Scared of loans

Nurses General Nursing

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So I was accepted into entry level master program here in California. Pre-licensure portion is 18 months and tuition is $45k. Well with living expenses, I'm looking at having to borrow about $65-70k. Now that it's time to sign on the dotted line and accept the loan I'm getting cold feet. The cost is really making me struggle and I'm now wondering if I should've looked for less expensive schools. Maybe they won't be combo BSN/MSN but they may be cheaper. I'm just not sure what to do. I'd probably have to move out of state in order to pay less. For instance I found a ABSN program in Sioux Falls that costs $20k for tuition. But I'm nervous about getting in! For nurses, that are currently working, do you think the loan repayment I would on a 65k-70k is doable as a nurse?

Thank you! Any insight you can give would be appreciated!

Life advice: go for the least amount of debt possible.

Even if it means starting your journey in an RN program at a community college. You can work while making your way through the various degrees and hoops by distance and have your employer help fund it.

I went the community college route and don't regret it at all. I have thankfully had no problem finding work in the hospital even in the tight market where I live. I'm starting a RN-BSN program next month that is (average) just under $9K for the entire program and I'll be finished in 15 months. I have a good friend, meanwhile, who will start a BSN program in a private college which will cost her $85K:cyclops:. To each his own.

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I'm not sure I understand having to borrow money for living expenses. Can you not work during your program? Can you find less expensive living accomodations? Rent a room, move in with friends or family, whatever? I'd hate to start off with that much debt!

Hi Ruby Vee,

I can't really work during the program, at least not that many hours to be able to pay for rent and other living expenses. Yea I have talked to some nurses and they have made me think twice about the taking out a large loan debt.

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If you do get loans, avoid private loans if possible. Instead look into Federal loans. You have much more flexible repayment options with Federal Student Loans than from a private institution.

Yes, so far the loans I have been approved for are federal loans thank goodness!

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I went the community college route and don't regret it at all. I have thankfully had no problem finding work in the hospital even in the tight market where I live. I'm starting a RN-BSN program next month that is (average) just under $9K for the entire program and I'll be finished in 15 months. I have a good friend, meanwhile, who will start a BSN program in a private college which will cost her $85K:cyclops:. To each his own.

This is a great route, and I wouldn't mind doing this route, I am just nervous about number one getting into a community college program. These CC nursing programs are super hard to get into, even more so than the 4 year programs!

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Thanks Annie for your input! I have been thinking of nursing for some time now, and am pretty confident I would like to do nursing. I have been volunteering in a hospital now for 2 years to make sure I know what I am getting myself into. And I love that you had a varied medical career that lead you to your nursing one. I am a second career nurse and feel as if I don't have as much time to for such a long path. I feel a little impatient to get started, being 38 and all! Lol! You are spot on the expenses, so I just hope I can make the right decision!

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This is a great route, and I wouldn't mind doing this route, I am just nervous about number one getting into a community college program. These CC nursing programs are super hard to get into, even more so than the 4 year programs!

I agree many CC have long and/or competitive waiting lists. Do any in your area offer concurrent enrollment? In my area you can concurrently do the ADN/BSN courses. I believe once the ADN program ends, you have a semester or two more of BSN classes and then you're done. Maybe see if that's an option, because at least here, those programs have a shorter wait. At any rate the advice to count the cost before hand is wise. I work with more than a few nurses who are forced to work multiple jobs because of not being able to survive off one income due to high debt.

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Asystole RN, I def think that going this route, would be a bigger investment early on. I just hope that it will be worth it, I just don't want to barely eek by monthly based on the loan repayments :up:.

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My two cents..... State program for full BSN, or ADN at a community college and BSN online. Aspen offers a BSN for RNs and the cost is about $250 a month ( that's one shift can't beat that.) Also there is a public servant forgiveness loan if you complete a tenure in public service ie) Educator, Police officer, Doc, nurse etc. I qualify for the latter because I have over 15 years as a teacher. Once I make 120 payments everything is forgiven. Now mind you right now I'm making Income based repayments for Mega bucks borrowed to complete multiple degrees--- B.A., a B.S., and dual M.Ed.'s If I had it to do all over I'd have done community college , then state schools and just paid out of pocket. What people don't acknowledge is that student loan debt is designed to be lifelong debt. Don't get in over your head if you can avoid it at all. Those small loans become huge, and the interest rates snowball. It's nice to have full benefit of your pay without owing the government. It's the new indentured servitude, don't enslave yourself for life.

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I have a BS in El Ed that I came out in $19K debt with (paid off, thankfully). When I wanted to go to nursing school, debt was a huge consideration, and I live in NE where college is VERY expensive. I went to a community college, and even then came out $28,000 in the hole. Now I'm doing my BSN at SNHU online (which is nonprofit and not a bad school at all), and I am gonna add at most another $10,000 to that. If it had taken me an extra year to get into a program, I would have done it. Because it's worth the $$$$$. My MSN will most likely be through the college I go to now, as it's online and has a cert program for Public Health. Even when I do that, my loans won't be terrible. And I live near some of the best hospitals in the world, and they don't care if I did my BSN online, they care that I have it.

Best of luck in your decision! It's hard, but keep focused on keeping your debt LOW.

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That amount of debt is too high. I wouldn't do it. Community college programs cost a lot less. You might even get a job with a healthcare institution that will help pay your school tuition while you are working on your degree. --Then when you get out, you might be able to get an RN position with them. --Later, you might use the tuition benefit to get an advanced degree while working.

I tend to think public schools are better than private ones.

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Specializes in EMS, ED, Trauma, CEN, CPEN, TCRN.

This is a fun exercise: FinAid | Calculators | Loan Calculator

Run your numbers through the calculator. I think many people who are paying $80K for a BSN (not that the OP was looking at quite that much, but many do) are in for a rude awakening when payment comes due — and if you look at the total payments with interest, we're looking at more than $110K for those who spent $80K in a three-year BSN.

I did my paramedic AAS at a community college (no loans, worked full time), then bridged via Excelsior College for about $1300 out of my pocket (I got a grade-based scholarship from my hospital, plus tuition reimbursement - worked full time, no loans). I did an RN-BSN and that is the only degree for which I took out loans, which ended up being very little because I still had tuition reimbursement (still working full time). The Army paid most of my Informatics MSN, and my GI Bill is covering my Nurse Educator MSN.

OP, you are wise to reconsider. Don't sacrifice your quality of life — there are many ways to defur a feline!

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Specializes in ER, Med-surg.

I went the community college route, worked for several years with my ADN, then did a BSN completion program while working full-time (there was no difference in income for ADN/BSN employees where I was working in the interim, although I have seen an increase in preferential hiring for BSN grads the last few years). I took out small loans at a few points in the process but was able to pay them back quickly, and carry no student loan debt at this time.

I would think long and hard about what financial benefit the direct MSN route is going to provide for you, if any. Most MSN-requiring jobs also require experience, so I would be skeptical of the benefits of doing direct to MSN vs obtaining an ADN or BSN first and then getting an MSN later while you work (especially since I've known many people whose initial plan for a particular MSN or advanced practice route changed once they had some working experience).

I will also say that there is A LOT to be said for carrying little or no student debt. I have been able to refuse/leave bad employment situations while coworkers felt trapped by their student loan responsibilities, and my standard of living is significantly higher than that of some of my peers who work much longer hours/multiple jobs. I'm able to contribute significantly to my retirement savings (and the earlier you start that, the more effective it is) while also enjoying some creature comforts that they can't afford because they're paying the equivalent of their rent again i in student loans.

There's no discharging that debt (barring special government programs that require major sacrifices as far as where and how long you work) except by paying it off, so be really, REALLY sure a program is worth it before you go in to debt for it. I'm not saying it's not- everybody's situation is different, and I wouldn't recommend the ADN route for, say, people who live in an area with limited ADN hiring and no ability to move. But there are more affordable options out there than taking out the equivalent of a year's income or more in loans while not working for several years, and it's worth considering them.

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