Is an accelerated BSN worth $87K?

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I am a pre-nursing student trying to gather as much information and opinions as I can. I have already taken my HESI, submitted transcripts and GPA to a school that is a 3 year, pre-reqs included accelerated BSN that costs $87K.

About me: 27 YOF, single, self-reliant. I have been a medical esthetician for 10 years in Southern CA and burnt out on my career and lack of advancement opportunities. My current company may also be acquired in the next few years and I am concerned about job opportunities in the future as I was laid off in Aug. 2013 and it took me 8+ months to find full time work in my industry that would pay me what I could survive on in Southern CA. My school is located in NV - so I would be relocating alone, for cheaper cost of living.

So my question is... is it worth it to take out $87K+ in loans for a quick way to obtain my BSN and start working sooner rather than later? I am concerned about this financially however my future is uncertain in my industry if I were to decide to take 2-3 years for my pre-reqs at a community college, get on a wait list for other programs and then take 2 years to complete those nursing programs.

Any advice or support is appreciated!

Thank you kindly.

Be well.

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Specializes in PACU.

In short... no.

$87K is way too much to take out for a BSN. Just think about the monthly amount you will be stuck paying back, regardless of whether you have a job or not. It will be close to, if not more, than a mortgage. Not to mention, you'll be looking for a job as a new graduate with this crippling debt in an area notorious for high unemployment rates for new graduate nurses. I've heard NV isn't much better for new graduates than SoCal, so hopefully someone else might be able to shine better light on that.

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Specializes in Hospice, Palliative Care.

As per the PP, NO!!! I'm going the A.D. (currently working on the A.D.) to BSN route, and in the end will have paid

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Thank you BeachyRN2B... I have a friend who went to another accelerated BSN in Henderson, NV (for $70K alone, after she did her pre-reqs at community college in CA for 3-4 years) and she was hired before she took her NCLEX as a cardiac ICU nurse.

From what I have heard, NV is also in nursing shortage. Now, forgive me if I am naive, but I have been under the impression that you can make a decent living as a nurse and perhaps the $1k/mo loan payment will not hit me as hard, since I would be increasing my salary from $30K a year to.... possibly $50K or more? Thoughts appreciated. Thank you.

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I would like to add.. that in Southern CA I pay $1000 a MONTH for a BEDROOM to rent... so I feel like the cost of what I would pay for an education, even if it is $1K/mo, would be better spent if my salary also increased. I make about $2K-$2,2000 a month and pay that for rent alone. Thank you.

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Specializes in PACU.
From what I have heard, NV is also in nursing shortage. Now, forgive me if I am naive, but I have been under the impression that you can make a decent living as a nurse and perhaps the $1k/mo loan payment will not hit me as hard, since I would be increasing my salary from $30K a year to.... possibly $50K or more? Thoughts appreciated. Thank you.

The general rule is that you should not take out more loans than you expect to earn your first year. $87K isn't even taking in to account the interest you will be paying on that amount. That $1K a month could prevent you from doing a lot. Will you be taking out loans for living expenses?

Without a guaranteed job (in writing) before signing myself up for that school, I personally wouldn't be able to sleep at night with that kind of debt looming over me. Also, don't count your chickens before they hatch... you don't have that $50K job yet, just saying. I wouldn't bank my financial future on what-ifs or maybes. I would go the CC route.

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Specializes in Pediatrics, Emergency, Trauma.
The general rule is that you should not take out more loans than you expect to earn your first year. $87K isn't even taking in to account the interest you will be paying on that amount.

Exactly...add 15-20 grand to that loan for interest; that's how much I'm paying for interest total with a federally insured student loan at 5 percent.

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Thank you so much for your feedback, I value it.

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And yes, I assume I would be taking some more out for living expenses. Unless I was able to live off what I made while working PT in Las Vegas, which may be feasible.

My other question is, don't you think that is better to be in debt over a student loan instead of a car or house, since my education would be benefiting me for years to come, and it is not something anyone can take away from me once I achieve it.

As well, are there options to consolidate debt or reduce monthly payments somehow?

*I know you are not financial advisers so I appreciate your patience with me on this subject.

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Specializes in mental health / psychiatic nursing.

How is it accelerated if it takes 3 years? At that length of time you might as well save yourself the money and either take pre-reqs separately at a community college and apply to a truly accelerated BSN program (12-15 months), or look into traditional 3 and 4 year BSN programs. Either option will probably run you less than half of the amount quoted for this program.

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Specializes in PACU.
My other question is, don't you think that is better to be in debt over a student loan instead of a car or house, since my education would be benefiting me for years to come, and it is not something anyone can take away from me once I achieve it.

I would much prefer to be in debt with a mortgage than student loans because there is actual demonstrable value in the house. I can sell my house to pay off the loan, but you can't sell off your education to pay off the student loan. I cannot find ANY justification for taking out $87K+ in student loans. None. Also, in some states, if you default on your student loans they can literally suspend your nursing license. I'm not sure if NV is one of those states, but that would concern me with that much debt.

Also, you will want to take into consideration with that much in loans that you will be borrowing privately as well as $87K is outside the bounds of federal student loans. Some will defer 6 months, but not all and not all of them will consolidate or reduce your monthly amount owed (because they're private loans). Do you want to be paying that $1K between graduating and taking the NCLEX?

I would be looking into scholarships, grants, etc. like YESTERDAY if you really want to go to this school. I wouldn't even think about paying that much, especially with the uncertainty of the job market 3 years out. In most areas the nursing shortage is for experienced nurses, not just any nurse.

Seriously. Don't do it. There are much cheaper programs out there.

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Specializes in Emergency.

I think people are forgetting that getting an ADN is often more competitive than a BSN. So, those who suggest to get an ADN for cheaper reasons, just know that in a lot of areas, people won't get selected for lotteries. I got about $90k in loans for a private university in San Francisco because CC and state school is severely impacted. The upside? I got a job before I took my NCLEX and the pay is phenomenal enough to be able to pay $2k/check and still have over 1k left over.

OP: It depends on the location. If it costs that much to go to the school, look at salaries. I believe your state has some of the lower salaries for nurses so just beware!

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