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Discussion

Paying student loans

I just graduated 2 yrs ago (AS) and currently owe $46,000. I took loans out through the US government and started paying back approx $550 a month for the next 10 yrs. I want to persue my BSN online but cant afford to tack on more to this loan. When I hear people getting their masters degree or doctorate, I wonder how much they actually owe and how they can afford it. I live in New York area and don't qualify for financial aide, I have a home and 3 kids ( who are going to college in 2 yrs) My employer only pays $1200 a YEAR, which isn't much...

Please let me know how everyone is paying back these loans besides scholarships..

Thanks

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    • Admin

    I currently am paying on my undergraduate loan for my BSN (initial nursing degree) and graduate loans for my MSN. I was fortunate enough to consolidate when interest rates were incredibly low for my undergrad loans. I was not so lucky with my grad loans- the interest rate is higher than the one for my mortgage! However, I am paying them off (hopefully ahead of time) by creating and sticking to a budget while throwing every available extra cent at my debt. I also work in the OR, which includes a lot of on call time plus a lot of time working extra- at time and a half whether I've reached 40 hours for the week or not. I'm actually picking up extra call to make a little extra money. I also maximized my tuition reimbursement- stretching out the program so that I could pick up reimbursement for an extra year than if I'd rushed right through the program. One of the things that really helped though was that I waited 10 years to go back to school- I was able to have a decent amount saved up so that I didn't have to take out loans and had made a pretty hefty dent in my undergrad loans. Would waiting a year or two to go back while saving up money be feasible? More drastically, you could try looking for a job with better tuition reimbursement, but again, you'd probably have to wait until you become eligible to receive it.

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    • Author

    Rose_Queen thanks for responding, I tried to consolidate and stretch the loan for 20 yrs which by then I will have retired and would have paid a grand total of 92,000 for ASN (ridiculous) I was researching Western Gov University or Chamberlain for BSN, both very different in price and work load. Im nervous about the work load and if I can handle it with deadlines. I work 5 days a week for a very busy dialysis clinic. I will be there 1 yr in June. I have been a nurse for only 2 yrs, first year as an ER nurse. Where did you go for BSN and MSN? And how did you find the work load.. Im a nervous Nelly lol.

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    • Admin

    My BSN was at the city college where I lived at the time. I was a traditional college student- fresh out of high school and only working part time except during breaks. My MSN in education was completed just this past year at Walden University. I was working the same job then that I am now- full time with on call (and spending a lot of that on call time working) that averaged out to about 50 hours per week spent working. I have no children, so that wasn't an issue. I didn't have much trouble with the work load, although the practicum did require taking a lot of days off work to get in all the hours I needed.

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    • Experts

    One of our frequent posters, who also lives in NY, completed an online BSN through Western Governors for less than $4,000. She accomplished this by completing 50 credits in less than six months.

    Due to WGU's flat-rate pricing structure and self-pacing, a highly motivated person can complete the BSN degree in one term and not go into debt.

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    One of our frequent posters, who also lives in NY, completed an online BSN through Western Governors for less than $4,000. She accomplished this by completing 50 credits in less than six months.

    Due to WGU's flat-rate pricing structure and self-pacing, a highly motivated person can complete the BSN degree in one term and not go into debt.

    Wow, this definitely sounds like something I need to look into. The online RN-BSN program at my school is over $6,000 a semester, not including books. Would you by chance know if they'll accept previous credits, and how long a class lasts? She completed 50 credits in one semester?! That's amazing!

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    • Experts
    Wow, this definitely sounds like something I need to look into. The online RN-BSN program at my school is over $6,000 a semester, not including books. Would you by chance know if they'll accept previous credits, and how long a class lasts? She completed 50 credits in one semester?! That's amazing!

    WGU accepts previous credits for transfer, no matter how many years ago you earned them. I am currently enrolled in the online RN-to-BSN program and the transcript evaluator was rather generous when granting transfer credits.

    The only course with a time limit is statistics, which must have been taken less than five years ago if you wish to transfer it in for credit. If not, WGU offers an introductory statistics course that can be taken alongside the nursing coursework.

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    WGU accepts previous credits for transfer, no matter how many years ago you earned them. I am currently enrolled in the online RN-to-BSN program and the transcript evaluator was rather generous when granting transfer credits.

    The only course with a time limit is statistics, which must have been taken less than five years ago if you wish to transfer it in for credit. If not, WGU offers an introductory statistics course that can be taken alongside the nursing coursework.

    That is wonderful to hear! I'm glad they were generous transferring your credits.

    I hope you don't mind me asking some more questions! This may sound like a silly question, is WGU accredited? Will they accept credits from another RN to BSN program, including the nursing credits? What are the classes like? How long do the classes last? Do you have clinicals? Do they have tests, if so, what would you say the tests are like? Could you pick up more classes throughout the semester as you complete some? Are you required to purchase any extra odds and ends in order to take the courses (ex. headset, video camera, etc)? Any additional requirements while being enrolled in the RN-to-BSN program? How would you rate the school's helpfulness with any help needed?

    I haven't taken Statistics yet, so that should be no problem!

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    • Experts
    This may sound like a silly question, is WGU accredited?
    WGU is regionally accredited and their nursing programs have CCNE accreditation.
    Will they accept credits from another RN to BSN program, including the nursing credits?
    In general, nursing credits are difficult to transfer anywhere. WGU will grant 50 credits for having an active RN license.
    What are the classes like? How long do the classes last? Do you have clinicals?
    It is a competency-based program. It is also self-paced, which means you can finish a course in a few days or a few months. The program has no clinical rotations, but the community health course has a 90 hour practicum that you complete in a community of your choice.
    Do they have tests, if so, what would you say the tests are like?
    The tests are all proctored. You can choose to take them at a testing center, or at home while monitored via webcam by a proctoring service.

    Could you pick up more classes throughout the semester as you complete some?
    Yes. This is called 'accelerating' your coursework.
    Are you required to purchase any extra odds and ends in order to take the courses (ex. headset, video camera, etc)?
    The school sends all students a webcam that is included in the tuition as part of the technology fee.
    Any additional requirements while being enrolled in the RN-to-BSN program? How would you rate the school's helpfulness with any help needed?
    Students are required to have weekly phone appointments with the program mentor. You can also book phone appointment time with the separate course instructors.
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    I'm one of the ones who did 50 units in just over three months at WGU - it's fully accredited and I was SO thankful to get my degree for $3Kish. Depending on income, there are also several tax credits to choose from that can offset that tuition so I paid about $1K after that was accounted for. I'm now going back to WGU for my MBA - I expect that can take up to two terms, but it's still a bargain!

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    WGU is regionally accredited and their nursing programs have CCNE accreditation.

    In general, nursing credits are difficult to transfer anywhere. WGU will grant 50 credits for having an active RN license.

    It is a competency-based program. It is also self-paced, which means you can finish a course in a few days or a few months. The program has no clinical rotations, but the community health course has a 90 hour practicum that you complete in a community of your choice. The tests are all proctored. You can choose to take them at a testing center, or at home while monitored via webcam by a proctoring service.

    Yes. This is called 'accelerating' your coursework.

    The school sends all students a webcam that is included in the tuition as part of the technology fee.

    Students are required to have weekly phone appointments with the program mentor. You can also book phone appointment time with the separate course instructors.

    Thank you so much for taking the time to answer all of my questions! My biggest concern was investing the time and finances into getting a degree, only to find out later it wasn't accredited. Thank you so much again, I'm going to give them a call today!

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    I'm one of the ones who did 50 units in just over three months at WGU - it's fully accredited and I was SO thankful to get my degree for $3Kish. Depending on income, there are also several tax credits to choose from that can offset that tuition so I paid about $1K after that was accounted for. I'm now going back to WGU for my MBA - I expect that can take up to two terms, but it's still a bargain!

    Fifty units in just over three months?! Wow, that's wonderful! Yeah I can understand. Getting an education isn't cheap, but I was so shocked to hear how much WGU is in comparison to paying by credit hour! Let's see, which is the better deal...two classes (3 credit hours each) for over $3,000...or do several units at WGU, and graduate (in less time) with a little over $3k. WGU it is! Good luck on getting your MBA, you can do it!

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    I'm now going back to WGU for my MBA - I expect that can take up to two terms, but it's still a bargain!

    Fair Warning: An MBA from a school which is not AACSB accredited is not recommended. It will be fine for nursing if you do not plan on climbing the executive ladder, but useless if competing against someone from an AACSB accredited program.

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