Please Help: Student Loan Debt

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I recently confirmed my enrollment in NYU's Accelerated BSN Program for Fall 2021, and I'm extremely concerned about the amount of student loan debt I'll accumulate later in life. I knew their program was costly, but it's really hitting me now that I'm trying to figure out how to pay for it. Here's a bit about myself:

I am 22 and from CA. Graduated with my first B.S. this month with $27k in federal loans. I'll need $70k to attend for 2/4 semesters, so around $140+ for the entire curriculum. (I've already taken out the maximum amount of federal loans, so private loans are my only remaining option.)

Everyone keeps urging me not to go through with this decision and that getting my ADN is the better approach. NYU is my dream school, and I worked so hard not to take advantage of this amazing opportunity, but hearing everyone's opinions makes me feel as if I'll never be able to recover financially. 

I'd appreciate any advice you could provide me about my situation, as well as your own experience with student loans. I'd also welcome some suggestions for the most reputable private loan lenders, if possible. Thanks in advance to anyone who comments.

TheNursingdoll

TheNursingdoll, CNA

22 Articles; 256 Posts

Are there any scholarships too that you could apply for?

natbrizam

natbrizam

15 Posts

1 minute ago, TheNursingdoll said:

Are there any scholarships too that you could apply for?

I've been applying to a few different ones, but I doubt I'll be successful.

TheNursingdoll

TheNursingdoll, CNA

22 Articles; 256 Posts

6 minutes ago, natbrizam said:

I've been applying to a few different ones, but I doubt I'll be successful.

It's all in mentality , If you have gotten to NYU believe me you're successful. I would try to go to a financial advisor within the school , also too don't give up on your dreams but for a plan B , try to see if they have a transfer option.

natbrizam

natbrizam

15 Posts

19 minutes ago, TheNursingdoll said:

It's all in mentality , If you have gotten to NYU believe me you're successful. I would try to go to a financial advisor within the school , also too don't give up on your dreams but for a plan B , try to see if they have a transfer option.

You’re right thank you so much. I’ll definitely contact the financial aid office. 

Mergirlc, RN

610 Posts

So at the age of 23/24, you'll be $167,000.00 in debt for two bachelor degrees?

That's a lot, if this is true.

Why all the way to New York?   If your true goal is getting a BSN, why not go to another state which might have a lower cost of living?  You're young and don't have to be in such a rush to get into such a huge amount of debt.

That's a lot of interest and you'll be paying at least $700+ month if you plan to pay that off within 20 years.

Your friends are correct.  Don't do it.  Try to go to a cheaper state or school if you can.  Your wallet will thank you later in life!

 

Edited by Mergirlc
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NICU Guy, BSN, RN

Specializes in NICU. Has 7 years experience. 4,071 Posts

Tuition is just part of your debt you will accumulate. You need to pay for books, scrubs, housing, utilities, food, etc. There are far cheaper options between California and New York. Even after graduating with your BSN, you will be tied to that huge debt that will effect other things in your life, such as affording vacations, buying a house, buying a car.

It may be hard to believe, but there are many flyover states that you can get your education, have minimal student loans, low cost of living and not be burden with a large debt that will take decades to climb out of. I went through an ABSN program and it cost me around $20k. I was out of debt within 18 months of graduating.

NorCalKid

NorCalKid

141 Posts

I think your crazy even considering 140k in student loan debt!  I'd do a more affordable bridge program or a associate degree.

If you already have a degree you are perfectly capable of working and saving when your doing pre recs and applying.  Cancel your cable TV,  change phone service to $30 Metro PCS or Google Fi, Dump the car loan and buy a sub 5k car for cash, etc.  Serve tables or bartend on the weekends when in school, etc.

You haven't really given much info about your actual situation.  But I'd make a goal of graduating with no new debt.

Nurses are the worst when it comes to finance.  Come out of school well educated with a well paying job and zero financial training.  I try to get all new orientees to skip the new car and start the 401k/403b immediately.  

140k in debt---CRAZY

NorCalKid

NorCalKid

141 Posts

For anybody else reading this

Looking back, the best way financially to go about school.  Do a ADN and graduate debt free assisted by federal grant money, get a job and a little experience and your hospital will probably assist paying to upgrade to BSN.  In a couple years you are debt free with both a BSN and enough experience to get your dream job. 

Not what I did but looking back this is the rout I'd advise a pre nursing student to go. 

From what I have seen, nursing is an area in which the school you graduated from is only moderately important regarding your chances for success in the field. There are so many other factors other than the name brand of the school, for example, the types of settings or units and what you work to gain experience, your on-the-job training opportunities, and Continuing Education or certifications. If you already know you want to be a nurse, and RN,  I would not recommend an ADN and extending the process of your education, especially since you already have student loans. That is valuable time and money, although you are pretty young. Go for a BSN but at a university, almost any university that has a decent reputation, does not need to be prestigious. Nursing school is meant to give you knowledge, problem-solving skills, analytical skills, and a small amount of hands-on experience to get you going in nursing, again, from that point going forward, it will be the factors I listed above that will get you where you want to go, not the name NYU. At this point your student loan debt is not a lot. Check with NYU financial aid office to see about any grants and also options for working on campus that they may have, and ask them to help you crunch the numbers for what you might need on a yearly basis on top of any financial assistance. Person who pointed out other costs other than the education itself made a fantastic point. That is a huge part of student loan debt as well. Also, do you have the money to move to New York and then to move elsewhere if needing to transfer out?  Just moving costs a lot. You are in a state with many great educational options. From someone with experience regarding student loan debt, I can tell you it has had a severe impact on my life in terms of finances, being able to afford a home, family planning, having to significantly and severely postpone so many of life's major decisions so many multiple ways. That is because my student loan debt, which also did include living expenses, was very high, comparable to the numbers you are potentially are potentially facing.  It is a huge burden on my shoulders. Don't get yourself in the same predicament when it is not necessary for a field like nursing.

guest358111

guest358111

12 Articles; 123 Posts

Excessive debt ( and frankly, the $$ you are describing seems excessive ) will trap you for years. Less debt = more freedom in the future to do what you want. There are plenty of affordable programs like community colleges out there. Everyone takes the same NCLEX in the end. 
Unless you have a sure plan to be able to pay that debt off ASAP after graduation, with the interest that will accrue, you will be setting yourself up for a lot more stress and bondage  in the future if you go this expensive route.

NorCalKid makes some good points about getting an ADN first, if you would like. Another thing I think is useful looking back, if going the BSN route, is getting any non-nursing prerequisites done at a community college that is a sort of feeder school to your target university or college for the actual nursing school. I mean everything from history and math to Chemistry, anatomy & physiology, biology, etc. Make sure your grades are top notch so that you are competitive when applying for the bachelors program. The community college student advisors can verify that each class would transfer. Also go try to visit, in person, the student advisor for your target nursing school(s) and ask them for advice regarding what would make you an optimal candidate for getting into their nursing school, in terms of specific choices in classes that you make, time-tables for applications, etc--but keeping in mind trying to keep costs to only what is necessary. The prestige of NYU would be great but is so unnecessary for nursing. Better to set yourself up for the best possible scenario all around--all other aspects of your life including your future.