Student Loan Debt

Sweetpea00 · Oct 28, 2004

OK...I graduated this past May with a pretty much worthless degree in Psych...I have since decided to complete a second B.S. in Nursing starting Spring 05....the thing is I already have 39,000 student loan debt (10,000 Federal Perkins Loan which hopefully can be forgiven once I'm a Nurse) and will have to take out probably 20,000 more to complete 2 more years of Nursing School...Am I crazy for going this deep in debt...all my friends seem to think so...they don't even want to take a loan to go to school period. I consider myself having pretty good credit...I have never been late on my car payment or credit card payment etc....But my friends who are so scared of student loan debit have horrible credit and can't get anything in their name. My point is why are these people who have already ruined their credit by not paying off credit cards...so scared of taking out loans to pay for an education... I don't understand it...So I be worried like them or worry about the student loan payments when I graduate.

gerry79 · Oct 28, 2004

Ive been told the two things that you want to spend money on is your health care and education. Looking long term, it might be a good investment.

gerry79 · Oct 28, 2004

Ive been told the two things that you want to spend money on is your health care and education. Looking long term, it might be a good investment.

Ross1 · Oct 28, 2004

Two things to think about:

1) Do you meet all the necessary pre-requisites to start a one year accelerated BSN program? If so, you will be able to get out into the real world of work and start earning money much sooner then you would if you have to first go back and start taking A&P, Microbiology, etc etc.

2) Since you already have a B.S. and debt seems to be an issue, you may want to consider going back to school for an Associate of Science in Nursing. These programs are generally VERY INEXPENSIVE, especially when housed in a community college (even more so if in California). The ASN will qualify you to become an RN and with your ASN and BS, it will be very easy finish a BSN on a part-time basis in an RN-BSN program, hopefully with educational reibursement from an employer. Since you already have a B.S., you won't need to take that many classes to earn a ASN (or ADN). After completing a ASN/ADN, you'll only need about another 25-30 credits of nursing for your BSN (and the rest of the credits would mostly likely transfer from your B.S.).

Ross1 · Oct 28, 2004

Two things to think about:

1) Do you meet all the necessary pre-requisites to start a one year accelerated BSN program? If so, you will be able to get out into the real world of work and start earning money much sooner then you would if you have to first go back and start taking A&P, Microbiology, etc etc.

2) Since you already have a B.S. and debt seems to be an issue, you may want to consider going back to school for an Associate of Science in Nursing. These programs are generally VERY INEXPENSIVE, especially when housed in a community college (even more so if in California). The ASN will qualify you to become an RN and with your ASN and BS, it will be very easy finish a BSN on a part-time basis in an RN-BSN program, hopefully with educational reibursement from an employer. Since you already have a B.S., you won't need to take that many classes to earn a ASN (or ADN). After completing a ASN/ADN, you'll only need about another 25-30 credits of nursing for your BSN (and the rest of the credits would mostly likely transfer from your B.S.).

walnuttree91 · Oct 28, 2004

As someone who also got a BA in psych and then went to nursing school, $20k is a great investment. You will be able to pay off yor entire debt much faster than you would pay off the smaller debt with any job a BA in psych would get you.

On the other hand, how do you know you want to be an RN? Are you doing it just for the income? If you are, it won't work. This is something you have to love to do - you can't do it well if your heart isn't in it.

walnuttree91 · Oct 28, 2004

As someone who also got a BA in psych and then went to nursing school, $20k is a great investment. You will be able to pay off yor entire debt much faster than you would pay off the smaller debt with any job a BA in psych would get you.

On the other hand, how do you know you want to be an RN? Are you doing it just for the income? If you are, it won't work. This is something you have to love to do - you can't do it well if your heart isn't in it.

TennRN2004 · Oct 28, 2004

I also have a BS in psych and went back to nursing school. Personally, I went back for my BSN, because in my area it is not that much more tuition wise, and I didn't want to fool with the hassle of going back to get another BS. I am glad I did it this way, because I'm working now, able to pay off my loans, and not have to worry about school. Check with some schools in your area to see what types of programs are available. I know the school I went to gave preference to those students who already had a degree, so it was easier for me to get into nursing school. Plus, if you work as a nurse tech/CNA in school, you can usually get tuition reimbursement for nursing school even before you graduate. That would help take some of your loan load off. Plus, student loans have some of the lowes interest rates, so monthly payments aren't bad anyway. Bottom line, as someone else mentioned, try to talk to a nurse, or spend a few hours with a nurse one day to make sure it's something you'll be happy doing. I love it, but it's different and in some ways school doesn't prepare you for all the things nurses do.

Jo Dirt · Oct 28, 2004

Two things to think about:
2) Since you already have a B.S. and debt seems to be an issue, you may want to consider going back to school for an Associate of Science in Nursing. These programs are generally VERY INEXPENSIVE...snip

Very inexpensive unless you choose to go the Deaconess College route. You'll be in debt for more than $20,000 if you go there. They prey on people who can't get to college any other way. It's almost criminal. It makes me feel physically ill to think about it.

Yea, I agree psychology won't take you many places. If I had the opportunity I would definitely go to a regular college to get a BSN in contrast to a distance learning certificate (which is what I am having to do). Then there won't be any question about how it will look or whether or not it will be accepted here or there.

You can be in debt and try to use your job as a social worker to pay for it (what do they make, about $23,000/yr?) Or...you can go into debt for a little more and try to pay off the loan with your job as an RN making $38,000 or more per year.

On the other hand...

Are you encumbered with a family? If I was still single and free I would work while I went to school, maybe pick up some student worker time in exchange for some of the tuition. I wouldn't advise going into debt at all if I didn't have to. Drive a cheap car, live cheap...I don't think it is a good idea to make it a way of life to make car payments or use credit cards, unless you want to live beyond your means and be tied to a paycheck.

Good luck.

Ross1 · Oct 28, 2004

LPNtoRN:

I'm wondering where you got the idea that the original poster is a social worker. S/he has a B.S. in psychology. FYI, psychology and social work are two separate fields. To be a social worker, one must have a BSW degree and to become a licensed social worker, one must always have an MSW degree. A B.S. in psychology does not qualify one to be a professional social worker, although, folks with psychology degrees are often hired in social service capacities.

Jo Dirt · Oct 28, 2004

LPNtoRN:
I'm wondering where you got the idea that the original poster is a social worker. S/he has a B.S. in psychology. FYI, psychology and social work are two separate fields. To be a social worker, one must have a BSW degree and to become a licensed social worker, one must always have an MSW degree. A B.S. in psychology does not qualify one to be a professional social worker, although, folks with psychology degrees are often hired in social service capacities.

It is different in different states. Here in Tennessee they are so desperate they are taking people off the streets in certain towns and training them to be social workers.

And the remark about working as a social worker was only mean to compare the kind of job she may get with a psych degree as opposed to the kind of job she may get with an RN degree.