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?
Specializes in psych, addictions, hospice, education.
My son recently graduated from nursing school with federal loans totaling $30,000. His payments are $300 per month for ten years. If your loans would be analogous to that, your payments would be $1200 per month for ten years. If you would earn $30 per hour (that's the rate some places), you'd work one full week to pay your loan...for ten years! Is that something you're ok with doing? There are many schools out there that don't cost so much...
I graduated with $90K ish in loans. I have been a nurse for 8 years. I still owe around $35K. I haven't found it to be a hindrance though. I bought my house 4 years ago on my own.
Absolutely do NOT take out $120k in loans for nursing school. No bachelor's should cost you that amount of money. You will spend the rest of your life in desperation to repay that mammoth of a loan.
Put your NYU dreams to bed, you want to be a nurse? Find a CHEAP credible facility.
For clarification purposes, it's worth mentioning the Army paid for most of this, on this particular poster.
120k out of your own pocket is insanity.
Clarification, yes. The Army paid most of it but I wasn't the only student there. Most of them did not have the Army connection and did have to pay that out of pocket. So there are in fact worse situations
I too don't have parents to help pay for my schooling and I have a family to support while I'm In school. Because of of my circumstances, I have to take out student loans each semester. I've completed a year and 1 extra semester and already owe 36, 000 and it scares the crap out of me.
I still have 3 years of schooling left. By the time I have completed school, I'll owe about $100,000. Is this normal? I don't know, but what I do know is I want to be a nurse, and unfortunately this is the only way I can accomplish this goal.
One day I hope to obtain a masters in nursing and work as a NP, but that all depends on my grades.
I went through an ABSN program in Indiana. My tuition was $5000 per semester (4 semesters), so a total of $20k. I got a $1000 state tax credit for my annual 529 savings contribution and the annual American Opportunities tax credit ($2500 per year), it cost about $12K.
There is no way that $12k in debt would be worth it. It will take you 20 years to pay off the debt.
Specializes in public health, women's health, reproductive health.
That's way too much when you consider the current job market, a new nurse's salary and the fact that you can go elsewhere for a fraction of the cost. I wouldn't do it.
That is an insane amount of money to spend. And their parents had that much money to cover the cost? Lol. My son's college fund seems so small right now compared to that. ABSN programs are expensive, but that is insane. The amount of return on this investment is not worth it. You will be getting a nurse's salary, not a doctor's.
Absolutely not!!! I was in the same position and was so excited about the ABSN until I got the financial aid packet. I couldn't afford it. I ended up choosing a community college and will do my BSN right after. Don't get into that much debt
Whispera, MSN, RN
3,458 Posts
My son recently graduated from nursing school with federal loans totaling $30,000. His payments are $300 per month for ten years. If your loans would be analogous to that, your payments would be $1200 per month for ten years. If you would earn $30 per hour (that's the rate some places), you'd work one full week to pay your loan...for ten years! Is that something you're ok with doing? There are many schools out there that don't cost so much...