How much debt would you go into for NP school?

mzaur · May 19, 2013

Here is my situation. I'm 27 and applying for direct entry psychiatric NP programs this fall. I have a fiance but we have no plans to have kids. I just finished a second BA in psychology (first one was in philosophy but decided against getting the PhD). I currently have 50k in debt and will likely have 130-150k once I am done with the MSN. I would never take on this much debt unless I knew it could be paid off easily. I plan on doing NHSC loan repayment program for 2 years after graduation which will knock off $60k right off the bat. Then I plan on putting at least $20k per year toward loans, depending on the cost of living where I will be. My salary at my second job (after the two year contract at NHSC is up) will be higher, so I'll be able to put at least $30k per year toward loans. So if all goes to plan, I'll have all my debt paid off within 4-5 years after graduation. Not bad at all.

That said, I wouldn't recommend just anyone do this. Only if you are comfortable moving geographically for your job (since your current location might be saturated/low salary), are comfortable living frugally for a few years after graduation, and also only if you get into a good nursing school with a solid reputation.

calivianya, BSN, RN · May 20, 2013

I wouldn't take on more than 50k of debt, personally. I'm a new grad - parents helped me with undergrad and my car's paid off so I'm debt free. The thought of going into any debt at all is pretty painful. I'm really hoping I can live frugally enough in a cheap enough area for the first few years that I can pay cash for most of my future schooling and not have to take out loans at all. Loans are just not for me.

zmansc, ASN, RN · May 20, 2013

I would be careful if I were you. First, don't bank on the NHSC loans, you may qualify and that would be great, but they may not be there when your turn comes around, or you may not qualify. NP jobs may not pay as well as you think. You may have costs that are higher than you anticipate. Emergencies happen. I'm not saying don't go into debt, just don't plan on being able to pay off a large debt in a couple of years and expect everything to work out in your favor.

As to what is the magic number that is right for you, well that is a question only you can answer. To someone $10k is a massive debt that they will never be able to pay off. To another $100k is very manageable. "It's not what you make, but what you spend" is a quote that is more true that you realize. Many people, myself included have increased their wages and looked around asking themselves, "where did the extra money go?" So, try to make a realistic budget, research costs and how you can live comfortably while in school and after on a STARTING NP salary and how much debt you would feel comfortably taking on. If you can't go to school on that, consider other plans. Many have worked for a few years as an RN while paying off debt/saving up for NP school, doing some of the NP program part time while working more, etc.

babyNP., APRN · May 20, 2013

My undergrad cost me $17k (rest in scholarships) and my MSN is about $60k total. My hospital is paying for about $10k, but the rest is on me. I'm married and my DH and I make about $110k between the two of us (I work full-time as a RN and DH is a teacher). We've been chipping away at our debt pretty steadily and hope to pay cash for the rest of my degree (about $30k) over the next year. We'll probably be able to pay it all off in 2 years. That's about my max for school; you have to be realistic with what you can pay vs going to a cheaper school. If I was doing CRNA, I wouldn't mind the level being higher, but then again, CRNA is a much higher salary.

honeykrown, MSN, NP · May 24, 2013

I never took loans for school and I am currently paying my way through college. Started out ADN, BSN and now going MSN. Although I believe I should have done the BSN-MSN route and I could have saved mored.

Payed my way through school, no scholarships or loans. I work IHS, my decision to go without loans is because my husband has pharmacy school loans and that as not been beneficial. We live in a rural area, the benefits is that we spend less than if we were in the city (although we have bills but nothing much to spend on). We spend on gas when we go to shop cos we live directly opposite the hospital. Also my husband uses the IHS loan repayment program.

If you are banking on loan repayment, I will suggest that you choose a place that is suitable for you, you must be willing to move around geographically and not everything will suit your preference but u have to do what you have to do. The pay might not be like the city but one can live in the city , with big city spending and have to pay loans or you can live in a rural area, save some money and get loan repayment. It's all about how much you are willing to sacrifice

HCE2014 · Mar 21, 2014

I think this is do-able mzaur and am in a very similar situation. Good luck!

Here is my situation. I'm 27 and applying for direct entry psychiatric NP programs this fall. I have a fiance but we have no plans to have kids. I just finished a second BA in psychology (first one was in philosophy but decided against getting the PhD). I currently have 50k in debt and will likely have 130-150k once I am done with the MSN. I would never take on this much debt unless I knew it could be paid off easily. I plan on doing NHSC loan repayment program for 2 years after graduation which will knock off $60k right off the bat. Then I plan on putting at least $20k per year toward loans, depending on the cost of living where I will be. My salary at my second job (after the two year contract at NHSC is up) will be higher, so I'll be able to put at least $30k per year toward loans. So if all goes to plan, I'll have all my debt paid off within 4-5 years after graduation. Not bad at all.
That said, I wouldn't recommend just anyone do this. Only if you are comfortable moving geographically for your job (since your current location might be saturated/low salary), are comfortable living frugally for a few years after graduation, and also only if you get into a good nursing school with a solid reputation.

ThePrincessBride, MSN, RN, NP · Mar 21, 2014

$0. I am not working my butt off in undergraduate to graduate debt-free than turn around and have a massive debt load of 60k.

I plan on staying with my employer, who will pay full-time workers 100% tuition. I plan on working full-time will going to school part-time. Yes, it will take me an extra year to graduate, but it is better to take three years and graduate with $0 debt than two years with 60k.

zmansc, ASN, RN · Mar 22, 2014

$50M, and then I'd default! Ok, so maybe that plan isn't what your looking for :) lol

LittleMissVixen410 · Mar 25, 2014

That's the only thing that is really stressing me out regarding grad school.'

I graduated with my BSN at 20 and I was paid $4500 a semester to go to school because I had amazing scholarships. Now, to think I could be in debt for $50k or $60k makes me nauseous. But, I wouldn't do something that wouldn't be worth the debt and I could pay back quickly. I will be saving money throughout school from my job to have money to immediately start paying off my loans when I graduate.

To answer your question though, I wouldn't want to spend more than $60k. I'm thinking $10k a semester is reasonable, especially since I applied to all in-state schools.

jensfbay, BSN, DNP · Aug 17, 2017

Just wondering how the op is doing with her plans? I might be doing the same thing in a year

allnurses Guide · Aug 21, 2017

My MSN was around $35k. I did not go into any debt as I saved and worked full-time to pay for it. I had tuition assistance from my employer and a few small scholarships but essentially paid from savings. I would not go into any more debt than that. I found the cost worth it as the difference in pay rate meant that I the degree would pay for itself with a few years. There are doctorate programs I would KILL to do, but I just can't justify spending $60-80k on something that won't increase my income.