I have 60 grand of student loan when I finished BSN

Paulysilver1 · Sep 1, 2016

I am applying to an Accelerated BSN program that costs $63K. Once I graduate, I will have my BSN in 12 months. I figure it is worth the $63K to have my BSN in 1 year instead of going 2 years for an ADN then another 2 years for a RN to BSN bridge program even if the latter path costs much less. With the $63K BSN I will be working as a RN much sooner and I can continue my education to study to become a nurse practitioner in a 3 year/part-time program while I work full time. May I have some opinions about which is the better path? Nurse practitioner is my ultimate career goal so the sooner I get there, the better!

llg, PhD, RN · Sep 1, 2016

I am responding to the previous poster ... Paulysilver1 ... not the OP.

What kind of school is offering the 12-month BSN? If it's a "for-profit," not-well-respected school, I would recommend the slower route. You'll probably learn more in the long by taking your time -- and some of those "quickie" for-profit programs charge a lot of money for programs of poor quality.

However ... if that 12-month BSN program is being offered by a state school or highly respected private, not-for-profit school ... then it may be worth it to you. But note, you'll have to live like a pauper to pay back that debt and you should probably delay your entry into graduate school until you have paid most of it off. In the end, the "quickie" program route may take you just as long because you may have to delay grad school for a couple of years as your paychecks will go towards paying off the old debt and you won't be able to save money for grad school -- and be able to afford to part time employment to do it.

A lot depends on the details ... and how good/bad that BSN program actually is.

Paulysilver1 · Sep 2, 2016

Thank you for your response! The Accelerated BSN is from a highly respected, private Catholic school. I guess it's for profit...I'm unsure about this. But it has a good reputation especially in healthcare. If I get accepted into the program, I would take out federal loans to pay for it, then graduate and work full-time to start paying off the loans. I would move back in with my parents and drive my old car so I would focus most of my paycheck to paying off the loans as quickly as possible. However, I would also, be taking one class per semester working towards getting a nurse practitioner license at a public college 5 miles from my home. It would take me approximately 3 years of taking part-time classes online and working full-time as a RN before I would become a nurse practitioner. However, once I become a NP, then I can make more money and pay down my debt much quicker. This is my plan. I hope it sounds reasonable rather than taking the long road of getting a 2 year ADN at my community college, then get a RN to BSN bridge in 2 years at a public college which I would pay much less but I would have my BSN in 4 years vs. having my BSN in 1 year through the $63K accelerated BSN path from an accredited private Catholic college. Does this sound good?

dancechica · Sep 2, 2016

Thank you for your response! The accelerated BSN is from a highly respected, private Catholic school. I guess it's for profit...I'm unsure about this. But it has a good reputation especially in healthcare. If I get accepted into the program, I would take out federal loans to pay for it, then graduate and work full-time to start paying off the loans. I would move back in with my parents and drive my old car so I would focus most of my paycheck to paying off the loans as quickly as possible. However, I would also, be taking one class per semester working towards getting a nurse practitioner license at a public college 5 miles from my home. It would take me approximately 3 years of taking part-time classes online and working full-time as a RN before I would become a nurse practitioner. However, once I become a NP, then I can make more money and pay down my debt much quicker. This is my plan. I hope it sounds reasonable rather than taking the long road of getting a 2 year ADN at my community college, then get a RN to BSN bridge in 2 years at a public college which I would pay much less but I would have my BSN in 4 years vs. having my BSN in 1 year through the $63K accelerated BSN path from an accredited private Catholic college. Does this sound good?

Every situation is different. You say you're going to move back in with your parents to save money and pay back the loans faster, many people either wouldn't have that opportunity or just simply don't want to. I probably could persuade my parents to let me move back home for a while so I could pay my loans down, but I would much rather use the extra money to move into my own apartment and start paying for everything myself while trying to be as frugal as I can. I chose a for-profit university that charges 675 per credit hour because I didn't want to wait another 2 years to get my ADN when many hospitals aren't even considering new grads unless they have a BSN, plus I would like to go back for my MSN in a few years after I've gotten some experience and have paid my debt down. So far my LPN and BSN programs have been through private colleges, so I would like to not go that much further into debt. There are public service loan forgiveness options available, like HRSA or IHS, which several people have mentioned on here already. I say do what you think is best for you.

annmariern · Sep 2, 2016

Hearing this story more and more; I worked with a new grad ADN who owes $45,000 for her LPN/ADN. She came from Cuba, had to earn and learn, hence the LPN. Now she is finding the hospitals are requiring BSN or that she be enrolled or they wont give her more than PRN. She is now a single mom. She's been quoted as much as $50,000 and 3 years to $9000 for her BSN. Now she's having issues getting schools to take her previous credits. Some of these Schools are providing lousy education and massive debt. Depressing actually. I read an article that it is impossible to qualify enough BSN's in time to make up the shortfall for retiring RN's and people leaving the profession. So making it expensive and difficult seems to make no sense at all.

EDRN1 · Sep 2, 2016

What is your interest rate? If it is super low might just be best to pay minimum payment for rest of life and let inflation eat the principal up

Creamsoda, ASN, RN · Sep 2, 2016

Work lots of overtime. In my area I work about 1 extra shift a week and that supplements my yearly income by about 15-25,000 depending on how much I work. (before taxes, but still a lot).

Some hospitals offer loan forgiveness. If you can re-locate somewhere that does, this would be a good option.

Overtime overtime overtime

Not_A_Hat_Person, RN · Sep 3, 2016

I worked full time plus being on call, took care of my sick sister and paid as I went along. My job reimbursed me the tuition. So why, in this day and age of hospital reimbursement did you have to borrow such an obscene amount.

Lots of jobs, even nursing jobs, don't offer tuition reimbursement.

Not_A_Hat_Person, RN · Sep 3, 2016

Why would you spend so much when you can go through State Universities and Community Colleges at far less cost?

My state U charges $611 per credit, without room and board. The Community College is $275 pet credit.

allnurses Guide · Sep 4, 2016

Off topic: I'm interested in ADN-MSN programs. May I know what school you went to?

WGU. Flat fee for six month semesters, competency based and self paced. Meaning you can accelerate through school. I have also had employer reimbursement for my ASN and BSN. I got a hiring bonus for the job I am in now and used that to pay cash for tuition my last two semesters.

socal1 · Sep 5, 2016

in PI its either you work as a nurse or work in Angeles City.

Paulysilver1 · Sep 5, 2016

It's a tough decision. $63K is a lot of debt, but I think I can pay it off relatively quickly living with my parents and living like a pauper for about 3 years. Hopefully I can get my NP license within those 3 years by going to school part-time while working full-time. I understand how you want your BSN and then MSN especially with hospitals requiring at least a BSN. Depending on the path you take, getting your BSN sounds like the right decision!

I don't want to do the loan forgiveness option because from what I've been told, it will ruin my credit history/score. I will just have to chip away at my debt one paycheck at a time.