How much is too much?


I've recently been accepted to a second degree BSN program, except the program will cost me $65,000 in tuition plus living expenses for a year and a half. I'm still waiting to hear form other schools that I applied too. However, I'm wondering how much money is too much to take out in loans? My parents graciously paid for my undergrad (I'm graduating in May), so I don't really have much money going into this. Also, I don't qualify for financial aid (since I'm still dependent). The other programs I applied to will probably cost about $30k-$40k in tuition plus living expenses. Where do you draw the line? Or how much should I try to rely on loan repayment or a sign on bonus after graduation?

Any insight? Thanks!


1,714 Posts

Are you still too young to be independent? I actually just checked at my school, thinking that graduating qualified you, but you have to be working on a masters/doctorate, not a second bachelor's. Otherwise you need to be born before 1/1/84. That's a lot of money to borrow, and depending on how much your parents make you might not even get federal loans. Also, your previous degree will make you ineligible for all federal grants even if your parents paid 100% cash for your first degree. Hopefully you get into a cheaper program and don't have to worry about it. Do the math real quick - to repay $65,000 over 10 years - with no interest, so the actual amount will be more - is 6500/yr or more than $500/month. You can extend the loan for longer, but then the interest keeps piling up and you'll feel like you're paying for the rest of your life. It's your decision, and maybe you're in an area where nurses make more than they do in Florida, but my mother always told me never to borrow more money for school than I could expect to make in my first year on the job. Are there any scholarships available that you could apply for to make it more reasonable?

Jules A, MSN

8,863 Posts

Specializes in Family Nurse Practitioner.

Are there any scholarships you might be able to get? I hate to think of passing up a good BSN acceptance but sheesh $65,000 is a ton of money for 1 1/2 years imvho. Best of luck to you, Jules


234 Posts

That's a tough situation to be in. I know several nurses here who chose to go to an accelerated program at a private school because it's easier to get in there. Although the tuition is ridiculous, at least they got in and graduated, and one got scholarships and the other did a contract with a hospital so they are helping with the loans she took out.

WDWpixieRN, RN

2,237 Posts

Specializes in Med/Surg <1; Epic Certified <1.

That's a horrible amount of money to have to owe once you're out of could put a lot of that money toward a nice house...if there's a means for you to go to another program that's not so expensive, I think I'd grab it....

I have a previous BS in Information Systems, but chose to go the ASN route to get myself in and out of school cheaply -- I still owe $18,000 on my previous degree and it's been painful to be paying THAT back!! Once I've got my RN, I will start an RN - BSN program and hope to have an employer help pay for that....I'd love to eventually be a travel RN and figure I'll use the time getting on-the-job experience (2 years) to get my BSN degree before I qualify to start traveling....

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