Nursing school Loans?

[princesspunch]

Hi all,

I'm starting nursing school in August, and I dont expect to be able to work except on breaks and Summer vacation. I was wondering how much to expect to take out in loans, and how to calculate the amount.

My monthly expenses are about $2,000, and the program costs about $10,000. If I did my monthly*program costs, it leaves me with a little over $100,000 debt by the end of the program.

Did any of you experience this or have any other means of supporting yourselves while in school? I'm also the sole income for our household (my mom, daughter, and myself).

How did you calculate how much you'd need and/or get from the loans, how did you manage to pay them off or avoid them?

Any advice is very appreciated, I am terrified of debt since I currently dont have any and always pay my bills early!

[FutureNurseInfo]

I don't understand why you would accumulate $100,000 in debt?

[Oldmahubbard]

What are you calculating your student loan payment will be on $100,000? (100K, 4.5%, 10 yrs = $1,036/mth)

What is reasonable take home pay for a new grad nurse working full time? ($30/hr x 36hr/wk x 52wk/12mth x .7 taxes = $3,276/mth.

Can you afford to spend almost one third of your take home pay on a student loan payment?

The take home pay is probably even less, because health insurance and union dues are not factored in.

[AnnieOaklyRN, BSN, RN, EMT-P]

Save and pay out of pocket. Every single one (LPN, ADN, BA,BSN,MSN,and DNP) of my degrees was earned this way- as were those of my four kids. It can be done, you just have to give up some of the 'extra' .

Hi,

Unfortunately not everyone is in a place to do this. I am a single person living in a very expensive part of the country and I don't think I could have afforded to pay out of pocket for my initial schooling (that was the bulk of my student loans), even if I lived with my parents, who did in fact charge me rent.

It is possible if the person is married and has two incomes and maybe lives in a lower cost of living area, but in the Northeast or other places like California it would be very tough!

I did pay for my RN- BSN out of pocket which was 12 thousand, but I had to work about 80 hours a week to do it!!! I could not work 80 hours a week while going to my nursing program with clinical and lecture days.

Annie

[nursinglove30]

OP before you consider taking out loans please see what you can get for free before.

-file Fafsa

-Can mom watch your daughter

-social services (have you considered looking into housing vouchers? How about EBT for food? Do you qualify for free insurance )

-can you work for about even $1000/month?

After all this then consider loans but I wouldn't advise this unless it is government subsidized.

[nursinglove30]

Hi everyone,

So sorry, I was totally doing my math wrong and thinking about 4 years instead of 2! I'd only need about 58k... I did apply for FAFSA and any scholarships I could find from my school's online portal. Other than that, I'm not sure what to look for.

Also, I'm logged into my FAFSA, how can I view how much I would be getting?

Op as soon as you complete the application, it will generate an estimate of how much you are awarded based on your family contribution. Also look into nursing specific scholarships. My state has a grant for nurses to pay for your tuition but you have to work in the state for the equivalent years the grant was awarded to you or pay the money back later. Just look around before taking out that amount of money.

[turtlesRcool]

So, if I understand you correctly, you're considering borrowing not just tuition but also living expenses for three people for two years? That's not a good decision.

Why can't you work? I understand you have a child. Is she old enough to go to school? Daycare while you work? Can your mom watch her while you work? Can you pick up a shift or two a week, just to have something coming in?

Is there a reason your mom can't work at all? If your mom can't work, has she filed for disability? If she's been denied disability (many are denied the first time), has she reapplied? Surely, she can contribute to expenses in some form.

I completely understand wanting to have nursing school be your whole life, but sometimes it can't be. Even though we technically weren't supposed to work in nursing school, the majority of my classmates worked at least part-time.

[meanmaryjean, DNP, RN]

Hi,

Unfortunately not everyone is in a place to do this. I am a single person living in a very expensive part of the country and I don't think I could have afforded to pay out of pocket for my initial schooling (that was the bulk of my student loans), even if I lived with my parents, who did in fact charge me rent.

It is possible if the person is married and has two incomes and maybe lives in a lower cost of living area, but in the Northeast or other places like California it would be very tough!

I did pay for my RN- BSN out of pocket which was 12 thousand, but I had to work about 80 hours a week to do it!!! I could not work 80 hours a week while going to my nursing program with clinical and lecture days.

Annie

I understand that not everyone can do this. My point was to not automatically consider debt as the "only" solution. My husband earns not a lot above minimum wage and has for most of our marriage. I have, at times, worked three jobs to make it happen. We worked opposite shifts and literally handed off kids in the parking lot in order to be able to make it work. Went years without a vacation, drove beaters, never ate in restaurants and shopped at garage sales and Goodwill.

[andythenurse]

I'm happy to hear you're going into nursing school! I'm graduating in two months with my BSN. I've managed to make it through school with no debt (and my parents did not pay a penny). Here are a few tips I'd share to help you:

1.) Apply for every scholarship under the sun. I applied for literally over 100 scholarships during school. I only won 3 or 4, but it made all the difference.

2.) Submit a FAFSA. It's basically free money!

3.) Don't be afraid to work part time. I did this! Many many people do. Some of my classmates are single mothers AND worked 20 hours per week. It can be done.

4.) On your FAFSA, mention that you are interested in Work Study. My school offered me a part time job as a nursing tutor through the work study program. This was incredibly valuable to me. It has helped me relearn the material, while getting paid! Basically, you get paid to study.

5.) Look at cheaper schools! Graduating from the #1 school in the country isn't important. Getting a good education can be done at many schools. I'd stay away from the "online, for-profit" schools that "guarantee a 100% NCLEX pass rate". They often care more about whether or not you pass than what you're learning. I went to a state school in Montana that offered a Bachelor's. It was an amazing program that has a lot of local respect. However, nobody knows it nationally because it isn't a "big name" school. However, I have had no problems getting a job. I pay roughly $3,500 a semester in tuition (BEFORE scholarships and FAFSA is calculated). After scholarships and grants, I end up paying only $1,00 a semester.

6.) Stay positive! You'll get through this

7.) SAVE MONEY. Do everything that you can to save money to put towards education. You don't need the newest iPhone. You don't need to buy brand new textbooks- buy them used. You don't need $100 scrubs- get them at Walmart for $11.

Good luck, and enjoy the journey!