Living off student loans smart idea or not?

Nurses General Nursing

Published

I am in the process of applying to some different nursing schools in NC. I am applying to Watts school of nursing ($11,300 per year) and a accelerated nursing program at another school ($3,000 per year). I am about to graduate with a bachelors degree in public health next december. I was wondering if I did the diploma program would it be possible to live off of student loans. I am highly interested in the diploma program just very worried about the expenses. The school that does the diploma program does a tution reimbursment if you sign a 3 year contract with the hospital. Just need some insight. Thanks!

If it were me I would go for the diploma program. You'll be done quicker, working quicker, and less debt. Once you're working you will find many hospitals do have tuition reimbursement so they'll pay part of your tuition to go on for your BSN later. :idea:

good luck with your decision. I would certainly hate to come out of school owing a ton of money. :uhoh21:

Up Vote Up Vote ×
Hey you have to do what is best. I was a manager a local retail supermarket making about 50K a year working six days a week with overtime. After they started to downsize I lost my position and took a 15-20K a year loss. I decided to go back to school and get my nursing degree and I will be graduating in 12 days. Yeah!. I have approx. 60,000 in school debt. Now let me say this it is not the schooling that costs, it is the outside expenses that are very expensive such as health care, car payments, grocery, gas, rent, unexpected expenses etc. I've been going to school for 5 years break up that 60000 grand and it really isn't that bad. I expect to make that my first year without overtime. (60,000). Long term it is an investment in yourself, oh did I mention I am married and have a kid, it is expensive but do it. If I were to work 4 days one week and then alternate working 5 days the next I would make close to 100,000 dollars my first year. Anyways good luck!

You sound like me.... A detailed plan to pay off the loans and still make it the multimillionaire status WELL before retirement while enjoying the family!!:monkeydance:

Up Vote Up Vote ×
Specializes in Government.

The definition of "cost" can vary. When I was a professional in another field, the biggest cost to me was not working. An accelerated BSN program had me back to work full time in 12 months. The "opportunity cost" of not working dwarfed my tuition expenses. I guess everyone needs to define that for themselves.

Up Vote Up Vote ×

I'm in the same boat as Quickbeam. The opportunity cost is nine to ten times my tuition, given that I've quit my job, will not contribute to 401(k) (nor will an employer) and have to shell out for health insurance for as long as I'm in school.

That said, I think you should enter the profession at the highest point that you possibly can. Because I have a prior degree, I can get a subsidized loan, but the interest is not deferred. So I intend to put off borrowing for as long as possible and liquidate most of my short-term savings to get through the first two years. I'm still paying what little is left of my mortgage on top of my tuition and other living expenses.

If you can get an interest-deferred Stafford loan, I say go for it. It's easier to put education behind you and get a higher-paying job at the front end than it is later on. I agree with the earlier poster who said it's an investment.

Up Vote Up Vote ×
Specializes in Acute Care Psych, DNP Student.
Borrow as little as possible.

Trust me, you need less than you think to get by. Mac & Cheese and Ramen won't kill you. :lol2:

I don't hate student loan, but I don't think you should try to keep up a standard of living while in nursing school using borrowed money.

I agree with lowering your standard of living. I see other students who are taking out student loans while paying for cable tv, cell phones, designer clothing, etc. It boggles my mind. I can't imagine paying for that cell phone call, tv show, or designer jeans in the year 2017?!

Up Vote Up Vote ×

This is a good thread. It deserves a bump...

Up Vote Up Vote ×

The "opportunity cost" of not working dwarfed my tuition expenses. Exactly quickbeam, especially if you have a family and not 18yrs and Mommy and Daddy will pay for everything. Also there are government programs and some hospitals will help pay a percentage of your loans off.

Up Vote Up Vote ×
I expect to make that my first year without overtime. (60,000). Long term it is an investment in yourself, oh did I mention I am married and have a kid, it is expensive but do it. If I were to work 4 days one week and then alternate working 5 days the next I would make close to 100,000 dollars my first year. Anyways good luck!

You're going to make 60-100k a year (in your first year) minus the OT doing what???

Up Vote Up Vote ×

I'll be working as an R.N in an ICU. For instance my sister just graduated optomety school in Chicago with 180,000 dollars of school loan debt. Her first job she will make around 80,000 a year, even in there graduation ceremony the Doctor who spoke to the class said and I qoute " don't worry about your huge loans you will be able to pay them off in time." The point is some people have to have loans to get by,nursing school is stressful enough, especially with all the bullsh!t that is involved in the nursing process. Thats cool if you paid your way through college and more power too you, but I know that in long term the loans helped me get out of a horrible job and help me get into a new career with limitless opportunities. If the government doesn't help me out with my school loans then I will become a traveling nurse and pay them off that way.;)

Up Vote Up Vote ×

i know that in long term the loans helped me get out of a horrible job and help me get into a new career with limitless opportunities.

that pretty much sums it up for me too. my loans will cost, but i didn't have much of a future in my present career field. i mean no future.

the point is some people have to have loans to get by,nursing school is stressful enough

yes... my doc. has advised i do not work while in school so the only way to go for me was with loans... i know they will cost a lot.. i stressed about it... but it is the only way i could go.. and for that i am very grateful!!

happy holidays! e

:ball:

Up Vote Up Vote ×
Specializes in ED, ICU, MS/MT, PCU, CM, House Sup, Frontline mgr.

It is not a smart idea to live off of student loans. It is like living of of credit cards, which is also not a good idea, except you cannot bankrupt them in the event of financial hardship.

Up Vote Up Vote ×
Specializes in Tele, Med-Surg, MICU.

I lived off loans for a 16 month accelerated BSN program. In addition to my staffords, TERI has an alternative loan program for health professions that will give you money up to the amount of your school financial aid "cost of attendance".

At the beginning of entering nursing school I took a blind leap of faith and signed myself up for $20K in debt (and will graduate with $20K in debt). Subsequent to that, several scholarships have come through, a hospital sponsorship also. Were it not for the hospital sponsorship I would be looking to the HRSA loan forgiveness program.

I had to take the blind leap of faith to make the change in my life. I am single parent, and child care issues prevented me from working while in school.

Others in my program worked, some found jobs where they could do their homework, which worked wonderfully for them. Many adults, including myself, moved back in with their parents in order to be able to afford to do this.

Before nursing school I paid off my credit card debt, and paid off my car. No car payment helped a LOT.

Everyone I know at school with small children had family helping with childcare.

After graduation I will be scaling back my life to pay off the loans as fast as possible, but, again, it's a choice. I was SANE while going to nursing school, and was able to get grades I was proud of. It's all about choices.

Best of luck!

Up Vote Up Vote ×
+ Add a Comment