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?

[Alex_RN, BSN]

I have one of those super expensive BSNs. I always advise people who ask about my program to look at as many options as possible before committing. It made sense for me but only because all of the BSN programs where I live were severely wait-listed or inaccessible to me with just a 3.33 GPA.

Something to point out: You will not get as good an education at an accelerated program. You will be taught to the test and the NCLEX. You simply will not have the time to study anything in depth. NCLEX pass rates for my school were great. Everyone I know passed with less than 80 questions but I often admire the depth of knowledge I see in other nurses. I feel like I am always playing catch-up, doing a lot of studying now that I am a working acute-care RN.

[NurseSpeedy, ADN, LPN, RN]

Suddenly, my $20k repayment plan is looking amazingly affordable! Honestly, I went the private route to save time with an accelerated program. It also saved me time because it was the only quality school in the area that would still accept my ancient general education credits and this was saving me three additional semesters at a community college. It took me a while to finally go through with those loans....Now, if I had to pay for the entire degree through a private school and cost about $45k-no way....$90k???? Oh hell NO! OP, I don't like the check that I am about to start writing every month for a fraction of the amount...don't burden yourself and your family with a crippling amount of tuition debt. It may not sound horrible right now, but it will every month of every year for the next several years that you have to keep making a payment that is equal to that of some people's mortgage.

[KJet5]

This is an interesting point that you make. What school did you go to?

[barcode120x, RN, NP]

I think the decision basically comes down to money. There's always that rush to get into nursing school fast and get it done fast so you can start working to make money. Some say it's worth it take out that huge azz loan for a 50k+ private school because "it will pay off in the long run." You may have a family, a car payment, a house payment, life, rainy days, but how long will you take to pay off your loan? You may take MANY years to pay off that loan. I have a coworker who has been a nurse for about 5 years and is still paying off her student loan of about 80k+ from West Coast Uni (socal). Some say to pull out a loan is considered an investment. The point of "investing" is to save money so it'll grow over time. Getting a loan is not investing money. Loans grow larger, not smaller over time lol.

With all that being said, is it worth it to go to a private university > 90k? Hell to the freaking no! Don't just think about your future 1-2 years in advance, think about 5 years or more. Like I said, in the longER run, it's not worth it. I was at a CC for 6 and a half years before I finished with ADN. I have no debt/loans and still enjoying life, vacations, cruises, etc with that ADN.

[TheCommuter, BSN, RN]

I have a coworker who has been a nurse for about 5 years and is still paying off her student loan of about 80k+ from West Coast Uni (socal).

Not only is your coworker weighed down from the ball and chain of massive student loan debt, but she also has an investor-owned school of shady repute on her resume. West Coast University is not exactly a bastion of academic excellence.

It is not worth it, IMHO...

[highhope]

It is honestly up to you. If you think that you will be able to pay the loans back within a year or two maybe it will be worth it. I know my sister graduated pharmacy school 110,000 in debt. However she accept a job offer right after graduation and is currently making close to 90,000 a year. If you are able to find a cheaper program go for that one! However if you cannot and you are sure BSN is your calling then go for it. You said you guys are getting by on just your spouses salary. This can mean that the first year or two of you working you can put the money completely towards the loans and live by the means you are at the moment. After this first couple of years you really won't have to worry too much about the money. I am currently in my 2nd year of nursing school (went in with pre-requisites completed at a CC so I wouldn't pay as much) and honestly I am willing to pay whatever it takes to finish and start working my dream career! Just know nursing school is extremely tough and I know a couple of moms that have dropped out, but if you are willing to make certain sacrifices, it can be good. I say make a pro and con list and really think about it. Make sure you will really be able to have the future you want. Maybe even look into see if other programs have a better tuition rate or if you can get your current employer to pay for a few classes. I know a couple of CNAs who have employers which pay for one class every session. Some of them only take one class at a time (increasing graduation date) and some take 2-4 and just pay for the others with loans. Really look at all of your options.

[foggnm]

Absolutely NOT!

You can find a cheaper program. In my home town, the community college RN program is tuition free! That's right, free!

Don't ever take out more money than you can afford in the future. For someone on an RN salary in most states, I'd say the max you should consider would be taking about 30k out in loans. Even if you have to work part time while in nursing school, don't set yourself up for 15 years of miserable debt repayment. Be smart, find more affordable programs. Or better yet, find an employer that will pay for you to get your RN (like the VA or many university associated hospitals).

Students in the U.S. have duped themselves in to thinking it is easy to pay back 50 or 60k of debt or more. Believe me, I know 45 year old nurse practitioners that are paying back the amount of debt you are describing and they have pretty much ruined their ability to successfully save for retirement.

[Here.I.Stand, BSN, RN]

No way, that sounds like a really bad idea. Consider how many hours you'll want to work with 2 kids (congratulations!) If you're planning to take a whole year off, I'm assuming you don't plan to pick up all sorts of OT once working as an RN. Yet you're talking about a six figure debt once you factor in interest and all your non-tuition expenses. Getting into the wofkforce a little faster will mean nothing with that much extra debt.

Plus I'm guessing with a price tag like that, it's a for-profit place, which often have questionable prestige.

Don't do it.

[sysysysy]

I wouldn't do it. I went to community college, paid about $2000 which will get me RN license. Paying roughly $12,000 for RN-BSN while working plus hospitals may reimburse some of the tuition.