Is 90k in loans worth my BSN?

[raeelynn]

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?

[lifelearningrn, BSN, RN]

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.

Fair enough. :) I can't argue this point.

[Rose_Queen, BSN, MSN, RN]

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..

Yes, but if something were to happen that financially devastates a person, the car can be sold as it will have cash value. Bankruptcy will lead to not having to repay the car loan.

A student loan doesn't have either of those qualities- you can't return an education or sell it to someone else after you've received it. Student loans don't go away when filing for bankruptcy. They are forever.

[crazydoglady89]

I can't imagine ever taking a loan out on a car, never mind a loan for 30k.

Just because the Smith's and Joneses make crap choices doesn't mean anyone else should.

It's not worth it.

[Not_A_Hat_Person, RN]

If your husband is military, many schools will give you lots of non-loan financial aid. I believe military spouses are also eligible for the post-9/11 GI Bill. Why consider loans at all?

[Zooey72]

If your husband is military, many schools will give you lots of non-loan financial aid. I believe military spouses are also eligible for the post-9/11 GI Bill. Why consider loans at all?

Military is the only exception. My first semester I sat next to a guy in community college who was in the reserves. He was getting his prereqs out of the way, than going to a private school for 20k a year. The government picked up the tab, so that was a good choice for him. I didn't really understand why he was going to a community college for his prereqs if the government was covering the costs.

Don't get me wrong, I have huge respect for people in the military. The guy had to get shot at, least we can do is pay for his college.

[pmabraham, BSN, RN]

I didn't really understand why he was going to a community college for his prereqs if the government was covering the costs.

Are you aware that some community colleges are better than universities? I didn't find out until I was a year in the their RN program, but the community college I'm attending is ranked 8th nationwide for LPN/RN A.D. programs. Good things can come in small packages.

[Not_A_Hat_Person, RN]

If you live in an area where employers demand BSNs, an ADN will not help you find your first nursing job.

[RegularNurse]

I have 70k in nursing school debt.

I have a BSN from a private school, which offered a coop.

The school has relationships with the premier hospitals in the area. I did my coop at one of the hospitals.

I work at the hospital I did a coop at. I make $44/hr in my base pay without shift differential. I occasionally do overtime. Last year I made 110k as a staff nurse.

I finish my MSN in 8 months. My employer paid for my MSN.

I invested 70k for a job that pays me at minimum 88k, but in reality, my income is flexible. The employer sponsored graduate degree means I spent 35k, per degree, for two degrees.

In some cases, you can view student loans as an investment in yourself. Avoid any debt if possible, but if you go to a reputable school that can create some long term opportunity for you, it is not the worst thing in the world.

[BuckyBadgerRN, ASN, RN]

No, not crazy. It's BEYOND crazy! Sorry OP

[KJet5]

I have 70k in nursing school debt.

I have a BSN from a private school, which offered a coop.

The school has relationships with the premier hospitals in the area. I did my coop at one of the hospitals.

I work at the hospital I did a coop at. I make $44/hr in my base pay without shift differential. I occasionally do overtime. Last year I made 110k as a staff nurse.

I finish my MSN in 8 months. My employer paid for my MSN.

I invested 70k for a job that pays me at minimum 88k, but in reality, my income is flexible. The employer sponsored graduate degree means I spent 35k, per degree, for two degrees.

In some cases, you can view student loans as an investment in yourself. Avoid any debt if possible, but if you go to a reputable school that can create some long term opportunity for you, it is not the worst thing in the world.

Hello, what school did you attend? As well, what state are you working in and what field of nursing? Thank you!

[CrunchRN, ADN, RN]

Insanity. Please do not do this.

[Horseshoe, BSN, RN]

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...

Well, when you phrase it like that...