Trying to decide if it's worth it

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I need help figuring out if nursing as a second career will be worth it. I have a BA in Communications and before leaving the corporate world 6 years ago, I was making 53k/year.

I have been accepted into an ABSN program that will cost 50K and last 2.5 years (one more semester pre-reqs and 21 months nursing program) I will need to take out loans for the entire cost. According the lender webpage, I would have 15 years to pay back at 7.32% interest. Total of $82,500.

I hated my cubicle type job but I ultimately do work to make money. I am going to assume I could try getting a job in my field now and make 45k with no loans to pay back. OR I could go through the schooling, get a nursing job at 60k but have a ton of loans to pay back.

What makes the most sense in the long run???? Big assumptions that I could get a job in my field now, that I could land a new grad nursing job, how much I'd make to start in either job, advancement, etc.

Any advice on the financial aspect of it all?

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Specializes in Forensic Psych.
I need help figuring out if nursing as a second career will be worth it. I have a BA in Communications and before leaving the corporate world 6 years ago, I was making 53k/year.

I have been accepted into an ABSN program that will cost 50K and last 2.5 years (one more semester pre-reqs and 21 months nursing program) I will need to take out loans for the entire cost. According the lender webpage, I would have 15 years to pay back at 7.32% interest. Total of $82,500.

I hated my cubicle type job but I ultimately do work to make money. I am going to assume I could try getting a job in my field now and make 45k with no loans to pay back. OR I could go through the schooling, get a nursing job at 60k but have a ton of loans to pay back.

What makes the most sense in the long run???? Big assumptions that I could get a job in my field now, that I could land a new grad nursing job, how much I'd make to start in either job, advancement, etc.

Any advice on the financial aspect of it all?

Well first I'd be sure to get an accurate starting wage in your area. In some high cost areas new grads are making upwards of $60k a year, but cheaper areas are falling btwn $40-50k. In Houston the AVERAGE RN salary is around $65k, but that's inclusive of everyone at all jobs and experience levels. New grads are closer to $45k. The $~600/month on loans Id have to pay for the first 10 years would be a big chunk of change 16% or so?) to pay every month, but my husband also works and we are otherwise as debt free as we cab be so I could probably swing it.

So all that goes to say I'd look at your staring salary, the debt level you're already in, and how much money you're willing to lose over your 15 years of repayment, bearing in mind that even if you hate your nursing job (ya never know!) you'll still be obligated to pay off). If all that lines up reasonably and nursing is really something you want to get into, I'd go for it. Hopefully you love it and can leave the cubicles behind. Happiness does have value!

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Specializes in Psych ICU, addictions.

In addition to everything Stephalump said, one more thing to factor in: it is not as easy to get a nursing job as you may think...especially for a new grad. While there are some who are able to get hired right away (and a few even before graduation), the average new grad job hunt takes 6-12 months or longer. And yes, this includes those students with top grades and achievements.

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Thanks - I am just stressed trying to figure this all out. I could go the ADN route and then bridge to BSN which would cost less. But I'm the Chicago area and everywhere I look says "BSN preferred". I also hate the thought of taking the same 2 years to earn an ADN that I could earn a BSN. And it's harder to get into the Community colleges here for those programs than for the ABSN (due to cost and time I would guess). I need to decide before I take out that massive loan!

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Thanks - I am just stressed trying to figure this all out. I could go the ADN route and then bridge to BSN which would cost less. But I'm the Chicago area and everywhere I look says "BSN preferred". I also hate the thought of taking the same 2 years to earn an ADN that I could earn a BSN. And it's harder to get into the Community colleges here for those programs than for the ABSN (due to cost and time I would guess). I need to decide before I take out that massive loan!

Hello! I am in the same position you are and would like to share the path I decided to take. I too was considering to go the ABSN route because this is a second career for me as well. I eventually decided against it. The cost of he loans and the current uncertainty of the economy wasn't worth the risk in my opinion.

So I have maintained working full time thought my pre reqs and paid for my school as I went. I am in California so the community colleges are currently on lottery and wait lists. Sucks but I have a good job (I don't enjoy the desk job either but it pays the bill!) an u am currently saving like crazy. I have enough money saved right now to pay for my school (only 5K vs 60K for the absn!) and u am currently saving for my living expenses. I am sitting right and hoping I get lucky in one of the lottery programs before my number will get called in the wast list I am on which is a 3 year wait. Either way, the longer I wait he more money I save so its not a bad thing.

You have to do what is right for you, I don't know how much of a time crunch you are on. For me, of course I wish I could start school tomorrow, but this way is the best for me. To take my time and come out of it debt free is ideal. I hope this helps, keep us posted on what you decide!

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Sorry for all the typing errors, I am on my phone and I probably should have proof read!! ;)

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Specializes in Hospice + Palliative.

Last year, I was in the same boat as you trying to make the decision between an accelerated BSN program (I've got a BA already) or community college ADN. I chose the cc ADN, because it was tens of thousands of dollars cheaper (we're talking $6K versus $46K or more) The key point for me was that I already know I want to continue on with grad school (I'm an IBCLC and my ultimate goal is to be an NP in the NICU or peds) so....since I already have the BA, I'm getting the ADN and will do a bridge to MSN program. In the end, all of that will *still* wind up about 10-15K less than the accelerated BSN would have been at even the cheapest program around me (I'm near Philly).

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I had a similar story to yours: BA in comm and business. Worked in the communication industry for 5 years. Here's how I made it work: took my prerequisites part time over one year while I still worked full time. Finished that with no debt. Applied to a traditional BSN program and quit my job to attend full time. I was able to save enough to pay half of the $50,000 it will cost in cash and am taking out the rest in federal loans.

I have worked part time while in school and now have a pt job as a PCT which will give me $5k towards my education. It is possible to work while you attend school full time!!

I live in the NYC area. My final salary was $65k a year and starting salaries at my hospital are $80k. To me the $25k raise is worth the investment :-) I will graduate in August after two years of full time school. I'm glad I went the way I did and had time to work, get an internship and have a life too!

Good luck!!!

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Finances seem simple. If u have a nest egg, just bite the bullet and go for nursing. You'll have your debt paid off in no time. If you hate one field of nursing you can always go into another.

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I need help figuring out if nursing as a second career will be worth it. I have a BA in Communications and before leaving the corporate world 6 years ago, I was making 53k/year.

I have been accepted into an ABSN program that will cost 50K and last 2.5 years (one more semester pre-reqs and 21 months nursing program) I will need to take out loans for the entire cost. According the lender webpage, I would have 15 years to pay back at 7.32% interest. Total of $82,500.

I hated my cubicle type job but I ultimately do work to make money. I am going to assume I could try getting a job in my field now and make 45k with no loans to pay back. OR I could go through the schooling, get a nursing job at 60k but have a ton of loans to pay back.

What makes the most sense in the long run???? Big assumptions that I could get a job in my field now, that I could land a new grad nursing job, how much I'd make to start in either job, advancement, etc.

Any advice on the financial aspect of it all?

I am in sort of a similar boat. I got my master's degree in social work in 1998, and have worked in the field all this time. I am now in schhol for my ADN. I still have loans from my other 2 degrees. I went over the nursing vs. sw salaires and how much it would cost me, and you know what?? I don't care. I am piling this loan on top of the others and doing what I have wanted to do for some time. Yes, I will have a paycut for a few years, but the experience and flexiblity I will get from nursing is worht it!!! Hope this helps!!

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Specializes in Case Management, ICU, Telemetry.

NO. As far as people saying new grads are making 60k a year.... WHEN THEY CAN GET JOBS. It's pretty wicked out there right now. I live in Phoenix, we have a corporate company called Banner, well out of 340 positions in Arizona... ONE was open to new grads, I called to follow up on my application and was informed that the new grad job was posted for less than 12 hours and got 200 applicants. It's VERY hard to get a job out there.I am a BSN grad, final GPA was a 3.75, I have ACLS, PALS, BCLS, I am a member of the American Nurses Asscociation, the American Association of Critical Care nurses and the National Honor Society of Nurses. I have 5 months Case Manager Experience and impeccable references. I have put in over 100 applications over the last month. Who has is getting chose over me and new grads in my same situation? The CNAs who have worked at the hospitals for years, the EMTs who have been EMTs for decades, the surgical techs..... As they should. They have the experience, they have the jobs. I personally have given up on the idea of getting a job, I have gone back to bartending and will try again after I obtain a graduate degree, until then I will continue to apply, but just not expect anything to come out of it. Good luck to you.

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Specializes in Cardiology.

If money is your prime motivator then I would suggest considering a different career path...my 2 cents

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