How am I gonna pay for this???

lebelesprit_ · Apr 9, 2017

I worked part-time at Watts during my first and second semesters. By third semester it was way too much to handle so I didn't work my last two semesters. I know there are people that do it but it is TOUGH.
I'll also be working for Duke starting in July so they'll give you up to $25k in loan reimbursement so that made it easier to take on the loan for living expenses (I only took $5k for each semester because I was being supported by my family as well). That essentially will pay off Watts (for me, at least). I also used Federal loans and I received the Pell Grant my last 2 semesters that helped a lot.

Youre my new bff whether you know it or not. Lol. Ive used all my pell grant on my other degree so im down ti fedeeal and private loans. If you dint mind me asking, did you use sallie mae? I dont care how much i have to take out because i know there are forgiveness options and if i make what i see fir no's, i cab reoay with no issue. I just hope i can borrow maybe 8000 per semester for living.

WookieeRN, BSN, MSN, RN · Apr 9, 2017

I actually didn't use Sallie Mae. I went through Wells Fargo because they still gave me the loan repayment terms of my Federal loans, but gave me a rate reduction for being a current customer. I also had to get a cosigner because I was on employed part-time when I applied.

Semper_Gumby · Apr 9, 2017

Youre my new bff whether you know it or not. Lol. Ive used all my pell grant on my other degree so im down ti fedeeal and private loans. If you dint mind me asking, did you use sallie mae? I dont care how much i have to take out because i know there are forgiveness options and if i make what i see fir no's, i cab reoay with no issue. I just hope i can borrow maybe 8000 per semester for living.

Anecdotally, I have heard nothing good about borrowing from Sallie Mae. If you have the choice of another vendor, I'd go for just about anybody other than Sallie Mae. My loans are mostly serviced by Great Lakes, though I don't know if you're allowed a choice of vendor anymore.

As someone who borrowed for both a non-nursing bachelor's and my nursing diploma (I went to Mercy, in Charlotte, which was far more affordable than Watts is), I highly recommend NOT borrowing any more than absolutely necessary. What if you can't find a job right after graduation? What if (heaven forbid) you're unable to complete the program for some reason? What if something happens and you lose your job (like I just did)? You'll have all this debt to worry about repaying and no way to repay it. It is absolutely not worth the added stress. Yes, there are forgiveness options, but there are no guarantees that you will get any of them.

If you start with MOC courses in June, it'll still be Dec/Jan before you start any nursing coursework. At that point you could potentially be starting at one of the local CC programs. Work hard, get the best grades you can manage, study hard for the TEAS and do your best. Employment options for new nurses in NC may be better now than when I graduated in 2014, but in two years' time it could be a totally different story. I would hate to see someone borrow against their future and get stuck in a bad situation because they can't get a job as a new grad.

Best of luck.

DowntheRiver · Apr 9, 2017

Those forgiveness programs are not guaranteed, even for public servants such as myself. You basically have to have a debt to income ratio of above 120% and your site has to have a certain score to even be considered. Just remember, many forgiveness programs require you to work in public health which is not for everyone.

WookieeRN, BSN, MSN, RN · Apr 9, 2017

Those forgiveness programs are not guaranteed, even for public servants such as myself. You basically have to have a debt to income ratio of above 120% and your site has to have a certain score to even be considered. Just remember, many forgiveness programs require you to work in public health which is not for everyone.

I think there may be 2 forgiveness programs being talked about in this thread. The Duke health system, where an overwhelming majority of Watts students end up (I want to say out of the 50 people in my class more than 90% of us have a job at Duke to start in July or August), does their loan forgiveness regardless of debt to income. It's split up over 3 years with some amount of percentage over the 3 years. And not everyone gets the $25K, there are specific qualifications that I can't remember off the top of my head but I can look through my paperwork. HOWEVER, what I will say is that this program didn't exist until I was halfway through Watts so they only reason I actually took out living expense loans in my last year was because of the re-introduction of the loan forgiveness program by Duke. And it was a big risk because as quickly as they introduced it, they could have taken it away.

I will warn you about the loans. I don't know how much Watts tuition is now because they definitely hiked it up since I started, but people who were failing out a semester were on the hook for an extra $7,250 + whatever loans they took out for that semester. I specifically didn't take out living expense loans my first 1.5 years because of that fact. I also pay the interest on my living expense loans every month with a job I work about 12-20 hours a month at the Y (in addition to whatever amount is left at the end of the month) to help bring down end cost. I want to say it's at least $7,800 a semester now for anyone entering after August 2017 (for the Watts portion).

If you take an additional $8,000/semester in living expenses you've now paid over $63,000 for a diploma in nursing without taking interest into account. Most people don't pay that for a BSN. Say Duke it still offering the loan forgiveness when you graduate, you get a job at Duke, and you get the full $25k. You would still have $38,000 to pay back, and new grads are only making $23.16/hr + differential right now. Yes, I had a job before I graduate in May. Yes, Watts has a 100% pass rate on the NCLEX. Yes, Watts has an excellent reputation in the area. BUT HOLY HECK IT'S EXPENSIVE. I won't graduate with as much debt as others because my parents helped me A LOT with what loans did not cover and then some (like paying my rent for the last 2.5 years), so I am not a typical case whatsoever. If anything, I am the exception.

Quite a few people in my cohort had their jobs (i.e. Duke, UNC, Rex) pay a portion of their tuition and that's how they made the cost work. But they still had to work full-time during school to receive the money. You can work during the UMO portion. I worked full-time during that 6 month period and it was fairly easy. I would bank as much possible from now until you start in January. You will be VERY happy you did. I always recommend that anyone considering Watts to work as much as humanly possible during that time.

Semper_Gumby · Apr 9, 2017

I think there may be 2 forgiveness programs being talked about in this thread. The Duke health system, where an overwhelming majority of Watts students end up (I want to say out of the 50 people in my class more than 90% of us have a job at Duke to start in July or August), does their loan forgiveness regardless of debt to income. It's split up over 3 years with some amount of percentage over the 3 years. And not everyone gets the $25K, there are specific qualifications that I can't remember off the top of my head but I can look through my paperwork. HOWEVER, what I will say is that this program didn't exist until I was halfway through Watts so they only reason I actually took out living expense loans in my last year was because of the re-introduction of the loan forgiveness program by Duke. And it was a big risk because as quickly as they introduced it, they could have taken it away.
I will warn you about the loans. I don't know how much Watts tuition is now because they definitely hiked it up since I started, but people who were failing out a semester were on the hook for an extra $7,250 + whatever loans they took out for that semester. I specifically didn't take out living expense loans my first 1.5 years because of that fact. I also pay the interest on my living expense loans every month with a job I work about 12-20 hours a month at the Y (in addition to whatever amount is left at the end of the month) to help bring down end cost. I want to say it's at least $7,800 a semester now for anyone entering after August 2017 (for the Watts portion).

Duke and Watts used to have that forgiveness program but I'd heard they'd taken it away. I didn't realize they had reintroduced it, that is a nice option if you can get it!

And holy heck, that's expensive! :wideyed: Mercy was about $15k for all five semesters! Crazy how $$$ Watts has gotten, I recall it being about $22k for the whole thing back in the day when I was looking.

lebelesprit_ · Apr 9, 2017

Anecdotally, I have heard nothing good about borrowing from Sallie Mae. If you have the choice of another vendor, I'd go for just about anybody other than Sallie Mae. My loans are mostly serviced by Great Lakes, though I don't know if you're allowed a choice of vendor anymore.
As someone who borrowed for both a non-nursing bachelor's and my nursing diploma (I went to Mercy, in Charlotte, which was far more affordable than Watts is), I highly recommend NOT borrowing any more than absolutely necessary. What if you can't find a job right after graduation? What if (heaven forbid) you're unable to complete the program for some reason? What if something happens and you lose your job (like I just did)? You'll have all this debt to worry about repaying and no way to repay it. It is absolutely not worth the added stress. Yes, there are forgiveness options, but there are no guarantees that you will get any of them.
If you start with MOC courses in June, it'll still be Dec/Jan before you start any nursing coursework. At that point you could potentially be starting at one of the local CC programs. Work hard, get the best grades you can manage, study hard for the TEAS and do your best. Employment options for new nurses in NC may be better now than when I graduated in 2014, but in two years' time it could be a totally different story. I would hate to see someone borrow against their future and get stuck in a bad situation because they can't get a job as a new grad.
Best of luck.

Youre right. Youve given me so much to think about. Im at the "by any means neccesary" point now. Lol. I work for Wells so ill let them be my first choice.

lebelesprit_ · Apr 9, 2017

Those forgiveness programs are not guaranteed, even for public servants such as myself. You basically have to have a debt to income ratio of above 120% and your site has to have a certain score to even be considered. Just remember, many forgiveness programs require you to work in public health which is not for everyone.

Yeah, id heard something from Nurse Lada about that. Im just not sure what to do. I cant work and go to school full time, people are saying dont borrow to much.... Well what do i do??? I have faith that ita gonna work out.. I just dont know how.

lebelesprit_ · Apr 9, 2017

Duke and Watts used to have that forgiveness program but I'd heard they'd taken it away. I didn't realize they had reintroduced it, that is a nice option if you can get it!
And holy heck, that's expensive! Mercy was about $15k for all five semesters! Crazy how $$$ Watts has gotten, I recall it being about $22k for the whole thing back in the day when I was looking.

Yep, Watts is 7500 per semester at four semesters and Mt Olive is 7500 for the one semester of prereqs. Id rather go there than fight the point system at a cc.

lebelesprit_ · Apr 9, 2017

I think there may be 2 forgiveness programs being talked about in this thread. The Duke health system, where an overwhelming majority of Watts students end up (I want to say out of the 50 people in my class more than 90% of us have a job at Duke to start in July or August), does their loan forgiveness regardless of debt to income. It's split up over 3 years with some amount of percentage over the 3 years. And not everyone gets the $25K, there are specific qualifications that I can't remember off the top of my head but I can look through my paperwork. HOWEVER, what I will say is that this program didn't exist until I was halfway through Watts so they only reason I actually took out living expense loans in my last year was because of the re-introduction of the loan forgiveness program by Duke. And it was a big risk because as quickly as they introduced it, they could have taken it away.
I will warn you about the loans. I don't know how much Watts tuition is now because they definitely hiked it up since I started, but people who were failing out a semester were on the hook for an extra $7,250 + whatever loans they took out for that semester. I specifically didn't take out living expense loans my first 1.5 years because of that fact. I also pay the interest on my living expense loans every month with a job I work about 12-20 hours a month at the Y (in addition to whatever amount is left at the end of the month) to help bring down end cost. I want to say it's at least $7,800 a semester now for anyone entering after August 2017 (for the Watts portion).
If you take an additional $8,000/semester in living expenses you've now paid over $63,000 for a diploma in nursing without taking interest into account. Most people don't pay that for a BSN. Say Duke it still offering the loan forgiveness when you graduate, you get a job at Duke, and you get the full $25k. You would still have $38,000 to pay back, and new grads are only making $23.16/hr + differential right now. Yes, I had a job before I graduate in May. Yes, Watts has a 100% pass rate on the NCLEX. Yes, Watts has an excellent reputation in the area. BUT HOLY HECK IT'S EXPENSIVE. I won't graduate with as much debt as others because my parents helped me A LOT with what loans did not cover and then some (like paying my rent for the last 2.5 years), so I am not a typical case whatsoever. If anything, I am the exception.
Quite a few people in my cohort had their jobs (i.e. Duke, UNC, Rex) pay a portion of their tuition and that's how they made the cost work. But they still had to work full-time during school to receive the money. You can work during the UMO portion. I worked full-time during that 6 month period and it was fairly easy. I would bank as much possible from now until you start in January. You will be VERY happy you did. I always recommend that anyone considering Watts to work as much as humanly possible during that time.

Well im working 3 jobs now... 2 full time, 1 16 hours a week and the other is seasonal and amounts to aboit 1500 per year. If accepted im gonna wait til january to start at mo then watts in june so that i can work as long as i can and like you said, just bank. Ive worked soooo hard to buy my home and i dont wanna lose it. That along with daycare tuition( 184.50 per week) are my major expenses. Im not above govt assistance so im gonna apply for food stamps and daycare vouchers once im out of work.

WookieeRN, BSN, MSN, RN · Apr 9, 2017

And holy heck, that's expensive! Mercy was about $15k for all five semesters! Crazy how $$$ Watts has gotten, I recall it being about $22k for the whole thing back in the day when I was looking.

Yup, when I entered I think the amount for the Watts portion was $29k. They JUST ok'ed an increase for anyone entering August 2017 and later that I think will put it over $7800/semester, I'm kinda glad I'm graduating this semester at my $7250 rate!

I loved my education at Watts and I feel really well prepared but that $29k price tag was a little painful HA! I'm just glad I was able to secure a job before graduation so I'll at least be able to pay off what I can before reimbursement kicks in. Duke also provides tuition reimbursement after 2 years so a lot of my classmates are planning to hold off on BSN until Duke will put money towards it (not me, I still have Pell money I can use so I'll probably do a part-time BSN). They were always telling us "you will have a job," all semester, but job offers were trickling in pretty slowly until a week or so ago so people were STRESSED OUT.

I reiterate, Watts is an awesome program. The instructors are some of the best and the education is amazing, but definitely weigh your options because IT IS NOT CHEAP and it is difficult. We always joke that we'd all be A students in other programs because Watts is just that intense and difficult. They are no joke.

Leonardo Del Toro, RN · Apr 9, 2017

Do not get into serious debt with nursing school. It might take you longer then you think to get a job in nursing these days. Don't ever think that because is nursing, you'll are safe because the nursing shortage hype. It is simply not true. Nursing schools will tell you anything so you get buried in debt. But when school is done, you're on your own.