I am not sure about the nursing program you speak of, but I went to a Private nursing school as well, and now have a lot of student loan debt. When I starting nursing school it wasn't a question for me because certain hospitals in the area I lived were offering student loan forgiveness (i.e. $30k off your loans if you signed a 3 year contract). However, as stated previously the nursing job market isn't hot for new grads and a year after graduating I just got my first acute care position.
I was able to defer my payments because I wasn't working, but now that I am making decent money, I am still living paycheck to paycheck because I have my loans to pay off which could be a house payment for my husband and I.
All and all I am happy with my education, but really wish I would have just been more patient to get into a State school and have a lot less loan debt.
Good luck to you in whichever road you take!