100k in loans worth it?

Nurses General Nursing

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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 not take $100K out! Attain your ADN like one of the previous posts indicated.

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Do I think indebting yourself to the tune of $100K is worth it? Absolutely not. I support the others' comments and suggest you find a less costly path.

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Specializes in Pediatric Critical Care.

When I was researching for grad school, I found this good rule of thumb: Don't borrow more than your expected starting annual salary after graduation. Find out what you can expect to make as an RN your first year where you live. I'm guessing it will be close to $55k maybe.

Edit: oops, I see that ThePrincessBride already mentioned it!

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I haven't read all responses so sorry if someone has said this. Why 100k?

I don't know what's available in your area. Don't go to a private school. Go to a state school for BSN or

Go to a community college get ADN for probably less than 10k then get BSN from state school.

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Specializes in Hospitalist Medicine.
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?

Yes, that's exactly what I did. I paid for ADN at a community college out of pocket from savings (would have only been $13K in student loans). Then I was hired in a new grad residency program. The hospital paid for my BSN. I was able to work full time (three 12 hour shifts) night shift and do the BSN program full time. I finished the BSN in a year. I am debt free from school and have no loans to pay back. Most definitely worth it!

And another positive to going that route was I was gaining experience as an RN while earning my BSN. I am now going on for FNP and can take out a graduate loan for only $32k, which is much more manageable.

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$18-20k for BSN program + $30k for existing past student loans. The rest would be for living expenses.

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Specializes in oncology, MS/tele/stepdown.

Does your local community college not offer ADN programs? You would save a lot of money as previous posters have stated. I got an accelerated BSN rather than going to my CC and got in a lot of debt. It's all paid off now, but if I could do it over again I'd go to CC and get my BSN later. My CC had day and night programs so you could work full time if you had the right schedule.

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Specializes in Med-Tele; ED; ICU.
Jules A said:
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.

$72/hr, 1.5x after 8h, 2x after 12h, 1.5x for every consecutive day after 7, 1.5x for the first 4 hours worked if off for less than 8h between clocking out and clocking in, 2x for holiday pay.

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Try to reduce the debt. Can you get help from a family member?

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Unfortunately not. On this one alone.

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Specializes in CCU, SICU, CVSICU, Precepting & Teaching.
Zyprexa said:
100K in loans is NOT worth it. If I were you, I would keep working at the $40K/yr job (or find a similar one that you don't hate), pay off your student loans, save up a little money, and then go to a community college and get your associates degree in nursing. Apply for scholarships, as many as you can. If you aren't able to work, you may have to take out a very small loan for living expenses, but it should be nothing close to 100K. You can then start working as a nurse, gain experience, make money, and get your employer to help pay for your RN-BSN.

Remember, 100K is just the loan, you will have to pay that back PLUS INTEREST.

Don't do it.

Perhaps you wouldn't be able to work at your current job while going to school full time, but is it possible to work at your current job (or another one for which you are qualified) while you go to school part time? Or go to school and get a part time job with flexible hours that you CAN handle. Borrowing money for living expenses sounds like a really bad decision to me, especially when it results in $100k of student loans. Don't do it!

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Specializes in CCU, SICU, CVSICU, Precepting & Teaching.
ravindram said:
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 ;)

Don't take out loans for living expenses. Cut your expenses as much as you can and work to pay your living expenses while you're going to school. Move back in with your parents, rent a room from your granny (or someone else's granny) in return for a small amount of cash and helping out with yard work or grocery shopping. $18-20,000 in tuition seems reasonable, but taking out loans for living expenses sounds nuts!

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