$100,000 in student loan debt?

Nurses General Nursing

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I keep reading about new nurses saddled with $100,000 worth of student loan debt. I'm curious about this. Are these students using their loans to live off of while they attend school or are they attending very expensive schools? You could almost buy a house for that amount. How common is that level of debt?

Wow that is alot of money to be in debt with, but in these times I can believe it though.

I just have a question for all who view this board, does anyone know of these 2 nursing review courses in NY called The Ilanna Nursing Review, and Ready To Pass? I am considering taking a review course but I want to make sure that I make the RIGHT decision, after all they are both almost like 500.00! And I do not want to be wasting my time or my money choosing the wrong one, because I definitly do not have money like that. So if anyone knows personally or if anyone has heard of either one of these reviews whether it be good or bad please leave me a message or contact me. Thanks so much

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Specializes in Management, Emergency, Psych, Med Surg.

I was so lucky. Back in the 70's there was the BEOG (basic educational opportunity grant). Because my family was below the federal poverty level, I qualified for grant money each semester. It covered room, board, meals, books. I also was able to get some grant money and I had one loan. The loan was paid back automatically as long as I worked for a non profit hospital. I ended up owing only $200.00 after all was said and done.

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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.

Actually my college adviser did this with me, so I stole it from him! We got the #'s from salary.com.

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Specializes in Pediatric/Adolescent, Med-Surg.

I just took out my first student loan ever to help pay the last semester of my RN-BSN program. I am borrowing $7,000. I already have my RN, so when you think about it $7,000 in debt for a BSN, ain't bad at all. Of course, if I break my hospital contract that is paying for my RN, I'll owe $10,000.....

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Specializes in M/S, Travel Nursing, Pulmonary.
Actually my college adviser did this with me, so I stole it from him! We got the #'s from salary.com.

Your joking right? You got your info. on career paths from someone whose job/priority is to fill seats at the classroom. And even if salary.com still says that..............that doesnt mean its right. OMG. That is just too funny.....career advice from someone who has THE SCHOOLs best interests in mind who uses a .com site (not .org mind you, which at least I could understand).

Begining to see how the 100K debts happen at least anyway.

This thread has been good for me though. I have my loans down to 20K after paying extra for the last two years. I was kind of being hard on myself for spending so much, wishing I had been more selective about things. Then I read this topic and I'm like.................ah, ok, you could have done better but.............well, nuff said.

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Your joking right? You got your info. on career paths from someone whose job/priority is to fill seats at the classroom. And even if salary.com still says that..............that doesnt mean its right. OMG. That is just too funny.....career advice from someone who has THE SCHOOLs best interests in mind who uses a .com site (not .org mind you, which at least I could understand).

Begining to see how the 100K debts happen at least anyway.

This thread has been good for me though. I have my loans down to 20K after paying extra for the last two years. I was kind of being hard on myself for spending so much, wishing I had been more selective about things. Then I read this topic and I'm like.................ah, ok, you could have done better but.............well, nuff said.

By college adviser I meant undergraduate adviser who has "no priority to fill seats in a classroom".

The number simply made sense to him and myself.

Can you explain to me how maybe they don't?

Eriksoln- Do you have 20K+ in debt from a ADN?

Do I have 100K for a BSN? No. I'll have 35K (more if i go straight to the masters)

Do I think it is horrible to have it? Nope

To some people, the experiences you can have at a 4-year university are irreplaceable.

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Specializes in Emergency Dept. Trauma. Pediatrics.
Your joking right? You got your info. on career paths from someone whose job/priority is to fill seats at the classroom. And even if salary.com still says that..............that doesnt mean its right. OMG. That is just too funny.....career advice from someone who has THE SCHOOLs best interests in mind who uses a .com site (not .org mind you, which at least I could understand).

Begining to see how the 100K debts happen at least anyway.

This thread has been good for me though. I have my loans down to 20K after paying extra for the last two years. I was kind of being hard on myself for spending so much, wishing I had been more selective about things. Then I read this topic and I'm like.................ah, ok, you could have done better but.............well, nuff said.

I think you will notice a similarity in all the posters that think 100+ thousand in debt is no biggie which when you look at that, there isn't nothing you can say or do to shine the light, it will be a live and learn thing and be glad it isn't your debt. I agree with everything you have said though.

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Hi Everyone,

As I read this thread I sit here with that all to familiar sinking panicky feeling in my gut and I actually am breaking a sweat as I have so many nights laying in bed wondering how I am ever going to pay off these loans. I went to a private college. Initially I was majoring in PTA, but withdrew first quarter to go into the nursing program. My nursing program alone was $50k not to mention my prereqs which were probably close to 9k. Unfortunately I was one of those students who took out above my tuition cost to supplement my loss of income that I was bringing in prior to nursing school. Had I not been able to do that I wouldn't have been able to go to school. I only went to the private college because there are few BSN programs here and the shortest waiting list was 2 years! So, yes I panic, I really do. I am in over $150k, but I have to remind myself that that extra is what kept food on the table and paid half the rent. I'll be paying back forever, but that is o.k. I am in a career that I love and plan to further my education in. I have NO IDEA what my monthly payments will be yet, and quite frankly would like to stay in denial as long as I can. In a year or so, I will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.

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Specializes in M/S, Travel Nursing, Pulmonary.
By college adviser I meant undergraduate adviser who has "no priority to fill seats in a classroom".

The number simply made sense to him and myself.

Can you explain to me how maybe they don't?

Eriksoln- Do you have 20K+ in debt from a ADN?

Do I have 100K for a BSN? No. I'll have 35K (more if i go straight to the masters)

Do I think it is horrible to have it? Nope

To some people, the experiences you can have at a 4-year university are irreplaceable.

An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). So, why R U even rosponding to me if you only have 35K? You're not in this group.

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An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). So, why R U even rosponding to me if you only have 35K? You're not in this group.

Well to make myself even more clear, it was a undergraduate adviser who has no affiliation with the accelerated BSN. Sorry that my situation does not fit into the point you were trying to make.

And you don't need data to show the opportunity cost lost by pursuing 2 year ADN without debt vs. an accelerated BSN with debt

DO you have any data to support your stance?

And actually you responded to my post, with the question "your joking right?"

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hi everyone,

as i read this thread i sit here with that all to familiar sinking panicky feeling in my gut and i actually am breaking a sweat as i have so many nights laying in bed wondering how i am ever going to pay off these loans. i went to a private college. initially i was majoring in pta, but withdrew first quarter to go into the nursing program. my nursing program alone was $50k not to mention my prereqs which were probably close to 9k. unfortunately i was one of those students who took out above my tuition cost to supplement my loss of income that i was bringing in prior to nursing school. had i not been able to do that i wouldn't have been able to go to school. i only went to the private college because there are few bsn programs here and the shortest waiting list was 2 years! so, yes i panic, i really do. i am in over $150k, but i have to remind myself that that extra is what kept food on the table and paid half the rent. i'll be paying back forever, but that is o.k. i am in a career that i love and plan to further my education in. i have no idea what my monthly payments will be yet, and quite frankly would like to stay in denial as long as i can. in a year or so, i will be freaking out to all of you about these loans, until then, may all be peaceful and rosey.

calm down.

1) first of all you should have had payment estimate(s) during loan counseling by your financial aid office before and after each of your schools. if you don't recall them then call your fa office asap and they can probably point you in the direction of where you can get your estimates (they're available online).

2) consolidate your loans as soon as you finish nursing school. it will make life easier. if these are govt loans for the most part, then most servicers offer graduated payment plans so that you will start out with lower payments while you're fresh out of school and still getting your feet wet in the profession. then later on when you get more established in the profession you'll be able to pay more. they do have forbearance and deferement options so if you run into a lean spot and are unable to pay you won't lose the farm. and if you take certain jobs you can get loan forgiveness.

3) 150k/over ten years is only about 15k/year plus interest which isn't a huge price to pay for a professional license where you can expect to earn six figures in about five years if you position yourself well and hustle. e.g., get your msn. when you're working as a nurse you can get your employer to pay the tuition and the msn will qualify you to teach. online teaching is especially attractive because you have a nice little side-source of income that you can earn in the comfort of your own home.

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Specializes in M/S, Travel Nursing, Pulmonary.
By college adviser I meant undergraduate adviser who has "no priority to fill seats in a classroom".

The number simply made sense to him and myself.

Can you explain to me how maybe they don't?

Eriksoln- Do you have 20K+ in debt from a ADN?

Do I have 100K for a BSN? No. I'll have 35K (more if i go straight to the masters)

Do I think it is horrible to have it? Nope

To some people, the experiences you can have at a 4-year university are irreplaceable.

An "undergraduate adviser" is still loyal to their facility first. To get you in their circle instead of the school down the street, they'll give you all sorts of slants on why their degree is "the one that'll give your real earning potential in today's job market" blah blah. They are like car salesmen. The ADN school adviser will tell you "ADNs make the same as BSN", four year colleges will tell you "You'll get promoted faster with our degree". Its just a sales pitch, no truth to it (as witnessed by.......still no link to any data to support your stance. This back and forth among us could have ended many posts ago with that.........but............you dont have any data to support your stance........do you?)

BTW, I am being critical of people spending 100K for an ADN (heck, throw BSN in there too, thats too much for a BSN even). I'm not being critical of getting a BSN or Masters. I'm going back for my BSN next Feb. But there are MANY ways to do that without spending 100K. Too many to justify it. A lot of them discussed already (get ADN, let the hospital pay for the BSN etc).

I see it this way. How many people you hear about who really have very little money but are told they make too much to get FA? I know a lot. The middle income family, who can not pay for college out of pocket, gets crunched. So, you have to be dirt poor or filthy rich to go to school. Why are the FA funds all dried up like that? I wont say people who borrow recklessly to the tune of paying 100K for a 10K degree are the only reason, but they are a major reason.

Its simple math. 500K given to a school for FA. Some students need 10K, others 15K.........whatever, to get their degree. They in turn go out to the work force and return the investment. Where in that equation does it make sense to give someone 100K..................to get the same return on the investment. To give that one person their 100K...........5 or 6 other students are told "no".

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