Is time or money more valuable for nursing education?

melizerd, ASN, RN · Mar 20, 2013

I had a similar option and chose the less expensive but slightly longer program.

There isn't the guarantee of a job day one after graduation that there used to be. I had to really take a long hard look at the fact that I was going to have to pay back that amount and I just couldn't justify spending more than necessary for a program that was going to cost me three times as much. I think that being fiscally responsible is so important. Of course I'm married and have a child as well and we had to look at it that I would like to be making money sooner rather than later but long term that the cost would take me much longer to make up in the more expensive program than the cheaper one.

soxgirl2008 · Mar 20, 2013

60,000 a year?! Omg. That is a lot of money for a nursing degree....

I agree with the above poster. Jobs right after graduation aren't guaranteed anymore. I've heard stories of people graduating with their BSN, not being able to find a job and have to start paying back the 100,000+ they owe in loans. I agree that being fiscally responsible is important. I don't think a lot of people just starting college who take out loans realize they have to pay that money back...

If the prices were closer to each other I would say just go with the guarantee, but 60,000 a year is a LOT of money...

Stephalump · Mar 20, 2013

I'm sorry,but $100,000 for a bachelor's degree that leads to an RN salary is almost as crazy as $200,000.

I wouldn't touch either of them. I got my first BS for around $20,000. My ADN is free, and my BSN will be around $7,000.

But if I had to choose, I'd pick cheaper!

SquishyRN, BSN, RN · Mar 20, 2013

$60,000 a year?!?!? For 4 years??? Holy moly! That's $240,000 for a BSN... That can't be right...

EDIT: Your numbers seemed outrageous, I don't know where you came up with them, so I went to both USF's and CSULB's websites to calculate the estimated costs of each program from the numbers and curricula they provide themselves.

CSULB:

$3,120/semester Total Tuition and Mandatory Fees for Undergrads taking > 7 units

Basic Nursing program = 6 semesters (3 years)

6 semesters x $3,120/semester = $18,720 for the entire BSN program

This does not include pre-reqs, only the actual program, but you can take pre-reqs at a CC for even less than $3,120/semester. I used a local CC’s cost of $46/unit + fees to calculate approximately $600/semester for a full-time class load of 12 units/semester. If it takes you 2 years (4 semesters) to complete all pre-reqs, it would cost an additional $2400 on top of CSULB’s numbers.

Therefore, going the CSULB route would take 5 years for a grand total of $21,120.

USF:

Basic Nursing program = 8 semesters (4 years) including pre-reqs.

$39,840/academic year (Fall/Spring)

4 years x $39,840/year = $159,360 for the entire BSN program

Going the USF route would take 4 years for a grand total of $159,360.

Now, the difference between USF and CSULB is $138,240 and 1 year. You will not be making $138,240 in 1 year as a new grad RN... The time you save is negligible compared to how much longer you will be paying off your loans.

hiitsjina · Mar 20, 2013

60,000 a year?! Omg. That is a lot of money for a nursing degree....

I forgot to mention that i will be receiving a renewable merit scholarship of $10,000 each year, plus $5,000 based on my financial needs plus a Pell Grant of $5500. I will also be getting $9,000 in CalGrants each year..does that help in any way?

hiitsjina · Mar 20, 2013

$60,000 a year?!?!? For 4 years??? Holy moly! That's $240,000 for a BSN... That can't be right...

Sorry SquishyLVN, i estimated all the numbers just to be on the safeside. I forgot to mention that i will be receiving a renewable merit scholarship of $10,000 each year, plus $5000 based on my financial needs plus a Pell Grant of $5500. I will also be getting $9,000 in CalGrants each year..does that help in any way?

ElliotPB · Mar 20, 2013

Do you have the option of taking your prerequisites at community college? That could save you a lot of money, then you would just apply to CSULB once you've completed those classes.

That is some very serious debt if you go to USF and have no financial assistance from relatives, spouse etc.

edited: I assumed you were also taking out loans for rent and expenses. I also didn't see your information on grants and scholarships so that changes the loan amount quite a bit.

LandD_RN_chica · Mar 20, 2013

I went back to school when I was 26 for my bsn. I looked at community colleges too but it would have taken me way longer. I was accepted into a great school for my bsn a 4 year full time program that cost way more than the community college did. I took the 4 year program because alot of things from the community college may not have transferred into another program. Etc. I felt doing it all at one time at one place would be easier. It was. However I was a single mother of 2 in full time nursing school and I had to take out private loans on top of it so I could cover bills etc without having to work more than a part time job because once you get into your junior and senior year it is hard to work more than part time hours. Bottom line...I pay $1000 a month in student loans. I owe probably a little over 100k. But I pay them as they come in. Honestly, it's a life choice. Why wait 6 years to do something you love that you could do in 4? Although the price is higher....you are going to be in debt for the rest of your life. As long as you make your payments on time (and you will as a nurse) then there is nothing to worry about. This is just my philosophy. Go with your heart. Good luck. P.s. look into additional grants and scholarships on your own. There is so much free money out there that people aren't taking advantage of. Get to google searching scholarships for either school you pick.

LadyFree28, BSN, LPN, RN · Mar 20, 2013

I forgot to mention that i will be receiving a renewable merit scholarship of $10,000 each year, plus $5 based on my financial needs plus a Pell Grant of $5500. I will also be getting $9,000 in CalGrants each year..does that help in any way?

To me, NO.

You are saying your tuition is 10,000 more than my TOTAL tuition for my BSN. I say find somewhere else, even if it means to get your prereq's at a community college, and transfer into a 4-year university for the last two years.

I'm with the other posters as far as being economically conscious. You still are paying 40,000/year in loans, ultimately owing 160,000!!! And new grads are having difficulties getting their first job, it's too much of a risk, in my opinion...

If you want to go through the program, get cracking in signing up for scholarship programs, like the HRSA program, and private loans STAT.

Go to FinAid.gov to find plenty of links to scholarship programs; find out what additional state-based scholarships that you can take, if any.

HeatherMax · Mar 20, 2013

That is a hell of a lot of money! Shoot the pharmacist I work with spent $80,000 to get his degree, and he makes way more money than any nurse ever will right out of school. How many YEARS of full time employment will it take you to pay it off if every $ goes straight to your loans?

ChristineN, BSN, RN · Mar 20, 2013

I think you really need to think about how your student loans compare to an entry level RN's salary. You are in CA where new grads could start around 50k, but that is assuming you find a job right away in state. If you can't find work right away or end up leaving the state for work you are going to make less. There is no way I would take out that much for student loans, unless I was going to med school or doing something with a much higher financial return than nursing