Nursing salary vs. tuition repayment

JayMC · May 26, 2020

I would recommend checking with your employers about any programs that they have. This applies if you work in a hospital. Many hospitals have programs where if you let them know you're in school for your nursing degree, they will help you pay some of the costs of your program as long as you agree to work for them for a set amount of time. Usually about 2 or 3 years minimum.

Ngav1206, LPN · May 26, 2020

That’s great advice. I will definitely be working more to pay it down as soon as possible. It will be easier since my kids will be older. I hope I can survive it. PRN jobs are okay but they can be very stressful. I see some agency nurses coming in and just looking lost and super stressed. I will give it a go though for sure since I have experience in different areas of nursing. Thanks!

HiddencatBSN, BSN · May 26, 2020

I would just be careful of any financial plan that requires you to work overtime or PRN jobs, especially if you’re working night shift. Some bodies can handle that in the short term or long term but that constant physical stress can and will take its toll. If you do this have an exit strategy, include savings in your grinding, and make sure you have good disability insurance.

amoLucia · May 27, 2020

I was attempting to follow this post closely but all the arithmetic calculations just super-overwhelmed my brain! And while it's all well & good to financially preplan and calculate, one cannot forget that despite the best made plans, sometimes LIFE gets in the way!

HOPEFULLY, OP will remain healthy. Hopefully, her close family will remain healthy. Hopefully, her home will remain safe from hurricanes or fire. Hopefully, no catastrophic life events will befall her (or those close). And NO pandemic

And it is sincerely hoped that her career work experience progresses without bumps; and the same for her educational endeavors. We can all relate negative experiences when jobs and/or school just did NOT mesh as well as we had hoped & planned.

So to judiciously & cautiously move forward while planning for LIFE is absolute.

Ngav1206, LPN · May 27, 2020

That is a really good point! I hope to stay healthy and working for the next few years!

kdkout, BSN, RN · May 31, 2020

68k to go from lpn to RN is ridiculous and too expensive. Not worth it. Find a cheaper way or don’t do it.

How 2 Become a Nurse, BSN, RN · May 31, 2020

On 5/11/2020 at 11:19 AM, Ngav1206 said:
Hello,
I am wondering if the tuition is worth the pay and career in the end. Currently I work as a LPN. Program was very inexpensive and already paid off. I am currently in my BSN program and am looking at about 68k in student loan repayment at the end. Needles to say I am really freaking out about this. My payments with private loan included will be at almost 1k per month! I did the math and I will technically be making almost the same amount working at a typical RN salary vs. a full time LPN salary due the the 1k on payments every month for at least 10 years ? Have any of you been able to find any extra financial assistance programs or Scholarships without high GPA’s? I need help!

@Ngav1206

Make a budget and financial goals. This is the main key to paying down debt and staying financially smart. Even after you get your RN job don't splurge, keep going until you pay off your debt.
Apply to scholarships now. The key is quantity not quality. Make templates and change them up per application. Most will be small 500-1000 but they add up.
Look for scholarships like the HRSA Nurse Corps scholarship. You enter a contract to work in a RN needs area but check your area; many meet this requirement.
If you are working check with your employer to see if they have programs to help you.
After graduation and while working look for loan repayment programs from your State.
When you start working and get some experience you can become a travel nurse or work per diem. These pay more and will help you to pay off your debt more quickly.

Leader25, ASN, BSN, RN · Jun 8, 2020

On 5/11/2020 at 2:19 PM, Ngav1206 said:
I am wondering if the tuition is worth the pay and career in the end. Currently I work as a LPN. Program was very inexpensive and already paid off. I am currently in my BSN program and am looking at about 68k in student loan repayment at the end. Needles to say I am really freaking out about this. My payments with private loan included will be at almost 1k per month! I did the math and I will technically be making almost the same amount working at a typical RN salary vs. a full time LPN salary due the the 1k on payments every month for at least 10 years ? Have any of you been able to find any extra financial assistance programs or Scholarships without high GPA’s? I need help!

NO to low GPA scholorships.You need to have a plan to pay off your loans as quickly as you can ,any delay will only cost you in interest,it should be number one priority.The tuition at Penn state is beyond ridiculous so be thankful you did not go there.

Two things as soon as you start working 1.Payoff loan and 2.403b or 401 k savings plan,whatever your employer offers.as an automatic pretax deduction ,will lower your taxable income.

I know once you graduate you will have many needs that you put off doing without during school, resist the urge to spend,learn the difference between need vs want.

Plan small little rewards for your self until you get your self debt free.Congratualtions on your future career and much luck in life.

londonflo · Oct 30, 2021

On 5/12/2020 at 6:18 PM, damiorifice said:

My guess is they are doing an accelerated program. Cost becomes a non-issue if it gets you working a year earlier.

On 5/14/2020 at 11:08 PM, damiorifice said:

You need to do a cost benefit analysis of your various options. Use Wisconsin my state as an example.

Cost of ADN ~$10,000 at 65 credits. Assume 2-3 years to completion depending on your diligence factor. Let’s assume two years. You begin making 60k a year and work in your BSN. Let’s assume you have the other general credits and spend an additional year finishing the 30 required BSN credits at a state university. Cost ~$10,000, net positive right now $40,000 at year 3. Then you do your MSN-NP Program followed by advanced practice NP cert, again at the state school. Tuition will hit you for $12,500 a year at 2.5 years if you haul tail while working. Assuming you got a salary bump between t he ADN and BSN and picked up some extra shifts let’s say you make $70k a year. During this period of time you walk out net positive 197k at year 5.5 and start working as an NP making $125,000.

Curious if this has been actually realized.

On 5/14/2020 at 11:08 PM, damiorifice said:

Compare this with the "expensive" demsn program at one of my local private non-profits. I walk in and in 18 months I’m an RN and net negative $60,000. I start working at the VA with a starting pay of 65k due to the MSN with no previous experience. Immediately start the post masters NP cert (there is more than one locally that don’t require prior bedside experience, again, private and expensive.) Cert runs $40,000 or so assuming roughly 40 credits and can be completed in a year and a half. Net negative $2.5k at year 3. Work as NP years 3-5.5. Net positive $310,000 and you have been an NP 2.5 years already.

The "cheaper" path cost you $113,000 in salary and 2.5 years of NP experience and 401k matching. Likely cost you to the tune of $140,000 to save money.

Almost 2 years out...what is the reality?

londonflo · Oct 30, 2021

On 5/25/2020 at 3:10 PM, TheDudeWithTheBigDog said:

Definitely don't overlook overtime / PRN positions. If you can manage to get a 3x12hr shift job, which is super easy to do as an RN, you just set yourself up to live the dream. Most people work 5 days a week to get to 40 hours, you're at 36 in only 3. Just picking up 1 hour shift a week puts you up to 44 hours on only your 4th day. So in 1 day less than the average worker, you put in 4 hours more than they did. It sounds horrible, but remember, you still get 1 extra day off that pretty much everyone else doesn't get.

Now, overtime is hard to guarantee long-term, so we're going to completely ignore that and just look at PRN jobs. At only 1 year of experience, you can pretty much just walk into any nursing home and get hired for a PRN position as an RN

More than a year later, what is the outcome?

On 5/25/2020 at 3:10 PM, TheDudeWithTheBigDog said:

I've been purposely borrowing a lot because I used my loans to supplement the loss of hours thanks to school. Even still, on a 25 year repayment plan, my highest interest loan, at 5% interest will be completely paid off in less than a year

Has this worked out?

On 5/25/2020 at 3:10 PM, TheDudeWithTheBigDog said:

The plan is that while being on a 25 year repayment plan, I completely pay off all of my student loans in 7. That leaves me exactly 20 years until I can retire, I can throw that 4th day a week on top of what I'm already paying for housing and buy a house by the beach, completely paid off by retirement, while still having the money from my normal pay to easily cover insurance and tax, and still have money left to save every paycheck.

It is always good to have a retirement plan. I actually truely want to know how, 1 1/2 years later if these plans have worked. out.

Guest1142305 · Oct 30, 2021

4 minutes ago, londonflo said:

Curious if this has been actually realized.

Almost 2 years out...what is the reality?

Started in January, wife got pregnant again in February. Went full steam 2 semesters, split semester 3 in half. Finishing up 42 credits this year strong. Should have been 51 credits but it was too much with my wife’s high risk pregnancy (she’s slipping into pre-eclampsia and likely will be delivering next week at 36 weeks gestation.) Taking 9 credits in the Spring and will be done with the BSN/MSN in the Fall. Will *hopefully* be starting a post masters pmhnp certificate program immediately afterward as the Department of Veterans Affairs decided that was my best vocational goal. Expected graduation Fall 2023. Will likely forego immediate practice and do a 1 year Psychiatric NP residency (assuming I get into a slot, MCW looks promising) to bridge my lack of experience in an RN role.

Accelerated is no joke, but I love Nursing so far.