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Student Loans and Debt

NP Students   (6,424 Views | 73 Replies)

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To me it all sounds crazy. I did it in the dark ages, a cheap ADN when I already had a BA in another field. I worked, paid for most of the BSN as I did it. Still worked in the field, did my NP over 5 years, paid for some of it as I did it.

Then my first NP job paid 47k. OK, it was a few years ago, but this was not a raise over an RN, even in those days. I had a small-ish loan, maybe 300 a month. But a lot of money to me at the time.

The problem is, NP salaries are all over the map, which you will see here.

You can think you'll get one of the 150-200k positions, but how realistic is that and what is the cost of living in that part of the country?

Forget loan repayment programs. They are a combination of unicorns, the Bermuda Triangle, and Jimmy Hoffa. 

We've all heard of them, but nobody has seen one.

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18 minutes ago, jnniemeyer said:

Thank you, that’s exactly why I am asking this question. Does student loan debt affect one’s eligibility for other loans such as mortgages, etc. 

 

Yes, your student loan debt does affect your eligibility for other loans. When they run your credit report they will add up all of your monthly payments to see your ability to pay the new loan/ mortgage with your established income. 

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LibraSunCNM has 10 years experience as a MSN and specializes in OB.

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34 minutes ago, jnniemeyer said:

Thank you, that’s exactly why I am asking this question. Does student loan debt affect one’s eligibility for other loans such as mortgages, etc. 

You've done "a lot" of financial planning yet you don't know the answer to this questions?  Not trying to be snarky, I'm genuinely amazed.  Taking out that much money to become an FNP is absolutely insane.  There is no place in the U.S. for an FNP to work that will earn you enough money to pay back that loan in a reasonable amount of time and still have a decent quality of life.  If you have a medical emergency, want to buy a house, want to have kids, you're screwed.  You'll be an indentured servant, all while trying to navigate an increasingly saturated market for FNPs.  Unless you have or meet a partner who makes significantly more money than you do and will help support you/pay back this loan, this is a BAD idea.

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6 minutes ago, LibraSunCNM said:

You've done "a lot" of financial planning yet you don't know the answer to this questions?  Not trying to be snarky, I'm genuinely amazed.  Taking out that much money to become an FNP is absolutely insane.  There is no place in the U.S. for an FNP to work that will earn you enough money to pay back that loan in a reasonable amount of time and still have a decent quality of life.  If you have a medical emergency, want to buy a house, want to have kids, you're screwed.  You'll be an indentured servant, all while trying to navigate an increasingly saturated market for FNPs.  Unless you have or meet a partner who makes significantly more money than you do and will help support you/pay back this loan, this is a BAD idea.

There’s no need to be rude. I am just listing facts. Please list your opinions elsewhere, thank you. 

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LibraSunCNM has 10 years experience as a MSN and specializes in OB.

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6 minutes ago, jnniemeyer said:

There’s no need to be rude. I am just listing facts. Please list your opinions elsewhere, thank you. 

Ok, I hope taking $175k out works out for you.  

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5 minutes ago, LibraSunCNM said:

Ok, I hope taking $175k out works out for you.  

Thank you.

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Rionoir is a ADN, RN and specializes in Neuro ICU.

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Just for some perspective on this: You could relocate to somewhere that ADN programs aren’t so competitive, buy a house with that $175k, and pay $1500 a semester for an ADN, and have your employer pay for the rest of your education (at least a good portion of it).

i know some people really don’t want to move, but I haven’t even finished school yet and already have a job at the largest hospital in the state and almost no debt.  Combined with a much lower cost of living .. I mean .. California can’t be worth all that 🤪

 

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13 minutes ago, Rionoir said:

Just for some perspective on this: You could relocate to somewhere that ADN programs aren’t so competitive, buy a house with that $175k, and pay $1500 a semester for an ADN, and have your employer pay for the rest of your education (at least a good portion of it).

i know some people really don’t want to move, but I haven’t even finished school yet and already have a job at the largest hospital in the state and almost no debt.  Combined with a much lower cost of living .. I mean .. California can’t be worth all that 🤪

 

As a person who moved 1,000 miles to attend college the first time around, in 2001, because it was free... I think this is a great plan!  I've lived in 7 or 8 states and it's worked out well for me.

Obviously I realize not everybody can up and move.  The OP may have aging parents she is caring for, or an ex-spouse that she shares custody with, or a whole host of reasons to stay in California.  But for those who CAN move to pursue better opportunities, well, that's generally a great idea!

And on the idea of the debt: People do it.  People survive it.  However, I am extremely gun-shy on this issue.  My husband went to a top-ranked law school, to the tune of $200,000.  HE landed an amazing job and paid it off easily.  He was one of a tiny handful who did.  It was 2008, the economy tanked right as they graduated, and many, many of his classmates either didn't find jobs at all, or took public service jobs earning $50,000 a year. 

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16 minutes ago, Rionoir said:

Just for some perspective on this: You could relocate to somewhere that ADN programs aren’t so competitive, buy a house with that $175k, and pay $1500 a semester for an ADN, and have your employer pay for the rest of your education (at least a good portion of it).

i know some people really don’t want to move, but I haven’t even finished school yet and already have a job at the largest hospital in the state and almost no debt.  Combined with a much lower cost of living .. I mean .. California can’t be worth all that 🤪

 

 

16 minutes ago, Rionoir said:

Just for some perspective on this: You could relocate to somewhere that ADN programs aren’t so competitive, buy a house with that $175k, and pay $1500 a semester for an ADN, and have your employer pay for the rest of your education (at least a good portion of it).

i know some people really don’t want to move, but I haven’t even finished school yet and already have a job at the largest hospital in the state and almost no debt.  Combined with a much lower cost of living .. I mean .. California can’t be worth all that 🤪

 

Thanks this is super helpful! It’s great to hear other perspectives and compare options. There are so many students who get accepted into these expensive nursing programs and take out the loans without thinking twice about debt. It seems like it is just the norm these days. 

It helps to hear that this is not the only route for someone with a non-nursing background. 

 

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T__BSN_AGNP21 has 20 years experience as a ADN, BSN, LPN.

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I am going into my 2nd year of my AGNP program, it is part time, but still time consuming! I have a small amount of student loan debt from my BSN and took out some additional money this year. I am working part time so it does not give me enough of income to support my family, pay my tuition and in the fall pay for my daughter's state college tuition. 

The idea of accumulating any more debt is sickening, I have about 40 k right now and hoping to not acquire any more. Having debt is a heavy burden, I would try and avoid it if you can. 

 

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AnnieNP has 20 years experience as a MSN, NP and specializes in Adult Primary Care.

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3 hours ago, LibraSunCNM said:

You've done "a lot" of financial planning yet you don't know the answer to this questions?  Not trying to be snarky, I'm genuinely amazed.  Taking out that much money to become an FNP is absolutely insane.  There is no place in the U.S. for an FNP to work that will earn you enough money to pay back that loan in a reasonable amount of time and still have a decent quality of life.  If you have a medical emergency, want to buy a house, want to have kids, you're screwed.  You'll be an indentured servant, all while trying to navigate an increasingly saturated market for FNPs.  Unless you have or meet a partner who makes significantly more money than you do and will help support you/pay back this loan, this is a BAD idea.

This is not rude, just common sense.

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LibraSunCNM has 10 years experience as a MSN and specializes in OB.

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15 minutes ago, AnnieNP said:

This is not rude, just common sense.

Thank you!  The absurdity of asking me to "list my opinions elsewhere" when opinions are presumably exactly what were being sought is apparently lost on the OP.  I was truly trying to be helpful.  But at the end of the day, I'm debt-free, settled in my career, and this person's possible future soul-crushing debt is actually not my problem.

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