Please Help: Student Loan Debt

londonflo · May 26, 2021

On 5/22/2021 at 6:37 PM, natbrizam said:

NYU is my dream school,

Why didn't you go there first? just asking (before your first B.S, and 27K)

natbrizam · May 27, 2021

20 minutes ago, londonflo said:

Why didn't you go there first? just asking (before your first B.S, and 27K)

Nursing was not on my radar back in high school, so I only applied to California universities as a Chemistry major.

When I was researching ABSN programs last year, I took a huge risk and only applied to NYU because it had all the qualities I was looking for (minus the cost, haha)

PollywogNP, ADN, BSN, MSN, LPN, NP · May 27, 2021

3 hours ago, natbrizam said:

Nursing was not on my radar back in high school, so I only applied to California universities as a Chemistry major.

When I was researching ABSN programs last year, I took a huge risk and only applied to NYU because it had all the qualities I was looking for (minus the cost, haha)

Please list these “qualities “ that ONLY NYU has. Sounds like you’re trying to justify your reasons for choosing NYU. Local ADN community college tuition is $888 per semester in county, out of state residents $2832 per semester. The BSN program at local university tuition $8,044 per year in state so $4000 per semester or $25,666 per year out of state. They have ABSN and another program for second degree students that is not fast paced. This is just in my city. There are plenty of cheaper schools out there that are reputable. I taught at the university and had quite a few second degree students moving here to get BSN for lower tuition.

My daughter graduated from local university in 2017 no student loans. I also never had student loans.

love2banurse89, BSN, RN · May 28, 2021

Many hospitals & other nursing facilities will pay at least part toward your BSN. Please consider working while getting your education & not going into more debt! I didn’t have much student loan debt (graduated in 1989 so a long time ago!!) but was married to a man who, for almost 23 years, got us deeper & deeper in debt every year. It was very, very stressful to live w/that always hanging over us. I’m now married to a man who is extremely conscious about finances & I can’t describe the feeling of freedom we have regarding finances!

londonflo · May 28, 2021

On 5/22/2021 at 6:37 PM, natbrizam said:

NYU is my dream school, and I worked so hard not to take advantage of this amazing opportunity,

On 5/26/2021 at 7:40 PM, natbrizam said:

When I was researching ABSN programs last year, I took a huge risk and only applied to NYU because it had all the qualities I was looking for (minus the cost, haha)

So NYU was not a life-long dream... I am not meaning to be rude, but your infatuation with NYU is recent. You can arrange to go there for your MSN or even a conference.

When I was young (don't you hate these stories) I wanted to go to Oxford University. This was NEVER in the cards but I got there for a Summer session later in life. Leave something to do on your "bucket list" to look forward to, When you graduate you may think I will live on rice and beans....but you will become resentful of those who can go out to restaurants, shop etc.

On the other hand, if this means so much to you ..."do it" . I have regretted when I didn't take chances for what I wanted. If it means so much to you...do it.

HarleyvQuinn, MSN, RN, NP · May 29, 2021

On 5/22/2021 at 7:37 PM, natbrizam said:

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.

You do realize you're approaching medical school-sized student loan debt just for an entry-level RN degree, right? This is insanity. There is no reason to accumulate this much student loan debt for a BSN. You are not going to earn a paycheck that will make it easy to pay it off while also taking care of your other bills in a high cost-of-living state. We really need to include basic finance, student loan, and budgeting classes in high school.

No1shan · May 31, 2021

So I’m in the same boat (kinda) I accepted my offer for NYU ABSN program for Fall 2021 now I’m reconsidering. I live in NYC already and don’t have any student loan debt from my undergrad degrees. The price tag for NYU is hefty to say the least and the scholarship grant I received from the school was pennies compared to the overall cost. I qualified for federal loans, but around 7k a semester both subsidized and unsubsidized, again pennies compared to the total cost. Majority of the program would need to be paid with private loans, which scare me LOL. I am honestly considering waiting a year and applying to the cheaper programs bc I am terrified of working hard for my degree to only work to pay it back (if that makes sense). Reach out to the scholarship officer and set up an appointment with her. I did, she was pretty helpful explaining the entire process but something that stood out to me when I was speaking to her is she said she regrets til the day, spending so much on her degree.

ThursdayNight, CNA · May 31, 2021

On 5/25/2021 at 10:00 AM, NorCalKid said:

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

Mintmobile has an excellent $30/mo unl plan and data. I'm not a worker. Just sharing my experience with the carrier. Before I DC my Cox internet ($50/mo), I had a $15/mo plan. The only con of this, I had to pay upfront for 12 mos plan.

aspiringnurse12345 · May 31, 2021

Please do not take on this debt for a bachelor's degree!

LittleCa, CNA · Jun 9, 2021

Girl, I feel ya. I just got accepted to a ABSN at a private school that is going to cost me 54k and I'm already having nightmares about the debt. I know this is nothing compared to what you are going to pay for NYU. But, this is still a lot of money for me when I can go to my local CC for 10k. My rationale is, I can wait a few more years for my place at my local CC waitlist to come up, get an ADN in two years, and then bridge to a BSN online later. Or I can, go out of state to the ABSN this fall and be done by the end of next year. Time is of the essence for me and that's why I'm choosing to pay for it, instead of waiting.

Anyways, here are my two cents for you. If that's your dream, do it. Just be aware of what you are doing. Do a deep dive into your reasons why. Is that how you want to spend your future money, or would you rather use it for vacation, a house, or a nice car? What are you doing it for? Is it for the experience of living in NY? You can become a travel nurse and work there after you graduate. Is it for the experience of going to NYU? Like some people said, you can get that with a master's later when your employer might help you pay for it.

But again, if you search deep inside and realize you really want to do it and it's worth it. Do it. Loan repayment programs exist. Make it work. Best of luck!

CjoNp · Jun 10, 2021

First, congratulations that’s quite the achievement. Second as an NYU MSN grad I have to tell you the education isn’t worth the cost. I went there for the glamor of the name and also ended up $90k poorer. I would really suggest finding another school if you can’t find additional scholarships-I wish I would have listened to that advice. Best of luck to you!

eta: NYC cost of living is insane. So you’re likely to need to take out extra loans just to get by.

spacekitten9643, BSN, RN · Jul 20, 2022

On 5/25/2021 at 6:07 AM, NICU Guy said:

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.

Which ABSN?! That's incredibly well priced. Mine is $60k total which I believe to be average... especially seeing other schools costing $100k plus