Is 53k for school worth it?

CuriousMe · Apr 30, 2010

I just attended orientation for nursing school at a small 2 yr college. The presentation was interesting and here are some of the highlights from it:
1. They boast a 100 percent placement of all nursing grads in the last 7 yrs. If you are a male (which I am), they said they can place you in a job all day long. Not sure why this is but that is what they stated.
2. In the last 7 yrs only 2 people had to retake the nclex (sp?), the rest passed on the first try.
3. No waiting like the local community colleges (they are all on a 3 yr waiting list). However, CC is much cheaper.
4. They require 530 clinical hrs which is much more than the other local schools (apparently they only require 180 hrs or so).
5. The last graduating class they placed averaged 52k a yr to start.
My questions are: Does this sound like it is worth it and how long do you have to pay back student loans? Right now I make 62k as a manager so would it be better for me to go to community college and just be placed on the waiting list? I am 41 yrs old so maybe waiting that long would be against me since I am getting old. Anyway, just curious what you guys/gals would do...
Thanks,
John

I'd doubt them because I doubt a program would let you graduate to be an RN with just 180 hours of clinicals (I do about 150 clinical hours a term and my program is 9 terms long). Them saying that would make me doubt the validity of the rest of what they've said.

RNperdiem, RN · Apr 30, 2010

Consider applying to more than 1 community college if others are available within driving distance.

Since you are 41 years old, I would be very leery of taking on that much debt. It takes a long time to pay off a loan that big.

Nursing will most likely mean a big pay cut for you. If you can graduate debt free from CC, the transition will be kinder.

CuriousMe · Apr 30, 2010

That's another concern...will I be able to attend the actual nursing school part while working full time..

Honestly, I think this will be difficult with any program that's not designed to be part time.

I'd verify what they said with the the other programs in the area.

sheronep, MSN, RN · May 1, 2010

Don't do it! You can get a great education at a community college for 1/4 of that amount.

metal_m0nk, BSN, RN · May 1, 2010

I wouldn't pay 53k for a 2 year degree unless it were from an Ivy League school. If it sounds too good to be true, it usually is. If it sounds too good to be true AND has a hefty price tag attached, it's usually a scam. I would advise you to research other options.

babyNP., APRN · May 1, 2010

As for the amount you are going to take out in loans, I am sure your loan will be spread over 25 or 30 years. If you take out federal student loans, the terms are much better. I took out a private loan with PNC bank and have a 4.125% rate (it's adjustable). So, when the economy picks back up and interest rates begin to rise, you know where the extra money will go (right to the principle of this loan). I know 25 years is a long time to pay for the loans, but the way I see it people make car payments for 25 years and don't have anything to show for it. You will still have a college degree that will continue to work for you.

Um...not everyone has car payments for 25 years..some of us save up the $$ to pay for a car in cash.

Huge debt, especially when one is in their later years can be a huge folly and obstacle to one's retirement, especially when one can find something cheaper for 1/4 of the cost.

OP, this school sounds like it's extremely overpriced...a nursing school in 2 years?? For $25k a year?

My BSN was very expensive, but I had most of it covered by grants! There's no way I would find it worth it to pay that huge amount of money--would have done an ADN and then a bridge to BSN.

Dragonsmack · May 1, 2010

Yeah...you guys convinced me to stick with community college at this time..:)

Do-over, ASN, RN · May 2, 2010

No, it isn't worth it, in my opinion. Granted, my school is tough to get into to (need high GPA), but it has cost less than $5,000 for my ADN.

**new** · May 2, 2010

NO!

GAH!

HAVE YOU LOST YOUR MIND!

WHAT ARE YOU THINKING EVEN ASKING SUCH A QUESTION!?

But really, 50K for an RN is dumb. The financial return isn't worth it.

I paid about $2,500 total for my RN at the CC level. Do that. Who cares if you have to wait a few years. It's worth it financially.

CuriousMe · May 2, 2010

There are school's I would contemplate attending if they had a tuition bill of $50,000 (this is not the same as saying I would take out $50,000 in loans....there are A LOT of ways to get financial aid). My BS program's tuition is about $54,000....I'm paying a small fraction of that.

But a program that stated the things described in the OP, doesn't seem like a solid program with a good reputation. I'd keep looking.

Dixiecup · May 2, 2010

if you're making 62k as a manager - by all means STAY as a manager right now, lol - new grad jobs are almost non existant and nursing school will most likely require you to quit down the line.. and nurses make 50-55k at most new grad salary...

I've been a nurse for 25 years, RN for 12 and I make 43K a year. If you have a job making 62K,I'd keep it!