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!
