I've seriously been considering going back to school for nursing. I started a while ago but had to stop because of things going on in life at the time. I did finish some classes but don't have any type of degree. I unfortunately DO have about $28k in student loans.
I am currently 28 years old and working for about $40k/year and absolutely hate the job. If I go back for nursing, I know i would have to quit as I wouldn't be able to handle nursing school and working full time as well. With this I would have to take out loans for living expenses such as rent a food. I've done the calculations and came to about $100k to acquire a BSN degree (this includes my current loan). I don't have any other debts besides my existing student loans ($28k).
Do any of you think this will be worth it, or is $100k in loans too much for a BSN . I know nursing is something that I would love and be able to pour myself into. I am currently living in Minneapolis so the market for nurses is pretty good, at least right now...
Do you mind me asking why you decided to switch from engineering to nursing?? You always hear that engineering a good steady career, that leads to solid employment and well-paid jobs.
... and you can't default on it, doesn't matter what.
OH you can DEFINITELY default on it. I had a defaulted loan once. It SUCKED! They take your tax returns, wreck your credit, you can't get financed for anything. I had to consolidate and get it put on income sensitive, just to get it in good standing.
I think you meant was you can never bankruptcy it. The only thing you could ever do to get out of it is die... or become permanantly disabled. Neither of which are a good way to get out of debt.
I'll graduate around the 60k mark, and I'm dreading that bad enough. I couldn't imagine 100k.
Also, find cheaper schools. You're talking about a condo worth of debt. You shouldn't have to pay 100K for three-four years of schooling. After you get your associates, your job should pay for BSN. That's what community colleges are for. Where I live, my community college is WAY more desireable for employers than the big private schools.
Thanks again for all the suggestions. To be honest, the nursing program itself only costs about $18-20k (excluding books). Most of the $100k would come from living expenses for 4 years (rent $500/month, car insurance $110/month, food, etc). I have a car but can pay it off soon and no kids... yet. It sounds like I can maybe get grants or possibly a scholarship. Maybe this isn't the correct forum to ask, but does anyone have some good resources for grants and scholarships to apply for? I know, I need to google it too
Specializes in ED, Cardiac-step down, tele, med surg.
Find a cheaper program. I wouldn't spend 100K on a bachelor's degree or a masters degree for that matter. That being said, if you work in CA as an RN, you'll be making 100K+You can make good money in nursing, not that that should be your guiding force, but if you like helping people and having a steady well paying job, nursing is a good gig. I would find something that cost less though. You will hate paying off 100k. Way too much in my opinion. If you were going to med school, that's different. MDs make way more money that RNs once they are done with their residency.
Do any of you think this will be worth it, or is $100k in loans too much for a BSN . I know nursing is something that I would love and be able to pour myself into. I am currently living in Minneapolis so the market for nurses is pretty good, at least right now...
Well, it really depends on your expected earnings.
In 2016, I earned over $250,000 between two jobs and a TON of overtime. If you find a similar gig, it's manageable. If you end up pulling down $52,000 per year, that would be tough.
Crunch the numbers and see how much you need to earn in order to service that kind of debt and have the lifestyle that you want. If nursing will provide that, go for it. If not, it probably wouldn't be wise.
Nationwide, staff nursing is not a great job. Staff nurses making 45+ per hour is mostly in major coastal cities (SF Bay Area, Seattle, NY, Boston, Philly).
Many nurses hover between 25-35 an hour. That is 50-75k for probably around 1k a month in student loans. If you ever want to advance your career, you will need to go to grad school. You will likely be unable to afford grad school while raising two special needs children without taking out additional debt.
If you become an NP, the median salary is about 98k. If you want to invest a serious chunk of money into nursing school, you might as well just do a BSN-MSN direct entry program and graduate with an NP degree. Wishing you the best, regardless.
Specializes in Clinical Research, Outpt Women's Health.
ravindram said:
I appreciate all the answers so far. This is helping me. As much as it sucks to hear, having $100k in loans doesnt sounds like it will be worth it. I am curious about getting to a BSN using a different path though. Some have suggested ADN then bridging to a BSN. Does anyone have any experience with this path? I'm also curious if this will be a little bit more manageable with working full time. I figured if it is indeed more manageable, then I can work full time while pursuing the ADN and then try to get a job using that ADN that will maybe be a little more flexible while i go for the BSN. Thoughts?
Specializes in Clinical Research, Outpt Women's Health.
And then you have to consider the fact that it is possible you may not make it in nursing school or find out you absolutely hate it. You don't want to get a ton of debt and bail.
See if you can get an entry level hospital job doing anything to make some money and contacts. Maybe they will offer some tuition reimbursement even. You can probably find the flexibility you will need. When I was in school I did the following at a local hospital all shifts: unit secretary, monitor tech, staffing coordinator, EKG tech..... and anything else when they needed a warm body to plug in and help out. I eventually got a scholarship through the hospital that helped pay part of my costs.
Well, it really depends on your expected earnings.
In 2016, I earned over $250,000 between two jobs and a TON of overtime. If you find a similar gig, it's manageable. If you end up pulling down $52,000 per year, that would be tough.
Crunch the numbers and see how much you need to earn in order to service that kind of debt and have the lifestyle that you want. If nursing will provide that, go for it. If not, it probably wouldn't be wise.
First kudos I love to hear of anyone working really hard and making bank but your number puzzles me. What is your base hourly rate?
$250,000 a year is $120 an hour straight time and even at a high RN rate plus an extra 40 hours a week at time + 1/2 it would be unlikely to make that salary. The highest paid RNs I know legit working 80 hours a week or a 40 hour job + another weekend option job make in the $160,00 range and they are killing themselves.
Well, it really depends on your expected earnings.
In 2016, I earned over $250,000 between two jobs and a TON of overtime. If you find a similar gig, it's manageable. If you end up pulling down $52,000 per year, that would be tough.
Crunch the numbers and see how much you need to earn in order to service that kind of debt and have the lifestyle that you want. If nursing will provide that, go for it. If not, it probably wouldn't be wise.
Yeah, but tons of overtime is unsafe for both patients and nurses, and it is a one-way ticket to burn out.
I think it is unwise to even consider 100k in student loans for a nursing degree. He/she is not guaranteed a job upon graduation, let alone a job/jobs that would allow for that much overtime.
Some experts suggest taking out no more than one year's of expected salary (without overtime) in loans. I think that is too much. More like half. So if you are expected to make 50k, no more than 25k.
People forget...interest. It is an angel when it works in your favor, but it is a devil if it isn't.
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HopefullNurse17
18 Posts
Do you mind me asking why you decided to switch from engineering to nursing?? You always hear that engineering a good steady career, that leads to solid employment and well-paid jobs.