I was recently accepted into NYU's accelerated nursing program and initially was super excited to begin this journey. When I received the bill all the excitement was kicked out of me by the whopping $20K I would need to take out in loans PER SEMESTER. This means I would graduate in 2017 with about $120K TOTAL in loans.
I've talked to several nurses that I know and they have nothing but great things to say about the NYU College of Nursing. HOWEVER, none of them had to take out excessive loans because their parents covered the cost. This is an AMAZING opportunity for me but frankly the thought of having a $120K loan hanging over my head makes me want to drink myself to sleep.
I could go on and on about how unfair the educational system is (because it is) but that's not what I want this thread to be about. This is my situation right now and I want to make the best decision for myself.
If anyone else has been in this situation PLEASE SHARE YOUR STORY. IF YOU'VE TAKEN OUT EXCESSIVE LOANS TELL ME YOUR EXPERIENCE WITH THAT. IS IT WORTH IT? IS IT TOUGH TO BE A NURSE AND KEEP UP WITH SO MUCH DEBT?
DON'T DO IT! I will graduate with my BSN and have about 20k in debt. There are cheaper options out there. Think about it in terms of how much you would have to pay per month to get rid of that debt. 120k, $1000 per month payment = 120 months. That's 10 years! And where I am from, $1000 is a mortgage payment on a pretty decent house. I can't imagine paying that much per month for 10 years after I graduate.
Specializes in OR, Nursing Professional Development.
DON'T DO IT! I will graduate with my BSN and have about 20k in debt. There are cheaper options out there. Think about it in terms of how much you would have to pay per month to get rid of that debt. 120k, $1000 per month payment = 120 months. That's 10 years! And where I am from, $1000 is a mortgage payment on a pretty decent house. I can't imagine paying that much per month for 10 years after I graduate.
You forgot interest. In just less than 2 semesters, my $16,000 loans accrued an additional $1,400 in interest. That $1,000 payment/month for 10 years would only be possible if the interest rate is 0%. It's much more likely to be closer to $1200-$1300 depending on the interest rate.
You forgot interest. In just less than 2 semesters, my $16,000 loans accrued an additional $1,400 in interest. That $1,000 payment/month for 10 years would only be possible if the interest rate is 0%. It's much more likely to be closer to $1200-$1300 depending on the interest rate.
Thank you, I forgot about interest. That proves the point even more, I can think of a lot of things I could do with $1300 a month!
As Dave Ramsay would say, "So who's the lawyer or doctor in the household?". There's so many other Accelerated BSN programs out there for $30,000. I should know. That's what I did.
DON'T do it! Why burden yourself with excessive debt for an undergraduate degree?
I'm pretty frugal... getting my ASN at a community college, and going to a public state university for my BSN. I don't expect to take out any additional student loans at this point. Last year, I took out $6k so that we could buy a more reliable vehicle and I have started paying on the loan already. I got lucky with some scholarships last year and hope that I can again this year so that I can wipe out my loan before I graduate from school.
As long as the school is accredited, there is no reason why a less expensive school should be overlooked. Surely, it can prepare you adequately for the job, and any graduate program will look at accreditation of the school and your GPA over the fancy name of the school you attended.
I worked and paid for my LPN and then worked and paid for my ASN. I took out some loans for my BSN/MSN program but it was an amount I was comfy with and DH is also a nurse which helps. I can't imagine $1,200 a month in loans. That's our mortgage !
If you pay off $120k in the normal 10 year repayment schedule, and are assessed an average interest rate of 7%, you'll be paying $1393.30 a month. You will pay an additional $47,000 in interest, for a total bill of $167,000.
Maybe you can qualify for an income based repayment plan. In this case, a $750 a month payment results in repayment after 37 years, and an extra $216,000 paid in interest.
The average RN in NYC earns $77,000 annually. Subtract the federal and state income taxes (25% and 6.85% respectively) and you have a take home pay of $52,000 annually. Subtract the yearly $17,000 you'll be paying in student loans and you'll have $35,000 left over for living expenses. Can you live in NYC on $35,000 a year?
Take some time and run some numbers. You need to put a little more effort in understanding your financial future than you put into your decision to attend NYU.
I think you got it wrong. I am a new grad RN living in Long Island. I make 82,000/year. I roughly get 76-77,000 a year after taxes. You definetly don't get 52,000 a year.
Anyways, spending that much money for schooling is not worth it. To land a job, they just want to see your license, gpa, and extracurricular activities etc. I bet it would be great to say "I graduate from so and so but graduating from a suny or community school never puts you in a disadvantage position. Instead, I personally believe, it will express your academic qualifications because enrolling into a suny nursing program is harder than enrolling into a private one. Just saying. ...by the way I went to suny school and it was so hard to get into and hard to stay in and HR staff knows that. Good luck.
NurseYoungGuns
21 Posts
DON'T DO IT! I will graduate with my BSN and have about 20k in debt. There are cheaper options out there. Think about it in terms of how much you would have to pay per month to get rid of that debt. 120k, $1000 per month payment = 120 months. That's 10 years! And where I am from, $1000 is a mortgage payment on a pretty decent house. I can't imagine paying that much per month for 10 years after I graduate.