Huge Nursing School Debt!

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So, I am planning on enrolling in nursing school this Fall and the program is perfect for me and it is at a well-respected school. There's only one problem: I am an out of state student so my tuition will be three times what it would be for an in-state person. I figured out the costs and it is around $75,000 for the entire program (two full years and two summers). I know I will probably have to take out more than that amount in loans because i will need a way to make ends meet even with a part time job which I plan to have.

I just want to know if anyone else is going through a similar situation? What do you think I should do? I even considered waiting a year and living in the state where the school is so i could have resident status and just enroll the next year. I really want to get my career going though, so this is a tough decision. Thanks!

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Specializes in Emergency, Critical Care, Pre-Hospital,.

Short Girl~

You may want to think this through. The VERY expensive NS may be excessive. My program was the same length of time and about 1/3 the cost. You'll find that 2 yr degrees are about the same as long as the school has a good program and good NCLEX pass rates. Please look at the state BoN to check out NCLEX pass rates for that school.

Good Luck and Mahalo!

jb

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Hi, I think you should wait a year and move to the state to which you are applying. Seriously, that's a lot of debt and you will be thankful once you graduate that you won't owe a fraction of that. I owe a little less than that and just graduated and now have a job with income standard to the profession, however with the monthly student loan debt I am square one financially for the next 10+ years. You will be swimming in debt. So please wait the year! Meanwhile, you can research hardcore what area you'd like to go into, learn a foreign language that will help you in the area, or do something else constructive, but please don't let your motivation wane, but have patience.

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Specializes in Med Surg, Ortho.

Good grief.....that's expensive! I got my education at a community college for less than $10K. There is NO WAY I would spend that much. Is this a fancy

University you're wanting to go? I would seriously re-think this decisision and search out other options if I were you. Good luck.

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Specializes in Med/Surg.

Think long and hard about that......and also think how that hefty student loan payment will affect you every month. I am in a state college BSN program and pay just over $5,000 per year. With the $75K debt (not including any extra you may need to take out for living expenses) you're probably looking at $850/month. Be careful, and good luck!!

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Specializes in Telemetry.

I agree with all the other responders. I would like to tell you that going to a good nursing school makes all the difference in the world, but it does not. I went to a very well respected nursing program and I still don't know what I'm doing as a new grad. If I could do it all over again I would have gone and gotten my associates degree and been far less in debt than I am now. I'm 50k in the hole for a BSN that took me 2 years to get.

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Specializes in Acute Care Psych, DNP Student.

RUN, do not walk, RUN from 75k in student loans for a nursing degree.

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Specializes in L&D, PACU.

That would be taking on a debt that is truly staggering, and could have very negative effects on your life for years.

I attended a state school, worked part time, and at the end of my four year BSN had a student debt of a little over $15,000.00.

75,000 sounds incredibly excessive.

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Go to another school or just wait a year. If you wait the year, you can start putting money away for bills or tuition. So you'll be ahead of the game financially when the time comes to enroll.

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Wait the year. Nurse do not make that much money you will end up having to work lots of overtime to pay it off. I have student loans from a previous bachelor & had to take money out for a nursing school. I am not looking forward to paying it back--if it can be avoided try to wait.

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If you move in state and wait a year to establish residency maybe you can get a job as a nursing assistant, unit secretary, monitor tech or some other first-hand patient-care based job that will help you with your future nursing career.

I agree with others that it's not advisable to sink that much loan money into getting a nursing degree.

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If you got a $75,000 Stafford Student loan the interest rate is fixed at 6.8% your monthy payments would be $863 for TEN YEARS. With interest you would be paying a total of $103,572.

Is it worth that?

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