Tons of student loans, pursue DNP still?

[MystyqueOne]

hello all,

it's been quite some time since i've posted on here. i am currently a rn, bsn that graduated last august. i have been employed as an rn for almost 9 months now. i am looking to further my degree and move into the position i've always wanted to be, that is a family nurse practitioner. so, here i am now, looking to pursue my degree and i think i'd rather just go for the dnp degree rather than the msn in fnp. i've already checked into quite a few programs and am very interested in them.... my issue?

well, i already have a ton of student loans from when i was in nursing school to attain my bsn (it was accelerated, so i had to take out private loans for living expenses). i really don't want to add more student loans, but if i want to pursue my dream, i think i'm going to have to. yes, i've already looked into tuition reimbursement at my employer (which they don't for this profession because they have too many), and scholarships.... but none of that is guaranteed anyhow.....

the other thing i don't know is, how much time does graduate school take per class for studies and homework? is it like nursing school was: for every 1 hour in class, there are 2-3 hours of studying and homework? i am still working full time and i will continue to work full time, but i also have two younger children that i don't want to be absent from (like i felt i was during nursing school).

any advice?

thanks so much!

[MystyqueOne, BSN, RN]

put the loans on deferral, then after graduation, or right before you graduate, put the public loans on income based repayment so your payments are super low for awhile. just get it done and do not go to a private university dnp program. the kids and your time with them with either suffer now or later, it is best not to bring your kids up in poverty so the higher your income, the better you can provide for them. work as long as you can prior to clinicals starting.

thank you! a positive response! i actually have one of my student loans already on income-based and i figured since i can do that now, i don't see why i can't do that later once i have my dnp. you're right... either my kids will miss me now or later.... do it while they are younger?!?

[MystyqueOne, BSN, RN]

unlike other debt, student loans will haunt you forever. they are not erased with bankrupcy, and typically cannot be renegotiated. i've heard of cases where people have paid twice or three times their original debt because their payments first go toward interest, then toward principal. depending on what kind of student loans you have, you may be responsible to make payments even while you're in grad school.

grad school may actually be worse than undergrad for the time needed to study. think about your nursing school class, now take the top 25% or so: these are the type of people in your grad school class (or top 5% if you're in a highly competitive program... maybe top 40% if you're in a less competitive program--but you get the picture). you may find yourself at a disadvantage with only 9 months work experience, not just for the academics, but when you're applying for jobs many employers want to see years of experience along with the np degree.

it's likely you have $40,000 or more in undergrad debt. a respected yet inexpensive dnp program might cost $75,000 to well over $100k. add that to your undergrad debt and it could be financially crippling. how will you help pay your kids' college tuition, buy a house, a car, or have any disposible income if you're straddled with so much debt?

dreams are one thing, but whether you're dreaming of a vacation in tahiti, a new porsche, or a different career, the reality of paying for those dreams sometimes makes them unrealistic--at least for the time, being.

you don't have to give up the dream, but consider postponing it until you have more nursing experience and some money in the bank.

thank you, but the only dream left to achieve is my dream to be a nurse practitioner. all those other things you've mentioned, i've already achieved and am saving up for my children's college fund also..... by the time i have completed my dnp degree, i'll have nearly 5-6 years experience as an rn with my current employer..... by the time i begin the program, i'll have nearly 2 years of experience as an rn. so, should i still wait?

[MystyqueOne, BSN, RN]

if you're bored, try another specialty. you need to get at least a bare minimum of experience before you can be a credible np. why would you ruin not only your future but also your children's future by burying yourself in debt?

well, good point, but i have been saving up for my children's college future unlike my parents did for me (that's why i have more student loan debt than the average and i don't want my children to have to go through what i did, plus they'll have a good start). i just don't want to give up on my ultimate dream goal, either.

[OCNRN63, RN]

well, good point, but i have been saving up for my children's college future unlike my parents did for me (that's why i have more student loan debt than the average and i don't want my children to have to go through what i did, plus they'll have a good start). i just don't want to give up on my ultimate dream goal, either.

no disrespect, but why did you ask for opinions/advice if the only thing you wanted to hear was "yes, you should go for it!"?

[Patti_RN]

thank you, but the only dream left to achieve is my dream to be a nurse practitioner. all those other things you've mentioned, i've already achieved and am saving up for my children's college fund also..... by the time i have completed my dnp degree, i'll have nearly 5-6 years experience as an rn with my current employer..... by the time i begin the program, i'll have nearly 2 years of experience as an rn. so, should i still wait?

i'm in an np program, so we share that dream. my ultimate goal is a bit different; i will be a volunteer np working with underserved populations so if this were strictly a financial/ business decision, it would be a terrible one! not every decision can make perfect sense by simply running numbers. but, as long as you have a plan... and a back-up plan... and another back-up in case that is needed, you should be fine.

i'm fortunate enough to be able to pay cash for my tuition without pain. if i couldn't afford the program i'm in, i'd look at far less expensive schools. my tuition will be about $75k; adding books and other misc. expenses it will be quite a bit more than that. staggering, huh? i've asked a number of nps if where they graduated from made any difference. without exception, they said it did not. so, when it's time to decide on vanderbilt, georgetown, or your local state school, don't be starry-eyed about an elite program if you can't really afford it. i know, you'll feel like you just won the lottery when you get that acceptance letter, or you might feel that a diploma from a top-tier school will make a difference in your career, but think carefully before taking on that kind of debt. i've been asked where i went to law school (a very, very common question), but rarely (except for conversation sake) does anyone ask me where i went to nursing school... and i imagine it'll be the same with an np degree.

as far as your tenure as a nurse, 5 or 6 years will be more than enough. good luck!

[MystyqueOne, BSN, RN]

i'm in an np program, so we share that dream. my ultimate goal is a bit different; i will be a volunteer np working with underserved populations so if this were strictly a financial/ business decision, it would be a terrible one! not every decision can make perfect sense by simply running numbers. but, as long as you have a plan... and a back-up plan... and another back-up in case that is needed, you should be fine.

i'm fortunate enough to be able to pay cash for my tuition without pain. if i couldn't afford the program i'm in, i'd look at far less expensive schools. my tuition will be about $75k; adding books and other misc. expenses it will be quite a bit more than that. staggering, huh? i've asked a number of nps if where they graduated from made any difference. without exception, they said it did not. so, when it's time to decide on vanderbilt, georgetown, or your local state school, don't be starry-eyed about an elite program if you can't really afford it. i know, you'll feel like you just won the lottery when you get that acceptance letter, or you might feel that a diploma from a top-tier school will make a difference in your career, but think carefully before taking on that kind of debt. i've been asked where i went to law school (a very, very common question), but rarely (except for conversation sake) does anyone ask me where i went to nursing school... and i imagine it'll be the same with an np degree.

as far as your tenure as a nurse, 5 or 6 years will be more than enough. good luck!

thank you for this great insight. i suppose it's true what you said, regardless of what school i attended, it doesn't really matter as long as i have my license in nurse practitioner. very true! i've been looking at schools within my state just because of the required campus visits (i wouldn't have to fly), but they seem to be so much more expensive (even with in-state tuition) then some of the other schools. i'm looking into the university of southern alabama dnp program... they seem to be more reasonable, but require at least 3 campus visits throughout the program, thus requiring me to fly out there for those visits.

i'll just brainstorm and pray about this decision and figure out what to do... maybe part time would be a good start for now..... make payments to the school out of my current income instead of incurring more student loans (the current student loans i have would be in deferrment, therefore freeing up that money to make payments to the graduate school).

[obprof]

As a NP, I can assure you that grad school is DEFINITELY harder than undergrad (Master's or DNP)and I would worry about you being able to work FT, care for your kids, AND do school?? I think you also need to get experience before going back for graduate work. I would recommend waiting until you get more of your loans paid off, all of the kids are in school full-time, and you are able to cut back on your hours at work before pursuing grad school. I DO think that getting a DNP is better than a Master's since so many places are getting rid of the Master's programs anyway and then you'll be competing against those who have a DNP for positions if you only do a Master's. Good luck in your decision!

[RNGriffin]

You're considering working full time and finishing grad school? All the time you will still be a mother, possibly wife or significant other, manage studying 30 hours a week, clinical runs 20-40 hours a week, working 36 hours a week( to maintain full time status, paying your student loan debt(while acquiring more student loan debt), and managing a social life( for the sake of your kids if not self).

If you can do all of this in 3-4 years, while becoming a seasoned nurse, more power to you.

As I stated before: My advice is to gain at least 2-4 years experience, try other specialities( as I am sure you aren't certain with the speciality you desire as of now), save up enough to carry you through( in case God forbid you lose your job), and have your kids(all) in school.

But, if you wanted to hear words of encouragement for the now....You consulted the wrong group of individuals!

[RNsRWe, ASN, RN]

thank you! a positive response! ......

all the responses you got were positive, although it appears obvious they were not what you wanted to hear. which begs the question "why did you ask??"

no one told you to give up on your dreams, it's nice to have dreams, but you are being told that you might consider a more financially responsible/reliable time frame. you don't seem to be in that mode right now.

[MystyqueOne, BSN, RN]

as a np, i can assure you that grad school is definitely harder than undergrad (master's or dnp)and i would worry about you being able to work ft, care for your kids, and do school?? i think you also need to get experience before going back for graduate work. i would recommend waiting until you get more of your loans paid off, all of the kids are in school full-time, and you are able to cut back on your hours at work before pursuing grad school. i do think that getting a dnp is better than a master's since so many places are getting rid of the master's programs anyway and then you'll be competing against those who have a dnp for positions if you only do a master's. good luck in your decision!

thank you....

for now, i think maybe i'll just take some time to teach clinicals or something for a short while before committing to a dnp program. then this way, i can earn some extra money on the side, pay down some more of my current loans, gain some more insight, and then do my dnp program.

[MystyqueOne, BSN, RN]

you're considering working full time and finishing grad school? all the time you will still be a mother, possibly wife or significant other, manage studying 30 hours a week, clinical runs 20-40 hours a week, working 36 hours a week( to maintain full time status, paying your student loan debt(while acquiring more student loan debt), and managing a social life( for the sake of your kids if not self).

if you can do all of this in 3-4 years, while becoming a seasoned nurse, more power to you.

as i stated before: my advice is to gain at least 2-4 years experience, try other specialities( as i am sure you aren't certain with the speciality you desire as of now), save up enough to carry you through( in case god forbid you lose your job), and have your kids(all) in school.

but, if you wanted to hear words of encouragement for the now....you consulted the wrong group of individuals!

good advice...... maybe i should just teach as a clinical instructor for now, all the while earning extra money on the side, gain more insight, and pay down my current loans.... this way, i'm still gaining nursing experience and staying interested in my current position.

thanks everyone!

[PetsToPeople]

There are tuition reimbursement options for NP's working in areas that have need! So you could have your cake and eat it too! When you have kids their is never a "best" time to persue an education, but it is definately something that is worth sacrificing a little kid time and a little sleep time in order to obtain your dreams. In the end it will be better for your whole family.

Also, I have read posts from NP's who had no problems finding jobs after they graduating despite having almost no RN experience, so don't let that affect your decision. I am considering an RN to MSN (or DNP?) program after I graduate, and I definately live in an area in need, so I am not going to worry much about my student loans. My family and I live very simply, so once I graduate, we will have no problems living the lifestyle we like and paying off our loans.

It's exciting to see other people striving towards their NP dreams, I wish you luck!