Student Loans: When is too much?

Nursing Students Pre-Nursing

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So I'm applying to nursing schools, hopefully to start Fall 2011 or Spring 2012. Here's the thing, I am approx a 3.2 GPA and I've done very well on my ACT's, I have excellent references and my GPA should be up to about a 3.6-3.7 (I'm redoing a few credits this semester). I have doubts that I'll get into my first choice school, which is KU because it will take me right until the end of the summer to complete all my required pre-reqs and I know its VERY competitive. But I am about 99% sure I can get into Research College of Nursing or Mid America Nazarene which start in the Spring of 2012. The thing is, if I don't get into KU this year, I think I should be able to get in next year. This brings me to my big question, KU will cost something like $15k for tuition... MNU approx $40k and RCON approx $50k.

Is it worth it to take out THAT much more in student loans to get in a semester earlier (if I can get into KU the following year)? I feel like I'll make a comfortable living as a nurse, but I'm not going to be a millionaire by any means... when is it too much to pay for an education? I would love the thoughts of some other nurses out there on the tuition thing, I just don't know if I should go for the school that I'm pretty sure I'll get into or one that I "think" I can get into in a year, even though its drastically more expensive.

Help!

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Specializes in Med/Surg, ICU.

Check out this website, it has a school loan calculator for you to play with so you know just how much your loans will really cost you once you graduate. There is NO need for guess work on this. Use a generic loan calculator to get a fairly accurate estimate on your repayment, find out what a typical new grad student makes in your area, factor in your daily living expenses and BAM! You have your answer.

Also keep in mind that many new grads have not been able to find nursing jobs right away and have had to turn to alternate means of income, meaning they are not making what they thought the would be once the first school loan payment was due. Best to be prepared for that possibility as well.

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Specializes in Med/Surg, ICU.

Just to give you a quick idea of the three schools you are considering, I entered in your info to find out what your payments would be. All were calculated out at 6.8% for 10 years:

$15k --> $172.62 per month

$40k --> $460.32 per month

$50k --> $575.40 per month

If it were me, I wouldn't take on 2-3 times the debt just to start a semester early. You'll be thanking yourself in the future if you can take out as little as possible.

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Specializes in Ante-Intra-Postpartum, Post Gyne.
Just to give you a quick idea of the three schools you are considering, I entered in your info to find out what your payments would be. All were calculated out at 6.8% for 10 years:

$15k --> $172.62 per month

$40k --> $460.32 per month

$50k --> $575.40 per month

If it were me, I wouldn't take on 2-3 times the debt just to start a semester early. You'll be thanking yourself in the future if you can take out as little as possible.

What she said. Besides, just because you get into school a semester early does not mean you will get a job any earlier. Would you rather sit around a few months hoping to get a job with 50K debt or a 15K debt? And once you do get that job you could probably pay the debt off in 1-2 years easily...50K? Try 4-6 years.

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I agree that 50K is way to much for a RN degree. $40K is really pushing it too. Id go to the Least expensive one if I were you. You dont want 1/3 of your income to be going to loan repayments after you graduate. Starting one semester earlier isnt worth all that debt IMHO

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I don't know about your area but it sounds like you have quite a few choices of schools. I, on the other hand do not. I just received my acceptance to a private BSN which costs 27k a year, yes, you read that right per YEAR. But it is private and conveniently located about a five minute walk from my house. The other schools which are anywhere from a 35 minute to hour and a half drive are much more competitive. Especially the technical college which only offers the ADN. I didn't want to take the chance that I might not get in. Or get in and have it take just as long to get an ADN when I could've had a BSN completed in that amount of time. It's such a great opportunity and I can't hang around waiting for a maybe so I'm gonna take the super expensive private route. Good luck to you and whatever you decide :)

I also have a family and the private route works better for my family's schedule.

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can you post a link of the website your using yuppers21 ??

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Specializes in Emergency/Cath Lab.

KU is a great school and the networking I have heard they have is top notch ( Im in another kansas school ) so if it is worth it to you I say go for it. Have you thought about scholarships and would it be 100% loan for each school year?

And when is it too much, my friend has over $280k in loans for a business degree. She married someone from that school also so they have over half a million in debt already. Id say that is too much!

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Specializes in Operating Room.

I agree with others, 40k+ loans is way too much. Waiting one semester isn't going to kill you. Money really matters in this economy, when jobs aren't certain.

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I wouldn't pay more than $50,000 to reach my BSN.

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Just fyi, Fox News had a little segment on this story this morning and the talking heads were so sympathetic to this girl. One guy even suggested that if all Fox News viewers went to her site and donated 10 cents each they could completely pay off her debt. I wanted to call in to the show and say, "But wait! She spent XXX on her freaking semester abroad!"

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Oops - I think I posted this on the wrong thread...I was trying to post on the thread about the girl with $200K in loans who wants people to donate money to her debt payoff efforts. Sorry!

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