Mountain of Student Loan Debt?

FLmomof5 · Nov 24, 2009

It is a good thing that you are thinking about this now! If you were hired for $22.50/hr (since i didn't know your location, I used a low rate - like FL) * 40 * 52 would be $46800 per year -15% for taxation / 26 (say for bi-weekly paychecks) you would take home ~ $1530/pp. 2 per mo (on the average) you are working with $3060. Sounds like a lot, but it isn't. Creating a budget with rent, utils, cable, internet access, phone (cell or landline), food, car payment, car insurance, gas, maintenance on the car, laundry, average monthly clothing costs, etc.... many folks have enough trouble paying their $20K student loan balance....yours will be 4X that amount and for the next 10 years! Private school (with that level of tuition) means private loans which carry a much higher interest level and are not subsidized so the interest accrues while you are in school.

The brand new ADN gets pretty much the same check as the brand new BSN....only they have about $10K in loans. Their loan payment is $100/mo. Once you are hired by the hospital, they will reimburse you for the BSN courses!

Makes more sense to go the ADN then RN-BSN route.

Me....I get my ADN in August. Then I am going for the RN-MSN.

Good luck in your decision.

mammac5 · Nov 24, 2009

It's good you're asking questions here and looking for solid information to make a good decision. I would ask where are these hospitals reimubursing for BSN costs? We used to have some tuition reimbursement around here, but that has all dried up in the past couple of years.

I would definitely recommend researching tuition reimbursement and scholarship programs prior to making your decision about school. If a BSN is really what you want, find a way to make it happen. I wrote a research paper earlier this semester and found that a very small percentage of those who start out as ADNs progress and complete the BSN -- and this was amongst those who fully intended to do so. Life happens and puts the brakes on lots of things, especially once you're working. Also do a little research into New York State's new 10-year rules, stating that an RN must complete her BSN within 10 years of graduating -- like most public school teachers have always had to do with their masters degree.

itsmejuli · Nov 24, 2009

Spending money on a private school isn't going to get you any better of a job than a public school, you just may have to wait a little longer to do it.

High student loan debt just isn't worth it.

Glad you're looking at your future finances before jumping in the deep end.

I hope to find an employer who will pay for my BSN :)

Siamo · Nov 24, 2009

I faced this very same dilemma! I chose to go the ADN route so I could leave school with about 8000 in student loans. In this area the hospitals have very good tuition reimbursement and Im applying now for extern positions so that I won't have to take a loan for the last 2 semesters. I'm going to bridge to a MSN after I graduate so the hospital can pick up the tab :smokin:I would definitely recommend doing the ADN program first when you don't have a stack of sweet scholarships or family money.

Rednights · Nov 25, 2009

Roughly 50k BSN. I always planned to stay at home and find work (in my dreams with the state of things now) around the hospitals around me so it wouldn't take too long.

OrthoRN09 · Nov 25, 2009

I graduated from an AD program last December with close to $40K in student loans. Went a private school and the tuition was WAY more than the any other. This school happened to be the only one with an all evening AD program, which I had to do because of work. Luckily, I just got my second nursing job at a hospital that provides student loan repayment and tuition reimbursement so I can obtain my BSN. I am considering sending my student loans to President Obama for a bail out. Everyone (banks, car manufacturers) else gets one, why not me??