Is 90k in loans worth my BSN?

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Hello!

My question here today is; am I crazy for considering taking out a 90k loan to get my BSN in 2.5 years?

Here's a little more info:

I have been attending cc since 2011, in CA and WA. I also got my CNA which was awesome, it really made me realize nursing is my passion. At this point I've been in school for 5 YEARS! Granted I took some breaks, I had my daughter in 2014 and moved twice due to husband's Army service. At this point I need Anatomy 1 & 2, MicroBio and Chem 100 done to be able to apply for all the ASN programs around me.

That will take me 2 semesters at the least granted I get into the classes first try.

other things to consider:

I'm taking this coming year off from school to have my first baby boy! (I know, I'm crazy) My husband works full time and is able to support us with his income but another income would allow us to do more than just "get by". So if I decided to do it I would start Fall 2017. Since my husband is going to continue to work I'm trying to decide if the 1000$ monthly loan repayment would be worth it for us to have me at work sooner.

I am so ready to be an RN! What are your thoughts?

No, it's not worth 90k, unless you guys are wealthy and have that sitting in the bank to pay cash. Even then, I'd say it's almost a very bad idea still.

2 semesters to complete pre reqs is pretty fast. Mine are taking 3. I get that you are excited to start your life, but be patient. Unless you are both bringing in some SERIOUS cash (like, Doctor salaries), 90k is going to be a huge damper on your life and goals, especially with a baby in tow. Be patient. Go the ADN route first if you must. Work part or full time with that salary, and pay for your BSN classes as you go along. The time will pass just the same. Delay the gratification.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

Paying $90,000+ in tuition and fees for the privilege of emptying bedpans, applying antifungal powder to stinky groins, communicating with rude doctors, and dealing with the verbally abusive family members of patients?

No, definitely not worth the price tag. Never in a million years...

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Specializes in Hospice, Palliative Care.

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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Specializes in retired LTC.

Off the topic - I just remembered that my mortgage was less than that $90K debt. Of course, that was years ago.

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Not worth it at all. Not even a little bit.

If speed is your issue, get your RN from a community college so you can get to work when you're done with that - and find a relatively inexpensive BSN completion program online. You can find MANY of them (yes, even accredited ones) for $200-300 a credit hour.

You should be able to do the whole thing for well less than $30,000 - maybe actually closer to $20,000.

So you have to ask yourself - is it worth spending an extra $60,000-$70,000 just so you can start working with a BSN earlier...? The math just doesn't make sense.

In fact - Fort Hays State University, a public school in Kansas offers an online RN-BSN program that is accredited by the CCNE, and they charge LESS than $200 per credit.

You can find MANY others with just a few minutes online. And once you start into a RN program and then working as an RN, these places will find you, trust me.

For the love of God, don't spend $90,000.

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Specializes in School Nursing.

I'm going to play devil's advocate here... People generally have no qualms about taking out 30k+ loans every six years for a new vehicle. Some people trade in every 4-5 years and are continuously paying on something that will NEVER truly give them a return on the investment..

Are you willing to maybe drive an inexpensive car and tighten your belt for an investment that will give you a return, year after year?

Yes, there are cheaper college options. Yes, ADN at a CC is cheap and you may be able to get an employer to pay for that BSN (as you work).. it's a longer path, yes, and cheaper.. but I honestly don't see student loans for a job that will give you a decent return a bad idea. This is nursing, not basket weaving.

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Hi OP!

I was the OP of a very similar thread, with LOTS of responses and valuable info. My thread was called "Is an accelerated BSN worth $87K?"... Let me tell you, the answer is no from nearly everyone.

Find it here: https://allnurses.com/general-nursing-student/is-an-accelerated-1055351-page5.html

May I ask what school you are looking at? I am referencing Chamberlain in Las Vegas.

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Specializes in ICU.

Think about it this way. Are you and your husband comfortable with two house payments? Have you researched what a new grad salary is your area? Basically, it will be one whole paycheck out of two a month. Really think about how much one paycheck will help you family? Essentially, you will be working for free two weeks out of the month.

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Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
I honestly don't see student loans for a job that will give you a decent return a bad idea.
Your point is salient...

However, why in the world would a person take on a nearly six-figure student loan debt ($90,000) when the same educational product can be obtained for a fraction of the cost? It makes no sense.

The $20,000 BSN degree will reap the same rewards as the $90,000 BSN degree. The difference is that the $20,000 BSN degree holder will be more free to live life due to not having that massive ball and chain of debt weighing him/her down.

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Your point is salient...

However, why in the world would a person take on a nearly six-figure student loan debt ($90,000) when the same educational product can be obtained for a fraction of the cost? It makes no sense.

The $20,000 BSN degree will reap the same rewards as the $90,000 BSN degree. The difference is that the $20,000 BSN degree holder will be more free to live life due to not having that massive ball and chain of debt weighing him/her down.

EXACTLY.

The basic math involved - and the broad availability of the $20k options make spending $90k virtually insane.

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So, after your loan payment and childcare costs for your kids, will you be taking anything home from this job? It seems unlikely.

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You also need to consider - just because you CAN afford a $1000 monthly payment doesn't meant you should want to.

Put that same $1000 a month into investments and you'll have put in $144,000 in 12 years - when you add interest/compounding/stock growth/dividends to that, you could have $400,000 or more just from the $1000 a month.

But sure. Spend the $1000 a month on loan payments if you want.

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