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?
But...it's New York University. The name alone kind of justifies the cost. If you're looking for grad school or even placement in residency programs you will probably have an edge.
But, there are also accelerated BSN programs from other top schools in the area (like Rutgers, my alma mater) with significantly less cost
Choose wisely. College debt is no joke (I'm sure you know that).
Even if NYU gave someone an edge for an NP program which I doubt, one wouldn't be able to afford grad school in the first place with $120,000 in student loans. The only ones who should expect to have that kind of student debt are doctors and it won't be easy for them to pay off either unless they are in a lucrative specialty, but the extra time studying for specialty will cause the student loans to capitalize and grow exponentially. It's getting to the point where college is really only for the rich and the rest of us are better off pursuing a technical education at a local community college.
For one community college Intro Psych course, my granddaughter looks at $284.25 for the book and associated online access paraphernalia. She isn't taking the class this summer. Why? She doesn't have the money for the tuition and fees, much less the book. There is nothing amusing about the exponential markup over the years. I showed her the text from my first go-around that still had the price sticker: $9.00 for a hard-bound book printed on glossy stock paper. Even she could see the difference in quality and value.
For my (non-nursing) Bachelor of Science degree, I attended a very well regarded state university. I made lots of friends, had great life experiences, and even joined a sorority. It certainly didn't cost $120,000, though. (Oh, but I didn't find a husband there, so maybe that is why it didn't cost so much? )
If you can I would go... it's also about the lifelong friends you'll meet etc.
you'll have a good name on your resume.
also, i hate to say... potential in finding a better husband.
I must say, the caliber of friends/selection of men at an affordable state school is of much lower quality than the top notch quality of life that is only allowed at NYU.
For my (non-nursing) Bachelor of Science degree, I attended a very well regarded state university. I made lots of friends, had great life experiences, and even joined a sorority. It certainly didn't cost $120,000, though. (Oh, but I didn't find a husband there, so maybe that is why it didn't cost so much? )
You can offset that cost in part by graduating about 6mo earlier than a traditional program, so if your time-to-employment was equal vs a traditional program, you gain 6 months wage (and experience) of opportunity cost back minus what you would have made working part time in a traditional program over what you can work part time in the accelerated program. In NYC, that math could be as much as a 30K offset (minus tax) against your increased tuition costs, which might be enough to bring the program in line with the cost of a traditional program that could easily run 15K per semester. Plus you get the marginal benefit of the NYU brand name and education.
Additionally, private schools like NYU often offer greater financial assistance through internal scholarships. You would need to investigate and apply for these... no guarantees.
You also have to consider the costs of continuing in your current work and waiting until you get into another program... unless you have applications pending elsewhere?
But the real question is, since all that took me about 5 minutes to figure out... Why did you apply to a private university and not even bother to check the costs?
I was half joking...i'm at a cheap state school myself and turned down expensive private Schools. Cost was the reason I turned down nyu even though it's my dream school However it is true ppl you meet become life long friends.
brandy1017, ASN, RN
2,910 Posts
Even if NYU gave someone an edge for an NP program which I doubt, one wouldn't be able to afford grad school in the first place with $120,000 in student loans. The only ones who should expect to have that kind of student debt are doctors and it won't be easy for them to pay off either unless they are in a lucrative specialty, but the extra time studying for specialty will cause the student loans to capitalize and grow exponentially. It's getting to the point where college is really only for the rich and the rest of us are better off pursuing a technical education at a local community college.