Nursing loans really that bad? 120K

nursequery1 · Jun 6, 2015

Seattlemamalama + SummitRN, thanks so much for your reply!

To answer your question, yes, I did look at the cost of the university. However, I, like most who apply to NYU, believe(d) in the quality of the education. I also believed that I would receive a substantial amount of FAFSA + scholarship $. Clearly that wasn't the case. :scrying:

In addition, the nurses I know that have graduated from NYU both have fantastic jobs that provide them about an $80K - $90K income yearly. They assured me that I would be able to pay back the $120K in loans rather quickly. Obviously neither are in debt so how would they know? That's why I decided to post here; I needed more insight from other successful nurses who have maybe had more experience with different programs, loans, etc.

After looking at everyone's helpful and honest posts I definitely am NOT taking out the loans. Going through this program was suppose to make my future brighter, not full of stressful + enslaving debt!!

Thanks again for your advice, I will definitely be looking into different programs!

johsonmichelle · Jun 6, 2015

Seattlemamalama + SummitRN, thanks so much for your reply!
To answer your question, yes, I did look at the cost of the university. However, I, like most who apply to NYU, believe(d) in the quality of the education. I also believed that I would receive a substantial amount of FAFSA + scholarship $. Clearly that wasn't the case.
In addition, the nurses I know that have graduated from NYU both have fantastic jobs that provide them about an $80K - $90K income yearly. They assured me that I would be able to pay back the $120K in loans rather quickly. Obviously neither are in debt so how would they know? That's why I decided to post here; I needed more insight from other successful nurses who have maybe had more experience with different programs, loans, etc.
After looking at everyone's helpful and honest posts I definitely am NOT taking out the loans. Going through this program was suppose to make my future brighter, not full of stressful + enslaving debt!!
Thanks again for your advice, I will definitely be looking into different programs!

Very smart decision , look for programs that will offer a great education for a reasonable price, even if it's an ADN program. The market is saturated with nurses and finding a job can take awhile. Goodluck on your search.

ready2baRN · Jun 6, 2015

I took out 65K for my BS degree :sorry: . I went to a non profit private school. Was 65k worth the degree probably not although I now have a fairly decent paying job and using my degree but I could have received the same degree from a public school and paid far less money.

HOWEVER, the experience was AMAZING. I LOVE my Alma Mater and I do carry the torch as a proud Alumni from that University.

Now that I'm back in school for Nursing I refuse to take out any more loans and funding the tuition out of pocket.

Bottom line: You have to look at the bigger picture. 120k for a BSN i'm assuming? Are you looking to advance you career afterwards (MSN, DNP?) if so you may have to take out more loans on top of the 120K that you already borrowed. Maybe you can have your employer to pay for the advance degrees. How much will your monthly bill be when you finish with school? Will a nursing salary cover the cost? Any scholarship opportunities that you can apply for to help cover the cost?

I would do a pros and cons list. Research A LOT and go with what feels right. NYU seems like an amazing opportunity, just make sure it doesn't leave you in the poor house after you completed the program.

OzlemBSN(ANP2b) · Jun 6, 2015

Okay look at it this way. What are your alternatives?

Adelphi 32,570/annually

Malloy 26,980/annually

Farmingdale around 7000ish/year

Sbu 8000ish/yearly

From these programs, except Fsc, all offer accelerated Bsn program. What you have to do is based on your qualifications, determine which program you are likely to be accepted. If you think you won't be able to get accepted to any other, you have to go to nyu if you want to be a nurse. You might find some scholarships or if you work in hospitals such Nslij system, they may provide you with certain amount of money for your tuition. It's called tuition reimbursement program. All I'm saying is if you want to be a nurse, you have to sacrifice on somethings. Weigh your benefits and take the risks. Good luck. Hope I was a help

Ozlem RN-BSN (ANP '18)

ready2baRN · Jun 6, 2015

Also if you do decide on to take on the debt and these are FEDERAL student loans and NOT private loans. You can apply for a income based or income driven payment plan which will generate your monthly payment based on your income. You can then apply for a loan forgiveness after 120 on-time qualifying payments (10 yrs) worth of payments and have the rest of the debt forgiven. The catch you must work for a state, local, or federal government agency or non profit public organization and you must have been working full time to qualify.

There are options..... RESEARCH, RESEARCH, RESEARCH

RNsRWe, ASN, RN · Jun 6, 2015

In addition, the nurses I know that have graduated from NYU both have fantastic jobs that provide them about an $80K - $90K income yearly. They assured me that I would be able to pay back the $120K in loans rather quickly. Obviously neither are in debt so how would they know!

Just a quick note: the rule of thumb for taking no more than one year's worth of salary as a total in loans isn't based on it being paid back quickly, but rather paying it back reasonably, and affordably. Since you have to LIVE on whatever salary you make, if you earn $80K in your first year (much higher than the national standard) it stands to reason that the COL in the region is also much higher, high enough that your rent/transit/food/living expenses are going to make high loan payments NOT a quick, easy thing . Earning that much money means it also COSTS that much money where you live.

Anyway, best of luck to you in seeking out better (the best) options :)

42pines · Jun 6, 2015

Ouch, ouch, ouch......I feel really bad for you.

While almost all posters say "run away," I suspect you're stuck and can't. One poster who is likely from MA, probably near Boston has a 90k loan and has paid a lot of it off, and is happy with it. So if you live in a place like Boston, realize that nursing income can be $10,000 more per year than, for instance, the neighboring state of NH. Taxes factor in too, so it's hard to calculate.

My advice to newbies is simple: Take an LNA course, often it's (as it is in NH) reimbursable. So now you're an LNA with zero debt. Work for a year and pay attention to the question: "Does the place you work at pay at least $2k/year for school?" If not--move or plan to move. Elder care often pays little or nothing, but most hospitals pay $2k-3k/year.

So eventually move to a hospital and then go part-time to an ADN program. You can do this through the Community College system in most states. Eventually you'll graduate with about $4-8k in debt. Then do a RN>BSN. That can be done if you plan it at places like WGU for another $8k (hmm...let's deduct the annual contribution from your employer, so now we're at $6k). $6k for a BSN--what a deal.

Back to the $120k. Interest rate? Last year the rate on Stafford loans was 3.68, quietly it switched to 4.68%. Here's the math o 120k at 20 year repayment: @3.68 monthly payment is $707. @4.68% it becomes $791/month.

If it's a variable rate loan (And I think that part of it must be) I really fear for you. Here's the payment if it moves from a mere 5% to a merely mere 6.99%: $930/month. If it moves to 8.99% it'll become $1079/month. Will it? I hate to say: I think it will. Look at a historical chart of interest rates on this sort of loan and historically 7-9% in the norm, not the exception.

Run into troubleâ€”no problem, do a deferment, BUT, every time you do, you shorten that 20 year maximum, so let's say opt to pay low in the start (as I have done) and pay interest-only, ok but, then it's pay off the total over 10 years, not twenty. (And remember the total never got smaller in this scenario). If you, as many in this country have done, as I have done, opted to pay ten years of interest only, then for the last ten years you are looking at $1414/month (3.68% fixed) or $1582/month (4.68%). If variable you are potentially looking at $2158/month! Most likely your payment will be between the two, in this scenario.

Beware peeps, student loans stand at $1.2 trillion now, in not too many years it'll be $2 trillion. Long ago a person faced with impossible debt could file bankruptcy. No moreâ€”that safety valve has been removed. Long ago serfs farmed for the king, it seems to me we are returning to that day again except it's not the king it's the banksters.

scaredsilly, BSN, RN · Jun 6, 2015

Look into grants and scholarships. Also do fafsa and see what that will get you in the way of financial aid. My school was 33k a year, but after the scholarships, grants and financial aid, my loans totaled 19k

pmabraham, BSN, RN · Jun 6, 2015

Good day:

Find a good community college for your nursing school. Mine runs approximately $3,000 per semester not including books and supplies. Given there's no national nursing shortage, I would never spend more than $10,000 per semester unless there was a guaranteed job at the end or I was receiving some form of aid.

Thank you.

natmcc · Jun 6, 2015

Hi thirteenthrig,

I, like you, was accepted to a private Master's Entry into Nursing program (Hopkins) and found myself defeated by the amount of debt I would incur upon completion of the program. I feel your pain and just want you to know that it is not an easy decision, it certainly wasn't for me. However, I have decided to apply to some state schools and even a couple ADN programs. I kick myself everyday for not applying ot these programs along with the Master's Entry programs I applied to. I have discussed the topic with many administrators, nurses I work with, friends and family, and they all say the same thing. That it is not worth the debt in the long run, especially looking at the realistic monthly student loan payments.

I have ultimately decided to pursue my ADN first, as it is the fastest route to getting a nursing degree at this point without having to wait another whole year to enter a program. From there, you can gain nursing experience years while getting your BSN, which is huge. After you obtain your BSN, you will be eligible for most NP/CRNA/DNP programs (especially with the nursing experience you acquire while getting your BSN). Of course, this is just one way to do it.

I wish you luck in your decision. Just remember that nurses are needed, and the need that our health system has for them makes it more about skill than university name. As long as you are good at your job and make the most out of your education, you can go far with a nursing career. This is what I have gathered, at least.

Best!

Yuppers21 · Jun 6, 2015

The only reason these schools can charge these outrageous tution costs is because there are students who will pay it, not because they are worth that amount. As many others have said, look for other options. I paid approx $20k for my BSN at a well respected state school. The private, for profit schools in my state run upwards of $60K+ and I discourage others from going that route unless there is some extenuating circumstance to consider. The realization that there are nursing programs that charge over $100k is maddening. Unless the tuition is being paid in cash by wealthy students/parents, then it is being bought by loans which burden the student far too much. The only winners here are the bankers and the school administrators who have an obligation to keep "feeding the beast" without proof of value to the purchaser.

flyersfan88 · Jun 6, 2015

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