$100,000 in student loan debt?

imalilteapott · May 17, 2009

---I also wanted to throw in that if I went the "save money route" and got a ADN. I would not be at the hospital that I am at now ( which is highly reguarded in the country and I LOVE it!) The University Medical Center I work for does not interview ADN nurses anymore. Only BSN--- therefore if I saved money by going to the CC, I wouldnt be where I am now.---- Yes they still have some ADN nurses left that they had hired previously but the ratio is 90% BSN to 10% ADN

truern · May 17, 2009

I attended community college, got my ADN, was hired before graduation and started out making the same as the BSNs at work.

I think some of it may be age-related. At my age (closer to retirement age even BEFORE I started nursing), I wasn't interested in spending the time or money for a BSN. I just wanted to be a nurse!!

Oh, and I finished nursing school with ZERO debt.

Saifudin · May 17, 2009

"I rather do a private school accelerated program and take the debt for the quality of life it will give me. Instead of struggling working/going to school for two year at community college for a ADN, I will go to school for two years be done my education and get to start life!"

I understand the sentiment but assuming that the plan will go just that way is for me a bit like bungee jumping and expecting (hoping) the bungee recoils at the right time. :eek:

Its funny how we're advised to save because Americans don't save but then told to go out a spend (on credit) to get the economy going. Again, its trying to cure the disease with the disease.

eriksoln, BSN, RN · May 17, 2009

I have to say...Im kinda offended. I was not at anytime "reckless"
Let me break it down for you people saying it's near impossible
At first, I wanted to be an artist.... nursing wasnt even on the radar- soo...
1st- 25,000 Private theater conservatory at university
2nd-25,000 Private theater conservatory
3rd-25,000 Private theater conservatory
Begining of 4th- 10,000 theater
----- oh my god I want to be a nurse ----but I have only taken theater classes (oh and some journalism classes as my "back up")------------
Second half of 4th- CC 7,000 ( paid out of pocket)
5th- want to get BSN since I almost finished my BFA 20,000 at private school
6th-20,000 at private school
6.5- 10,000 at private school.
I worked full time all 6.5 years while in school. I did get many scholarships. Never used loans for living..just for school, books, classes, and fees.
Most of my loans were taken out for my performing arts degree. However, once I switched to nursing there was no way..I was going to settle for a ASN after being in college for 3 and half years.
Thats how it happens. I am hoping I gave some of you a little more insight to us reckless nurses with lots of loans. Most of it Im willing to bet is nurses who picked nursing later.

Offended or not, almost 100K before you realize you are in the wrong major........is reckless.

That example IS THE DICTIONARY DEFINITION of reckless on two levels:

1. Went into a very expensive major without being 100% sure it was your road in life. Hey, lets face it, there are avenues open to people who already have money that are not open to those who dont. Its the American way. So...........maybe theater is one of those roads. If I knew, going into a major that it was going to cost that.........I'd be 100% sure first.

2. You spent almost 100K before realizing you wanted to leave that road and went to another one that may or may not be able to cover the expenses left from your first choice. Again, people with money have more options. Me, after having spent the money on the first choice, I would not have allowed myself to change avenues. Period. When you make a decision that big (spending almost 100K), you make a commitment. To change your mind about it so far into the game..........is reckless. People who dont have the funds to afford such a change of heart are forced to stand pat with their first choice. Now, on the other hand, if you are rich, who cares, be a professional student and change majors with the seasons, there is no consequence to it. Its different for them.

Again, cant stretch my imagination out far enough to even begin to understand spending that kind of money for a degree that can be had for less than 10K. Your example exemplifies my point, if you owe that much, your decision making is polluted with recklessness.

whoknows56 · May 17, 2009

Offended or not, almost 100K before you realize you are in the wrong major........is reckless.
That example IS THE DICTIONARY DEFINITION of reckless on two levels:
1. Went into a very expensive major without being 100% sure it was your road in life. Hey, lets face it, there are avenues open to people who already have money that are not open to those who dont. Its the American way. So...........maybe theater is one of those roads. If I knew, going into a major that it was going to cost that.........I'd be 100% sure first.
2. You spent almost 100K before realizing you wanted to leave that road and went to another one that may or may not be able to cover the expenses left from your first choice. Again, people with money have more options. Me, after having spent the money on the first choice, I would not have allowed myself to change avenues. Period. When you make a decision that big (spending almost 100K), you make a commitment. To change your mind about it so far into the game..........is reckless. People who dont have the funds to afford such a change of heart are forced to stand pat with their first choice. Now, on the other hand, if you are rich, who cares, be a professional student and change majors with the seasons, there is no consequence to it. Its different for them.
Again, cant stretch my imagination out far enough to even begin to understand spending that kind of money for a degree that can be had for less than 10K. Your example exemplifies my point, if you owe that much, your decision making is polluted with recklessness.

No need to say a person is being reckless like on this forum. I know some people what loved their major of choice until their senior year (people can change). So they were stuck in school for two more years at a private school racking up more debt. Sure 100k is too much for any degree, but it can happen. They are the ones that have to pay the loans back every month.

Edit: In full disclosure, I have $50,000 of student loan debt. Do I struggle to pay it back? No. I'm married and we live off my wife's salary and every penny I earn goes to paying back the student loans. I will have it paid off next year (two years out of school).

sunshine0509 · May 17, 2009

I think getting an ADN over 2 years at community college is taking a chance as much as getting a BSN at an accelerated private program. As someone previously stated some hospitals only hire BSN. Also, with the debt, the person who gets the Accelerated BSN actually may be better off in 5 years then the person with the ADN.

Lets say you have a chemistry major makes 40K/year, and a new grad nurse makes 60K/year.

Option 1:

Chemistry major waits a year/gets off waiting list making 40K, then dosent work- but dosent take loans for two years while in nursing school- zero debt!

+40

-

+60

5 years has made 160K

Option 2:

Chemistry major goes straight into accelerated program takes out 35K in loans

-35K

+60

5 years had made 205K

I think whether 100K is worth is for a nursing degree-depends on whether the person thinks it is or not. Did they enjoy their 4 years at college? Would they have been miserable getting into the "real world" 2 years out of high school? Do they want to be a nurse practitioner/crna? Does the hospital where they work even hire ADN?

I dont think anyone can judge.

Lovely_RN, MSN · May 17, 2009

I don't understand why anyone even cares about another person's student loan debts? Fine ask the question if you're curious but why all the ranting about what people are choosing to do with their money? It's not like the Govt has said anything about relieving student loan debt and these loans cannot be discharged unless you're dead or almost dead. What's the big deal?

cardiacRN2006, ADN, RN · May 17, 2009

Would they have been miserable getting into the "real world" 2 years out of high school? Do they want to be a nurse practitioner/crna? Does the hospital where they work even hire ADN?
.

Lots of excuses. I guess if I had spent that much money on a RN degree, I'd make tons of excuses too.

My ADN was about 3k. I had it paid for by tuition reimbursement. But, I could still pay for it without tuition reimbursement. I worked full time while attending my ADN program.

I'm getting my BSN paid for by work.

I'll get my NP paid for by work as well.

I'll be an NP with little to no school debt.

I still haven't come across a hospital that doesn't hire ADNs. If I did, even after I get by BSN, I won't work there. Plenty of fish in the sea.

And instead of paying hundreds a month on school loans, I spend it on my house and lovely vacations. No school debt noose here. Not for a RN degree that can be paid for with one of my nursing paychecks.

100,000 dollars on an RN degree is just plain silly. Reckless. And no amount of excuses changes that.

RNperdiem, RN · May 17, 2009

Imagine if you were told by your guidance counselors in school that a "college degree" is not a single entity, but several different entities that determine your employment options and future earnings.

What if you were told to hold off on higher education until you had explored your options and had a plan for your future?

What if they told you that not all college degrees are equal?

If a degree has limited slots for admission, there tends to be more job and earning potential.

I was a sociology major; no limits on number of degrees granted from my school in that department.

I got more return on my $2500 (cirica 1998) community college ADN. (paid for by myself)

feralnostalgia · May 17, 2009

it seems to me that no one is posting suggesting they want $100k in student loans, some happen to already have it. they are not encouraging other people to do the same thing, and they already have or are in the process of becoming nurses now. lets show them some support instead of calling them reckless. I'm pretty sure nobody needs strangers to point out to them that being $100k in debt is not fun.

and I've heard dozens of people over many months tell me that "RN" is the only thing that matters, why all the sudden are we acting like ADNs are a bad idea? my school has an ADN program and an online BSN completion. same instructors, except this way I will be an RN, working full time, for 2 years, and complete a BSN online while having lots of real-world experience as a nurse...I'm just a student now, but it seems to me that the clinical time in a 4 year BSN degree could not possibly amount to as much time I will get in an ADN and then two years of full time work, and I'll have the same degree at the end of it, and make either almost identical or identical pay.

I just reviewed the "careers" website for nurses at the biggest children's hospital in my state, and only *one* of the dozens of positions advertised required a BSN, and that was to be a manager. there were two advanced specialities requiring an MSN, but in general all they seemed to care about was an RN license, and experience for the more difficult positions. by the time I go from ADN to BSN I'll have enough experience to get jobs that would've been completely unopen to me had I opted to go from nothing to BSN.

pers · May 18, 2009

I don't have 100k in student loans but I was a traditional student who attended a state uni paying out of state tuition (roughly 20k per year including room and board). My education was funded with various forms of financial aid and the largest chunk of it was loans, particularly in the last two years when all of my other aid was pulled because of my parents finances.

I never sat for the NCLEX so I'm not really even using that degree (that is now 10 years old) but I don't regret the money I spent getting my BSN. I didn't have a husband to help me financially nor did I have children weighing me down with added expenses. I had a great time in college and it was worth every penny! I don't think it makes me reckless at all. I considered (and still do) that money to be an investment in me, not just in my education but in my life experience as well. I never would have had the experiences I did if I had attended a local school (plus there wasn't a BSN program where I live at that time). I wouldn't trade my four years of college for vacations, cars or houses--I'd rather have the debt and the amazing friendships, experiences and memories.

I don't think that's the right choice for everyone, but it certainly was for me. Now, had I been a non-traditional student I certainly wouldn't have made the same choices. Dorm life was a fun experience at 18 but no way would I choose to share a single room with a stranger now! My interest in frat parties and all night clubbing has declined to zero as well. I still wouldn't want to live with my parents, but I think I'd find it a lot more tolerable now that I have experienced life as an adult than I would have right out of high school when I was desperate for "real life" to begin. Plus, I'm the only child in my family to have graduated college and I honestly attribute a portion of that to my choice in not attending a community college (or even one that was closer to home). I have little doubt that had I done so, I would have married my HS boyfriend a couple of years sooner and ended up dropping out of college.

If I had it to do all over again, I wouldn't have chosen a different college or to not use loans the way I did. However, if I was doing it all over again now, I would definitely be more conservative with loans and consider costs more heavily when choosing a school.

eriksoln, BSN, RN · May 18, 2009

I think getting an ADN over 2 years at community college is taking a chance as much as getting a BSN at an accelerated private program. As someone previously stated some hospitals only hire BSN. Also, with the debt, the person who gets the accelerated BSN actually may be better off in 5 years then the person with the ADN.
Lets say you have a chemistry major makes 40K/year, and a new grad nurse makes 60K/year.
Option 1:
Chemistry major waits a year/gets off waiting list making 40K, then dosent work- but dosent take loans for two years while in nursing school- zero debt!
+40
-
-
+60
+60
5 years has made 160K
Option 2:
Chemistry major goes straight into accelerated program takes out 35K in loans
-35K
+60
+60
+60
+60
5 years had made 205K
I think whether 100K is worth is for a nursing degree-depends on whether the person thinks it is or not. Did they enjoy their 4 years at college? Would they have been miserable getting into the "real world" 2 years out of high school? Do they want to be a nurse practitioner/crna? Does the hospital where they work even hire ADN?
I dont think anyone can judge.

Opinion or something that has been researched? Any data to support this?

I know the answer already, I'm just pointing it out to you, its rhetorical.