I am wondering if there are any NPs that can advise me on student debt.
I would like to pursue an entry level masters program to become a family nurse practitioner - however all of the options are very expensive and I would have to take out a very significant student loan.
I have done a lot of financial planning, and it that seems worse case scenario - I would be paying the loans off on an Income-base repayment plan for 20 years.
For those of you with outstanding student debt - how much of an impact does it have on your life? For example - does it affect things like buying a house, starting a family, and other big life decisions..?
Specializes in Psychiatric and Mental Health NP (PMHNP).
What I meant is that CNMs have been around for a very long time, even if not in a formal certification sense. Midwives have been delivering babies for hundreds, if not thousands, of years. So there is a tradition of non-doctors providing care. Nurses have been providing patient care in rural areas for decades, since before WWI, in countries like Australia. Look up Sister Kenny (Australia).
Many associates programs no longer do lottery admissions, like Cuesta, Antelope Valley College, or College of the Desert. San Marcos State offers an accelerated BSN through their extended education program. It would take longer to get your RN license before your NP, but it would be cheaper than paying $175,000.
If you get your NP license, the Nurse Corps program may help pay for it if you promise to work in an underserved area. So that could also decrease your student loans.
The United States Military has programs to help pay for your ASN or BSN in exchange for years of service as an officer.
@jnniemeyer 1. So I just had to look to see which school you are planning on attending. That's too much money to spend. As someone who has never had student loans ( & neither did my 3 siblings & my daughter who all earned Bachelor's degrees) I have to agree with previous posters who have made various suggestions on how to become an FNP without that HUGE debt. Even the rural payback programs are not 100%, the clinics have to apply for them & it is not automatic guarantee they will be approved.
2. Curiously, they offer an entry level Master's in ?Case Management?. I am very surprised, usually (in my day) & locally Case Management requires a few years of experience & BSN.
In addition, if you are willing to work in an undeserved area, there are federal and state loan repayment programs.
be wary of these programs. There has been a lot of news coverage recently of the majority of applicants getting screwed out of these plans as you have to have the exact right type of loan, the exact type or repayment plan and from the required lenders, it's so complicated that many lenders don't even know the rules. You can believe you're doing everything right then find out that something was not correctly done on the application or the type of loan was the wrong kind and then be stuck with the loan plus interest. Something like only 3% of applicants are actually getting loan forgiveness currently, it's especially hitting teachers hard.
Specializes in Psychiatric and Mental Health NP (PMHNP).
On 7/25/2019 at 10:10 PM, RN58140 said:
Be wary of these programs. There has been a lot of news coverage recently of the majority of applicants getting screwed out of these plans as you have to have the exact right type of loan, the exact type or repayment plan and from the required lenders, it's so complicated that many lenders don't even know the rules. You can believe you're doing everything right then find out that something was not correctly done on the application or the type of loan was the wrong kind and then be stuck with the loan plus interest. Something like only 3% of applicants are actually getting loan forgiveness currently, it's especially hitting teachers hard.
You are confusing loan repayment with loan forgiveness. The loan forgiveness programs are a mess, true. Loan repayment does work and plenty of people get it.
My reasoning is this. Whether or not it’s worth it really depend on your situation. Let’s say you’re going for an accelerated program where you can start right away and finish in 12-15 months but the program is pricey and let’s say you end up with 100k loan, then it might be worth it. The sooner you finish the sooner you can start working and earning a nurse’s salary.
In NYC, a newly grad RN with at least a bachelors degree can start around 85-90k per year (not including overtime), this is what I was told by several friends of mine who are nurses. Now for community colleges and other public schools, you’ll have to wait a long time on the wait list before you can start the program and it takes at least 2 yrs to finish; total time to start and finish is around 3 yrs.
Between the accelerated program and the traditional program, you’re looking at about 2 yrs of a difference. In those two yrs difference you can potentially earn 200k as a nurse, minus taxes off course, and start paying off your loans. Also take into account that the longer you’re in school the more money you’ll have to borrow for your living expenses and the more interest you will have to pay; this based on an assumption that if you go the traditional route you’re only working part time and making enough to make ends meet where you might not even be able to afford to start paying off your loans.
Consider applying for scholarships and/or pursuing other employment incentives later on . Or maybe freeloading off a family member for a year so you can afford to pay off most of your loans in one yr.
Also, the associates route in nursing is a little risky because not a lot of employers are accepting nurses with only an associate degree. They’re really pushing to mandate a BSN degree as a minimum requirement. You might be able to get a job in nursing homes but it’ll be really tough to get into a hospital.
I’m somewhat familiar with the program that you are applying to. The one I’m applying to is Columbia. Where the total cost of both the MDE program and the DNP program is at least the same, most likely more. The MDE program is an accelerated program (15months long) for applicants who already have a bachelors degree in another field aside from nursing and, after successfully completing the program, you’ll be awarded a masters degree in nursing where you will be allowed to take the NCLEX exam to get your license as an RN. The DNP program is pretty much self explanatory.
My plan is to finish the MDE program first and work as an RN for at least two years and try to pay off most of my loans. The total cost of tuition and living expenses will be around 115k. From what I hear they grant most of their students scholarships as much as 40k. But worst case scenario, considering 115k debt over the course of 15 months and in return you get to start working right away making 85-90k seems reasonable. I’m slightly younger than you and I’ve made mistakes financially where I buried myself in debt that is about the same amount as my yearly income and I was still able to pay it off over the course of 3 yrs. We’ll be fine. Just focus on finishing. LOL good luck and sorry for the long comment!
The accelerated BSN program is 100,000 alone. Community college and state schools are cheap but too competitive and impossible to get into.
very true. take columbia for example, their NP direct entry for non nurses is almost 200k but youll be on one direct track and guaranteed to become a specialized NP at the end of it all. I went to a city college for me bachelors and their nursing programs are cheap but literally impossible to get into and the prereqs are literally med school prereqs. thats how these programs get people, because the "traditional way" is only good for students. I am supposed to start my ABSN in September but I need a cosigner for my loans of course...smh
very true. take columbia for example, their NP direct entry for non nurses is almost 200k but youll be on one direct track and guaranteed to become a specialized NP at the end of it all. I went to a city college for me bachelors and their nursing programs are cheap but literally impossible to get into and the prereqs are literally med school prereqs. thats how these programs get people, because the "traditional way" is only good for students. I am supposed to start my ABSN in September but I need a cosigner for my loans of course...smh
check other schools in long island as well. they offer scholarships to transfer students. I got into two colleges, one offering me half scholarship
FullGlass, BSN, MSN, NP
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What I meant is that CNMs have been around for a very long time, even if not in a formal certification sense. Midwives have been delivering babies for hundreds, if not thousands, of years. So there is a tradition of non-doctors providing care. Nurses have been providing patient care in rural areas for decades, since before WWI, in countries like Australia. Look up Sister Kenny (Australia).