Pursue the DNP with lots of loans? Help!

[RachelRN829]

Hello fellow nurses!

I've been practicing with my BSN for about 3 years and recently I've been accepted to a DNP program following the Psychiatric Mental Health Nurse Practitioner track!!

While I'm extremely excited, as I'm getting closer and closer to the start of the program I'm trying to wrap my head around the costs and see if they in all actuality outweigh the benefits.

As of right now I have roughly $70,000 in loans from my undergraduate program, pursuing my DNP will likely triple that number. (Absolutely crazy and crazy disheartening right?). I'm hoping to do my best with continuing to work full time through the program and continue to pay on my undergraduate loans throughout. I've done my due diligence and looked into loan repayment options, tuition reimbursement through my employer and loan forgiveness programs, each seem they could make things more manageable, but nothing is ever sure.

My question is, is there anyone who is in or has been in my situation or if there is anyone that has any thoughts on how to best proceed? I greatly appreciate any thoughts or advice any of you lovely professionals have to offer!!!

Thank you so very much!

[meanmaryjean, DNP, RN]

Personally, I would not do it. Instead, I would bust my tail for 5-10 years, pay off the existing student loan and save like crazy for the next degree. In the meantime, be looking for less expensive programs- perhaps one that awards a MSN instead (the current proliferation of DNP 'completion' programs is only going to drive their costs down- look for something like University of Southern Indiana | USI | Bachelor and Master Degrees program)

You do NOT want a quarter million dollars of debt around you neck.

[Jules A, MSN]

I'm not big on debt and the amount of debt you already have is staggering and that you are considering adding more makes me very uncomfortable. I'd echo the advice of Meanmaryjean and not consider going back to school until you can pay for it.

[sadiemae1123]

I have to agree with the above posters. Focus on paying off your current loans and saving for the future degree. There are several threads on here about paying off debt if you do a search. You could also speak to a financial counselor to help you make a realistic budget specific to your circumstances and give you a time frame for returning to school debt free.

In the meantime you could focus on getting certified as an RN in your specialty, working on committees at your hospital, and becoming active within a professional association. These things will help keep you from feeling that your career is being put on hold while you pay off your debt, will look great on a college application or resume, will help you form the network of professional colleagues you'll need for your future endeavors, and make you a more well rounded provider.

Best of luck.

[Dranger]

That's a ton a of debt. Grad school shouldn't be an option right now.

[scottaprn]

The general rule of thumb is that your student loan debt should not exceed your expected first year salary.

Work and pay down some debt. If your employer has tuition reimbursement start taking classes part time. If you can knock off a few classes over the next couple of years you will be amazed how much easier it is to complete your degree.

[WookieeRN, BSN, MSN, RN]

Unless you will be making $210k your first year out of your DNP it's ill advised to take on that much additional debt. You should take out more in loans (total) than what salary you are expected to make your first year.

[alexis_xoxo]

What they said.