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

[windsurfer8, BSN, RN]

As the poster stated what I meant was the return I get on my 50K spent for my BSN is enormous. I was comparing to 50K for my BSN or 50K for an automobile. The auto pays back nothing while my BSN pays back everyday.

[TheCommuter, BSN, RN]

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?

I have no empirical, hardcore evidence. I only have anecdotal evidence.

I live in one of the largest metro areas in the US, with nearly 7 million people in and around the area. While they will not advertise it, I've heard many hiring managers and recruiters secretly admit to tossing resumes and cover letters into file number 13 (a.k.a. the wastebasket) if the applicant attended an investor-owned school of nursing.

There's a severe nursing glut in the area where I live. Upwards of 300+ candidates apply for each acute care hospital position, so recruiters and managers secretly employ weed-out tools. There are many reputable schools of nursing here such as UT Arlington, Texas Christian University, Southwestern Adventist University, Texas Women's University, Tarleton State, Midwestern State, North Central Texas College, Tarrant County College, Brookhaven College, El Centro College, Weatherford College, Trinity Valley Community College, Collin County College, Hill College, Navarro College, Grayson County College, and many others.

Recruiters, managers and HR folks wonder why a person in this area would attend a private for-profit school of nursing when there are 20+ affordable, reputable programs in and around the city. They often conclude you did not have the grades or test scores to get admitted into a more reputable program, and therefore, assume you took the path of least resistance.

In addition, people on these forums who participate in the hiring process admit to secretly preferring grads from the more reputable nursing programs.

People in the area where I reside do get jobs with degrees from Everest College, ITT Technical Institute, Concorde Career Institute, and West Coast University, but they typically are not considered for the prestigious specialties where people actually desire to work.

[pmabraham, BSN, RN]

Good day, TheCommuter:

Thank you for taking the time to elaborate. It makes sense that in any area that is overwhelmed with nursing grads compared to job openings, anyone hiring would use various tools including the school's reputation to lower the count of whom they will really spend time interviewing. I would imagine that in areas where there are single digit to low end double digit shortages of nurses, that the traditional rules may apply more readily.

Thank you.

[CantDecideUsername]

Wow this is all very interesting. So who is more likely to get hired?

1) Someone who got a bachelors degree in health sciences, then goes to community college and gets an ADN followed by an online rn-bsn program

2) someone with a ba in health sciences who then goes to a ritzy for-profit accredited university and gets a masters in entry level nursing

I've been told that ADN degrees are a No-no, but with a BSN From an online program would the chances improve a lot?

[windsurfer8, BSN, RN]

That cannot be answered. No one can say because one area might not hire any of them..but in the middle of North Dakota where a zillion people have moved to work on the oil fields they might hire all of them. For me I got my BSN and then I was ready to go to where they needed nurses. So if you are flexible you have many options. Some people only want to work in hospital "X" in the ER. When they don't get hired they say there is no nursing shortage. However the LTC facility down the road MAY have openings. Look around and be flexible. If you only will work in one place on one unit then you are limiting your options. When they ask are you willing to work nights and weekends you answer "yes". That is my little tip.