How Much Nursing School Debt Are You In?

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So as I explore options for grad school I'm realizing that I may have to end up taking out a loan. I've never done it before and I was able to get through my undergrad through tuition reimbursement programs and lots of hard work. But I want to be able to have the luxury of not working like a dog at 2 jobs while I'm in school like I did for my undergrad. I'd be interested in hearing what some of you have done in terms of taking out student loans and how long it's going to take to pay them back. What kind of interest rate did you get? Federal loan or private? Etc. Thanks!

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Hello. Have you asked about scholarships at your desired university or at your state board of nursing? In the 1970"s I wrote tons of letters asking about scholarships from various agencies and was extremely fortunate to be approved for what was called a nursing "traineeship" at my grad school!---all my tuition was covered and the only costs for me were text books and any lab fees! There was no requirement to pay back the money! After my graduation, I made a small money donation each year for decades to that same scholarship program as a way of showing sincere appreciation for the help. Best wishes!

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Specializes in Medical Oncology.

Depending on how old you are, you might be able to look into AARP. They offer scholarships for women over 40 - though I'm not sure if it's for grad school. I just graduated from a BSN program with tons of debt now to Sallie Mae. Am not sure of interest rates, but I believe student load debt is still tax-deductible. I spent hours and days looking for scholarships. Got some small ones through my school, but mostly found that I wouldn't qualify for most of the ones I found through other searches. Also, are you in a western state? If so, look into WICHE which offers scholarships and loan reimbursements to students in 11 western states especially if they're interested in health care.

Good luck, Gerridib

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I'm fortunate not to have any nursing school debt. I've been paying out-of-pocket and using tuition assistance.

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Specializes in Step Down.

I used my wedding gift money :D We figured it was a better investment than nice furniture to start off our marriage.

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Specializes in Peds, School Nurse, clinical instructor.

I worked full time through school and was able to afford my tuition so I was fortunate to graduate with no debt. There are a lot of scholarships out there, good luck. :nurse:

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I have a good deal of debt, but it was well thought out and looked at in the perspective of what we can afford. My loan payment is a little less than 1/2 of one paycheck. So, if I was the only income, I guess it would be around 22-23% of my income. However, my husband makes more in one paycheck than I make in 2, so based on our monthly, net income, it's only about 7% (an obviously less than that if we were looking at gross income). We have 3 kids, and my husband and I made the decision that me working through nursing school was not a good choice for us. I could still afford these payments if I was single, especially if I didn't have any other debt. I really think it's about knowing your own abilities/ limitations when it comes to monthly payments, as well as determining what your goals are and the best ways for you (not the guy next to you) to get there. For some people, it may mean saving up and waiting while for others, it can be doing it now and accepting and planning for loan payments. Loans are not always the devil; just make sure you know what you're getting into. =)

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Okay..consider me a worst case scenario.

I went to a very expensive for profit school. My reasons are many but to narrow it down...no wait list...accelerated program...no prereqs (they were built into the core classes).

I jumped in blind with no savings, no scholarships - ethnicly and by grace of a wife with a wonderful job that pays well I was not eligible for even a pell grant or anything else.

My program was about $40k for a 2 yr ASN. I used student loans every quarter and those still did not cover the quarterly cost so paid the rest (about $700 a month) out of pocket. I graduated with $20k in student loans...a lot..but I see it as manageable. As I said consider me a worst case type. I am sure their are many cheaper schools out there and many people are eligible for various forms of student aid.

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Specializes in geriatrics.

I recently completed a four year BSN program. I owe 25, 800. I figure I can pay that off within 6 yrs. Not too bad. I have a friend who is finishing her NP owing 80,000.

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Specializes in Tele, ICU, ED, Nurse Instructor,.

I agree with the above post. I am about to start my MSN next month. I will probably be in $20,000 debt, but it is worth it in the long run. I am not married and no children. I feel I can pay it off in 5 years or less. I hope this helps.

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Specializes in MICU, neuro, orthotrauma.

A coworker of mine graduated two years ago with 90k in debt. I found that to be astounding. At that high of a debt to salary ratio, I wouldn't think it wa worth it to become an RN.

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Specializes in Family Practice, Urgent Care, Cardiac Ca.

$57,000 in low interest student loans. 2 degrees. whoa.

Fortunately, it sounds like I'll be eligible for loan repayment...

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