $70,000 for a BSN and the opportunity to live in NYC for a few years. However, you forget about the interest you'll be paying on that loan. The average interest rate is 4.6%. The most common repayment length is 10 years. Over that period of time, you'll pay about $750 a month, and will end up paying about $17,500 in interest, for a total expenditure of $87,500.

You could qualify for an income based loan repayment plan. The interest will likely be the same, but the length of repayment will be stretched. However, you will pay more interest the longer the repayment lengthens. A 20 yr repayment will cost you $37,000 in interest at $450 a month, and a 30 year plan will cost you nearly $60,000 in interest with monthly payments of $350.

This degree could cost as much as $130,000 in a worst case scenario when you add tuition plus interest!

Or you could go to Louisiana College's accelerated BSN program for about $30,000, then move to NYC for work. The difference would be $10,000 in interest on the 10 year plan or $35,000 on the 30 year plan. That's a ton of cash, considering NYU's NCLEX pass rates are 10% lower than LC's.

That's not even considering the simple cost of living in NYC compared to Louisiana. Nor is that considering the added cost of advanced degrees, should you choose that road someday. And we won't even talk about the added savings of attending a state school like LSU on a regular BSN track for about $10,000 total.

PLEASE, take a long, hard, responsible look at your plans. You're going to have to decide if the dream of getting your BSN from one particular place is worth the substantially large financial penalty.

I love numbers. Awesome post.

SierraBravo

Has 3 years experience.

Others have given awesome information. I attended an accelerated BSN program, albeit not in NYC. The cost of my program was about the same as the NYC program you are attending. I was fortunate that my employer offered tuition benefits and thus I was able to get my BSN for less than $10,000. Looking back, I don't know that I would have attended that program if I had to pay the full amount. I've got less than $40k in student loans from my undergrad degree because I went to a state school. I can't possibly imagine having potentially had $110,000 in student loan debt. As others have said, we all take the same licensing exam regardless of what school you go to or what program you pursue. Don't get me wrong, I had an awesome experience in my nursing program and I'm so glad I did it. I'm currently working on my MSN (for which I've paid virtually nothing for so far).

If you want to spend the year in NYC and you are drawn to the allure of the city, so long as you can appreciate the future ramifications of taking on that kind of debt, I would say go for it and enjoy yourself. If you decide that taking on that kind of debt is just too much, then there are other more affordable options. Yes, you make more money in NYC, but the cost of living is absurd so like you said it pretty much comes out in the wash.

The other thing I'll say is that, unlike medical school, where you go to nursing school doesn't matter outside of going to a nursing school that is linked to a large, academic medical center; new grads sometimes tend to have an easier time getting a job in that linked hospital.

In terms of financing your education, there are several private loans available for programs such as an accelerated BSN, just do a quick google search. Yes, there are plenty of public grants and scholarships available, but that may not be helpful in your situation because the applications are usually due far in advance of starting school. See if your school has any private grants or scholarships available to you. And as someone else said, you do have to file the FAFSA but you won't be eligible for enough to cover the cost of tuition, thus the need to supplement with a private loan.

Best of luck in your decision, and congrats on beginning an awesome career which I hope you're going to find very rewarding.

JustBeachyNurse, RN

Specializes in Complex pediatrics turned LTC/subacute geriatrics. Has 10 years experience.

To Missmollie: Thanks for your response! I agree that a great student can succeed anywhere but I would love to be in New York City (any of the boroughs, really). Hunter would be awesome, so would Lehman or SUNY downstate but I'm already out of the running for Hunter because of certain VERY particular requirements that they have, Lehman also has a hefty load of prerequisites that would take me another year to finish and I'm ready to start ASAP (also, the Bronx isn't my ideal location, to be honest), and downstate would actually be my first choice if I didn't decide to go to nursing school so last minute (I missed the deadline so I'd have to wait another year to go) because the tuition is much cheaper and their NCLEX pass rates are high. Pace is basically just ask expensive as NYU and possibly harder to get into, I believe and Long Island University (Brooklyn campus) is close to $60,000. Also, for the state schools I would still pay out of state tuition.

SO NYU is pretty attractive to me because they allow you to finish certain prerequisites after you've been accepted. My plan is to look into grants and loans and scholarships I just didn't know where to start so I was hoping for some guidance. As for FAFSA, NYU said that I would fill out those forms in my application. I also went to FAFSA's website and they don't have an option for a 2015-2016 school year. In reference to you mentioning funds will run out after a certain amount of credits, I believe the BSN is 60 credits...would this most likely exceed funds?

The ineligibility is due to already having a bachelors degree. There are no federal grants for 2nd bachelors students, very little, if any in subsidized loans. There are unsubsidized and private loans as well as private grants & scholarships that may be an option for you.

(Unsubsidized & private loans interest accrues on day 1)