I am in my third year of school, with one more to go. I have been attending part-time, and worked at an office job until January of this past year, when I was laid off
I have been working as a PSW (CNA in the US) ever since, and my income has dropped dramatically. Of course, to help bump it up, I work more hours. I work from 7AM til 11AM, then an evening position at another location, 3-10. I am off three nights per week, two of which I attend school.
The CNA work is backbreaking and exhausting, though I love my residents. I am exhausted constantly. My grades are slipping - used to be an A+ student, now a B. My marriage is suffering, I never see my husband. I am depressed and anxious, very unhappy.
I cannot see myself doing this for another two years. I have serious concerns about surviving. I come home crying, my house is a mess, my husband is supportive of school but will not do housework and doesn't seem to mind the mess the house is in. I can't do it!!! Tonight I was supposed to be at a lab, I came home, fell asleep on the sofa at 5:30, and woke up twenty minutes ago.
I am considering taking out a $10,000 loan to finish school and lighten up my workload. My husband is very supportive of this, I am terrified of being in that much debt! I do not qualify for any student loans, but I have an unused line of credit that has a low interest rate. I am already in personal debt of almost $10,000 due to previous school expenses and my drop in income. We have cut expenses to the bare bones, live very frugally, but live in a high rent area of Ontario and cannot move due to husbands job.
Is $20,000 a ridiculous amount of debt to have hanging over your head? I fear that if I don't do it, I won't make it at all, and I will be a low paid, unhappy, divorced CNA for the rest of my life.
I've read that about Canadians, how you are good financial planners, etc. But it's an investment in your future and your sanity. When you're working full time again, you can double up on the payments and have it paid off in no time.
I'm beginning my BSN and probably am going to be in the same boat about 10 to 12,000 in debt because it's a private school and expensive.
Don't feel bad, I have a friend who is an MD, and is $250,000 in debt now that he's finished with 8 years of schooling. :)
Perhaps because it is one of the biggest investments you will ever make?
Think of it this way - you will get out of school 7 mos earlier - at 35k per year, that is about 2900 per month - multiply that by 7 and you get 20900. Thats 20900 in additional lifetime income you will not have earned if you dont graduate 7 mos earlier.
That loan pays for itself twice in that 7 mos ALONE!!!!!! GO FOR IT!
Well said.
I'm looking at about $50,000 for my student debt :uhoh21: I still got three semesters after this one...
I completely agree w/ the posters that advocate investment in education! It will be w/ you much longer than most other things you can purchase.
Also, the investment of earning potential w/ degree vs taking more time... this is something often overlooked.
If I go the PA route, I will be about 60-80K in debt, with little chance for loan repayment (by employer) after graduation.
If I go the BSN route, I will loose about 15K from not returning to PA school, but the loans I need for BSN tuition will be about 12K. While the school I will be attending is private, they offer generous scholarships for good grades, loans will take care of the rest. AND, loan repayment (by employer) is fairly common for nursing degrees.
You can not go wrong w/ education...this has been a great way to improve quality of life for many yrs. (1 of my 4 grandparents was college educated, both my parents were college grads (plus professional school) and all 8 of their kids have 4 yr degrees, 4 have grad degrees.
Life offers so many more choices to you if you have a good education!!
I am fortunate that I do not have to work (outside of the unpaid slave labor as a SAHM :chuckle ) but we do live on a very strict budget.
My husband sees this as his "retirement plan" -- so I can keep him comfortable in his old age LOL:rotfl: !!
how much debt am I willing to incur because of school? I figure it out like a true economist. lol.
Compare the amount of money I currently make ($22,000) to the amount I could potentially make with my degree (at least $40,000).
By obtaining my degree, I will make about $720,000 MORE money in my lifetime than if I had not gotten the degree. Even if I incur $30,000 worth of debt to get the degree I want, that's a really small chunk of $720,000.
Not to mention that having a degree will allow me to have more optinons, be proud of myself, and be overall happier person for sticking to it.
Actually we didn't have any monetary debt when I returned to college. My first 3 years my parents paid for (at THIRTEEN dollars a semester hour!) and my last year I only needed to take 2 courses that totaled about $900. As far as OTHER costs, how about not seeing my children awake for a solid year, not being able to go anywhere because I was always studying. I worked 3 jobs. And then....I worked for the next 30 years and didn't get to watch my kids grow up. There is more than money when one thinks about school "debt."
I would look into taking the loan. I know here in the US there is lots of hospitals that will pay back your student loans (or atleast pay a portion back) if you agree to work for them. I worked at a hospital that paid up to 8,000 dollars towards my student loans. Each 6 months i worked for them i got 1500 toward my student loan. That would be a possibility to look into so you wouldn't be so worried. Alot of hospitals also offer sign on bonuses that could be applied to your loans. Good luck to you!
I'm in an ADN program at a University. The entire program costs about $10,000. I got into this program a year early. I thought I should just wait a year and go to the Community College and it will only cost me $5,000 for the entire program.
But then I thought about it...every year that I'm not a nurse I'm losing out on good pay! So I just took out loans and charged books on the credit card. Being a nurse a year earlier is gonna be worth the extra $5,000 that I am paying. ...think about it!
I am in an ADN program & its $6000.00 a semester not counting books. I do not get any fin. aid & am taking out loans. I paid for my pre-reqs as I went. I also have to take 2 extra classes not included in the $6000.00 & they are $380.00 an hour.These 2 classes are 6 hours total. So I'm gonna owe some $$$ when I finish but I feel like it will all be worth it in the end.
Tweety, BSN, RN
36,355 Posts
I've read that about Canadians, how you are good financial planners, etc. But it's an investment in your future and your sanity. When you're working full time again, you can double up on the payments and have it paid off in no time.
I'm beginning my BSN and probably am going to be in the same boat about 10 to 12,000 in debt because it's a private school and expensive.
Don't feel bad, I have a friend who is an MD, and is $250,000 in debt now that he's finished with 8 years of schooling. :)