Student Loan Debt?

Keepstanding, ASN, RN · Nov 24, 2009

wow that's a lot of debt ! i would opt for getting my associates degree rn and work for a few years to stockpile some $$$. i would not want that much debt hanging over my head. just my :twocents: worth !

praiser :heartbeat

NewTexasRN · Nov 24, 2009

You really have to decide what's best for you. I really don't know about the ADN anymore, because more and more employers want you to have a BSN. It's a lot of money though! Can find a cheaper BSN program?

canigraduate · Nov 24, 2009

Hmm... that's a tough decision. Personally, I would go the cheaper route. I would not be comfortable with that much debt. As a matter of fact, I think I'm having a panic attack imagining it.

I went to a private college and ended up with $40K in debt. My initial payments were so high that I couldn't afford them, so I refinanced for a longer term. I'm still paying and will be until I'm 40. Even with extra payments and over-payments to reduce the principal, my debt has only been paid down by 1/2 and it's been 10 years.

I think your decision depends on if you could handle that amount of debt and the payments. In these times, employment as a nurse is uncertain, so I wouldn't count on landing a nursing job right after graduation. Also, you may want to look into different schools with less expensive programs.

Starting a career as a nurse is stressful enough without worrying about having enough money to pay your school debt while having enough money left over to live on!!

Good luck!

Not_A_Hat_Person, RN · Nov 24, 2009

I had a BA when I entered nursing school. I was paying out-of-pocket, and the cheapest BSN program I could find was $25,000 more than the community college program I attended. I was going to be an RN either way, so why not take the cheaper route? My employer can pay for my BSN.

HouTx, BSN, MSN, EdD · Nov 24, 2009

THAT'S TOO MUCH DEBT in relation to a nursing salary. You could potentially be paying close to $1000 per month on your student loans. Yikes! This would severely constrain your ability to live independently. And remember that defaulting or getting 'in arrears' with student loans is a very bad thing... In most states, you cannot even renew your nursing license if you're on the 'bad list' for defaults. Don't do it hon.

RNnbakes · Nov 24, 2009

Wow anytime I read about student loans, I have to thankful. My parents paid my way through college, nursing school and are paying for my masters.

I think you shoud make the decision you can live with. 80k in debt is a huge amount, you are looking at about $350-$400 per month if you are going to pay the debt off in 20years. Depending on where you live, lets assume for base pay, you make about $2000 per month after taxes, you'll be using 1/5th of it on school loans. This is without considering rent, car loan, insurance, phone bill, gas, grocery and other bills.

I dont think its up to us to decide if 80k is too big or just reasonable, its up to you to make you calculations based on future pay and deduce if the loan is worth it. Nowadays hospitals are being picky so we can no longer take it for granted that nurses will always find a job.

i really do hope you find a much cheaper school and i wish you goodluck.

CABG patch kid, BSN, RN · Nov 24, 2009

I would go the ADN route and then go RN to BSN later. The money that you'll make starting off as a bedside RN will be practically the same with either degree. I think my hospital pays me .50-1$ more an hour for BSN, its so little its not noticeable. In other words, it won't be worth it!!!! Good luck on getting in the ADN if that's the route you choose, hopefully waitlist isn't too bad.

brandy1017, ASN, RN · Nov 24, 2009

I would choose the ADN program and then go on to a bachelors after, if you so choose. Usually once you're hired your employer will pay at least part of your tuition for a BSN and if you weren't able to get a job with an ADN, which I would be surprised, you could still go on with much less debt. You do not want to take out that much money, that's close to a mortgage or at least 1/2 a mortgage and absolutely avoid private loans they are like credit card debt only worse. If you must take out loans stick to govt loans.

Remember student loan debt is forever, it is virtually impossible to get out from under and you can't get rid of them even in bankruptcy! Also if you default you could lose your nursing license and then be unable to practice. A neat little trick the private student loan companies have up their sleave is to keep any professional from practicing if in default, ie doctor, lawyer, nurse. Once they pile the fees on you could end up paying twice as much, since they have all the power and you have none.

Read the book, The Student Loan Scam, by Alan Collinge available on Amazon.com and check out the website http://www.studentloanjustice.org before taking any loans out. It is very sobering reading and we all should be aware of the potential pitfalls and consequences before taking out any student loans.

RNgonewild · Nov 24, 2009

Don't do it!

brandy1017, ASN, RN · Nov 24, 2009

Also the associates program gets you into clinicals faster so you can find out if this is really what you want to do. A BSN spends the first years with liberal arts classes and then clinicals at the end and it can be quite a shock if you don't have healthcare experience. Personally I've found most associates nurses better trained on the hands on of bedside nursing, probably because the clinicals start sooner. Just my 2 cents.

NC Girl BSN · Nov 24, 2009

You will regret taking out that much debt. RN's are not making enough to compensate for the bill on that student loan. Don't do it! Go a cheaper route. That amount is insane.