OK, I just read the posts as to how much everyone owes. The real question for me, having just applied to an ABSN program AND an MPT program, is how much are you paying per month on those loans? AND is it do-able w/ your income?
I already owe $20k. So, that puts me at $40k owed for the ABSN program.... and $70k for the MPT program.
Yes, these are in state schools. And to those of you who were posting disbelief over the price of private ed - I can say that fter being in a public school, I can totally understand why the private was more. Lots of reasons. The private vs public is just a choice between different variables.
But really - how's everyone doing with their loan repayment???????? What amnt ceases to be reasonable debt?
I owe about $63,000 and that includes my ADN, BSN, and MSN/MHA degrees. All of my loans are federally funded, so the interest rates are lower. According to my loan summary, I would be paying around $750 if I payed off all loans in the conventional fixed payments. I'm in the process, though, of consolidating all the loans with the department of education which would bring my payments down to about $440, but I do hope to pay them off early after I get some other bills out of the way. Now, this amount is reasonable for the salary I'm making (but I've been a nurse for over 10 years and work in a leadership position), but I've made some bad choices (vacations, new cars, shopping sprees, etc) over the years, so this payment is really stretching my budget, but thats just because of my own mistakes.
Not very reasonable at all. That is a crazy amount of student loans for an RN. Your RN is no different than mine, which was acquired through 4 semesters of school at a community college paying no more than $1500 per semester. $50-70 might, and I stress might, be understandable for a masters level position like CRNA or NP, but that's about all.
Understood. Maybe the DPT is a better option. I just think I'd really prefer nursing. It has to be feasible financially though.
Oh - and community college isn't an option. First, no one here hires new ASN grads anymore (all prefer BSNs now and I can't move) and second, I already have a BA and can't get any assistance at all via the community college here. SO, I have to go to the state school which is a 3 hr commute. Lovely.
My student loan for my MSN came to 28K, payments are $287/month. Completely affordable because I'm starting out at 80k as an NP. I was lucky enough to have a scholarship for my RN and BSN. If you know you will be making enough money to cover the student loans than go for it- but I took my time and did it in steps too. Plus, I've been working full time and going to school so I know I will be able to afford my new payments. My loan rate isn't the best at 6.5% either.
I have heard from several financial aid advisors during undergrad and grad school that a good rule of thumb is to consider your first year's salary in your new profession as the maximum amount of student loans to take out during your educational career. For instance, if you anticipate that your starting salary as a nurse (whether BSN or ADN) will be $50,000 per year, then the maximum loan to take out to obtain your degree would be $50,000. Just one school of thought on student loans....hope that helps.
If you borrow 70k you will pay $600-$800/month in loans.
I have quite a bit of loans from a previous degree and my nursing loans.
I'm making enough to manage them just fine but I will say that I would rather use the money I pay to do other things. The problem is that when I was in school I didn't have any other way of paying due to my particular circumstances. I say avoid the loans if you can but if there is really no other way for you to do it then you're just going to have to suck it up and take out the loans.
I have heard from several financial aid advisors during undergrad and grad school that a good rule of thumb is to consider your first year's salary in your new profession as the maximum amount of student loans to take out during your educational career. For instance, if you anticipate that your starting salary as a nurse (whether BSN or ADN) will be $50,000 per year, then the maximum loan to take out to obtain your degree would be $50,000. Just one school of thought on student loans....hope that helps.
If you borrow 70k you will pay $600-$800/month in loans.
I have quite a bit of loans from a previous degree and my nursing loans.
I'm making enough to manage them just fine but I will say that I would rather use the money I pay to do other things. The problem is that when I was in school I didn't have any other way of paying due to my particular circumstances. I say avoid the loans if you can but if there is really no other way for you to do it then you're just going to have to suck it up and take out the loans.
If it were unrealistic then I'd opt for a different degree. Sadly. Thank you guys for your help!
Ahhphoey
370 Posts
I owe about $63,000 and that includes my ADN, BSN, and MSN/MHA degrees. All of my loans are federally funded, so the interest rates are lower. According to my loan summary, I would be paying around $750 if I payed off all loans in the conventional fixed payments. I'm in the process, though, of consolidating all the loans with the department of education which would bring my payments down to about $440, but I do hope to pay them off early after I get some other bills out of the way. Now, this amount is reasonable for the salary I'm making (but I've been a nurse for over 10 years and work in a leadership position), but I've made some bad choices (vacations, new cars, shopping sprees, etc) over the years, so this payment is really stretching my budget, but thats just because of my own mistakes.