Is this a bad idea? (loan debt) Need advice!

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Hi all!

I am starting an associates degree RN program in January. It is a 4 semester long (18mo) program and in order to do it I have to quit my job. Unfortunately though my husband doesn't make enough to support our family on his own and in order to make up the difference I would need to put about 15k in loan debt to help us pay the bills each month. The only amount my school gives in the stafford loan is $3500 this semester and $4500 in the fall semester. I will be using those in addition to the $15k that I will need for living expenses. I applied for private student loans through a number of companies and I was denied by all even with a cosigner. I have good credit and have never been turned down for loans before, but I guess private student loans are just really hard to get these days. So what I was planning on doing was using my line of credit, I have $15k available to use. I can draw on the line of credit as I need to, but I will come out of school owing this plus the stafford loans in school debt. Now this is the worst case scenario, my husband is looking for a part time job as and ER tech or EMT (he's a firefighter) but so far hasn't had any luck finding a job. He's not going to stop trying though and if he finds a job at any time through my schooling, this will drastically cut down on how much we have to put on the line of credit. With the amount of money that new grads make in my area, I'm figuring that if I continue to live on a strict budget after I get out of school, that I will probably have these bills paid off with in 18-24 months after working as a nurse. I feel like it will work out, but I'm scared that I may be going to far into debt to do this. Does anybody else have similar experiences or advice maybe? I'd hate to put my family this much farthur in debt and things not work out the way I plan. Any advice is appreciated!

Thanks! I'm feeling a little better now. Michellendylan: I am in the exact same boat you are in, there is no prospect of me making more money anytime soon and my job just barely pays the bills as it is. I have been working in my field for almost 8 years and am still making about the same amount of money as I was 8 years ago...I'm actually in a better position, but not much more pay. I get about .45 raise every year after evaluation...whoopie!! That means in about 10 years I'll be making a whole 4.5 more per hour! But of course insurance costs raise every year too and so does food, gas, etc. So if you think about it I'm actually making a whole lot less than I was 8 years ago in comparison! (okay sorry for going off on a tangent!)

But anyways, nursing is my dream and my passion, and not only that the pay and opportunity in nursing will allow me to get a lot further in life in the long run than in my current job or anything like my current job. I'm glad there is somebody out there in the same situation as me.

To Linzz and the others thanks for your input also. I definitely want to work at least part time to help out...hopefully in a hospital, but I gotta find the job first! I'm hoping that it all works out for me...and all of you too!

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I'm going to have to side with Michellendylan on this one. On all of her points-you can do this!

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Have you ever worked in a hospital before? Maybe you could get a CNA job while your kids are little. I would definitely do that so you can see if you like it first. It's a lot different than on TV. You might even like doing the CNA, more hands on. Save some money then go into nursing. Just an idea. Then if you want to go on to nursing then you will have all that experience. That is what I did and I knew quite a bit when I went to the nursing school and it wasn't so hard. How old are you?

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i was reading the post and had to stop reading them because i felt the comments were so untrue! there is a difference in debt, one is bad debt (cars or anything that depreciates) and there is good debt (education). there are very few people out here who have gone through school and not acquired debt, unless they are still dependent on their parents. do not give this dream up because of the cost. i don't know where you are located but, in atlanta there are rn positions available all over the area. the craziest thing you could do is not go to school because you will have to pay it back! now...... if you are 55+ years old you may want to reconsider. i found this post because i am in the same position you are in. i am in my first semester of my first year and not sure where i am going to get the money to pay for tuition in dec. but if i have to beg on the street corner i will, the pay off is just around the corner and i will make this happen! good luck and let us know what you decide!

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Hi all!

I am starting an associates degree RN program in January. It is a 4 semester long (18mo) program and in order to do it I have to quit my job. Unfortunately though my husband doesn't make enough to support our family on his own and in order to make up the difference I would need to put about 15k in loan debt to help us pay the bills each month. The only amount my school gives in the stafford loan is $3500 this semester and $4500 in the fall semester. I will be using those in addition to the $15k that I will need for living expenses. I applied for private student loans through a number of companies and I was denied by all even with a cosigner. I have good credit and have never been turned down for loans before, but I guess private student loans are just really hard to get these days. So what I was planning on doing was using my line of credit, I have $15k available to use. I can draw on the line of credit as I need to, but I will come out of school owing this plus the stafford loans in school debt. Now this is the worst case scenario, my husband is looking for a part time job as and ER tech or EMT (he's a firefighter) but so far hasn't had any luck finding a job. He's not going to stop trying though and if he finds a job at any time through my schooling, this will drastically cut down on how much we have to put on the line of credit. With the amount of money that new grads make in my area, I'm figuring that if I continue to live on a strict budget after I get out of school, that I will probably have these bills paid off with in 18-24 months after working as a nurse. I feel like it will work out, but I'm scared that I may be going to far into debt to do this. Does anybody else have similar experiences or advice maybe? I'd hate to put my family this much farthur in debt and things not work out the way I plan. Any advice is appreciated!

What is your priority right now?

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Priority?

1st Kids, 2nd school

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Have you ever worked in a hospital before? Maybe you could get a CNA job while your kids are little. I would definitely do that so you can see if you like it first. It's a lot different than on TV. You might even like doing the CNA, more hands on. Save some money then go into nursing. Just an idea. Then if you want to go on to nursing then you will have all that experience. That is what I did and I knew quite a bit when I went to the nursing school and it wasn't so hard. How old are you?

Thanks for your input! This is a good idea, but to be a CNA it takes a 6 week certification course. I make more than CNA's now, so there's no way becoming a CNA would allow me to save some money. Financially it wouldn't make any sense to do that. I know nursing isn't what it looks like on TV...I'm aware of many of the horrors of nursing just from reading this website, not to mention my mother was a nurse and many of my friends are nurses. I know it sounds cheesy, but I truly feel a calling to be a nurse and haven't been able to get the idea/goal out of my mind for years. It's almost all I think about...I do hope that I will be able to be a PCT/CNA/Intern but they won't hire me for that until after the second semester of the nursing program. I don't understand why it's only a 6 week course to be a CNA, but they won't hire you as one until after Med/Surg...seems like fundamentals would work just fine, but I don't know! BTW, I'm 26 years old.

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Specializes in Oncology, Emergency Department.

If nursing is your dream..I say go for it. You have only one life to live and you dont want to live it with regrets. We can't predict the future nor can we change it. The only thing we can change is what we are doing now. If going to school in January is going to make you happy and help reach your dream of becoming a nurse then I think you can't go wrong with that. It sounds like you have a supportive family. 15k is alot of money, but really not when you are looking at it in terms of education. I know the economy is difficult right now but not going to school because of it just doesn't seem right to me. It would be like me telling my son who will be going to college next year he can't go because he will have to take out some loans to do it. Yes I will help him as much as I can but the reality is there is going to be loans. Should I tell him to postpone his education because the future economy is not known. Absolutely not.

Start saving every penny you can now and if you can land a part time or per diem job now great, if not keep looking while in school. Things always have a way of working themselves out and if you have a spot for January for nursing school keep it and dont look back.

I wish you the best!

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Thank you Riley for the encouragement and support! I'm going to stick it out...I can't turn back now!

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i was reading the post and had to stop reading them because i felt the comments were so untrue! there is a difference in debt, one is bad debt (cars or anything that depreciates) and there is good debt (education). there are very few people out here who have gone through school and not acquired debt, unless they are still dependent on their parents. do not give this dream up because of the cost. i don't know where you are located but, in atlanta there are rn positions available all over the area. the craziest thing you could do is not go to school because you will have to pay it back! now...... if you are 55+ years old you may want to reconsider. i found this post because i am in the same position you are in. i am in my first semester of my first year and not sure where i am going to get the money to pay for tuition in dec. but if i have to beg on the street corner i will, the pay off is just around the corner and i will make this happen! good luck and let us know what you decide!

interesting that you said that i posted a similar post under how much is to much, about the difference between good and bad debt. my advice to you would be the same that i posted under the mentioned forum. think about what is important. many people today spend that much on a car and do not think about it, and at the end of the day what does a car do for you, yeah it helps you get around, and it may look nice for a while, but what happens after a couple of years, usually people get another one and have put themselves in more unnecessary debt. the point that i am trying to make is that student loans can be paid off and unlike a car note an education is something that will remain valuable to you throughout your lifetime. if school is important then i say reach for the stars and do not let anyone discourage you from following your dreams. i have been there and i have had student loans, but with proper financial planning i payed them off, and it didn't take me 5-10 years to do it.

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I just found my old post and thought I would post an update. I am now in my last semester of the program, set to graduate in May!!! I did not end up having to go as far into debt as my "worst case scenario". The only student loan debt I have accrued is from the federal loans and will end up totaling 9k, without having to touch the line of credit. It is there though, in case I need it. I don't have a job, but my husband found a second job during my 2nd semester of school. He is a firefighter so that job allows a lot of time off where a second job is really not adding too much more time away from home than an average full time job. But I went into this not knowing for sure that this would happen, ready if I had to, to go into all that debt. I am SO happy that it is not needed now and God blessed us with another way at the perfect time. Things always end up working out when they are meant to be.

The point is, I am so happy that I took the risk and went for it anyways, because no time would have been the "right" time and I knew that I had to follow my dream, it just so happens that things were better than I expected! So maybe this post can be some inspiration to somebody who knows!

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I am struggling with a similiar situation right now. I've been pondering on whether I should wait 2 years to start a nursing program and pay in state tuition or go out of state and start Fall 2011? My debt will be more if I move out of state. I feel like I need to pursue my dream now instead of 2 years down the road. Financially, it would be better for myself and my family to wait but it's tough..:banghead:.

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