Is nursing school worth it?

Published

Ok here goes:

I have been accepted into a nursing program starting this fall. (MS, RN degree) I am EXTREMELY nervous about the debt load that I will have to take on. Thank goodness I have no undergrad debt (Parents helped a bit and i worked while in school), BUT the tuition for nursing school is $72,000 and with books/supplies/ancillary expenses it will be closer to $75,000. (I will be living at home and commuting to campus, so I won't be paying rent or anything)

Not having grown up in a wealthy environment, I just CANNOT seem to wrap my head around this number! Especially since

1) nurses do not make so much money in my area (starting salary is about $24.50/hour, or about $50,900 a year if I get a 40 hour a week job,and 45,000 if I work 36 hours/week, which is what most hospitals are leaning towards... 3 twelve hour shifts.)

2) there is such an influx of nurses that many many new grads simply cannot find jobs. This is in addition to the fact that lots of hospitals are amidst hiring freezes.

Running the numbers, it looks like this:

If I pay $1000 a month towards student loans, it will take me 7.5 years to pay it all off and I would be paying $15,899 in interest over that period.

I am from Chicago and the standard of living is pretty high over here so if I am able to pull in an average realistic salary of $47,000/year, then after taxes and student loans it's looking more like $30,000/year,(possibly 35k if I can write off my loans) which is not really enough to support a family. (not trying to sound like a "prima donna", but that's just the facts) I am NOT saying that I am only becoming a nurse for the money, but for this amount of compensation and not enough job security, (as i said above, the influx of nurses and the hiring freezes creates a volatile environment for nurses- at least in my area), it just seems very risky to take upon this sort of debt. I am all for investing in my future, but it's gotta make some sense.

Now I do understand that there are the nurse corps which promise 60% loan repayment for a 2 year commitment of work at an approved facility, but I hear that the funding has been majorly cut so less and less nurses can get this benefit. And c'mon who can really rely on this when taking on debt?? It would be irresponsible for me to do that

For the record I do NOT want to go to community college and get my ADN. That is not an option as I already have my bachelors and would find it a big step backword to get an associates degree, and additionally most places in my area won't even look at a nurse without AT LEAST a BSN :(

I have a friends who are PT's OT's and speech therapists who are pulling in $60-$85k per year easily! And they do not have 12 hour night shifts, don't have the responsibility for the life of another human being (at least not to the extent that nurses do), they never have to work rotating weekends, and don't have to stay late to chart etc. etc. I guess it's a matter of supply and demand- too many nurses and too little jobs

Now i'm thinking that I should look into another field, but it's getting really stressful to make decisions :(

Interestingly enough, schooling at Northwestern hospital (one of the top hospitals in Chicago) to become a radiology technician is $7500 for 21 months and average salary is $59,000. wow!

OK, so that's my dillema, can anyone chime in?

Any input would be GREATLY appreciated, as i'm feeling very stressed and a little depressed!

Thanks

Up Vote Up Vote ×
Specializes in LTAC.

Right there with ya! Such a tough decision. I had OT and PT tell me not to do nursing that to do what they do!

Up Vote Up Vote ×

I made the decision you did. I came from an extremely poor family and even working as a nurse extern through college, I still managed to get $58,000 in student loans. I am paying them. It is just one of those decisions that I made. They payment I make is about $350 a month as I took the LONG option because my interest on my student loans is 2% and I invest the money I would be paying extra on the student loans in my 401K and another investment that is double the return of paying them of faster. It is just another monthly payment to me. To be honest I make $29 an hour and the $350 a month doesn't stress me out. It hasn't been hard to make the payment and save quite a bit of money along the way. Live your life and do what works best for you :) If you love nursing, maybe think of a cheaper, ADN program and go back for MSN when you can pay cash?

Up Vote Up Vote ×

If you are not comfortable with spending that much, then do not do it. Are there any other program options available?

PT and OT mostly require masters and doctorate degrees. My state just switched to PT requiring doctorate degree, so they will obviously make more than nurses, especially if you are getting a general nursing degree.

You really need to see which role you would prefer. Nurses do different things than therapists. Which one would you rather do?

Up Vote Up Vote ×
Specializes in Critical Care.

I would do more research before taking out student loan debt. How about shadowing some nurses and PT/OT etc. What is wrong with the degree you currently have? What are you doing for a living now and what are you making?

If I were getting an msn I wouldn't choose just an RN program, but rather one that trains you as both an RN to NP. Also remember grad student loans cost more than undergrad, not sure if it is 6.8% now may be going up soon and it capitalizes from day one so unless you are making interest payments while in school your student loans are growing! The grad rate might not seem like much, but it is much more than a current mortgage or car loan for instance.

Personally if I had a BA degree and wanted to get a better job I would look into additional tech/vocational training from the local community college. This was even mentioned that students with a BA couldn't get a decent job and had to go on for additional vocational training. There are many tech programs that are only 6 months to one year but you have to do your research.

if you want job security, join the military great benefits including educational, of course you are putting your life on the line. Job security seems to be a thing of the past no matter what job you do and is why you need to keep your expenses low and avoid student loan debt.

If you already see that other fields like PT/OT pay more and have better quality of life why are you still pursuing nursing when you have commented on many of the drawbacks to this field?

Up Vote Up Vote ×
I would do more research before taking out student loan debt. How about shadowing some nurses and PT/OT etc. What is wrong with the degree you currently have? What are you doing for a living now and what are you making?

If I were getting an msn I wouldn't choose just an RN program, but rather one that trains you as both an RN to NP. Also remember grad student loans cost more than undergrad, not sure if it is 6.8% now may be going up soon and it capitalizes from day one so unless you are making interest payments while in school your student loans are growing! The grad rate might not seem like much, but it is much more than a current mortgage or car loan for instance.

Personally if I had a BA degree and wanted to get a better job I would look into additional tech/vocational training from the local community college. This was even mentioned that students with a BA couldn't get a decent job and had to go on for additional vocational training. There are many tech programs that are only 6 months to one year but you have to do your research.

if you want job security, join the military great benefits including educational, of course you are putting your life on the line. Job security seems to be a thing of the past no matter what job you do and is why you need to keep your expenses low and avoid student loan debt.

If you already see that other fields like PT/OT pay more and have better quality of life why are you still pursuing nursing when you have commented on many of the drawbacks to this field?

Thank you

Firstly I really DO want to be a nurse! I guess i didn't really make that clear in my post. It's just that the cost of getting there is a bit stressful. I don't really care for pt/ot I was just bringing in examples of other salaries to illustrate what makes me nervous about pursuing a nursing masters degree. I don't believe there are any nursing programs that give a dual RN and masters in np. Which also makes me wonder: if my ultimate goal is nurse practitioner anyways, why not just try for pa school and do it in two years?

Up Vote Up Vote ×
Specializes in Trauma, Orthopedics.

What about a much less costly accelerated bsn program?

Or get your ADN and enroll in an RN-BSN program? I could not fathom spending 75k to work at the bedside.....and I did spend a lot on my absn with living expenses included....but nowhere near 75k.

Up Vote Up Vote ×
Specializes in LTC, Psych, M/S.

you are in an area saturated with nurses - are you willing to relocate for a job if you can't find one in your locale?

Up Vote Up Vote ×

If you already have a bachelors there are many schools that offer an accelerated BSN program which I'm sure will be a lot less of a burden financially. One you have a BSN you could do a BSN-MSN/ARNP bride program. Just a thought.

Up Vote Up Vote ×

I would consider an accelerated BSN. I did an ADN program (luckily I did get a job as soon as I graduated) which cost about 6,000$ and got a scholarship that covered the majority of that. My RN-BSN will cost be about 10k. I do not want student loans for any reason. However, others have chosen to get loans and it has been a good decision for them. Ultimately, if you are comfortable taking out that much debt and truly want to be a Nurse go for it, but I would try to find a cheaper way to go about it.

P.S. It will only take me 3 years to complete my BSN, even if it takes you a little more time than the MSN the price difference might be worth it to you.

Up Vote Up Vote ×

I had a bachelors when I went back for a adn that I could get debt free. To me it was not worth the debt.

Up Vote Up Vote ×
For the record I do NOT want to go to community college and get my ADN. That is not an option as I already have my bachelors and would find it a big step backword to get an associates degree, and additionally most places in my area won't even look at a nurse without AT LEAST a BSN

I have a bachelor's in another field and a good job. Because I worked at said good job during business hours, I attended an excellent ADN program, at a community college, from which I have recently graduated. I worked my butt off, and I will be getting my BSN/MSN down the road, but my ADN didn't leave me in debt, and I most certainly wouldn't consider my nursing degree a step "backword."

Up Vote Up Vote ×
+ Join the Discussion