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Discussion

Looking for advice from experienced nurses regarding the possibility of student debt

I am really struggling with a decision regarding nursing school and I am hoping to get some advice from seasoned nurses.

So here's my dilemma:

I can attend a local community college which offers an accelerated 14 month program which will allow me to obtain my ADN in July 2016 with absolutely no debt. From there, my plan would be to continue with school to obtain a BSN online through a state school, also with no debt.

The other option is that since I already hold a bachelors degree in another field, I can attend a second bachelors program in a more prestigious school to the tune of 40k-60k in student loan debt. I would obtain my BSN by September 2016 or December 2016, depending upon which school accepts me.

I have already been accepted into the ADN program which starts in May. I won't know about the other two schools until March or April, however I am confident that I will be accepted to at least one of them. All of my post bachelor pre-reqs resulted in a 4.0 GPA plus I have 12+ years of real world experience, with 7 of it being in management.

Part of me is really inclined to go the debt free route because I do not want a big student loan but I am really afraid that I won't be able to find a job with an ADN only, especially since I have zero patient contact experience. But then the other part of me wants to just get the BSN ASAP which would be the second bachelors program.

I really feel like this is the biggest decision of my life and I would greatly appreciate anyone who can offer me some guidance.

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    • Featured Replies

    Debt free is the way to go.

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    Debt free is the way to go.

    This.

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    • Expert

    Check out the possibilities for employment with an ADN in your region. If you can get a decent job with just an ADN, then I would definitely recommend going the debt-free route. You're not in your 20's anymore -- and taking on $40-$60 K in debt is not a good idea.

    However ... here are some other things to consider:

    1. Will you be unable to get a decent job after graduating with an ADN? If you will be unemployed and going back to school without the financial help of an employer, you will rack up the big debt getting your BSN anyway. If that is the case, you might as well do it now and get the BSN sooner rather than later.

    2. Do you have other financial obligations (kids, mortgage, professional-level lifestyle, etc.) that will hinder your ability to pay off that debt in less than 10 years?

    3. Are you willing/able to "live like a pauper" for the next 10 years so that you can pay off that debt fast? That means no kids, no expensive vacations, used car, less-than-newest technology, modest home, minimal restaurant meals and other "entertainment" expenses, etc.

    A lot of people say that are willing to live cheaply for a while to pay off their student loans. However, many of those same people end up with kids, a mortgage, a big-screen TV, new car, etc. within 5 years of graduation -- and 10 years later, they are still saddled with the student loans and feeling stressed by not having enough money for the lifestyle they want to lead.

    20 years later, they feel even more stressed as they realize they can't afford to help their kids much with their college expenses. They are also beginning to recognize that they haven't saved much for retirement. 30 - 40 years later, they are the people who say they will have to work until they die because they don't have enough retirement saving to live a comfortable lifestyle.

    At some point, you have to take a hard look at what you can afford and what you cannot -- and how much you are willing to sacrifice to get something you want. If you choose to take out a $50K loan to get through more quickly, then be prepared to make some very serious sacrifices to get those loans paid quickly so that they don't cripple you financially for decades.

    Personally ... I made the big financial sacrifice in my 30's and 40's to get my MSN and PhD. I lived "like a grad student" for about 15 years to do it -- no kids, no house, not nice furniture, used car, etc. By age 45, I was able to upgrade my lifestyle a bit, but I have continued to live a modest lifestyle and save my money. Now, at age 59, I am quite comfortable financially and looking forward to a comfortable retirement in about 5 years. I am satisfied with my choice -- but I never had kids and didn't have nice material things back for much of my adult life. While my friends were buying houses and cars ... and traveling ... and dating ... and raising families ... I was not.

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    The first rule of thumb is to not take out more student loans than you can reasonably expect to earn in your first year of employment.

    Let's run the numbers here. The average student loan take about 16 years to pay off and has about a 6% interest rate. If you took out the $60,000 loan amount, you'll end up having a $506 monthly payment, and will have eventually paid $31,000 in interest. That's a total of $91,000 you'll have spent on your nursing education.

    If you put that $506 monthly payment for 16 years into an average mutual fund, in 30 years it will be worth around $880,000. Literally, the difference between taking that loan and not taking it is a million bucks!

    You mention having a previous degree. Do you have student loan debt from that degree? If yes, then you must run the numbers on that loan debt and add it to the possible new debt.

    I don't see a single reason to not go the free-ADN-to-free-BSN route.

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    • Expert

    I don't disagree with ThatBigGuy above ... but I can imagine some situations in which taking out the loan can make sense. The key points are:

    1. Will you be able to get a job with the ADN? I have known several new ADN grads who cannot get a decent job in my community. They end up back in school, taking out the big loans anyway. In such a case, it might be worth it to go through school more quickly to increase your income sooner. The ADN makes no sense if all it leads to is unemployment. But in some communities, an ADN can get you a good job.

    2. You don't have to take 16 years to pay it back. That might be the average repayment time -- but you don't have to be average. Plan on paying it back in less than 5 years and you will save a ton of interest. But as I said in my earlier post, that requires serious sacrifice on your part -- sacrifices that most people don't seem willing to make.

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    • Author

    ThatBigGuy, no I do not have debt from previous degree, I was blessed with parents who paid for my college the first time.

    I'm not exactly sure how I can know if I will be able to get a job with an ADN only. I definitely know nurses personally who did get a job with an ADN but when I look at most of the hospital's job openings, most of them say BSN or BSN preferred.

    I'm almost 39 and don't have any children but who knows what the future holds for my husband and I. I'm not concerned about lots of nice things but I do like taking nice vacations!

    Ugh... I'm just so torn over this decision.

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    What about scholarships? Have you spoken to the prospective 40-60k program about financial aid options based on merit? There are SO many scholarships out there, student loans may not be your sole option.

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    I agree with llg about getting the ADN only if the job market supports it. In big cities with lots of universities, the market is not friendly to ADN grads.

    you already have a bachelors. Instead of another BS, why not look at a general entry masters program? Usually 1 intensive year (though you may need some sciences from your community college first), and a cost comparable to getting the BSN.

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    Yup depends on where you live. My ADN program graduates are highly sought after in my area so I'm not worried about that. Due to financial aid, not only will I graduate debt free, but I will likely won't have to pay a penny out of pocket.That vs having to take out $30k in loans for a BSN. I'm hoping that once I graduate, the job I land will help offset the costs of my RN to BSN

    I have 2 kids and likely will have a mortgage within the next 5 years. Student debt is the worst kind to have. No thanks right now. I'm saving my loans for midwifery school, and I'm already researching merit based scholarships post graduate just for that....

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    my question is, how do you have these options for DEBT FREE education?? So not fair...

    But yes, debt free! Is that really a hard decision? Coming from having had school debt and will have more for the kids, go the debt free route.

    Nobody cares where you have your nursing education, as long as you have it. Trust me.

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    • Author

    I have the option for debt free education because I have been saving money for years. The community college is a very inexpensive route and the state colleges in Maryland are relatively cheap for state residents.

    Regarding the Masters program, I have already resigned from my previous career to complete my pre-reqs and I have already applied to several ABSN nursing programs. The application deadlines have already expired so at this point MSN is not an option.

    I am not sure how receptive the DC/MD/VA area is to nurses holding an ADN, but as I mentioned in an earlier post, when I look at RN job openings in this area, 98% of them either require or prefer a BSN. This is definitely one of the biggest reasons that I am concerned about going the ADN route, not to mention the fact that once I get through nursing school, I am sure that I won't exactly feel excited about having to go for another year or more for the BSN.

    Honestly, the only attractive thing about the ADN route is no debt.

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