I also posted this question in the students section but thought maybe I could get some advice from those who have finished school and are working RNs. I have been accepted to a BSN program that begins in January and graduates May 2012. However, some money that I was going to use for school is no longer available (looong story) so I will have to borrow the money. This is a private school so I would leave with around 80-100K in debt (no joke). I want to be an RN but I am considering entering an ADN program and then taking an RN-BSN program down the road. Seems like a whole lot of money to pay out every month after graduation.
I was just looking for insights from any of you who have been through this already.
I want to thank everyone for their insights...the ADN route is how I was leaning and it looks like there is no chance of getting
in the winter semester but next fall shouldn't be a problem. It does just boggle my mind that school would be so expensive in relation to future earning potential.
Thanks again everyone!! You have been very helpful!!
1) Where would you be working after grad? Nursing in FLA or a low paying state would make loan debt unbearable, however states like NY/MASS/CA start grads at around 76,000, so the loan would be very doable.
2) Again, these high paying states, at least NY/NJ/MASS, are turning away from hiring ADN. Would you feel comfortable working in LTC or SNF while you get your BSN later on? Dont take this from me, theres something even in the NY/NJ legislature which is trying to MANDATE BSNs. Bsn only has already become an industry standard in NY, as far as I can tell.
3) Opportunity cost! No one talks about this, so I'm assuming no one took microeconomics. If you have to wait several months/years to do ADN, you *must* calculate lost earnings...For example, if BSN starts in Winter 2010..but ADN doest start until winter 2011..You mut calculate 12 months of RN income that you would have been making by graduating BSN a year earlier and working as an RN...Therefore if the ADN is 40grand cheaper, but you're waiting a year (and missing between 40-76 grand of income depending on state), than it may make sense to start BSN right away..Google opportunity cost.
Other things to consider:
- HRSA scholarship, pays your ENTIRE loan and gives you a stipend every month for around 1400.
- HRSA loan repayment, repays 85% of your ENTIRE loan for 2 year commitment after you graduate. (in addition to your salary, of course).
- Public Service loan repayment..similar to above, but work in public service..community/gov hospital or indian health services most likely apply. Wipes your loan out after 10 yrs or something like that.
I have been going through the same issue as you, but I think im choosing the expensive program for the above reasons. Plus, I will be pursuing an advanced practice degree and have to opportunity cost the advanced position's pay as well.. Something to think about if your planning on going on to a higher paying advanced position. TIME = MONEY. If ADN starts after BSN, you must calculate opp. cost.
Elle, you bring up some very good points. I absolutely do plan on going to grad school so the BSN is necessary. Also, I have some
good news!! I have received an academic scholarship from the school with the BSN program and it actually makes the cost of the
entire program only $10K more expensive than the ADN program. Plus I will be receiving at least $10K from a state program that focuses on higher learning. So at this point I am at the same cost as the ADN program.
The BSN program starts in January and I am excited!!
marten
5 Posts
I want to thank everyone for their insights...the ADN route is how I was leaning and it looks like there is no chance of getting
in the winter semester but next fall shouldn't be a problem. It does just boggle my mind that school would be so expensive in relation to future earning potential.
Thanks again everyone!! You have been very helpful!!