Is the degree worth the loans?

Specialties NP

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hello

i have been admitted into a program for non nurses with a BA in another field. the program awards a BSN after an intenisive first year. students are then able to start course work for an NP while working part time as an RN. I have spent time shadowing nurses, volunteering in the ER, and talking NPs and have decided that the NP route is where i want to go. the only problem is that i have SERIOUS cold feet about taking on the loans for the program. I knew the program may be expensive, but having the actual figures in front of me is a different story. My question to NPs is, do you think it is wise to take out a loan that will probably be close to 80,000 by the time that i am finished with the program given the current employment outlook?

I really appreciate any input.

liz

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Specializes in Nephrology, Cardiology, ER, ICU.

I think it depends on where you are located and the outlook in the area you want to practice in. For instance, in Illinois - where I live, the AMA is based in Chicago - so NP and clinical nurse specialists (CNS) have little authority. I'm getting my masters in management and leadership.

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Liz,

I also received an undergraduate degree in a field other than nursing (BS biotechnology). I then went back to school for a three year RN/MSN program that was very expensive. I think that there is so much more that goes into this decision than just money. I've since worked as both, and the roles of RN and NP are very different. There's also a lifestyle difference. I work M-F, don't take call, and have my weekends and holidays to myself. I love the work I do, and the hours are worth the cost of my student loans.

One more thing, look into how much money you can get in Perkins loans. You can defer them if you work in nursing (NP counts), and every year cancel a percentage. After 5 years of work they are fully cancelled and you never have to pay a cent.

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Liz,

I also received an undergraduate degree in a field other than nursing (BS biotechnology). I then went back to school for a three year RN/MSN program that was very expensive. I think that there is so much more that goes into this decision than just money. I've since worked as both, and the roles of RN and NP are very different. There's also a lifestyle difference. I work M-F, don't take call, and have my weekends and holidays to myself. I love the work I do, and the hours are worth the cost of my student loans.

One more thing, look into how much money you can get in Perkins loans. You can defer them if you work in nursing (NP counts), and every year cancel a percentage. After 5 years of work they are fully cancelled and you never have to pay a cent.

I'm starting nursing school next fall and I plan to eventually become a NP. In Oklahoma we have a program called the OK stud Loan Reimbursement Program for doctors and NP's. You have to work in a shortage area and you are reimbursed @ 15k/yr for NPs. I went online to check to see where those specific areas would be. I thought they would be in some small town in the middle of nowhere. Luckily they were located in the same city just on the "poor" side of town. Working in prisons or for Native Amer. clinics also counts. Maybe you should do a search for that type of program. Wow $80k, I had no idea it would be that expensive. Good Luck!!

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I think that I responded to your previous post. I was in a similar situation. I was admitted to a direct entry MSN program, but was looking at 60,000 worth of debt. I decided that for this reason and others that I would do the accelerated BSN, work as a nurse then go back, hopefully get tuition reimbursment or be able to work per diem (which a lot of hospitals will not allow until you have at least one full year of experience) while going to school. What I have seen is that most of the direct entry programs are at private universities and that there are a lot of high ranking programs that are public universities. Also some of the university hospitals (like NYU's) give employes up to 24 (or i18 I canlt remember) credits a year for free at at NYU for advanced degrees in nursing.

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Wow that is a lot of debt for anyone to come out of school with! I would rethink this process. Here's my input... I live in Chicago. Someone above posted that NPs have little autonomy which I would disagee with but anyhow becoming NP allows for many different roles. In Chicago, you COULD get a job starting out for around 70-80K (remeber in time you will/could make more). HOWEVER, there are other types of practice (peds/small clinic/rural) where you might make one heck of a lot less. In that case, 80K out the door you take a long long time to get payed off. I am a currently enrolling in an NP program and my employer pays 100% for any cont. education that's nursing related. On top of that, they are already courting me to stay once I pass boards. I think many major hospitals offer similar packages. Think about other options (maybe not the quickest) but those that are more logical. Good Luck

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Yes, that is a lot of debt if you are paying it all off yourself.

Working while doing your NP courses(employer paid) is a good option. Also look at working in underserved areas or places which will repay part of your loan.

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Specializes in Junior Year of BSN.

What state are you in? Most states offer nursing loan repayment programs from adn-phd. I live in Maryland and I know they offer that here. Every year you take out a loan repayment is a year you have to work in that state in either a rural, innercity, native american (i don't even think they have that type of clinic here), children with disabilities, etc. type of hospital or institution. Have you looked into maybe VA hospital type loan, where they pay your schooling but you have to agree to work in a VA hospital/clinic. Just some options :)

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Specializes in Registered Nurse.

Not offering any info cause I don't have any except to say that that sounds very high! $80,000 for one year to be a BSN from a BA to start? Or do you mean it will cost $80,000 by the time you get your NP? Even if it is for everything up to the NP, that sounds high. I had an acquaintance who got her NP starting with a BA in like 16-18 months in a accelerated program. I am now wondering what she paid.

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I am applying to a Masters Entry Program in Nursing at the University of San Diego, and the total cost, from non-nursing BA to RN to NP will be about $50,000.

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Hi Everyone! This is my first post, and I am so glad to have found this site.

I am considering Graceland University for the RN-MSN degree (FNP). I did a quick total of tuition costs and it looks like the minimum will be about $14,500. This does not include costs for books, travel expense to the focus sessions, or incidental expenses. I currently have an ADN, have worked for 10 years as a nurse (my second career--I'm 43), and I think that for the money that is a bargain!

If I NEVER get my student loan paid off, so be it. At least I will have accomplished a goal I've had for a very long time. And I am hoping I will love being a FNP as much as I've loved being a RN. I also plan to work for a very long time--I will retire from nursing on the day I die. Or sooner if I get Alzheimer's. :rolleyes:

If you don't go for it, I promise you---you will have regrets. Never stop learning! Who knows? Maybe I'll get my Ph.D at 90!!!!!!

June 'the quiltin_rn'

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Specializes in Critical Care / Psychiatry.

I like your attitude girl!

A diva for sure. :)

Shel

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