Well, I am the opposite as well. I have been thinking about OT but after shadowing and researching the tuition cost, I am changing my mind. Most OTs don't seem to enjoy their job. Cost for tuition for OT is $80,000 at schools closest to me (can't relocate due to personal reasons).
I currently make close to the starting pay of OT graduates, so I am wondering why in the world I would add $800 per month in student loan payments and end up being poorer than I am.
I have concluded that OT is not worth if financially for me. But your situation may be different. I a not sure RN may be worth it as well.
I just visited one OT school today. This is the infor. I got:
Cost of two year program 75k-80k.
Average student is able to work only 16 hours a week.
Average starting salaries in St. Louis, MO--Hospitals $44,000, Long-term care $48,000 ,which everyone hates because you become more or less of a glorified CNA---wiping butts all day, community setting $30,000, school districts $40,000.
Those salaries are pretty dissapointing.
Average monthly loan payment: $850 per month for 10 years, plus two years of tremendous stress.
This is prety much what I am making right now with no student loans. I guess I would end up poorer as an OT. I was going for it simply for the diversity in employment opportunities and money as well.
Relocating is not an option due to family obligations.
I guess I will stick with what I got or go back to the drawing board for BSN. The grass is not always greener on the other side.
There are a lot of people who think nothing of piling up debt for their "dreams," and that is what is responsible for the financial ruin so many people are facing (the news headlines say foreclosures in this country are up 55%) Too many people only think in the short-term.
Thank you very much for this great post. Most people say, take out loans, get an education and think about that consequences later. That is a dumb way to look at things. That is why some people go out and buy a $300,000 house and have not calculated what the total cost is. No wonder the foreclosures are so many or people end up working 60-80 hours a week just to maintain a standard of living they cannot afford.
All students should be encouraged to calculate the implications of students loans and figure out how much they will be required to pay monthly. They can decide how much their new career will pay, and from there look for a school that is within their means.
Good rule of thumb, your total student loan should not be higher than your expected starting salary. No wonder there are so many people who have defaulted on the student loans.
Live within your means, work your butt off while in school. I now preach it, I did live it. Was debt free when I graduated and still am.
I often see threads where students say how they're advised not to work while in nursing school and in the same breath, they ask for help in finding loans. Is it easier to just go to school and not work, even part time? Duh. Is that feasible for many students? No. Does stuff happen (like pregnancy/illness) happen that can delay goals? Of course. Put your head down, eat ramen noodles and GO FOR IT.
I can tell you I worked full time nights while I was in school. I can tell you my facility paid my tuition up to $1000 while I was working. I can tell you I HATED the hours I put in studying that could've been given up to sleep. I can tell you it was ALL EFFING WORTH IT and I graduated debt free (that was my goal, that's what I worked so hard for, that's what I achieved). Today, I still live within my means and am still debt free.
Life is good for me and it can be for you, too. Make sacrifices now, reap your rewards later. LIVE WITHIN YOUR MEANS.
Live within your means, work your butt off while in school. I now preach it, I did live it. Was debt free when I graduated and still am.
I often see threads where students say how they're advised not to work while in nursing school and in the same breath, they ask for help in finding loans. Is it easier to just go to school and not work, even part time? Duh. Is that feasible for many students? No. Does stuff happen (like pregnancy/illness) happen that can delay goals? Of course. Put your head down, eat ramen noodles and GO FOR IT.
I can tell you I worked full time nights while I was in school. I can tell you my facility paid my tuition up to $1000 while I was working. I can tell you I HATED the hours I put in studying that could've been given up to sleep. I can tell you it was ALL EFFING WORTH IT and I graduated debt free (that was my goal, that's what I worked so hard for, that's what I achieved). Today, I still live within my means and am still debt free.
Life is good for me and it can be for you, too. Make sacrifices now, reap your rewards later. LIVE WITHIN YOUR MEANS.
Is this doable? I mean if you were in school during the day and worked nights, when did you get to sleep and do your homework? I would like to do this but I wnat to hear from someone that it is doable. If I go to school all day, do homework and sepnd time with my kids in the evening, and then work nights, when will I ever sleep?
When did I sleep? In between classes/work/whenever I could. Yes, it was doable, I DID IT and so have thousands of others and so can you if you want it enough. Do you get the sleep you want/need? Of course not. Sacrifice now, reap later.
Look, everybody/their situation is different and circumstances can change. I'm not saying it's easy/you won't need help. I'm saying you have to want it/go for it/it CAN be done. It took me 2 years of sacrifice to finish school. In that 2 years, the time was going to pass whether I slept/went to school/worked or not. At the end of 2 years, I could either have my ADN/be debt free or have spent the last 2 years living a more doable schedule and incurring a bunch of debt. I made my choice and went for it. Sacrifice now, reap later. Live within your means.
There are a lot of people who think nothing of piling up debt for their "dreams," and that is what is responsible for the financial ruin so many people are facing (the news headlines say foreclosures in this country are up 55%) Too many people only think in the short-term. They don't plan (or they don't plan with common sense) and they spend more than they make. They think because some loan shark "will" give them loans that they can afford it. They think because they "can" rack up over 80k in student loans it was an investment (maybe for a medical doctor that is true) but they will be paying on their mounds of student debt the rest of their lives.
I can't understand for the life of me, how that could be a part of anyone's dreams. Debt is never easy or covenient to pay back. When you live in debt, making payments, you are only denying yourself. It's no skin off my nose if people want to be in debt, but I'm not going to beat the drum for someone who thinks they are being smart by spending themselves into oblivion.
These are the same people at work who are begging the administrator for a cash advance before next paycheck so they don't get their lights turned off (they don't give them, BTW.)
I guess at least they keep the payday advance places in business (for 300% interest.)
I appreciate what it is like not to be slave to the lender.
I was specifically talking about debt that comes from obtaining an education not from 'things' that people just want. Education is invaluabe and the debt that comes with it is a given. Do I think that one should sell their soul to the devil to go to school? NO! But, it is a given that some amount of debt will come with higher education. I think it would be stupid for someone NOT to try to reach their goal/dream in life (education/career wise) just because they will have some student loans (generally with a very low interest rate) from doing so. One should be smart enough when they are done with school NOT to spend stupidly in other areas of their life. Does one need that $300,000 house or $60,000 car right out of school? NO! One just needs to learn to live without the extrevagant things in life until one can afford them. I don't consider and education an extravagence(sp?). Rather something that furthers one in life that maybe they can afford the things they want. Not dreams but wants. Education/career dreams ARE priceless!
If we all thought like this there would be no doctors, lawyers, or even nurses! One just needs to be SMART with the debt that they have. Is the debt worth it? Will it further you in life? Can it be paid off relatively quickly? Can one live without "the finer things in life"?
I was specifically talking about debt that comes from obtaining an education not from 'things' that people just want. Education is invaluabe and the debt that comes with it is a given. Do I think that one should sell their soul to the devil to go to school? NO! But, it is a given that some amount of debt will come with higher education. I think it would be stupid for someone NOT to try to reach their goal/dream in life (education/career wise) just because they will have some student loans (generally with a very low interest rate) from doing so. One should be smart enough when they are done with school NOT to spend stupidly in other areas of their life. Does one need that $300,000 house or $60,000 car right out of school? NO! One just needs to learn to live without the extrevagant things in life until one can afford them. I don't consider and education an extravagence(sp?). Rather something that furthers one in life that maybe they can afford the things they want. Not dreams but wants. Education/career dreams ARE priceless!
If we all thought like this there would be no doctors, lawyers, or even nurses! One just needs to be SMART with the debt that they have. Is the debt worth it? Will it further you in life? Can it be paid off relatively quickly? Can one live without "the finer things in life"?
Spending $80,000 on school to get a job paying $30,000 a year is stupid.
My two cents on most of these post. First of all, getting into debt to get a career or degree you dreamed of. First of all you can't always avoid debt. In your life there will always be something you owe, but the choices behind it is what matters. From what I learn, being in debt for materialistic items are not always a good choice. Being in debt for your education is good but only up to a certain limit. If you can afford to pay most of the tuition yourself, then do so. Every financial aid office would tell you, "borrow only what you need.". Sacrifices are basically the key to any success. I'm a full time nursing student, working almost full time or even booking overtime when there's a deadline, a mother and a wife. Yes I do cut down on my sleep to about four hours or less but what kept me going is my dream to become someone that my daughter can look up to and be able to able to help my husband and family financially, living a less debt free life. Being in a rewarding career is also the reason I choose to go to nursing school.
Second of all, I know some private nursing can cost up to 30,000 per year, but you decide whether its really worth graduating from such a high end school or find something within your affordable range. I don't believe a patient is going to ask where you graduate from when you take care of them but they wuill appreciate more if you can actually apply what you learn in school quite confidently. Take note into your learning and work hard for what you want. Try to minimize your debt if you possibly can. Sacrifice is the key to any success and I can't stress that enough. I know everyone situation/circumstances are different. But if you choose to go into something you know you're going to need money, cut out other expenses you don't need and use that money to pay for the tuition or cost instead. For example, eating out, shopping for new clothes and shoes, going to the movies or even going on a vacation. You'll find that when you do that you'll become less stress of debt or anything that is even on a more persoanl level.
Well as that is said, good luck to whatever you choose to do, but just choose wisely.
2bNurseguru
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