Should cost matter when picking a program?

[brsm]

My fiancée is facing a tough decision between two Boston-area Direct-Entry MSN programs; Simmons College and Salem State University. The biggest difference between these two schools is the cost; $150,000 for Simmons and $35,000 for Salem State. In both cases, we're looking at loans to pay for all of it.

My hope is advice from practicing NPs will help us decide how important cost is when picking a program. Did you go to an expensive school? If so, do you regret it? Or has it not really mattered? Is it important that you go to the best possible school or is getting the degree the most important part?

Her goal is to be an FNP, and the Simmons program is the better choice to achieve this; good clinicals and good reputation in the area. Salem State is also a good school and has very competitive acceptance, but does not have as good a reputation in the area nor are the clinicals as good. Also, it's an AGNP program so she'd need to obtain a post-masters certificate after graduation to move to FNP.

I am curious to hear what people think about these choices and how much cost should matter when choosing a program. It's extremely intimidating to be making a $100,000+ decision between schools, but we also don't know how much impact this will really have down the road.

Thanks!

[2015]

A 100k decision seems like a giant gap, and it is, but remember there are some other things to consider. For a new-grad NP that's about a year's salary. If it takes 6 months longer to pass the boards or find a job, that's almost half the difference in the first year.

Very good point. Am paying almost 80k at Georgetown and I do not regret. If you are flexible to move anywhere in the country, you can find a job that can pay off your loans in two years.

[ValerieJobe]

I would never pay that much for a program when I could get the same degree for a fraction of the cost. A name is one thing, but it's not like finding an NP job is difficult. After a year or so of experience, you would beat out candidates fresh out of school from a school with a "name" even if you went to a lesser know program. I'm in this for patient care, but the money is of course why we all work. I'd rather pay back $35K than $120K anyday. Student loan debt is not a nice thing to have hanging over your head for years.

[BostonFNP, APRN]

I would never pay that much for a program when I could get the same degree for a fraction of the cost. A name is one thing, but it's not like finding an NP job is difficult. After a year or so of experience, you would beat out candidates fresh out of school from a school with a "name" even if you went to a lesser know program. I'm in this for patient care, but the money is of course why we all work. I'd rather pay back $35K than $120K anyday. Student loan debt is not a nice thing to have hanging over your head for years.

How long have you been working as an NP in Boston Metro?

[vitiana]

Did she end up going to Salem or Simmons please ?

[applesxoranges, BSN, RN]

I thought my school was on the more expensive end for it being around 35k. It is online but their pass rate for adult/geri NP program is around 91% for first time. Their NP program is still new.

[brsm]

She ended up choosing Salem State and it has been a very good decision. She was able to start sooner, and once she finished the accelerated portion, she was able to go to work full time as a nurse; Simmons I believe only allows you to work 10 hours per week as an RN for the length of the MSN.

After she passed the NCLEX last summer, she got a job immediately and the combination of low student loan debt with a full time salary has allowed us to buy a house while she's still in school. That never could have happened at Simmons.

Also, her clinicals during the accelerated portion turned out quite good, with hospitals like Boston Children's and MGH. Her final preceptorship was at the Brigham on an oncology floor. She has her first clinical as an NP coming up this fall and SSU has already placed her with a precetop 6 months ahead, so they have been good about that as well.

Overall, we've been happy with how things turned out. The SSU program isn't perfect, and is still evolving year to year, but the structure of the process (full time accelerated, then part time/evenings MSN) has worked out very well for us, and the low tuition is truly life-changing in ways you can't really predict ahead of time.

[gelli.25]

Good for ya'll. I would have chosen the 35K over 150K as well. That is just way too much money for FNP studies knowing that the average salary does not match that amount. I've applied for two programs, both under 30K; one is actually about 15K which is perfect since I'm paying out of pocket - also, my employer offers tuition reimbursement. Money isn't everything, but in my case it has to be taken into account. Good luck to the both of you! :)