Need Advice

[Irish RN]

Hi All,

I need advice. I have my ASN, 1 year experience, and $81,000 in school associated debt (please, I already know the mistakes I've made....sigh, it's the only debt I have, only being a relative word here). I actually owed $91,000 as of graduation, I've paid the $10k off since January.

But anyway, I am really struggling with making this decision. A BSN is highly preferred in my area especially in the bigger city hospitals where you'll find higher pay and greater job satisfaction. I've gone back and forth with going to an online school like WGU, Ohio, etc. Although they're accredited, they are not well known in my location. I'm very worried that going to the wrong school and having it turn out to be non accredited in my region or something will totally screw me. My family has urged me against WGU for that reason and for the "odd" pass/fail system. It does sound too good to be true.... I've done my research and actually spoke to a WGU admissions counselor on the phone for an hour. I was very close to applying to and attending WGU.

There are 2 well known BSN programs near me. Both are private, Catholic universities, $300/credit. I'd be looking at anywhere between $12-20k depending on how many credits transfer. I just don't know if I can stomach that much money ... AGAIN as I'm already paying off so much.

PLEASE... any and all advice is welcome, just don't bash me for my outrageous debt! thanks :)

[MedChica]

It's a good idea what you're planning to do. Move into a smaller apt and eat Ramen for a year. I mean - throw everything you've got at that loan. But...that debt is too large to tack more on top of it.

Debt is slavery.

You have a job. Enough to knock out $10,000 in 5 or 6 months, at that.

How ever more they're paying at this other hospital for a BSN canNOT be worth an extra $20,000 in student loans. LOL

I don't even think we have to 'do the math' for that one.

Good luck to you. Seems like you're going to come out on top having learned a powerful lesson. LOL But, hey - you're not the only one. I made mistakes at the cusp of adulthood, too. That's why I (and others) can speak on these issues.

Until I buy a home, I have no debt and it feels darn good.

My money that I've earned goes to me.

[jadelpn, LPN, EMT-B]

Pay down your debt.

There's lots of accredited online schools, and even more local colleges that would offer a Rn-BSN. Apply for local scholarships. Does your high school have alumni scholarships? Do any of the local colleges have scholarships? I would not take any more courses than what a scholarship will pay for. Period. IF your hospital says "you have to get your BSN in xx amount of years" usually (well sometimes) with that comes a "we will pay 1/2" or some other incentive to do so. Your current job in the community hospital is giving you much needed experience, a steady income, the means to the end. If your goal is to work in the city, then you can speak to your student loan people about consolidating, ask if it is feasible to put an extra $100 a month on the principal of the loan, make extra payments, and be SURE there's no penalty for paying off early.

Be careful with tuition reimbursement. You have to pay up front, they reimburse you BUT you have to be sure that they approve your course of study first. (and there may be other rules, check with HR). Speak to your nurse educator on suggestions for programs. You are in no rush. I would hesitate to take on a full course load and attempt to work full time to pay down debt.

Another thought is to see what some of the local colleges can do for you. A state school as commuter status is a good thought. Speak to their guidance counselor. See what they can offer you.

When you do a federal financial aid form, it will tell you what you qualify for in loans. It may also give info on grants. So just be mindful of that. To avoid any more loans right now.

Oh, also, if you are able to do 10K in 6 months, I would still speak to the possibility of even $500 a month going to the principal of the loan. The rest, to your payment and interest. Leave yourself enough money only for living expenses (gas, food--and I am assuming you are not living on your own at this point).

Good luck in your future endevours.

[LoveMyBugs, BSN, CNA, RN]

I would pay down the debt first.

I went to WGU, they are only around 3k a term and a term is 6 months long. You work at your own pace, you could finish your BSN in less than a year depending on what classes you are able to transfer in.

5 months after getting my BSN I finally got hired from a LTC to a hospital in my chosen specialty which got me a $15 an hour pay incease.

I dont know about what other posters have said about WGU credits not transfering as I havent looked into it, but if getting a higher degree later on is what you want then I would check it out, but I would pay down that debt 1st