I am going to the San Diego Kaplan college campus tomorrow evening to learn about the RN program. I first went to Everest (ontario/metro campus). They wouldnt even tell me about the program, they just said its full. The next session to sit and just learn about the program is in Feb. I have been really upset that no one can even explain anything about the program til next year!
I called Kaplan, found out its a bit more expensive but...classes start 3 times a year so at least I dont have to wait a year to attempt to get in. Kaplan is also in San Diego, which means Id have to move. This is something Im willing to commite to for two years in order to end up with a great career.
I need to know about student loans, mainly private ones because I am trying to see if I can get loans to pay for ALL my expenses for the two years that I am in the program. I dont know if this is possible but it would be the only way for me to do this and Im really hoping I can.
i called kaplan, found out its a bit more expensive but...classes start 3 times a year so at least i dont have to wait a year to attempt to get in. kaplan is also in san diego, which means id have to move. this is something im willing to commite to for two years in order to end up with a great career.
no offense to the op, but that right there makes you wonder about the current ng glut....
Some of these posts are really helpful! Im so glad I found this site. I know it sounds bad to come on here and ask how to get loans for a two year private school that is not REGIONALLY accredited. The deal is I have done as much research as I possibly could. This is definantly not a random decision, wanting to up and go to SD for an associates degree clearly seems like a waste of money to most people.
This is not to say I have fully decided on Kaplan. I have read up on all the private schools around my area, including West Coast Uni and Everest. I understand the concerns many have about these "profit" schools. I know its a lot cheaper to just go to community college.
A close friend of my just finished the nursing program through a community college system. It took her a little over two years to complete all the pre reqs to apply for the nursing program, took a year to get into one (with pretty good grades I thought, 3.5 gpa) and another two years to finish the nursing program.
She is now studying for her NCLEX. This is a total of over 5 years. Now I realise some people get through these classes faster. The situation I am currently in would result in the same amount of time if not more.
If I stay home and go to community college I will have to continue working and schedule my classes around work. Classes that are required for the nursing program are PACKED at most community colleges. Thats not to say no one can get in but there have been many occasions where my friends had to wait out a semester to later get into a class they needed.
To know all the above and find out there are schools where u can bypass all that and take your NCLEX after only two years does sound too good to be true. That is why Im going to all the info sessions and trying to find out if I can fund myself for two years.
I am now 25 years old and cannot spend the next 5 years of my life working and going to school. Something will give, I know it sounds like I may not be dedicated enough, everyones intitled to their own opinion but I feel this is an awsome alternative for me being who I am. I have worked as a dental assistant for my brother whos a dentist, for the past 2 years. I know I enjoy working with patients. My aunts a nurse at kaiser and has taken me to work with her a few times, now that she knows Im interested in the feild. I am really excited to start the program if all goes well!
Yes, these schools are "profit schools," so what? They will work with me for two years, ill end up with a degree in science and will be ready for my NCLEX to become a nurse! I realise the costs are high. I have many friends who have graduated from Berkley, UCI, UCLA...degrees in sociology, business and english. One of them is employed at her fathers company, the other two CANT get a job and have huge loans to pay off. They took out loans for 4 years of a university far from home which funded all they're expenses. Im trying to take out loans for tuition and housing for 2 years an hour away from my family.
Im not trying to convince anyone to do this, I still have a lot to learn about the program. I just wanted to give you guys a background of where Im at. I only want to become an RN and begin working. So far all of the schools I have been researching dont offer any higher degrees and thats why most people dont want to enroll. Thats not a concern of mine even though reps told me Kaplan does let you transfer credits to Uni of Phoenix. Once you get your bachelors you can then transfer credits to any "regular" school. Regardless, I will go to the school tomorrow morning and see whats up...
If you go and borrow $120,000 in loans, your monthly minimum payment will be over $1300.
Let's say you make $50,000 per year (At this rate, I wouldn't be expecting to make big bucks). Minus taxes, you're going to be bringing home around $3500 per month. After that loan payment, you'll only have $2300 a month to live on. That's not much at all. My husband and I live on more than that and we live very cheaply.
And by the way this is a lie: Once you get your bachelors you can then transfer credits to any "regular" school.
Sure, your expensive Kaplan credits will transfer to expensive UOP. But your expensive BSN credit will NOT transfer to a normal school. I have a friend that went to UOP (Bachelor's in Pscyhology) and could not transfer her credits to a normal university. She is stuck with staying at similar schools for her Master's and Doctorate's if she desires to go that far. But she has already run out of money. So I don't see that happening.
You'll be well near retirement before those loans are paid off as I assume one would want to have those payments spread over 30 years or so. Even then the payments would be $800 per month.
Is being in a high amount of debt that can never go away worth saving a year of your life spent in school?
Personally, I couldn't bear that burden of debt for so many years of my life. And if you're willing to move, there are plenty of schools where you can get your ADN in less than 5 years. If you spent the next year getting high grades in certain pre-reqs, you could apply to many schools where you can get your degree in the normal amount of time. I'm applying to 2 schools. One where I can get my BSN in 3 years, and one where I can get my ADN in 2 years. The ADN is $10k per year, the BSN is $4500 per year.
Happy2Learn has great advice. When all is said and done, you're paying more than the average mortgage for 30 years. Add to that your actual mortgage/rent and bills and you're going to be pretty strapped on your income alone.
The prospect of getting in and out of school as fast as possible is luring.. I can totally understand that. Especially when you're starting from scratch.. 3-5 years seems like so long.. but it really isn't. I promise.. it's not.
Here is another thing to consider. A degree from a school that isn't regionally accredited isn't generally worth the paper it's written on. If you can sit for the NCLEX, it'll serve it's purpose as an ADN prepared nurse- if you get the actual education you need to PASS the test. But if you want to get a BSN/MSN or higher you're going to be in trouble for many reasons.. one, you'll probably have reached your limit in loans/grants and will have to pay out of pocket. Two, you'll end up having to take a bunch of those courses you're desperately trying to avoid right now over because no reputable school will transfer your credits from an unaccredited degree..
Also know that new graduate nurses (just like your friends with their university degrees) are having just as hard a time finding work right now. You could very well be in the exact same position as your friend's from Berkley, UCA, etc.. huge loans and a degree that isn't getting you a job.
It is my understanding that employers are increasingly requiring a BSN- or are wanting a commitment to get one within 10 years- so using up all your resources on a school that won't transfer can really end up biting you in the behind later in your career.
Just because you get a BSN from a nationally accredited school does NOT mean it will transfer. The school has to have the same accreditation to begin with, and THEN the courses you took have to be similar to the courses they require. I have worked for a nationally accredited school, and let me tell you, it is not worth it.
You are right and smart to do your research, but unless you will be content with being an ADN-prepared RN and have no ambition or intentions of going further, you are shooting yourself in the foot.
I hope and pray that you make the best decision for yourself. I will keep my fingers crossed.
Thanks mjmoon, you actually made me think of the fact I didn't mention interest.
a $120k loan @ 10 years: interest = $46k
A $120k loan @ 30 years: interest = $162k That's more than the original loan amount!!
Yes, I am fully aware of the desire to get in and out of school asap. I'm 24, married, no kids. I want to have a family. But I desire to graduate and get a job first. So I feel the pressure of wanting to get in and out of school. But as a person who already screwed their credit and is currently filing for bankruptcy, I have NO desire to put myself in a ridiculous and unnecessary amount of debt. Especially since there is no way in heck that debt will ever go away, unless you lose both your arms and legs.
Please do not make a haste decision. Consider ALL options. Yes, there is no guaranteed job for a nurse either, so you will likely be sitting unemployed, with a six figure debt.
If Kaplan really is $864 per credit hour, then consider this. A Master's degree (Public Health) at HARVARD is $874 per credit hour.
I went to Kaplan today, met with the nursing program reps and obviously obtained a lot more info than I had. Firstly, I have no clue where the $120,000 figure came from...with my calculations (based on the rent of a one bedroom apt in the areas most students live in "normal heights") Id need $50,000 for two years/24 months ($900-$1000 for rent). Most students get roomates which is something Id do aswell but I wanted to calculate a comfortable estimate starting off.
The school costs an exact total of $54,410. This is for all the courses required for an ADS. Most of us attending the info session had already completed our pre reqs, or most of them at least, in a community college. A few people were LVNs which also transfers over. Our rep explained that our community college pre reqs can definantly be transfered to Kaplan. This would lower the tuition (which we all know is high, no one is denying that) and help towards graduating in less time.
This ended up to mean that my tuition would cost a little under $40,000. Now, I most likely qualify for financial aid as I did in community college (nothings changed in our household income). I wont say I would for sure qualify because I didnt apply so, dono...but I spoke with the financial aid rep and she didnt see any reason I wouldnt. Considering a portion of the $40,000 would be covered by financial aid, another portion would be fed loans Id take out (i know there are scholarships and things but im trying to not assume anything here), fed loans having a low interesting rate, and then any PRIVATE loan id have to take out for any remaining balance IF there is any remaining...it doesnt exactly add up to $120,000...but thats the case specifically for me. My estimation for two years is off aswell because with my courses that would be transfered from community college, I wouldnt need funding for a full two years.
As far as national and reginal accreditation goes...Kaplan college is not regionaly accredited but is nationally accredited. If one was to obtain a ADN from Kaplan college and later decided to further their education and get a bachelor's, they CAN do it but ONLY through Kaplan University...(like UOP, its all online). Now, Kaplan Uni IS regionally accredited. Like I said in my prior posts, Im not exactly going in the RN direction wanting to obtain a bachelor specifically BUT if your going to spend the money for these private schools, its not a bad idea to go through one that gives you this option.
Anyway, the main information I needed about student loans was answered today. I canNOT just say I want $50,000 for two years and get it. Even with a co-signer, the state has a "student budget." It does not matter how many different loans or types of loans you apply for, there is a max that you can get each academic year.
$54,410.!! My ADN program at a CC cost around....$10,000. That's tuition & books. If I had to take out loans, boy would I choose the lesser of two evils. Again, you should check out the threads about all the CA new grads struggling to find a job. You could very well be sitting along side your pals wondering how you're going to start paying for those loans.
It sounds like you're pretty set on your decision, so I'll only add one more point... recruiters, representatives, admission counselors, (or whatever they call themselves) at schools like Kaplan have been known to lie and lure people, especially people who for whatever reason want the 'finish your degree in a shorter amount of time' deal, to close the deal. Once you're signed and have given them every penny of financial aid you can qualify for they don't give a damn if you finish the program. They want your guaranteed (federal funds)..
Good luck.. I think you're going to regret this choice in the long run... but sometimes we all have to learn from our own mistakes.
Ok. So you're going to have $90k in loans for an Associate's degree (doesn't anyone else see how illogical that sounds?). - By the way, I won't ever hit that much, even if I get a Doctorate's. And I don't have any scholarships.
Thats an $1100 a month payment @ 10 years - $35k in interest
At 30 years its a $600 a month payment - $122k in interest
This is using Federal loan rates. It will be higher for private loans. Your payment will be higher and you will be wasting more money on interest.
Yes, Kaplan people lie. They are sales people. Do you always expect the full and honest truth from sales people? Not me. Just saying.
Best of luck to you. Your decision seems pretty set, not even sure why you asked for advice.
I really, really suggest you review that thread I referred you to in my earlier response to your question. There is some very important information available through that thread regarding Kaplan and its potential ability to receive federal aid dollars that it does not appear you're taking into consideration when evaluating your educational costs. I'd hate to see anyone stranded mid-degree for lack of aid dollars down the line.
Here's the old thread link, one last time. Here's a link to a story about deceptive practices on the part of for-profit schools, with an embedded copy of a GAO report concerning those practices. And with that, I'm going to shut up and give up. Best of luck with your future endeavors.
$90,000 for an associates degree in southern california, from a "school of questionable repute."
i've underlined the bad parts of that plan.
OP, you will be up to your eyeballs in debt and UNEMPLOYED. ADN grads are even worse off than BSN grads, and southern california is probably one of the worst job markets in the country.
Can your co-signing parents afford $1300 monthly loan payments when you can't?
Do you realize that private loans will not let you defer payment if you return to school or fail to find a job?
These diploma mills need to die. I, too, wonder what will happen to their students if further financial reform passes and bars them from receiving federal aid. It will be a total mess.
That's more than the original loan amount!!
Futterwacken
56 Posts
i called kaplan, found out its a bit more expensive but...classes start 3 times a year so at least i dont have to wait a year to attempt to get in. kaplan is also in san diego, which means id have to move. this is something im willing to commite to for two years in order to end up with a great career.
no offense to the op, but that right there makes you wonder about the current ng glut....