Is this college worth the price?

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The nursing school I'm considering is fairly expensive, and I don't know if that's just a college thing, or if it's not worth the money. The school is designed so you transfer in as a junior, and compete 2 years (junior and senior) with them, and you graduate with your BSN. It's a very respected accredited private college, with a 97% NCLEX pass rate, and is known for turning out very well educated and prepared new grads. They also have over 20 clinical sites in the area. I've toured the college and labs several times now, and have talked with graduates of that program and also of the local ADN community college program about strengths/weaknesses and how they enjoyed their educational experience. I won't lie, I kind of have my heart set on the BSN program; the only thing I struggle with is the cost. I would be spending two years there, at just over $11,000 per semester (so, 4 semesters = $44,000) and that doesn't include books. I've done all (well, by next semester I'll be done) my prereqs at community colleges, and have gotten grants and worked, so I don't have any student loans at this time. I'm just struggling with the fact that I will absolutely need to take out loans for the BSN program if that's what I choose.

So - is a $44,000 education worth it, or should I try and find something more affordable? Keep in mind I qualify for about $10,000 of that in grants, and haven't even touched on scholarships yet.

Thank you in advance!!

If you go by the generally ok rule that your incurred student loans should not be more than your first year's salary, then this seems like an ok situation. The school has a good reputation, its graduates are hired, and the NCLEX pass rate is outstanding. Excluding the price, this is the perfect school.

However, people always forget that not all of the money they earn makes it into their bank account. For instance, $25 an hour seems great, right? I mean, that's $52,000 a year, which is more than your loans! Yay!

Hold on a minute, you forgot about income taxes. For instance, that $52,000 is only $36,000 after taxes in states such as New Mexico, Utah, Illinois, Alabama, and Colorado. Just like that, your yearly income is far below your student loans.

Some states have higher income taxes (up to 10% for typical nursing salary brackets in California) and some places don't have any income tax (Texas, Alaska, Florida, etc).

So find out what your state's income tax is, and add it to the federal income tax of 25%. That's your take home pay, give or take an exemption here or there. That is your take home salary, which you should use to determine if your school choice is financially a good idea.

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My opinion, do not be afraid to invest money in yourself. And, if that program is well respected in your area, by all means invest in yourself. Who cares about you and your future more than you. Naturally, people are going to advise against this, just like MDs will say they should have went to dental school, lawyers will say they should have went to med school, and on and on the if I knew then what I know now will go. The one thing in common from the people giving advice is they already climbed which ever mountain they chose. Put yourself in the best school you can, and give it your all!!

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One more thing to consider, loans make it possible for people who could have not gone to college long ago, to go to college and educate themselves. I guess you could stress about the financials, but let me put a twist on it for you. Forget school, get a minimum wage job, sounds good right, no loans. Or, go to school, the 30 per hour job isn't really 30 per hour, but who cares, your educated and nobody can take that away from you. And if your gonna get an education, get the best one those loans can afford!

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Specializes in Oncology/hematology.

I, personally, would not spend more on my education than I will make in my first year. That's a ton of money. I'm ending up with a BSN at the cost of $3000 thanks to going the ADN route with a full scholarship and then getting a job with tuition reimbursement for my BSN bridge. I couldn't have done it with a cost of $44,000. But, it's up to you. What are you willing to take on. That will be a very large monthly payment with a small paycheck.

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If it don't make dollars it don't make sense right?

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I will bet you dollars to doughnuts that some professions are more than dollars.... Said the person who was never rich to begin with!

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Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
Thank you so much for your response! You definitely gave me more things to consider. The job market in the area isn't the greatest, but it's also not terrible. I have the added benefit of living close to several major cities (within a reasonable 45-60 minute commute that I wouldn't mind making for a nursing job), so there are several different areas I could potentially pursue a job. The local facilities definitely respect and hire grads from this nursing program, and I've heard that several facilities actually prefer grads from this particular college.

From the online searching I've been doing about starting pay rates, it looks like in my area (and surrounding areas) new grads start out around $26-28 per hour, depending on which city it is. (Although, I'm not sure how reliable that information is, and I don't really feel comfortable asking my friends who are nurses what their hourly pay is...)

Anyway, thank you very much for your input, I really appreciate it!

How much debt do you have from the first two years to add to that debt.

Keep in mind that many facilities are NOT hiring new grads without a BSN.

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