Columbia University ETP 2008 - page 36

So where are the potential 2008 Columbia ETPers at? I think a handful of regulars around here have Columbia on their list of apps, so heres a thread to get us through until notifications in Spring... Read More

  1. by   PsychMaven
    if we are going to discuss finances, i don't know about anyone else, but i'd much rather talk salaries :wink2: There was a lot of good info. in this article and a promising number for NYC salaries in particular....
  2. by   jbazoola
    Quote from columbiaetp04

    Congratulations on financial planning.

    There are some general facts about signature and unsubsidized loans that people don't understand:

    Capitalized interest - Your unsubsidized federal and sallie mae loans start accruing interest the first day the funds are released. So in my case, an additional $9000 or so was tacked on before I finished my first year. By the time I had earned a master's an additional $15000 or so was added on to my balance, a process called capitalization.

    Variable rates - Sallie Mae Signature Loans have variable rates. WHile I was in nursing school the Signature APR approached 11%. After nursing school it dropped to 7 1/2%, so that first year after nursing school an additional $10000 or so was added to my balance.

    Payment are applied to your interest first - For example my first student loan payment was about $1200. Only $111 was applied to the principal loan balance, the rest was applied to interest. So your principal loan balance is whittled down very slowly. Meanwhile interest continues to accrue.

    As a general rule, debt service on uncollaterialized loans (ie loans not backed up by collateral like credit cards, student loans and car loans, this means mortgages are excluded) cannot exceed approximately 20% of your take home pay, before you are put in with the poor credit risk crowd. Assuming about $50,000 a year in take home pay is average for NPs that leaves you with $10,000 you can spend on uncollaterialized loans. You need more than $10,000 to make your columbia student loan payments. The end result is you are likely to be denied car loans and mortgages, and if you are given such loans they will be at a much higher interest rate than you would have if you had good credit.

    I have been making large payments for several years now and my balance has only gone down by $3000.

    Another way to look at it is this: you may have borrowed $115,000, but your payments to retire the loan will add up to about $150,000 - $160,000.


    Columbia ETP '04
    I really do not want to participate in this discussion. Long ago I realized the best way to stop a bully is to ignore them. But I have to respond to this, briefly.

    of course I know their is a variable rate on my loan AND how that works. Of course I understand that interest accrues and is added to the principal of my loan. Of course I have done the math and realized what the future holds for me regarding paying off the loan. I'm not an idiot. I'm also not 22 (not that this would make a difference). I also did not get my loan from Sallie Mae (notoriuos for less than stellar loan rates and practices).

    If your goal is to help us because you want us to avoid the problems that you have had, then I appreciate your concern. It is kind and brave of you to attempt to get to us information that you feel we may not have. Thank you. But we get it now. And all the continued obstinance on your part is only detracting from your original well meaning intentions. enough. please.
  3. by   Stef82
    Whoa. I didn't check this forum for a couple of weeks and wow. Anyway, I'm looking forward to getting to meet ETP alumni at the event in a couple of weeks. I'm sure that it will be much better to hear their experiences in person instead of hearing negative things from someone behind an anonymous screen name.

    Just one more week and a day until the program starts! Looking forward to meeting you all!
  4. by   columbiaetp04

    Why are you attacking me? this a free forum where anyone can say anything they want. I haven't attacked anyone else. I am entitled to my opinion.

    And to be clear, I never said becoming an NP is a bad idea. Hell I still am one. And it is true salaries have boomed a bit in the last 2 years. It's also true that getting a job as an NP is pretty easy, especially if you are willing to move for an opportunity.

    Instead of getting mad, why don't we have a discussion?
  5. by   jbazoola
    YAY!! Me too Stef. Sorry we got a little off topic here. But on the positive tip, I am SOOO excited to get started. and I can't wait to meet everyone face to face. My last day at work is this Friday and I am so thrilled!! to leave this job behind. See you in 8 days!!
  6. by   dg05
    Hello all - if anyone is still reading this forum I just wanted to offer a word of encouragement. I just graduated from the ETP program and will take my NCLEX next month. I already have a job lined up as do many other ETP-ers that I went to school with.

    Don't focus on the money this year. You have a lot to learn and the money stuff will come soon enough. It's not worth adding something else to worry about. And, you have options besides having 100k in student loan debt or just not going to Columbia. You will be fully trained RNs after one year. You can work your way through school or stop and pay down some of your student loans and then finish your master's portion on the hospital's dime. Whatever you decide, it's YOUR choice.

    I am so excited for you guys. I loved the EPT year and I would definitely do it all over again. I know I have posted at least one comment here that was negative about Columbia and I think my point is still valid: the administration is disorganized and defensive and is terrible at communication. If you expect these things and don't let it get to you, you'll be fine. Also, I've heard that you might have a new program director so things might be a little different for you guys.

    Enjoy !
  7. by   smariej14
    Quote from columbiaetp04
    Remember, nursing school is not medical school or dental school. Virtually anyone who wants to get into any nursing school can get into any nursing school they want. (Except CRNA programs.) Going to state nursing school will offer the same benefits as going to Columbia.

    Going to Penn, Columbia or Yale nursing schools will ruin you financially.
    I've really got to disagree with that statement. In one fell swoop, you completely devalue Nursing and Nursing education. After working in Nursing Administration for some time at a large city teaching hospital, I've learned that your Nursing education does matter. Nursing Administrators, Nurses, and Nurse Educators know where the best programs are, they know which schools turn out the most prepared individuals. Choosing a well-qualified Nursing school is just as important as choosing a well-qualified Medical or Dental school, especially when it comes to the master's level and beyond. Nursing is undergoing revolutionary changes and it's no longer enough to just be good at the basics.

    Some state Nursing programs are fantastic, others are not. Education is costly no matter how you slice it.
  8. by   smit1989
    Finally! This thread is back to being helpful and encouraging! Let's keep it this way... I look forward to meeting everyone in a few days!
  9. by   Surgeon2b
    To all of you ETPers...I just wanted to say good luck!! I was accepted to the program, but not my specialty of choice, so I decided on another school. However, I have been following this thread throughout the entire application process and I just wanted to wish you all the very best. I know some of you might be a little anxious about moving to New York and all of the other uncertainties that go along with such a life changing situation...but, just remember, it will all end up working out one way or always does! Good luck!!!:wink2:
  10. by   LovetoTravel2001
    Anyone know what time and where orientation starts tomorrow?
  11. by   columbiaetp04

    The last couple of posts are completely ridiculous! The fact remains that the vast majority of nurses out there didn't go to Penn, Yale or Columbia and they are just as good as nurses as we are.

    The only difference is that they all laugh at us when we tell them how much debt we went into to go to Columbia.

    The term "Ivy League Education" was thrown around here quite a bit and it shows the real motive behind most of these posts. What we have here are a lot of people who don't feel good about themselves (rejected from Medical School perhaps?), and when they got into Columbia, it was like a bandaid to their wounded egos. And now, faced with the economic reality of how stupid their decision was, all they can do is ***** and moan at me to shore up there battered self image. What they really want to do is look down at everyone else and feel superior because "I got into Columbia."

    Columbia Nursing School is no where as competitive as any other part of Columbia (save Teacher's College). I mean, I got in even though I applied 2 months after the application deadline, and I did the prereqs online. The parent university looks at the nursing school as an embarrassment, and has tried to close it down in the past. (Just the same way as Cornell closed down their nursing school about 20 years or so ago.)

    Overly proud and self-important Columbia Nursing School students make me laugh. It's kind of like paying a whole lot of money to buy a Mercedes symbol and then glueing the mercedes symbol on to the front of a '72 Chevy Nova, and then at the top of your lungs screaming ,"I drive a MERCEDES!!!!!!!!!!!!"
  12. by   smit1989
    Okay, you really need to drop this. You made your point a long time ago, but no one cares. You have criticized us for attacking you, but this last post is pretty inflammatory. The fourth paragraph in your rant is completely uncalled for. I actually did not get rejected from a med school. I think most of us did not even apply. Perhaps that statement is one personal in origin? I'm very happy thus far. I have gone over my finances again and again and will be able to afford to live and pay back my loans without any extreme hardship. It will be difficult, but nowhere near the way you have made it seem. Also, my calculations have been without any factoring in of working as an RN during the Master's portion. Like I said, you have already made your point. Why are you continuing on with your posts that are in now way constructive? No one here wants to listen to what you have to say. We took a boat cruise 2 nights ago and talked to SEVERAL graduates of the program. ALL of them told us their personal story which COMPLETELY contradicted yours of financial dispair and regret for going through the program. You can keep on with your comments if you'd like. The fact is, is that I'm 100% happy with my decision to go here, and I feel like I really would not get a better education in UW-Milwaukee's program, for example. Also, if you are going to complain to us when we write "attacking" comments to you, please don't do the same to us. Re-read your wasn't even remotely constructive or facilitative of civilized conversation.
  13. by   Asherah
    Quote from columbiaetp04

    Why are you attacking me? this a free forum where anyone can say anything they want.
    Now with your last post, that is the pot calling the kettle black. Also, this is a public forum on the internet, however there Terms of Service that you agreed to when you registered which do not tolerate rude posts of a continual harassing nature.