Loans, Debt, Contracts & all that bad stuff...

Jo Dirt · Jun 13, 2007

I went to LPN school through a state program that paid my tuition (though the cost of the whole program was less than $3000).

Then, I worked private duty nursing jobs at night and used that time to study for my RN license through Excelsior College, and since I made $200/shift doing that I was able to get through RN school with very little in the way of debt.

So, it is possible to get through school with little or no debt. I realize that not everyone chooses or even has the option to choose the way I went, I am just saying it *can* be done. 28K is a lot of debt though it sounds like you have a plan, which is good, but it is also inevitable that life happens.

The best laid plans of mice and men often go astray

I've yet to meet anyone who was able to make and keep plans more than a year or two in advance. I say, if you're going to take loans use them very sparingly. I would also be leary of the indentured servant deal with the hospital. There are several threads here where people have been locked into a contract doing a job they absolutely hate and would do almost anything to get out of. I would definitely look at other options than that.

TheCommuter, BSN, RN · Jun 13, 2007

they pay for your tuition & books if you work for the hospital for 3 years after...

This is a dangerous and potentially explosive contract to enter, as an overwhelming number of new nurses are unable to fulfill their 3 years of service at the hospital due to politics, working conditions, or unexpected circumstances that arise. Also, you might want to remain employed at this hospital for 3 years, but a vindictive nurse manager can simply terminate your employment after 1 year, leaving you with the bill for the books and tuition. I would tread carefully before accepting such a deal, because it might backfire just as easily.

missdeevah, NP · Jun 13, 2007

this is a dangerous and potentially explosive contract to enter, as an overwhelming number of new nurses are unable to fulfill their 3 years of service at the hospital due to politics, working conditions, or unexpected circumstances that arise. also, you might want to remain employed at this hospital for 3 years, but a vindictive nurse manager can simply terminate your employment after 1 year, leaving you with the bill for the books and tuition. i would tread carefully before accepting such a deal, because it might backfire just as easily.

ditto, especially with an amount that high, where if you had to pay out of pocket, it would be far from painless!

2bnursedane · Jun 13, 2007

Being an non-traditional student, I'm not privy to Pell Grants and other funding. My financial aid office tells me that I will have to apply for a private loan, and maybe work one day per week for extra spending change. It will be tight for these 2 years (accelerated BSN to MSN program), but I'm not gonna run from my passion and dream anymore!

Good luck to you and all of un in the struggle!:monkeydance:

purplemania, BSN, RN · Jun 13, 2007

I did not have any loans as I got scholarships and tuition reimburesment from employer.

As for questions on conditions of contract, you need to ask the hospital about all the "what ifs". A contract is just that. Might need a lawyer's advice too.

Roy Fokker, BSN, RN · Jun 14, 2007

I have a little over 50K in debt (out state tuition) plus books and other expenses.

The way I figure it out, it's going to take me a good 3-4 years to pay it all off.

I try and keep my (non-student) debt to around 20% of my income. Anything more than that is just asking for trouble.... given that I already have so much debt on my head.

cheers,

PS: I would think really hard about that three year contract too....

southerngirl67 · Jun 14, 2007

Just make sure that you go ahead and pay it off as quickly as possible. It is very easy to consolidate your loans. When you do that, you end up having student loan payments for years and years.

pagandeva2000, LPN · Jun 14, 2007

This is a dangerous and potentially explosive contract to enter, as an overwhelming number of new nurses are unable to fulfill their 3 years of service at the hospital due to politics, working conditions, or unexpected circumstances that arise. Also, you might want to remain employed at this hospital for 3 years, but a vindictive nurse manager can simply terminate your employment after 1 year, leaving you with the bill for the books and tuition. I would tread carefully before accepting such a deal, because it might backfire just as easily.

This is sort of the dilemma I am in, now. I worked for my job for close to 7 years when they offered us this program that paid our way through school while on a paid educational leave. As a CNA, I was not as heavily affected with the horror of my hospital, but being an LPN, I see that this is a cestpool of grime. I have to work for this house of horrors for at least three years (just completed one) and I am counting. I am losing money working here, because if I worked at my side job for three days (through an agency), I would be making more money in for three days than I make in two weeks.

I will admit, though, that my hospital does not fire people. We are a city hospital that does not hold employees too long because of the rate of pay, and we do have strong unions. Also, (unfortunate to the patients), we deal with a poor population that does not know better about medical care, so, mistakes are usually overlooked because our clientel does not have the knowledge to pursue justice. We basically call in when we feel like it, and get a slap on the wrist.

What is sort of happening now is that the facility feels we should be eternally grateful to them for giving us a shot in a career, but, I am really bitter towards them. I do appreciate the opportunity, but I feel like I owe them nothing more than working out my contract and that is it. They are now applying for magnet status and they look at me at the corner of their eyes and wonder why I am not on the same committees that I was before. It is because it is a joke to me. First, magnet seems to be more focused on RNs (no offense to my RN counterparts, here...so, please, no flames), and secondly, we don't work together, we simply tolerate each other. I am just biding my time while I "do my bid". Meanwhile, I am feeling guilty each day of how the patients are being mistreated.

I would not say not to deal with such a program, because I would have never been an LPN without it, and I can say that I have had improvement in my life with gaining experience and obtaining side jobs. I wanted mobility to obtain extra money without counting on one place, and I have successfully obtained that. At times, we have to make lemonade out of lemons. I would advise that you look before you leap, because once the party is over, you may feel trapped. I have taken on a certain frame of mind while I deal with this, and say "this, too, shall pass". And, if after 2 and 1/2 years I am going crazy, I will only have a few more months, and may just work out paying those bastards back and move on with my life.