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Need help- got into NP school

Amy S Amy S (New) New Nurse

Specializes in nurse pracitioner.

I got into NP school- already have an MSN so it would be 8 classes to finish. I live in PA already make 94K and I am 47- I am trying to figure out if the return on investment is worth it? I will have to scale back from working full time to do the program which will be just under 2 years to attend so between loss of wages and tuition the cost for me to go would be about 80K. Anyone have advice or guidance as to starting salaries and if I could recover the 80K fairly quickly say 5-7 years. I will be doing Adult Gerontology Primary Care program. Thank you for any advice.

dracarys bsn, BSN, RN

Specializes in L&D, Epic IT. Has 16 years experience.

I don't have any advice, but just wanted to chime in because I'm in the same boat. I have my BSN, make 92k in healthcare IT/Informatics (but hate it), and want to get my NP. I'm 41. On paper, it doesn't make sense for me to take on 22k (with tuition reimbursement)-42k (without tuition reimbursement) in student loan debt to potentially take a pay cut starting out as an NP, but I absolutely cannot see myself doing my IT job for the next 25 years and want out. I wear the financial pants in the family so it's a really hard decision and my husband thinks I'm crazy! Good luck with whatever you decide!

Amy S

Specializes in nurse pracitioner.

I am so right there with you. For 5 years I did Utilization Review where I coded and reviewed patient data to send to Medicare for payment. It was terrible and couldn't see myself doing it for the next 20 years or so. But the job was from home and offered flexibility with the kids. It's never easy is it? I am getting mixed advice some NPs say yes it's worth it while others are saying no way. Good luck with your decision as well. I will be interested to see what you decide.

babyNP., APRN

Specializes in NICU. Has 12 years experience.

Depends on the factors that are important to you- for finances, you should research the local job market (and whether there is one available as some places are saturated). If not, are you willing to move? How far? Then also consider lifestyle. Are you doing floor nursing? Night shift? If you can't get the salary you want and you want to stay local, is it worth it to make the same for a few years for better perks like no nights, weekends, holidays, no lifting heavy patients or having to deal with nursing bureaucracy? Just some food for thought.

umbdude, MSN, NP

Specializes in Psych/Mental Health. Has 3 years experience.

If you're already making $94k a year and the AGNP role pays probably $110k-$130k, the ROI calculation will most likely tell you that going back to school does not make sense. You have to look at job satisfaction and other factors, as well as what financial shape you're currently in. If you don't have a ton of outstanding debt and you have some assets, going back to school might not be a bad idea.

aok7, NP

Has 11 years experience.

It sounds like nursing with $94K a year is aligned given the considerable amount of time, money, effort, and not to mention the huge cost of licensing, etc. related to being a NP. I lost a lot of money becoming a NP. It would really balance out (tuition, time studying even as a practicing NP, charting vs clock in a 7 and out at 7 in a RN) to have stayed a RN. For me, it makes absolutely no financial sense to be a NP.

Edited by aok7

On 6/14/2020 at 6:31 AM, Amy S said:

I got into NP school- already have an MSN so it would be 8 classes to finish. I live in PA already make 94K and I am 47- I am trying to figure out if the return on investment is worth it? I will have to scale back from working full time to do the program which will be just under 2 years to attend so between loss of wages and tuition the cost for me to go would be about 80K. Anyone have advice or guidance as to starting salaries and if I could recover the 80K fairly quickly say 5-7 years. I will be doing Adult Gerontology Primary Care program. Thank you for any advice.

Do you have the option to do the classes part-time? You could work full-time for the majority of the time and then switch to part-time. I've already shared about this on AN but I went to school part-time and worked full-time for two years, then switched to part-time work the last year for clinicals. I was able to pay my tuition in full out of pocket and have no zero debt. I also had zero life for three years and it sucked but it was worth it to me in the end knowing that I wouldn't be strapped with an ugly student loan for years.

If you think about it, if we continue on the trajectory/thought that we will be retiring around age 70 (64 is no longer the norm for most people these days), you have another good 20 years ahead of you of work. Two, three years is just a drop in the bucket.

I don't know what the job market is like in Pennsylvania. I live and work in California and made significantly more my first year of NP school than I could have dreamt of working as an RN and could easily recoup 80k within 5-7 years.

Edited by db2xs