Student loans - worth it?

[comeara]

I'm planning on transferring to a 4-year university to become a nurse. Community college isn't a viable option for me anymore since all the schools around me are having huge budget cuts, can't supply all of the classes, and the nursing programs can take years to get into. Since financial aid is so bad for transfer students, there's a possibility that I'll end up taking out huge loans, though I'm hoping it won't be more than $60,000.

Has anyone done this, and is it worth it? Do you find you're struggling to get by with the huge payments? Luckily I will have the opportunity after graduating to live with my mom in the Bay Area if I need to, so I could get a good salary and cut down on expenses, but still - should I bother taking out the loans in the first place?

[metal_m0nk, BSN, RN]

Considering that the average Bachelor's degree student graduates with around $23,000 in student loan debt, I would say that $60k is quite high.

Know your options.

Get as much scholarship funding as you can get your hands on.

Research your repayment options - look into the requirements for Income Based Repayment.

Good Luck.

[comeara]

I'll be honest..you need to do some more research because I think you have some misconceptions about attending a community college.

You have the same shot at financial aid, if you apply early, as anyone who already attends the school, especially if you are applying for loans. Being a transfer student should only be a hinderance if you wait to the last minute..as it would be for ANY student.

When I applied to my ADN program, they admitted 60 students and I was #16 on the wait list. They also had a wait list of 60 students. I got my notice that I was being offered a position a month after the previous semester ended, during the summer, and I found out later from the instructors that they went to #32 on the wait list.

You know why? Because they check to see if students pass their pre-req's and they make sure their GPA does not fall below the required minimum...A&P and Chemistry knocks a TON of students out and makes room for more.

$60K in financial aid, I can tell you before you take it out, will financially cripple you. Your payments will be approximately $500 to $600 per month with that type of loan for 10 years, minimum. That is why I am such an advocate of CC ADN programs and then getting your BSN later.

You know how much my RN-ADN cost me? About $6,000...that is WITH books.

You can cut that loan in half if you do an ADN first.

Your post did not say that you even applied to an ADN program....why don't you at least make an attempt before you assume you cannot get in.

Thanks for the advice, but I've been doing my research for months. At most of the programs near me, students are admitted through a lottery and most people have to wait 2-3 years to get accepted after completing their prereqs - I know because my mom did one of them, and barely anyone got in off the wait list. My school accepts I think 40 people out of 300+ applicants.

And that's just the nursing program, completing the prereqs alone is difficult enough because of all the budget cuts. The classes are barely offered and fill up almost immediately. Even with a very early registration date, I haven't been able to get into the bio/chem classes at all because they fill up so fast (same with the other schools in the area, which I have looked at as well). Getting an ADN could take me another 5 years, so I would rather transfer to a 4 year school.

Also, after looking through dozens of websites and contacted loads of admissions and financial aid offices, the general consensus is that financial aid for transfer students is harder to come by. Lots of schools are need-aware and do not guarantee meeting need. I don't qualify for grants, so I'm depending on scholarships which are difficult to get as a transfer.

I 100% agree with the above posters. $60,000 is quite a bit for a degree, unless we're talking about an Ivy League school, which I'm going to assume you're not. Try the CC ADN program if you can and bridge immediately to a BSN if that's what you want. It would cost you so much less.

Actually I am! The Ivies and a few other schools have limits on how high loans can get, so I'm praying I'll get into one of those.