Hi, i'm a new student in a community college currently doing pre-reqs for Nursing .
So there is this program here that i can get my bsn in a total of 3 years which is very quick but the only thing is that its about $80,000 in total which is a lot of money. i would have to pay for ALL of it with student loans. Now my questions is, will i make the money back quick enough? or should i apply to a much cheaper school but it would take 4-5 years but with much less to have to pay back. I would probrally have to first get my rn and then rn-bsn.
WHAT DO YOU RECOMMEND? ONLY PEOPLE WITH EXPERIENCE PLEASE ANSWER THANX!!
The economic picture being what it is, I would look for a less expensive program. How is the nursing job market in your area? If like many areas, you may have difficulty getting that first job in order to pay back your loans. Best to take a realistic look at your chances of getting a job immediately after school. That will affect your ability to pay loans no matter what program you attend.
Specializes in Case mgmt., rehab, (CRRN), LTC & psych.
I just crunched some numbers. . .
If you borrow $80,000 at 6.8% (the going rate for a Stafford govt. student loan) and finance the amount over 10 years, the repayment will be a staggering $921 monthly!
There's no way that I would pay $900+ monthly on a student loan as a nurse. I pay much less than that per month for housing, and I happen to live in a newer house.
There's something to be said for taking certain things at a slower pace. I've thought about insane debt to get into a 1-year LPN to RN bridge program and it's just not worth it in the end! You'll come out with so much more knowledge that you were able to take more time to learn and practice, along with way less debt at the end of it all! You'll be drowning in debt and bills if you take the quicker route. I'd go ahead and spend 1-2 more years of my life on the alternate route, than to have 80k in student loans to pay off. Whatever you choose, I wish you the best of luck.
caliotter3
38,333 Posts
The economic picture being what it is, I would look for a less expensive program. How is the nursing job market in your area? If like many areas, you may have difficulty getting that first job in order to pay back your loans. Best to take a realistic look at your chances of getting a job immediately after school. That will affect your ability to pay loans no matter what program you attend.