I am already a little over $40,000 in debt after just two years of my bachelors nursing program. For this coming year I took out nearly $21,000 in loans to pay for school, books, and to get quite a bit of it credited back to me, because I need gas money (live an hour away from the college). I don't have a job, and don't really plan on getting one because I don't think I could handle one with all of the nursing school stuff.
Regardless of this large debt that I have now, I should not have to take over $5,000 for my senior year (if I will even need any loans my final year). My debt should stick around the $40,000-$50,000 area.
Is this bad compared to other colleges/programs? Will this be manageable with me working a full time job as a male RN, BSN? My parents said I could also live at home until I get most of my debt paid off; so I figure most people don't or didn't have that luxury.
Specializes in Critical Care, ED, Cath lab, CTPAC,Trauma.
The estimated salary above for the area of Cincinnati, I don't particularly agree with..almost everyone that I know that has graduated from my program, starts out making above that. And the only ones who don't get jobs are the ones who don't try for it.
I KNOW the area. I KNOW nurses in the area. What someone reports they make and what they actually make are 2 different figures. These are "AVERAGES" of salaries based on the highest and the lowest reported. The job density is pretty accurate. Many facilities are not hiring the new grads that they used to...many new grads are finding the job search a long one after school. Some areas of the country are finding an almost 47% unemployment rate amongst new grads.
Why do so many young, unencumbered people feel they can't handle jobs while going to school? Do you know how many single mothers your age worked full time and earned nursing degrees while also raising a child? I don't doubt it was hard as hell, but they pulled it off.
When I enter the LPN program to which I've applied, based on usual waiting times, I'll be 40 years old with a senior in high school, an 8th grader, a 6th grader, a 5th grader, a 2nd grader, and thank God a husband to help me with it all. I plan to continue working full time as long as I can and to take advantage of my employer's tuition assistance and scholarship programs. Once I finish the program, I'll work as a LPN for a couple years while I take prereqs and then enter the RN program at the community college in the 3rd block. Not only do I absolutely refuse to take on debt, I can't afford to do so.
It just seems to me that people don't have a realistic idea of the kind of bondage debt can put you into, and so don't do enough to minimize it. And when mom and dad are there to cushion the blow, even for full-grown adults, why should they, I guess?
Murse....the most important thing is to get these loans paid off as quickly as is humanly possible, and not the 10-20 years that they "allow" you to pay over. Regardless of the interest rate, those numbers add up rapidy! YOur very best route is to CONTINUE to live like a broke college student until you get this cleared up, or you will find yourself unable to afford a house, a family, or a retirement plan later. I have friends my age (50's) who are STILL paying off student loans!!
For example, based on your $50K, at 6.0%, if you pay $2000 @ month, you will be done in 27 months and pay a total of $3550 in interest. If you pay $1K, it will be almost 60 months and cost you $7680. If you only pay $500/month (if they allow it...) you would pay $14500 in interest and it would take you 110 months (NINE YEARS!!!)
At 9%, $2K a month costs $5600 over 28 months; $1K is $13000 over 64 months, and $500 is $21750 over 110 months!!
If you live with your folks, get all the OT you can, and attack this debt, you are looking at a couple of years of brown-bag lunches and your boyhood bedroom. Pay the minimum and this will haunt you for a decade or more....
I think you are the best person to decide how your debt is going to affect your future. However, I have seen many of my friends take out roughly 90k for a bachelors degree, in multiple fields with low job prospects based on location including nursing. It has been an absolute nightmare for all of them. I personally could not bring myself to do it. My ADN program cost me about 6k in all, which I paid for with Scholarships or cash. My BSN will be about 10k, which I plan on paying with cash. The only time I would consider taking out loans would be graduate school. It is wonderful to have your parents offer that for you, just know that paying back these loans are a priority! I am not sure about your area but if you have problems finding a Nursing job, then get a job, any job to start paying back loans instead of allowing it to accrue. I hope everything works out for you!
I took out $14,000 for my nursing school so I didn't have to work during school. I wish I had just worked in school and done it debt free. However, I have no problem with my current job paying about double the minimum payment and unless something drastic happens I'll definitely pay them off in the next couple of years. I could pay more but until I kind of stabilize over the next half year or so in case something happens I wanted to be able to have financial reserves to rely on as well. That said, it did take me quite some time to find a job, I didn't graduate and have one waiting. So you should consider that as well, I wish I had been able to pay on them during the 6 month grace period but I just was not able to since I didn't have a job.
edit to add: I have a BSN and a 1st degree which I did loan free. If only I had just gone nursing the first time since my state pays tuition, I'd be totally debt free. Oy vey.
i'm getting ready to apply for student loans now, private student loans. Any suggestions? I've looked in to Sallie Mae so far. Just wondering where I might be able to find the most competitive interest rate.
Why do so many young, unencumbered people feel they can't handle jobs while going to school? Do you know how many single mothers your age worked full time and earned nursing degrees while also raising a child? I don't doubt it was hard as hell, but they pulled it off.
When I enter the LPN program to which I've applied, based on usual waiting times, I'll be 40 years old with a senior in high school, an 8th grader, a 6th grader, a 5th grader, a 2nd grader, and thank God a husband to help me with it all. I plan to continue working full time as long as I can and to take advantage of my employer's tuition assistance and scholarship programs. Once I finish the program, I'll work as a LPN for a couple years while I take prereqs and then enter the RN program at the community college in the 3rd block. Not only do I absolutely refuse to take on debt, I can't afford to do so.
It just seems to me that people don't have a realistic idea of the kind of bondage debt can put you into, and so don't do enough to minimize it. And when mom and dad are there to cushion the blow, even for full-grown adults, why should they, I guess?
It's not just young people who think that but also many older adults. If you think you can handle working , raising kids and going to school then good for you. Like the op said, he didn't want to work because he did not want his grades to suffer. Which is a legitimate concern, the best students in my class were the non working students. We actually advised not to work, although that is not ideal for everyone. I don't see the need for you to bash/stereotype young people . At least they're heading towards the right path and trying to better their lives from a young age which should be commended.
Why do so many young, unencumbered people feel they can't handle jobs while going to school? Do you know how many single mothers your age worked full time and earned nursing degrees while also raising a child? I don't doubt it was hard as hell, but they pulled it off.
When I enter the LPN program to which I've applied, based on usual waiting times, I'll be 40 years old with a senior in high school, an 8th grader, a 6th grader, a 5th grader, a 2nd grader, and thank God a husband to help me with it all. I plan to continue working full time as long as I can and to take advantage of my employer's tuition assistance and scholarship programs. Once I finish the program, I'll work as a LPN for a couple years while I take prereqs and then enter the RN program at the community college in the 3rd block. Not only do I absolutely refuse to take on debt, I can't afford to do so.
It just seems to me that people don't have a realistic idea of the kind of bondage debt can put you into, and so don't do enough to minimize it. And when mom and dad are there to cushion the blow, even for full-grown adults, why should they, I guess?
I am quite young and worked throughout school to pay for it. Many of the older students in my class did not work throughout the program (most had kids which I consider a full time job anyway). But my grades did take a slight hit from it, not often but working 12-16 hours 2-3 days the week/weekend before an exam was frustrating. I can understand why people that do not have to work choose not to, as I understand the people who do not want student loans can push through and decide to work. I could rely on my parents, but I choose not too. It is not for everyone, but please don't think it is all the younger students doing this.
I am quite young and worked throughout school to pay for it. Many of the older students in my class did not work throughout the program (most had kids which I consider a full time job anyway). But my grades did take a slight hit from it, not often but working 12-16 hours 2-3 days the week/weekend before an exam was frustrating. I can understand why people that do not have to work choose not to, as I understand the people who do not want student loans can push through and decide to work. I could rely on my parents, but I choose not too. It is not for everyone, but please don't think it is all the younger students doing this.
I've noticed that the older students typically didn't work either, while the younger ones were more able to balance school and a part-time job. Studies have shown that working up to 20 hours per week didn't have much of an effect in terms of grades (if there was any effect, it was positive). It was when the students starting to working 30+ hrs per week did they see their grades take a hit.
In all honesty, I'd rather graduate with a 3.5, work experience and zero debt than a 4.0, no (relevant) work experience and thousands and thousands of dollars of student loans. Most employers would prefer the former as well.
Specializes in Emergency, critical care, cardiovascular.
I agree that employers would like the 2nd option. It's just this semester coming up I will have 3 days of class (one being med/surg), 1 day of clinical, and one day of community service. If all of that is combined with two days of work, that leaves me with no free days to get things done or even study. I don't think I could make it work for myself. I might attempt to get a job next spring semester. I can also apply for a CO-OP program that offers students to work 10 hours per week, doing actual RN things (not NA things like in clinicals). It is very competitive to get into though. But since I don't work, I think my GPA is higher than most people's so I think I have a better chance at getting accepted into it.
Esme12, ASN, BSN, RN
20,908 Posts
I hope you find this is not true. Registered Nurses
Praemonitus praemunitus or forewarned is forearmed