Student Loan Debt Direct Entry

Specialties Psychiatric

Updated:   Published

Specializes in pmhnp.

Would you go into 160K student debt?

Would you go into 160k of student loan debt for a 2 year pmhnp program in order to start earning NP salary of 200k more quickly? Or would you take a longer rout (BSN then MSN) and take 5 years to complete school before earning potential of 200k?

Please be kind... I know direct entry programs are frowned upon sometimes. I am only asking about student loan aspect here. 200k earning potential comes from a job offer I've already received at my current company for whenever I finish school. I'm currently a social worker and have worked in psych hospitals for many years. 

The question is, short but expensive to earn more sooner, or long but cheaper to spend less on school?

Thank you for your thoughts!

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Specializes in Occupational Health.

The PMHNP portion is 2 yrs...the actual program will be longer since you have to obtain your RN first

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Specializes in pmhnp.
Just now, sleepwalker said:

The PMHNP portion is 2 yrs...the actual program will be longer since you have to obtain your RN first

Hi thanks for your reply! Vanderbilt's program is a direct entry MSN, meaning you don't earn a BSN but after year 1 you take your NCLEX and after year 2 you take your pmhnp boards. So 2 years total!

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Specializes in Occupational Health.
3 hours ago, jentl2002 said:

Hi thanks for your reply! Vanderbilt's program is a direct entry MSN, meaning you don't earn a BSN but after year 1 you take your NCLEX and after year 2 you take your pmhnp boards. So 2 years total!

From Vanderbilt's Website: 

Even if you have no nursing background, you can become an advanced practice nurse through our accelerated program of PreSpecialty master’s entry (entry with a BA/BS in a field other than nursing). With three semesters of generalist-level nursing courses and completion of the program in your chosen specialty, often just three additional semesters, you can earn your Master of Science in Nursing degree.

I count 3 semesters plus (maybe) another 3 semesters= 6 semesters or 3 yrs (if not longer). 

Also it appears that working is not a viable option during the accelerated portion and you have to relocate to the area for clinicals. It appears that the PMHNP clinicals can be done in other areas...but that's not as easy as it sounds especially if they don't provide placement.

Does your $160K figure include living expenses (rent, food, gas, etc.)?

 

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Specializes in pmhnp.
1 hour ago, sleepwalker said:

From Vanderbilt's Website: 

Even if you have no nursing background, you can become an advanced practice nurse through our accelerated program of PreSpecialty master’s entry (entry with a BA/BS in a field other than nursing). With three semesters of generalist-level nursing courses and completion of the program in your chosen specialty, often just three additional semesters, you can earn your Master of Science in Nursing degree.

I count 3 semesters plus (maybe) another 3 semesters= 6 semesters or 3 yrs (if not longer). 

Also it appears that working is not a viable option during the accelerated portion and you have to relocate to the area for clinicals. It appears that the PMHNP clinicals can be done in other areas...but that's not as easy as it sounds especially if they don't provide placement.

Does your $160K figure include living expenses (rent, food, gas, etc.)?

 

I’ve been accepted and will attend, so I have all the information. It’s a 24 month program and I’ll be moving to Tennessee. I have scholarships and loans for the tuition and living expenses, although my boyfriend will be paying for most living expenses while we’re there. I’m happy with my decision!

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Hi, I will be graduating from a PMHNP direct entry program in May and will have a little over $160k in student loan debt. I recommend that you look into the NHSC scholarship program. They offer a program were they will pay your tuition and a monthly stipend while you're in school, as long as you commit to 2 or 3 years with a HPSA upon graduation. I didn't know about this program when I was in school, and I wish I would have!

https://www.Google.com/url?sa=t&source=web&rct=j&url=https://nhsc.HRSA.gov/sites/default/files/nhsc/scholarships/scholarship-application-guidance.pdf&ved=2ahUKEwjPv6bRjK78AhWyLn0KHefaCnEQFnoECA0QBg&usg=AOvVaw1aL0ge86yM7es4xtHTLyo_

Best of luck to you and congratulations on your admission! 

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I wouldn't, but I tend to be very frugal. The loan repayment option looks like a great plan.

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Specializes in oncology.
jentl2002 said:

boyfriend will be paying for most living expenses while we’re there

 

I always felt graduate school created another dimension of my self. But I did not go through the rush- hour- time programs. 

I truly hope for the best. You are looking at further ways to help patients. And you will grow with the additional education. 

jentl2002 said:

Would you go into 160k of student loan debt for a 2 year pmhnp program in order to start earning NP salary of 200k more quickly?

 

jentl2002 said:

I’ve been accepted and will attend, so I have all the information.

Why ask here then?

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Specializes in BSN, RN, CVRN-BC.

In the DFW area the NP market is saturated.  NP's do not make much more than RN's and definitely don't make more than an RN who puts in some overtime.  In this market $160k in student loan debt would be insane.

Take a look at the market where you are or want to settle down.  Weigh those costs vs the salary and benefits for the specialty you want.  Education is just like any other investment.  Will it pay off?  If not then look for lower cost options.  Frankly, unless you want to work with patients doing nursing care IMHO you should look at a Physcian Assistant (PA) program.  The PA education is more in line with the education received in medical school.  So many doctors prefer PAs especially to an NP with no nursing care experience.  Also, during COVID19 our NPs got pulled back to the bedside but our PAs didn't.

Good luck with whatever you decide!

 

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There is also the Public Service Loan Forgiveness program

Make 10  years of payments while working at a not for profit -remaining amount forgiven. Not a guarantee this program will be around forever but it's a thought

Also the Nurse Corp Loan Repayment Program is another option.

While the NP field may be saturated (based on post above - don't know how true that is) the Psych field is very much in demand.

There are many states where a Psych NP can practice autonomously which can be very lucrative.

 

 

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Specializes in pmhnp.
londonflo said:

 

I always felt graduate school created another dimension of my self. But I did not go through the rush- hour- time programs. 

I truly hope for the best. You are looking at further ways to help patients. And you will grow with the additional education. 

 

Why ask here then?

because when I posted it I had not made a decision yet.

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I wish you well, but it's not realistic to expect that you will complete an NP Program in only 2 years without already being an RN and having RN experience. I am an Educator and have experience with Nursing Education. I would advise planning for at least 3 years of schooling, especially as even the Vanderbilt site suggests that is how long the program would take. Also, please research the market on NPs in the area you plan to settle down. The NP Market is very dynamic and oversaturated in many areas, especially FNPs and now PMHNPs. Be sure it's worth it before taking on so much debt. Best of luck to you!!

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