Huge Nursing School Debt!

Multicollinearity, BSN, RN · Feb 21, 2009

If you got a $75000 Stafford Student loan the interest rate is fixed at 6.8% your monthy payments would be [b']$863[/b] for TEN YEARS. With interest you would be paying a total of $103,572.
Is it worth that?

Good point on the interest - 75k wouldn't be the 'real' amount. (The Stafford is capped at 57k for a bachelor's degree, though, so the balance would have to be financed at a higher rate through private loans.)

carluvscats · Feb 21, 2009

Egads. I wouldn't do it. Sounds incredibly expensive, and when you first graduate, you will not be making a whole lot of money. I would research the pre-reqs involved, and perhaps take a couple classes online while you wait the year out. At least that way you'll feel like you're making progress toward your goal.

Best of luck as you noodle it out!

llg, PhD, RN · Feb 21, 2009

I strongly agree with the other posters. Do not put yourself into that much debt. You won't earn enough after you graduate to pay that loan off in a reasonable amount of time. There are plenty of other options for you to take.

summerlove · Feb 21, 2009

Wow!! OK, let me first say I am Canadian and have no idea how much an average cost to get a BN is in the USA. I'm sure there is variance from university vs. college and between programs and such like here. Anyways, I am a 3rd (of 4) year student in a 'bridging program'. I did my first 2 years at my town's community college and then the last 2 years I am doing at the university. Anyways, my entire program is around $20,000. Using scholarships (apply for them!!!! you never know what will happen I got over $10,000 and I am not a brilliant person, some volunteering and OK marks goes a long way) and doing undergrad work at the hospital while at school I am hoping to come out of school without any debt at all, actually hoping to have around a couple of grand hanging around in my bank account. Just imagine how much of an easier start you get that way. Digging yourself out of debt for 10 years can't be fun. I don't know $75000 seems soooo much to spend.... Would for sure consider moving and staying for a bit to get residency if that would decrease cost. Good luck with your decision!

soupermom · Feb 21, 2009

I'm doing a 2 year program at the local community college and after all fees are paid, including tuition and books, it'll cost about $5,000. I would never do it if I had to pay $75k.

Vanillanut, DNP, RN, APRN · Feb 21, 2009

I actually was in a very similar situation. I started my nursing school in Australia, where (as a Canadian) I was paying international rates (approx $16,000/YEAR!)

This is not sustainable or manageable and I chose to drop out (I thought I would work for awhile to save up more money).... but alas, I chose to return to Canada to start ALL OVER AGAIN from year 1- but despite starting over again my overall costs would still be lower then if I went back.

1 year is nothing. I would strongly urge you move to the state you want to go to school, ensure you can be accepted into next year's intake, find a job there and save what you can beforehand. 75K for 1 year head start is not a smart trade off.

ChristineN, BSN, RN · Feb 21, 2009

Have you even looked to see if there might be other schools in that area that don't charge out of state tuition? I moved out of state to go to nursing school and found a private school that charged the same rate for in state as out of state students.

Like the others, I could never justify paying $75,000 for nursing school, even if it is a "good" program.

tfleuter, BSN, RN · Feb 21, 2009

I just don't understand how a school can justify that kind of tuition, even for out of state. I guess that means state taxes are funding $50k for every in state student that graduates? That just seems atroscious and as a taxpayer, I would like to know how the school justifies such an expense. I guess it depends on the area though. I know for my university, in-state students pay approx $1850 for full time status each semester and the remainder of the tuition ($2300) is paid by state tax funds.

BabyLady, BSN, RN · Feb 21, 2009

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.

I agree with this route...waiting a year to save that much money, will pay off in the long run.

Sounds like the program is about $25K in-state, so that is an extra $50K you would be paying because you are out-of-state.

If it would take you longer than 1 year to pay back the $50K....wait the year.

brad_57 · Feb 21, 2009

Hopefully some of the stuff our President wants to do gets passed to help deal with that sort of thing.

BabyLady, BSN, RN · Feb 21, 2009

Hopefully some of the stuff our President wants to do gets passed to help deal with that sort of thing.

Student loans will be easier to get, and the push is going to be for students to get them at fixed rates, but other than that, that's pretty much it.

inland18mempire · Feb 22, 2009

that's crazy. my NS total cost was about $4,000 for 2 years. You may want to rethink this through and really evaluate the reality of incurring $75k in debt, especially in a not-so-good economy.