Is nursing school worth it?

[CantDecideUsername]

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

[TheCommuter, BSN, RN]

I would re-think how quickly you feel you "need" to pay your student loans off. They are not "bad" debt to have. They can even take the heat off come tax time as that interest can be a deduction.

This is not always the case. I was never able to deduct my student loan interest because my annual income was too high. Those of us whose yearly earnings exceed $75k are not eligible to take the student loan deduction at tax time.

Furthermore, if one's subsidized loans are at 5.6 percent interest and the unsubsidized loans are at 6.8 percent, it makes financial sense to pay them off as soon as possible instead of allowing them to linger.

[CantDecideUsername]

I would re-think how quickly you feel you "need" to pay your student loans off. They are not "bad" debt to have. They can even take the heat off come tax time as that interest can be a deduction. As others have said, they are taking their time and re-investing in a 401k (which is yet another tax helper if done correctly). It's all kind of a game with the money. Yes, that is a lot in tuition and expenses for a nursing education and it may be more difficult to find jobs in your area but, should you still feel pulled toward nursing, can't you look elsewhere for employment? There are also programs where you work for 10 years (sounds like a long time but it'll go quick) in underserved areas (a different challenge in itself) and up to 60% of your student loan debt can be forgiven. That's IF this really is a sticking point for you.

If you're feeling more like you want to get on with your life and have a good paying job you can start entry level at and work your way up, then maybe the other options are more for you. The OTs and PTs I've seen at the LTCs I've been to seem very pleased with their jobs and are often a breath of fresh air for the patients. True, nurses get the burden and they are not paid equitably but there are benefits to nursing as well. I was also in your position and am just going to student loan route. I'm continuing to work so that I don't rely solely on the loans and can give back what I don't use. I am considering the "underserved" hospital loan forgiveness route as well though ultimately, I don't want to work in the same area as I'm being educated in. Nurses also tend to make more here but the competition is astronomical so I'm committed to doing what I can to stay ahead of the pack. It's up to you if all of the above is worth it for you. I'm in nursing because none of the other areas appeal to me, for what it's worth.

Thanks for the reply

See, the issue with me is that I absolutely cannot move from where i live, (for various reasons) so I'm sort of stuck with the stagnant employment figures in my area. And also, I cannot take out loans hoping to get a job in an underserved area and get my loans forgiven.. Yes many people can do that but I'm much more averse to taking that risk... I think I would be way too nervous to bank on that

May I ask how much you're taking out in loans?

Of course I understand that education ain't free I'm just wondering how much is a reasonable amount to borrow... $30k? $40k? $50k?

The $72k price tag for my tuition is just a very scary number for me lol

Thanks again for your input

[CantDecideUsername]

This is not always the case. I was never able to deduct my student loan interest because my annual income was too high. Those of us whose yearly earnings exceed $75k are not eligible to take the student loan deduction at tax time.

Furthermore, if one's subsidized loans are at 5.6 percent interest and the unsubsidized loans are at 6.8 percent, it makes financial sense to pay them off as soon as possible instead of allowing them to linger.

The government loans that i am

Eligible for have interest rates at a WHOPPING 7.2 percent!!!

[sheruns83]

I have an Associates in Arts and BS in Sports Management. I am currently in the procress of losing my job due to layoff. I have always had the dream to be a Nurse, so I have decided to go back to school. You have to look at the cost, your time frame and your family. For me personally if I were to choose a BSN program it would take me longer because I have to take chem and stats, which will put me out of a job even longer. So for me personally I am going to go get another Associates. Yes it feels like a step backwards, but I have a goal and a family to take care of. It is also cheaper and it doesn't take very long to go from a RN-BSN. I live in maryland and most hospitials require you obtain a BSN within 5 years of employement, so that is something you have look into as well. Can you get a job with just an ADN or do you have to have a BSN? If I were you I would price out some RN-BSN programs, because it may be cheaper overall to get your ADN and then get your RN-BSN. Plus this way you could possibly land a job with ADN and most hospitals help with tuition, which would help cover the cost of the RN-BSN. The school I applied to is actually setting up an RN-BSN pathway. Don't know much about it yet, but it will definitely a big plus for me if I get into the program. Best of luck in whatever you choose!

[CantDecideUsername]

I have an Associates in Arts and BS in Sports Management. I am currently in the procress of losing my job due to layoff. I have always had the dream to be a Nurse, so I have decided to go back to school. You have to look at the cost, your time frame and your family. For me personally if I were to choose a BSN program it would take me longer because I have to take chem and stats, which will put me out of a job even longer. So for me personally I am going to go get another Associates. Yes it feels like a step backwards, but I have a goal and a family to take care of. It is also cheaper and it doesn't take very long to go from a RN-BSN. I live in maryland and most hospitials require you obtain a BSN within 5 years of employement, so that is something you have look into as well. Can you get a job with just an ADN or do you have to have a BSN? If I were you I would price out some RN-BSN programs, because it may be cheaper overall to get your ADN and then get your RN-BSN. Plus this way you could possibly land a job with ADN and most hospitals help with tuition, which would help cover the cost of the RN-BSN. The school I applied to is actually setting up an RN-BSN pathway. Don't know much about it yet, but it will definitely a big plus for me if I get into the program. Best of luck in whatever you choose!

Yes those are my thoughts exactly: get my adn for a few thousand (maybe $7k) and then get my BSN for another $7k In an online program. So my max out of pocket cost is well under $20k as opposed to the $72k for the masters degree.

[CantDecideUsername]

In fact, the more I think about it I don't understand how anyone would think such an expensive degree is worth it

Unless of course they want to go into research or something high level - then maybe having a masters could be an asset. For the nursing i want to do (maybe be a school nurse, work in an LTC, maybe do office work for insurances or home health..) I just don't see this degree being that special (contrary to what the school has told me)

[windsurfer8, BSN, RN]

I went to a private university for my ABSN. It WAS worth it to me. It cost me in tuition. 50K (fall, spring, summer, fall..21 hours a semester accelerated second bachelors) I decided a year before attending and I had 20K saved for school. So I borrowed 30k. This was in 2007. I had that paid off in 2011. It was hard, but everything is hard. Now if I have a solid career for life. I call it investing in myself. The return on my investment both financially and satisfying career is priceless. Think if I had taken that 50K and bought a car? Zero return on it. Good luck.

[CantDecideUsername]

I went to a private university for my ABSN. It WAS worth it to me. It cost me in tuition. 50K (fall, spring, summer, fall..21 hours a semester accelerated second bachelors) I decided a year before attending and I had 20K saved for school. So I borrowed 30k. This was in 2007. I had that paid off in 2011. It was hard, but everything is hard. Now if I have a solid career for life. I call it investing in myself. The return on my investment both financially and satisfying career is priceless. Think if I had taken that 50K and bought a car? Zero return on it. Good luck.

Thanks for the post.

If I were taking out 30k (or even 50k) in tuition I wouldn't even blink... It's the $75k that scares me!

Glad it worked out for ya!

And I love the comparison you have to buying a car... So true and really puts things into perspective

[dt70]

Someone with 20K in bank who borrows 30K for 50K car has a problem.

I agree education can have more value than a car, but can not get pass that car analogy.

Education is also subject to roi analysis. How does the school stand against other schools of equal roi, not just the quality of the school itself.

60K Porsche is worth more than 90K jaguar.

[CantDecideUsername]

Someone with 20K in bank who borrows 30K for 50K car has a problem.

I agree education can have more value than a car, but can not get pass that car analogy.

Education is also subject to roi analysis. How does the school stand against other schools of equal roi, not just the quality of the school itself.

60K Porsche is worth more than 90K jaguar.

I hear ya, but I think she was just comparing the dollar amounts: 50k for a car vs 50k for education. One devaluates every time you turn it on (the car) and one keeps paying returns every single day (nursing degree)

She's just saying that all being equal, investing in a good education is the best investment in your future (at least unthinking barbers the idea)

By the way what's a roi analysis?

Happy Friday and have a great weekend!

:)

[TheCommuter, BSN, RN]

By the way what's a roi analysis?

ROI is an mnemonic that stands for Return On Investment. Some nursing programs have a greater ROI than others due to solid reputations in the local job market.

For instance, the nurse who earns a degree from a flagship state university will usually have a greater ROI than the nurse who spent $60k to $75K on a non-accredited associate of applied science in nursing degree from an investor-owned private for-profit entity such as Everest College or ITT Technical Institute.

[pmabraham, BSN, RN]

Good day, TheCommuter:

"For instance, the nurse who earns a degree from a flagship state university will usually have a greater ROI than the nurse who spent $60k to $75K on a non-accredited associate of applied science in nursing degree from an investor-owned private for-profit entity such as Everest College or ITT Technical Institute."

Personally, I would never recommend or go to a non accredited institution for nursing, as someone who for 18 years was involved in hiring/firing issues, "where" someone got their degree never mattered. I don't know any employer (at least in my geographic area) that takes into account whether a given degree is from an accredited / non accredited institution or whether the school is a "flagship" whatever school. It usually comes down to two things:

* Either who you know, not what you know (which means all paperwork - degrees, certificates, etc. has zero meaning)

* What you are capable of doing (either at the moment due to experience, or what they believe you can do with training).

While I was in I.T. for close to 30 years, and very new to the nursing world (I'm a student), what evidence can you share to show that the nursing world is any different for the above two points?

Thank you.