In the last week, U of AZ has posted a change to their programs. They have dropped their 2nd degree BSN and have added a mepn program (master's entry to the profession of nursing (mepn) pathway). This is available to those who already have a non-nursing bachelor's degree.
I called to get more info. They said tuition would probably run between 35-45k(depends on residency status). They will start having info sessions on the new program starting at the end of this month.
From what I've been reading and talking to lenders and financial aid officers when applying to any Entry Level MSN program (I've been researching California and Arizona), the big difference why schools are adding this entry level degree is that the federal government has been pouring money into a new area for financial aid.
This is great for students who already have a previous Bachelor degree in something other than nursing AND have tapped out on Federal Loans (Subsidized + Unsubsidized). If you were to pursue a second Bachelor's degree, the only loans available to you would be the Sub+Unsub Federal loans and Private Loans. After the credit crisis, you would be hard pressed to find a private loan that didn't require a co-signer. If you're fortunate enough to have someone who is willing to take on that massive responsibility (YOUR debt on THEIR credit record and the possibility of you not being able to pay it back and making them stuck to pay it back), then this might be the path for you. You most likely will not qualify for the Parent PLUS loans since you've already earned one bachelor degree.
For students who CAN'T get (or want to avoid getting) a co-signer to make up the difference of their tuition, this is where the Entry Level MSN programs come into play. This is the OTHER federal loan called the GradPLUS (Graduate PLUS) loan for students pursuing professional degrees (meaning Masters, Law degrees, and Doctorates).
This loan is guaranteed by the government (you can use it for tuition, books, room & board) and does NOT require a cosigner. They only do a "soft" credit check (meaning they check if you are on time with your bills and not delinquent on any debt which doesn't heavily affect your credit score) vs. Private Lenders doing a full credit score credit check (which will knock points off of your credit score by just running it for the loan approval process). GradPLUS loans also have a fixed interest rate versus the variable interest rate of Private Lender Loans.
It's true that entry level MSN-RN's will still start at the same place as ADN-RN's. The choice is if you have time to wait on waitlists to get into the ADN programs to save money, or just want/need to start right away and hopefully find a job before the waitlisted ADN's graduate and pass boards to start getting experience and whittling away at your debt.
I applied for this program...I have read through these messages and see that there are definitely mixed feelings about it, but I figure if I make it to the interview stage I can decide for myself. The program is new so there are bound to kinks to work out, but who knows, it might be awesome!
Congrats Jacoba:yeah: My interview is the 19th at 8:30. When is yours ? Can you believe there are only 9 sponsorship positions total. Oh, well i opted self pay. Sooo nervous.
Congrats everyone:yeah:, I dont know how many will be interviewed, they seem tight lipped about that. I was told though that they received close to 300 applications. That's crazy! Is there anyone from out of state on here ? I will be flying or driving not sure yet from northern NV.
awmused
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From what I've been reading and talking to lenders and financial aid officers when applying to any Entry Level MSN program (I've been researching California and Arizona), the big difference why schools are adding this entry level degree is that the federal government has been pouring money into a new area for financial aid.
This is great for students who already have a previous Bachelor degree in something other than nursing AND have tapped out on Federal Loans (Subsidized + Unsubsidized). If you were to pursue a second Bachelor's degree, the only loans available to you would be the Sub+Unsub Federal loans and Private Loans. After the credit crisis, you would be hard pressed to find a private loan that didn't require a co-signer. If you're fortunate enough to have someone who is willing to take on that massive responsibility (YOUR debt on THEIR credit record and the possibility of you not being able to pay it back and making them stuck to pay it back), then this might be the path for you. You most likely will not qualify for the Parent PLUS loans since you've already earned one bachelor degree.
For students who CAN'T get (or want to avoid getting) a co-signer to make up the difference of their tuition, this is where the Entry Level MSN programs come into play. This is the OTHER federal loan called the GradPLUS (Graduate PLUS) loan for students pursuing professional degrees (meaning Masters, Law degrees, and Doctorates).
This loan is guaranteed by the government (you can use it for tuition, books, room & board) and does NOT require a cosigner. They only do a "soft" credit check (meaning they check if you are on time with your bills and not delinquent on any debt which doesn't heavily affect your credit score) vs. Private Lenders doing a full credit score credit check (which will knock points off of your credit score by just running it for the loan approval process). GradPLUS loans also have a fixed interest rate versus the variable interest rate of Private Lender Loans.
It's true that entry level MSN-RN's will still start at the same place as ADN-RN's. The choice is if you have time to wait on waitlists to get into the ADN programs to save money, or just want/need to start right away and hopefully find a job before the waitlisted ADN's graduate and pass boards to start getting experience and whittling away at your debt.
Hope this was helpful!