Is it common nowadays for nursing students to graduate with >100K in student loan debt? I am trying to wrap my head around how this is happening so let me throw a few questions out there.
Did you go to a public or private university?
If you chose a private university what advantages did you expect over a public university?
Did cost play any role in selecting what university you went to?
What was the cost of tuition per year?
Did you use the student loan money for anything other than tuition, books or school fees?
When you signed for the loans, did you have any idea how much the payments per month would be?
If you are a working RN, what percentage of your monthly take home pay goes to servicing your school loans?
If you are a working RN, knowing what you know now what if anything would you have done differently to keep the debt to a minimum?
Couldn't remember my username and password but I had to create a new one for this topic.
I would love to hear what folks have to say. Im managing my debt from my first degree (non BSN) and plan on paying in cash for my ABSN, I refuse to attend a private school for my ABSN.
As Im finishing my prereqs, I have been shocked by the costs of ABSN programs. I live in PA and we have many excellent programs with connections to great hospitals. But why in the hell are they charging you up to 50K for a BSN degree?
Because they can, and they care less about the amount of students they are graduated and if they will have a job afterwards. Its all about freaking money. I say, have one up on these schools and reject them if they are too expensive. Most folks dont do that because they really dont mind the cost but if we dont protest the cost, it wont be lowered.
I plan on saving most of my small salary to pay out of pocket for a ABSN program at a state school here in PA. Im also working on my credit so if I need a loan, I wont have to search for a cosigner. I just cannot fathom taking out loans again for another degree unless Im sure of the payoff. I did it for my first degree and that was a MAJOR mistake. I wont do it again.
I admire those who have worked there way up from associates to bsn, sometimes there is no other option that makes financial sense.
Money and debt management should be spoken about FRANKLY to nursing students! As a matter of fact ALL students!
Thankfully I have a partner who is willing to work with me and support me. He works in HVAC and makes generally decent money, so as long as my half of the mortgage is paid, we can make due. Going PRN at my job will allow me with enough flexibility to get my hours in when I can. Plus, my oldest is almost 13 and almost old enough to babysit, so if need be, once she's old enough... she can watch her siblings for short amounts of time. But I still wanna be THERE, you know. I don't wanna always be working or in class when they have an event. I think if I create a good payment plan and STICK TO IT, I can pay it off pretty quickly. Like I said, I plan for my limit to be 50K. Most people seem to walk out of school with around that and do just fine. Having a significant other with a generally well paying job makes it easier to limit myself. If I had been a single parent, I would probably end up needing more or possibly stopping at my ADN and waiting until my children were adults to tackle my BSN. Also my school has some of the cheapest tuition rates in the state, but its also one of the best nursing schools in the state as well. Probably why its so competitive to get into! LOL
Between undergrad and NP I came out with about $90k worth of debt. Yikes! That said, don't let the loan amount dissuade you. I'm PMHNP and I love every day of it... much better than earlier in my nursing career. Most specialized nurses where I live make $85k+, and I put $10k towards my loans each year. We now own a house etc. and life moves on. Make the plunge!
Did you go to a public or private university? Private University
If you chose a private university what advantages did you expect over a public university? Well, the city and state I live in having community college programs that are so impacted that the wait for an ADN program is 2-5 years long. Because of a budget crisis, state colleges and universities put a block on any Bachelor's Degree students with a previous Bachelor's Degree from entering any 4 year program. Because I already have a Bachelor's Degree it was either wait 2-5 years for a space in an ADN program or pay 60K at a private university for an ABSN program that I finished in 1 year after I completed my prereqs.
Did cost play any role in selecting what university you went to? No, not really. I wasn't thrilled about the price tag of my private education but it was the fastest route to getting my BSN.
What was the cost of tuition per year? My ABSN program was only a year long and it cost about 60K total
Did you use the student loan money for anything other than tuition, books or school fees? Yes, tuition, books, school fees, and also child care because I was a full time stay at home mom with two young kids before I committed to nursing school full time.
When you signed for the loans, did you have any idea how much the payments per month would be?I sat in a very long financial department presentation during orientation that spelled out exactly how much the typical payments would cost given a few different scenarios.
If you are a working RN, what percentage of your monthly take home pay goes to servicing your school loans? This is such a joke and this is the reason I had to respond to this thread. I make >100k per year where I work, just my base salary, not including an annual bonus plus yearly raises. I also got through nursing school and working a full 2-5 years faster than other people in the same track as me. My school loan payment is less than 1/10th of what I pull in per month. Because we lived modestly in the years I was a stay at home mom, we were not saddled with debt other than a mortgage that we were already paying on one salary alone and anything I made as an RN starting out was icing on the cake (after making my student loan payments, obviously). Balk and judge away at large student loan debt, but it has been worth it for me. Every last cent.
If you are a working RN, knowing what you know now what if anything would you have done differently to keep the debt to a minimum? Eh, there are some scholarships I should have applied for in school to lessen the debt. I guess I just figured working my butt off for a $1000 scholarship was not worth it when I was paying $60K for my total education. If I were not living where I live with the highest paid RNs in the country and in a sought after specialty that increases my earning potential this school would have been a bad idea. But I knew roughly how much I would make before I started nursing school so it was a win/win.
Hello I am wanting to obtain my MSN and am wondering which online university you are attending. I have not been able to find one that has an affordable tuition and $230 per credit hour would be great. Thank you for any insight and help you can share with me.
Privately owned, but public model. Everyone gets in.
If you chose a private university what advantages did you expect over a public university?
More support. I did get that, over friends at different public schools.
Did cost play any role in selecting what university you went to?
yes and no. It was very expensive, but they have a really good reputation. I thought the benefit of getting a job shortly after would outweigh the cost.
What was the cost of tuition per year?
$8000/semester. 3 semesters a year.
Did you use the student loan money for anything other than tuition, books or school fees?
no.
When you signed for the loans, did you have any idea how much the payments per month would be?
Sort of. I did my own research on the government student loan website to estimate.
If you are a working RN, what percentage of your monthly take home pay goes to servicing your school loans?
I haven't started paying back yet, but it will be about 17%
If you are a working RN, knowing what you know now what if anything would you have done differently to keep the debt to a minimum?
for federal loans, if you pay back within 6 months you don't have any interest. It's as if you never took out the loan at all. I would have focused on putting as much as I could towards this amount. It would have saved me 1000's over the course of the loan.
I put myself through school for my BSN and FNP degree and graduated from both debt free. Let's just say i worked ALL through school and Took no spring break trips. Went to an affordable BSN state school out of town, and went to a state school for FNP school. And i am 28 years old. I thank God everyday i was resourceful and wise at a very young age and was always scared of oweing someone. The school you go to doesnt matter (as long as it isnt a school with a shady reputation). Feel free to ask what i did, as i love sharing my story with others.
Found job as CNA in a company that reimbursed $4000/ year.
Went to Community College with tuition total $13000 and graduated with my ADN. Tuition reimbursement and out of pocket for the rest of the tuition, zero debt at the moment.
I have Masters Degree that I received in Europe, plus ADN, currently job hunting for my first RN position and planning my next move.
I would like smart people's opinion on what to do next:
- get my BSN, and increase my chances on getting Hospital job.
- get my MSN with some bridge classes, while working in rehab facilities.
My life goal is to have MSN, but the question is how to approach it in a frugal way ?
I wish I made smarter choices from the start, but I was thinking like an 18 year old. My parents are immigrants who had zero knowledge about student loans and the cost of college. I went to a private Catholic university that put me in the hole for $120,000 thinking that I would get into PA school and that it wouldn't matter how much my loans were because my PA salary would cover them. I went to this specific university because this is where my boyfriend was going so I was going to "follow him". Well I never was accepted into PA school and was stuck with a degree that would not lead to a career (Biomedical Sciences and Psych). Its one of those degrees that is considered pre-med, pre-dent, pre-PA. I decided to go into an accelerated second degree nursing program. I graduated with high honors and now I am passionate about nursing. But this put me $30,000 deeper in the hole. I just recently graduated and will be working in a local VA hospital, but they do not offer a loan repayment program. I am also engaged to that boyfriend I was "following". It is so depressing talking about our future because my student loans total the same amount our first house would be.
BSNMPHProspect
6 Posts
Couldn't remember my username and password but I had to create a new one for this topic.
I would love to hear what folks have to say. Im managing my debt from my first degree (non BSN) and plan on paying in cash for my ABSN, I refuse to attend a private school for my ABSN.
As Im finishing my prereqs, I have been shocked by the costs of ABSN programs. I live in PA and we have many excellent programs with connections to great hospitals. But why in the hell are they charging you up to 50K for a BSN degree?
Because they can, and they care less about the amount of students they are graduated and if they will have a job afterwards. Its all about freaking money. I say, have one up on these schools and reject them if they are too expensive. Most folks dont do that because they really dont mind the cost but if we dont protest the cost, it wont be lowered.
I plan on saving most of my small salary to pay out of pocket for a ABSN program at a state school here in PA. Im also working on my credit so if I need a loan, I wont have to search for a cosigner. I just cannot fathom taking out loans again for another degree unless Im sure of the payoff. I did it for my first degree and that was a MAJOR mistake. I wont do it again.
I admire those who have worked there way up from associates to bsn, sometimes there is no other option that makes financial sense.
Money and debt management should be spoken about FRANKLY to nursing students! As a matter of fact ALL students!
Great topic!