Question for graduates/students of BC and Yale - financial aid

elkpark · Jan 3, 2012

I attended YSN quite a few years ago, so I don't know how interested you are in my response (also, I responded to your earlier thread, so I don't know if you've already seen what i posted before).

Financial aid at YSN was a "sore spot" for a lot of students. The hearsay/gossip I got from my GEPN student classmates who had already been there a year when I arrived (I attended as a traditional, experienced-RN student) was that the "grant aid" (aid that didn't need to be paid back) somehow seemed to always go to the students from well-connected (socially or politically) families, regardless of how much/little they actually needed the assistance, and everyone else got told they could take out student loans. I was applying/attending in my early 30s and had been independent of my parents (who were elderly and retired) for many years, but the school included in their financial proposal/package they put together for me that they expected my parents to be able to contribute a pretty big chunk of change, which I thought was pretty bizarre.

I got a couple scholarships I found on my own (nothing to do with YSN), worked part-time while I was in school, and took out Federal student loans to cover the rest. I paid off my loans within the 10 year time frame without any real difficulty, because it wasn't a huge amount.

Because YSN doesn't have a regular undergraduate nursing program, there are no TA opportunities available. And, while some students helped with some faculty research, I hever heard of a student getting paid to do so -- you did it for the greater glory of YSN or because it was part of your thesis project.

Granted, all this info is >15 years old -- I don't know how things may be different now.

kangaroo2 · Jan 3, 2012

Thanks again for your comment! I did read this before the post disappeared. Which field did you get a masters in? Did you find it reasonable to work part time during your program? How much debt do you think this saved you from taking on? I know this might be an option for me as a gepn student after the first year. However, the debt will be much more as well because the prespecialty year for the gepn program is around $45K alone.

kangaroo2 · Jan 7, 2012

This thread hasn't gotten a lot of response, but in case anyone would like to know...I called the financial aid department at Yale today and they said the average student debt from the GEPN program is 109K - this is a little scary because most types of NPs probably won't see salaries close this for several years. I plan to call the BC department on Monday.

myelin · Jan 7, 2012

I'm pretty sure 6 figure debt is the norm for a direct entry program at a private school. I'm hoping on working for a free health clinic in order to get some of my debt forgiven (I think that's an option for FNPs and Psych NPs).

kangaroo2 · Jan 7, 2012

Yes, NHSC and other loan repayment programs are a great option - I would be planning on that too if I do attend a direct entry program. Its also an option for midwifery. Its too bad that 6 figure debt is the norm in these professions that are are so badly needed. Am I wrong in thinking that the starting salary after completing one of these programs is nowhere near 6 figures? It makes it a very tough financial decision, especially considering one could go to medical school for the same price tag at many state schools and make double the salary of an NP.

myelin · Jan 7, 2012

Well, there are cheaper options like going to a CC for your ADN and then a state school for your MSN, etc. I considered those options, but decided that the extra time spent makes it not worth it for me. I want to reach my end goal sooner, so direct entry it is! Plus, there is also the option to work as a RN during the MSN portion, which I have decided I will do no matter what. I'm also interested in TA or RA (Research Assistant) opportunities. Apparently UPenn allows you to work as an RA during the BSN portion, so I'm hoping that I can get an RA position and get tuition forgiveness. That is, assuming I get into UPenn and decide to attend. :)

Yes, unfortunately it seems unlikely that you will make 6 figures upon graduation. But, it does depend on your specialty. I believe midwifery is pretty well paid, correct? I have heard some highly promising things about psych NPs (that they are in very high demand and that 6 figures is normal in independent practice states). That gives me some hope, hehe. Especially since I'm considering practicing in Washington or Oregon. Then again, I might be wrong. Who knows. I also have no debt, so I'm in a more flexible position. If I had undergrad debt as well, I might make a different decision.

I have also heard that Boston College is significantly cheaper than other programs (like Columbia, Yale, etc.) because it's so short. That's definitely appealing.

I am totally with you regarding the concern about debt. It's the main reason why I am probably giving up my acceptance to Columbia. It's just too freaking expensive!

And yes, it's true that med school is another option. However, that's it's own beast. I know if I were to try and go into medicine that it would take me 11+ years to finish! (Counting prereqs, med school, residency, etc.) As opposed to 2-3 years for NP. Yeah, that sealed the deal for me. Hehe. So yeah, I'll probably end up doing loan repayment at the end of this, I figure it will make me a more well-rounded provider to work in a free clinic and treat whatever walks through the door.

KelRN215, BSN, RN · Jan 16, 2012

I can't speak to their graduate programs but I did my undergrad at Boston College and my financial aid was primarily loans. Scholarships are, for the most part, non-existent as most of their scholarship money goes to the athletic programs as a D1 school. I got a few grants but had to take out large private loans every semester and graduated in a ton of debt. I don't imagine their financial aid is much better for graduate students.

elkpark · Jan 17, 2012

Thanks again for your comment! I did read this before the post disappeared. Which field did you get a masters in? Did you find it reasonable to work part time during your program? How much debt do you think this saved you from taking on? I know this might be an option for me as a gepn student after the first year. However, the debt will be much more as well because the prespecialty year for the gepn program is around $45K alone.

I worked part-time through school, but not much (1-2 weekend shifts/weekend and as many shifts as I could get during the holiday and summer breaks); working any more that than would have significantly impacted my ability to keep up with my schoolwork, which was extremely demanding. That paid for my half of our living expenses (living with my then-SO), and I was able to limit my loans to "only" the cost of tuition (I also got a couple of scholarships which helped somewhat -- but found and applied for those without any help from the school). There was only one other student I was aware of who was working part-time (also an experienced RN who was working prn at the hospital); none of the GEPN students I knew were working at all, because school was so demanding and, since they weren't already RNs, the only jobs they would be able to get paid so little that it wasn't worth giving up their study (and limited personal) time. The one GEPN student I was closest to spent a lot of time moaning and groaning about how she was going to be >$100k in debt when she graduated (this was 15 years ago :)).

Also, I don't know if things have changed at YSN since I was there, but, at that time, the GEPN students weren't eligible to sit the NCLEX until the end of their second year of school (first year of the MSN specialty). Even then, though, none of the students I knew practiced as RNs prior to graduation.