WEEKEND TO DECIDE - MSN, CNL, Accreditation, ABSN OH MY!

[charisma00]

Hi all you helpful people!

I have to make a big decision this weekend!

I got accepted into 2 programs, University of Rochester ABSN (1 year) and Seton Hall University MSN CNL (2 year).

I am a NJ resident and was scheduled to move into Rochester, NY (6 hour drive) on Monday however I got accepted into SHU.

I want to go to school for DNP eventually so thats why I applied. The schools are literally similar in cost (about 100,000 total) and whatever difference is almost insignificant due to the fact that I would pay it over 2 years and not a swift one year. I am not eligible for private loans and have yet to have access to a worthy cosigner. In essence, whatever Im allowed to borrow better be worth paying back. With UR we are scrambling to make payments as soon as June, SHU doesn't start until August, so I have some time.

There was a rumor that Seton Hall was losing their accreditation. I checked on CCNE website and they are accredited until 2019 (I would still be a student but the review is coming up this fall)

I'm losing sleep because cost is not the main issue, it is the value of the degree and how far it will take me. Some of my questions are:

1. What does it mean to be a student when a school is scheduled for accreditation review? What if they don't make it? Will I be without a job and have to retake courses to get my DNP?
   
2. I know CNL portion is not really in use at first as a new nurse, Id still be entry level but does that mean the pay is different? Or that it increases more significantly after I put in years work?
   
3. Is an MSN even valuable to DNP schools? Is it valuable to employers?
   
4. With DNP being the direction of advanced nurse degrees, how do I know that in 10 years my MSN will be worth anything?
   
5. Is it possible for a school to know if they are at risk for losing accreditation before they actually lose it? Where can I find this information!
   
6. Do jobs fund MSN to DNP or is it only a ADN thing and I'm on my own?
   

My goals are:

• Eventually earn DNP
  
• Take least steps to becoming DNP
  
• Apply for loans once within 10 years
  
• Have creditors trust me to be able to pay back the loans
  
• Get a good job, making the most I can of my degree
  
• Be able to care for myself should I be on my own (I pretty much get one chance to ask for money from family)
  

Hope this helps you understand my situation.

Any Ideas will help, I'm literally sick over it.

[Guest1029094]

Why not start with associate degree in nursing becoming an RN, gain some experience while obtaining your BSN at Western Governor's university paying out of pocket as you would have an RN job and they are affordable and offered online.. then continue gaining experience and decide about a Masters program.

[charisma00]

Imagine having all that debt and discovering that for whatever reason, nursing is not viable for you. The debt will not disappear should the dream dissipate.

I know.. So what I am getting is that I should wait to apply again to get into cheaper schools? I know nursing is for me, I've been working with nurses for 9 years. Originally I was comparing due to the fact that both programs will require me to be in the same amount of debt. I have never taken out loans before and right now these schools are the only two acceptance I have. Do you think I should wait to get something cheaper?

[MiladyMalarkey, ASN, BSN]

Do you think I should wait to get something cheaper?

My humble opinion is wait it out. 100k in student loans, on a RN salary could take you YEARS, if not a couple decades to pay off. 100k in student loans also comes with interest, you'll probably pay at least half that in interest when all is said in done. To put that in perspectives, 100k (not taking in consideration the interest) is probably just under 2/3's the cost of attending law school and about 1/4-1/3 the cost of attending med school. I've seen RN programs anywhere from 4k (ADN at a CC) to about 50ishK at a state university (BSN).

Also, consider, even if you get your MSN with that 100k in loans, do you think any DNP school/private lender will want to lend you MORE money for a DNP if your're carrying a significant loan balance like that already?

Unless you come from a wealthy family, which I'm guessing you may not since you are talking about taking out loans, I'd say save yourself the grief of so much debt. I wish you luck.