LOANs... a good idea?

Published

hi everyone... so i have a question regarding ADN vs Accelerated BSN. I KNOW its been asked before but i was just wondering about loans. I have 15,000 loan from my undergrad years. Right now i'm planning to persue nursing and i'm going to start my pre-reqs at a community college. So my question is for the current nurses and what route they took if they already had a Bachlor before nursing and have loans from that. I hear ADN is cheaper but how about when you go from RN to BSN? when it all comes down to it, does the ADN to RN/BSN end up like the accelerated BSN? I can see the appeal of getting the ADN then working and making money to cover the expense of the RN to BSN but right now i am single, no kids, house, etc... is it best to just get it over with? Is the loans worth it? ANy advice you have will help. it's nice to hear from people that have went through it... it helps alot

Specializes in Family Nurse Practitioner.
That's why they exist, though...to help people that couldn't otherwise pay for college go to college. Especially in my case (and likely the OP's - both being second-degree students) financial realities of loans and living as an adult have already hit. Sure, taking out loans and choosing to be a poor college student *again* is a huge decision that will impact our lives far into the future and is not to be taken lightly.

I get your point about the seriousness of loans and the potential danger and the implications they have for years and years on one's life after, but in some cases, they can be used as they are intended to help people along to a better education, career, and life.

What I really don't understand are the second degree students being willing to quit work and go into more debt. Imvho as an adult there are times when you should delay gratification and that may mean working in a field that isn't your passion while you save enough money to pay your tuition for a second career opportunity as well as not quitting your job to "focus on school".

Up Vote Up Vote ×
Specializes in nada.

i will graduate with about $25k in loan debt but I dont care because i'm going to move back home and work at the hospital and work full time and over time. With no rent, no desire to buy a new car and car paid for, no desire to own a house, no current desire to have children. I'm going to pay my entire loan off in about 4-5 month and then I will save my money up for grad school. Live simple so when you finally do graduate you can BALLLLLLLLL!!!!!... it makes no sense to graduate and go buy a brand new mercedes and a put a down payment on a nice house unless you got the finances. Thats how poor people live, spend all their money up and never have anything. Learn from them to live better. CONSERVE!

Up Vote Up Vote ×
Specializes in ICU.

If I were to save enough money to pay for my aBSN working at my current job (which I love, by the way, and is a healthcare job - not a "field that isn't [my] passion"), it would be a loooooong time before I could start school, which means a longer time just squeaking by, a longer time in a tiny crappy studio apartment, and a longer time until I can start moving towards a future life-long career. I'm getting valuable experience, but unfortunately there's hardly any money in it. Enough to pay my bills and put me through community college pre-reqs. I make a few dollars above minimum wage, with no room for advancement. That's just the way it is. I would love to work part or full time while in nursing school (I've been working about 40-60 hours a week this past year while also doing my pre-reqs full time), but my job is 3p-11p only, or 6am-3pm only (room for overtime, but no part-time). Pre-reqs can be scheduled around that easily, but nursing school clinicals can't.

Doing a BSN in a little over a year is a looot of information, really really fast. If I'm going to do that and do it well, I want it to be my priority. I will probably work as much as I can, but I'm not qualified to do anything other than minimum-wage work, and quitting my job because of it's inflexible hours and finding one that's more flexible almost certainly means a pay cut. Hopefully something PRN will be open at the hospital I work at now...I've been a CNA and a monitor tech in the past and those are more flexible schedule-wise but even lower pay. I will not be able to put myself through school on that.

I'm willing to take a risk with loans. School is expensive, and if I want to get done fast, I have to do what it takes to get started, and loans are a good answer. I am not going sit here making crap pay wistfully longing for the day I can start nursing school. I'm going to be proactive, take a risk on loans, and do without for a little while. I don't mind sacrificing my own comfort and "wants" to make this happen, I've been doing it for years and I know it's going to get worse before it can get better. And I know it won't magically get better when I'm a nurse. I know my student loan payments will be larger, and I know I'll be paying them for a long time. I may be stuck in my crappy apartment for years yet. I'm okay with that. I wish it were as easy as: get a better paying job and work through nursing school. An aBSN is not really the time to be working full time at a job with very inflexible hours. Nursing programs don't schedule around their student's work schedules.

Maybe it's immature that I can't wait it out. But I think it's okay to say that I've been waiting 4 years, and I'm no closer to being able to afford nursing school than I was 4 years ago. If I don't bite the bullet and go for it, I'm going to regret it. Loans exist for people like me. This is not an impetuous descision because I can't delay gratification. A *lot* of time, thought, analysis, and tears have gone into this decision. This is the right decision for me.

Up Vote Up Vote ×
Specializes in ICU.

Haha, this is turning into "the story of my life." Sorry, OP, for hijacking your post with my "woe is me" rambling. I'll shut up now. :)

Up Vote Up Vote ×
Specializes in Nursing Professional Development.

Small loans (definitely less than 1st year salary) = usually OK

Medium loans (about 1 year's salary or slightly more) = questionable

Large loans (definitely more than 1st year salary) = not smart

Congress is currently investigating the "for-profit" schools for their practice of charging high prices and encouraging students to take out big loans to pay for educations that will probably not enable them to make enough money to pay back those loans. Many experts are VERY concerned that too many people are taking out loans that are too big to handle.

Bottom line: Be cautious about taking out big loans. Many people who think they can handle the loans find out too late that they have made a huge mistake.

Up Vote Up Vote ×
Specializes in Tele, ICU, ED, Nurse Instructor,.

I understand all posts. You really have think about is it really worth it or not. It is worth it. The last year of ADN I took out a $5000 student loan and work every other week and sometime more if my work load was not real heavy at a certain time. I started paying on the loan. I earned my BSN. My job paid majority of it. They provided me $5000 a year non-taxed. This really helped me. It also put my loan on hold. I would have to start paying on it again Feb. of next year. My plans are to start a MSN program in January, so the student loan would be put on hold once more.

Now I am working prn at my job. I step down from the full time position due to family issues. I have a hard decision to make concerning working full time or prn. I can continue to work prn to make more money and get a student loan to pay for my MSN without my job helping. I am currently paying for health benefits out of pocket. I can apply for a full time job making less money, benefits paid, and my job provide $5000 a year taxed money. So it probably be around $3200 I will receive. This is not bad. I would have to give them 2 years full time. It would probably be 2 to 3 years earning my degree. There would be $15,000 dollars toward a degree ($9600). I was planning taking about $20,000 total in student loan for MSN. This is very tough decision. Im not married and no children. Advice please.

Up Vote Up Vote ×
If I were to save enough money to pay for my aBSN working at my current job (which I love, by the way, and is a healthcare job - not a "field that isn't [my] passion"), it would be a loooooong time before I could start school, which means a longer time just squeaking by, a longer time in a tiny crappy studio apartment, and a longer time until I can start moving towards a future life-long career. I'm getting valuable experience, but unfortunately there's hardly any money in it. Enough to pay my bills and put me through community college pre-reqs. I make a few dollars above minimum wage, with no room for advancement. That's just the way it is. I would love to work part or full time while in nursing school (I've been working about 40-60 hours a week this past year while also doing my pre-reqs full time), but my job is 3p-11p only, or 6am-3pm only (room for overtime, but no part-time). Pre-reqs can be scheduled around that easily, but nursing school clinicals can't.

Doing a BSN in a little over a year is a looot of information, really really fast. If I'm going to do that and do it well, I want it to be my priority. I will probably work as much as I can, but I'm not qualified to do anything other than minimum-wage work, and quitting my job because of it's inflexible hours and finding one that's more flexible almost certainly means a pay cut. Hopefully something PRN will be open at the hospital I work at now...I've been a CNA and a monitor tech in the past and those are more flexible schedule-wise but even lower pay. I will not be able to put myself through school on that.

I'm willing to take a risk with loans. School is expensive, and if I want to get done fast, I have to do what it takes to get started, and loans are a good answer. I am not going sit here making crap pay wistfully longing for the day I can start nursing school. I'm going to be proactive, take a risk on loans, and do without for a little while. I don't mind sacrificing my own comfort and "wants" to make this happen, I've been doing it for years and I know it's going to get worse before it can get better. And I know it won't magically get better when I'm a nurse. I know my student loan payments will be larger, and I know I'll be paying them for a long time. I may be stuck in my crappy apartment for years yet. I'm okay with that. I wish it were as easy as: get a better paying job and work through nursing school. An aBSN is not really the time to be working full time at a job with very inflexible hours. Nursing programs don't schedule around their student's work schedules.

Maybe it's immature that I can't wait it out. But I think it's okay to say that I've been waiting 4 years, and I'm no closer to being able to afford nursing school than I was 4 years ago. If I don't bite the bullet and go for it, I'm going to regret it. Loans exist for people like me. This is not an impetuous descision because I can't delay gratification. A *lot* of time, thought, analysis, and tears have gone into this decision. This is the right decision for me.

I wish I would have went to school when I was 25. For me right now I have made many sacrifices to go to school but had I went to school at that age the sacrifices would have been minimal. I say you should definitely go for it. I worked in a dead end job for many years and that time should have been spent getting my education and I could perhaps be settled by now. I met this one lady last quarter who had just got her BS in accounting and she was back for a second degree and trying to get into the nursing program.:confused: I don't know if she got in or not.

Up Vote Up Vote ×
Specializes in Tele, ICU, ED, Nurse Instructor,.
i will graduate with about $25k in loan debt but I dont care because i'm going to move back home and work at the hospital and work full time and over time. With no rent, no desire to buy a new car and car paid for, no desire to own a house, no current desire to have children. I'm going to pay my entire loan off in about 4-5 month and then I will save my money up for grad school. Live simple so when you finally do graduate you can BALLLLLLLLL!!!!!... it makes no sense to graduate and go buy a brand new mercedes and a put a down payment on a nice house unless you got the finances. Thats how poor people live, spend all their money up and never have anything. Learn from them to live better. CONSERVE!

Some of us already have families and have been nurses for awhile. So this means we have homes, cars, and other expenses that comes with having all of these things. The desire is to better ourselves be able to buy nice things after working hard earning a degree or more than one degree. You cant take the money with you so just spend it generously. When I buy nice things I see where money is going. I know people who make a decent living by working always stating they are broke but dont have nothing to show for it. I dont understand this but it happens. Some believe get rich or die trying. I believe in living life to the fullest but dont over do it or have any regrets accomplishing it. You can still enjoy life and be conservative. I am one of these people. It is good you have a plan but dont short yourself of living life because it nothing like having your own trust and believe it.

Up Vote Up Vote ×

thanks guys for the advice. what i'm getting is half of you say go for it and the other half is against it. I understand both sides. loans can be a scary thing, especially right now. But i'm one of those people that needs the loans to make it happen. I wouldn't have minded getting my ADN but i'm hearing alot of people saying that BSN is prefered when hiring (that's even if they are at this moment or near future) but i just don't want to hear "oh, we're looking for BSN" ever once i finish school and put all the work in. I honestly don't even know if it's the truth, is it? Does it really matter, honestly, if you have an ADN on paper when they consider you for the job? I do want to get it over with (ABSN) if the price is right, but if it's crazy money, i would go for the ADN

Up Vote Up Vote ×
Haha, this is turning into "the story of my life." Sorry, OP, for hijacking your post with my "woe is me" rambling. I'll shut up now. :)

no, don't worry about it :) i'm glad to hear it because i'm learning so much from you guys and your stories. Keep it coming...:)

Up Vote Up Vote ×
Specializes in Tele, ICU, ED, Nurse Instructor,.
no, don't worry about it :) i'm glad to hear it because i'm learning so much from you guys and your stories. Keep it coming...:)

We are learning from you, too. Some of us have problems voicing concerns about money. I feel if it is for a good reason than go for it. You may regret it if you dont do it or regret it later. Later preferably, this is only my opinion. Dont live with regrets if havent did anything wrong.

Up Vote Up Vote ×

Basically, this is what I think. Go wherever you get into first, whether ADN or BSN or MSN. HOWEVER, if it one school is way to expensive, then wait it out. Basically, I am going for my ADN that is going to cost me $5,000 because I got in. However, there is an ABSN program in my area that is around $50k that I did not apply to, and a direct entry program in my area that is $70k that I did not apply to either. That is just insane, and is not worth it at all. That being said, I was missing one pre-req for a state school's direct entry MSN. If I did not get into the ADN program, which I am very lucky that I did with it being lottery, I would have applied to the state school in my area. I am going to the ADN program, because I don't want to wait around.

I do not agree with sitting around saving up to go to school when you are making minimal pay. I think, with the competition out there to get into nursing school, you should go where you can, but don't apply to schools that are ripping you off. I'm sorry, but life gets in the way, and you are not guaranteed to be in the position to pay off that loan right away when school is over. You could go for the ABSN in one year, and wait a year to get a job like a lot of the new grads on these forums, and be sitting in a lot of debt. Good luck. What is right for one person may not always be right for another.

Up Vote Up Vote ×
+ Join the Discussion