Student Loans for ABSN? Need Advice!!

llg, PhD, RN · Jul 16, 2014

Most experts recommend that your total amount of student loans should not be more than what you can reasonably expect to earn in your first year after graduation. Use that as a guide while you run the numbers to see if you can afford the more expensive school.

ToTheStudent · Jul 16, 2014

Personal opinion I wouldn't want to take on new debt of that kind if I already had debt. Cost of living is very high in Boston. You'd pay at least that in Boston. And you'd be very lucky to pay that low and what you don't pay in rent you'll pay somewhere else. I'd estimate the cost of living at a minimum of $1,500 a month, remember the further you live from the city the lower the cost but longer commute so it all balances out. Also since you're from New York consider applying to NYU, they have an accelerated program as well, obviously you said you weren't from the NYC, but just as an option as the overall price would be about the same and they accept students with similar credentials as MGHIHP. But with all of that in mind. If your goal is FNP and you are very certain of that goal, consider direct entry programs. But in my opinion you'll need to find a new competitive edge for your application since the average direct entry gpa is generally very high. I'm sure you'll figure it all out though, good luck!

HouTx, BSN, MSN, EdD · Jul 16, 2014

Accelerated programs in my neck of the woods use cumulative GPA as a basis for admission. If this is the case, these decisions may turn out to be a moot point.

lmnop9999 · Jul 16, 2014

Thanks for your responses! HouTx do you mean my gpa is too low to get accepted anywhere?

RookieRoo · Jul 16, 2014

I just made this decision and opted for the cheaper school. I didn't have a problem getting into both but the more expensive school (also around 50,000 total) would have been easier for me. However, 50,000 for a nursing degree was a bit much. On top of that, I would have had to not only take out $25k in gov loans, which would have made me reach my undergrad loan cap, so the other $25k would have had to be private loans. I would have needed a consignor and I just didn't want to go down that road. I'm glad I didn't; I am getting the same education at an ABSN program for a quarter of the price.

SKay226 · Mar 4, 2015

Hi, I'm curious as to what you decided...

I'm set to start at MGH this May but have more previous debt than you did even. It causes so much anxiety!

windsurfer8, BSN, RN · Mar 4, 2015

"just deal with" the loans? You need to take real time and crunch numbers. Not just hope for the best. You are going to owe realistically 100K or more. So plan on paying around 1400 a month..for YEARS.

Look at other schools. Look at community colleges. Look at areas in the midwest where the coast of living is lower. What are you gaining by going from one expensive area to another?

Look at South Dakota...Nebraska...Wyoming. North Dakota.

I would advise against just "hoping for the best"...but it is up to you

ThatBigGuy · Mar 5, 2015

You need to take real time and crunch numbers. Not just hope for the best. You are going to owe realistically 100K or more. So plan on paying around 1400 a month..for YEARS.

Agreed. Let's take this a step further. You already owe $20k. School will cost $50k. Rent and living in Boston with no income will conservatively cost $2500 per month, considering rent, utilities, food, transportation, etc, if you're REALLY good at budgeting, which results in another $35k. All added up, you'll own $105K. This is an approximate total, so give or take a few thousand bucks.

Now, the average student loan is paid off in 15 years, at a 6% interest rate. Using a student loan calculator, you'll have a monthly payment of about $900, and you'll pay $55k in interest. That's a total of $160K you'll have spent on a BSN. That's 2/3 of the way to an MD!

The other issue is that you want to go back for an advanced degree, which will increase your earnings, yes, but also cost that much more. The issue is that so many things can change between now and your NP school, from you hating nursing, to starting a family and staying at home, to disability, to a career change. Relying on earnings that require an advanced degree and another decade is a risky situation.

Having the NP as a carrot to inspire you to keep pushing forward is great, but don't rely on the potential added future income in order to make decisions now.

I would seriously consider looking at cheaper traditional schools so that you have less loans to take out and also time to work a part time job. Working part time for minimum wage still gives you about $12k a year that you'll never have to pay interest on. I would also consider looking at a smaller metro area where living expenses are more affordable. Between working, cheaper expenses, and a more affordable school, you could probably save $50k or more when factoring in the interest saved over time.

windsurfer8, BSN, RN · Mar 5, 2015

Great post.

lmnop9999 · Mar 29, 2015

Skay226, I deferred my acceptance until May so I could apply to cheaper schools! still waiting to hear back from a school that is less than 20,000 for the whole program-- If I get in, then MGH is definitely a no go but if not than I will have a tough decision to make.

Windersurfer and ThatBigGuy, thanks for your responses. If I don't get into the cheaper school, do you think I should just put it off another year and hope I get into the cheaper school next year to avoid the loans? It will suck not being able to start my career/life. A lot of my friends have large loans but make decent money so are still able to save money, buy cars, thinking about buying houses, progress in their careers, while i'm completely STUCK in all aspects of my life. I am sooooo unhappy not having a legitimate career yet and having to put it off another year will KILL me. But what are your thoughts, should I put it off another year and apply to the cheaper schools again (if i dont get in) ???

lmnop9999 · Apr 2, 2015

Skay226, I deferred my acceptance until May so I could apply to cheaper schools! still waiting to hear back from a school that is less than 20,000 for the whole program-- If I get in, then MGH is definitely a no go but if not than I will have a tough decision to make.

Windersurfer and ThatBigGuy, thanks for your responses. If I don't get into the cheaper school, do you think I should just put it off another year and hope I get into the cheaper school next year to avoid the loans? It will suck not being able to start my career/life. A lot of my friends have large loans but make decent money so are still able to save money, buy cars, thinking about buying houses, progress in their careers, while i'm completely STUCK in all aspects of my life. I am sooooo unhappy not having a legitimate career yet and having to put it off another year will KILL me. But what are your thoughts, should I put it off another year and apply to the cheaper schools again (if i dont get in) ???