Why Are So Many Students Worried About Expensive Tuition

maggie24 · Jun 13, 2009

I would looove to be able to go to a private school again. I have dreamed of samuel merritt or USF, but it is just too much $$. I attended private school from K-12th, and I miss the small class sizes and overall environment.

My parents struggled to put my brother and I through grade/h.s school, and we had to sacrifice a lot of things as a family, and I am forever grateful to my parents for this. I would not trade my experiences at private schools for anything, BUT I also am not willing to put myself in debt $100,000+ for a BSN.

If my parents were wealthy or had been able to save money for college for me, maybe it would be an option, but I am paying for my own education, and it would be very hard for me to justify taking out so much money for an RN, even with scholarships and grants, I would still walk away with a lot of debt. There is almost always a need for loans when you factor in other costs besides tuition--rent, books, supplies, living expenses, food, etc.

SO on top of $50,000+/yr tuition you will have other expenses as well!

Private schools are an incredible privilege that I would love to take part in, but it is just not an option for me-I do not want to be paying off my college debt for the next 30+ years. I think there are a lot of other students who feel the same, and this why they choose not to attend such a costly school when there are other options. For me, I have weighed both the pros and cons, and ultimately the pros do not outweigh the biggest con-the incredible COST.

Of course there are cons of public schools-N.S. is impacted, more competitive due to impaction, wait lists, but for many students, myself included, paying off this debt is simply not worth it. That is the dilemma many of us face-choosing b/w an expensive private school or waiting 2yrs to go to NS.

I would also like to add that I consider N.S. itself to be a privilege, no matter what type of school it is. I am grateful that I have an opportunity to attend, and even if it is not a private school, I know that I will value and appreciate everything that I learn b/c that is why I am there. I have waited years to get into nursing school-2yrs on wait list + 1 year wasted by applying everywhere, so for me, I feel lucky to be going at all. Even if it was not my first choice, I am still going to end up with an RN . . .which is why I am there in the first place.

carolc415 · Jun 15, 2009

Hi all--

This is one of the most interesting threads I've read so far. Everyone has their own individual situation and has to make the decision for themselves. I asked a friend of mine how she financially put herself through Chiropractic school and she said: "Any way I could." (This included Federal and private loans, savings, and scholarships).

Her words are in my mind when I think I might select a private nursing school: good grief, how would ANYONE have 75K+ laying around, or be willing to commit to it? But sit on a waiting list for 3 years? Reapply a million times to the lottery schools?

As far as nursing school being a privelege: a lot of the admissions staff at some schools would like us to think so.

But, like any other profession, it is based on a set of skills that one excels at and can be employed for. We take the prereqs, we apply, we get in (or not). The 'privelege' part is reflected in the impaction of the programs and shortage of nursing educators.

In the BIG picture, reading all these threads by hopeful and aspiring students, there are a lot of aspects of this that could (and are) make us certifiably NUTS in the process. What it boils down to is the ROI (return on investment). I think the magic formula is your age, your comfort level with debt, and your goals, and keeping in mind that NOTHING is certain (except taxes and that other thing). :nuke: Being happy with your choice of career and doing what you want & love to do includes the financial road to getting there. For some of us that road has a few more potholes than for others.

83studentnurse · Jun 17, 2009

There is no "right" and "wrong" when it comes to deciding where to go to school. It COMPLETELY depends on one's individual circumstances!

Conventional wisdom says that you should borrow freely to attend the best school you can get into because student loans are "good debt." However, this is only the case if that education means you can get a job when you graduate, and the recession means that's not always (maybe often) the case. Students graduating with $75k in debt for their history degrees know this all too well. Nursing graduates in many areas of the country are now finding it very difficult to get jobs, putting many new RN with $60K of debt in a tough spot. Tuition reimbursement at hospitals around me no longer covers previous courses (they won't help pay off debt you've already accumulated) and hospitals have slashed the amount they'll contribute to help current employees continue their education.

This debate -- about the value of a degree from a private college -- is going on around the country and encompasses just about every field of study. College admission boards are reporting a surge in applications for four-year state colleges since many students are opting for them instead of private four-year colleges (though not nearly as cheap as CCs, you can get a BSN from a state school for 1/3-1/2 the cost of a BSN from many private schools. The private schools are often great, but surely you don't get twice the education just because you pay twice as much). That doesn't mean that private schools are never a good investment (I went to one myself!), but it's perfectly legitimate to think long and hard before making the decision to attend one.

If you can afford private school or can get subsidized government loans and are in an area where jobs abound, you can probably take on substantial debt and consider it a pretty good investment in your future. If you're not comfortable having a lot of debt or are in an area where the job market is weak, it makes a lot of sense to opt for a state college or community college if you have the option to attend them instead.

CuriousMe · Jun 17, 2009

I agree that it's not a clear cut/cookie cutter decision. Everyone's at a different spot in life and has a different set of circumstances. At the same time, that doesn't mean the CC is always the right choice (and obviously doesn't mean that folks going to more expensive programs couldn't get in to the cheaper ones). I don't think all education is the same and in many cases you get what you pay for. (that doesn't mean you can't get a good education at a locall CC or state school......it's just not the SAME education that you might get in another program).

I am going to a more expensive program (and did get in to my local CC, but chose this program instead). I intend to work for three years after I get my license and then go back to school for my FNP. I then intend to get my FNP at a different nationally ranked university (I'm looking at two different ivy league schools). I worked very hard and applied for A LOT of scholarships. I'm paying far less than 10% of my $32,000/year cost of attendance for my BSN and have scholarships that will follow me into grad school. By the time I'm done I'll have my BSN, with a minor in another science from a nationally ranked university and nursing program and a MSN for my FNP (maybe with a minor in adult acute care) from another amazing university and nursing school and will have less than $20,000 of debt. The plan is to have it completely paid off a few years after graduating from my FNP program.

Going to a more expensive program does not always mean that someone is independently wealthy or racking up huge student loans. There are usually ways to pay for school.

FNP to be! · Jun 17, 2009

Interesting. I am preparing now to "pay my way" into nursing school. Around here, the public universities are cutting their nursing programs (specifically the MES program) and it is well known that they really are not an option. I applied with all A's in my pre-reqs, but was not accepted into the BSN. I'd much rather pay for public nursing education, however, I've really come to believe that private education is right for me since I have a family. The public program doesn't come with as much support and I'm hoping not to sacrifice my family too dramatically while I follow my dream.

Yes, this is my dream, my passion and most of all God's plan for me. I assume he also has a plan for me to pay back this money once I get where he wants me to be. :) So I go in faith and borrow the money I need to borrow to get where I'm supposed to be. We'll see how it goes.

2BSure · Jun 17, 2009

I was reading other threads and I came across students who were accepted to private nursing schools but declined their acceptance because of the tuition. If nursing is your passion by any means necessary you should do everything to accomplish your goal. In NY, nurses start off with 70K+ a year:yeah:, so in a rough estimate its possible to pay off large loans within 5-10 yrs. The cheaper schools are much more competitive to get into. If you get accepted into NYU, PACE, LIU etc. just go for it. Is anyone with me on this?

No I am not with you. We are ALL individuals and there is no way I could even begin to assume to measure another person's passion.

FixThebody · Jun 17, 2009

Taking on what I would call, a massive credit burden, is a personal choice but personally I believe "all" credit is bad under any condition. The very reason our economy is in such bad conditon is because so many people have already barrowed and SPENT their future. In most cases, a future that could not afford to spend. So, here they are,,, in the future they have already spent.

Okay, having said this, I must confess that I had to use a FEW student loans as I attended UG School. However, I only used only a minium and I took the money only three times in four years. Of course not everyone is willing to eat only one sandwitch a day and zero social dollars.

So far I have never met a brand new RN with only an UG Degree that was offered $70/yr; even in NY. Sound like great pay as long it doesn't come with a 24/7/365 job. Burnout !

As long as you consider credit as bad and only a last resort you will be a happy camper even in a really bad economy. I have never even barrowed to buy a car.

What liz said !

omanipat · Jun 17, 2009

as someone and borrowed 46,000 (in 1987) and went to an expensive school and now teaches nursing at the as level

don't take on more than 20k in students loans.

go to as program, get 2 years experieince then go back for your bsn at your employeers expense!

nyu is probably 35k a year x 4= 140,000 (and it not a great program, i would not hire a bs grad from nyu all theory absplutley no clinical sense, nor a desire to obtain)

1. you cannot borrow that much in loans

2. even if you could payment would be over 1100 a month that is insane

starting nyc salary 68,000 (working nights 72,000) - 30% tax = 50,000 a year net .

1100 a month student loan payments = 36,800 net take home pay.

yes to many people 36,800 is a good take home salary but you will find it very very hard to pay rent, eat, buy uniforms in ny on that salary

not worth it to have a fancy diplomia - as grads make 1000 a year less than bsn grads and after teaching in both types of programs, as grads are much better at the bedside and is that not what it is all about?

83studentnurse · Jun 17, 2009

I'm sure I would have viewed the decision about where to go to school differently if it had been my first degree (I went to a private school my parents and I could afford for undergrad -- now I'm married and attending a private diploma program, with lots of scholarships, for my RN). School size, "feel," diversity, and reputation would have meant a lot more at 18 than they do to me now.

Tuition rates have increased far more quickly than salaries over the last 50 years, making the "return on investment" equation for education much different than it used to be. My dad spent about $4000 a year on his Georgetown education and got a job making about $25,000 a year when he graduated. Georgetown these days is nearly $40,000 a year and most bachelors degree grads make about that much a year at their first job. College education isn't nearly as good an investment as it used to be (monetarily speaking). I generally think public universities are the way to go -- in many cases they're just as good or better as private colleges/universities and cost MUCH less. Obviously, this is a gross generalization with many exceptions ... University of Your State may never be Harvard, but chances are it's comparable in quality to many private colleges. However, CuriousMe is a great example of how private colleges can work and be affordable even for those who don't have thousands and thousands of dollars lying around.

More than many professions, however, nursing seems to be a field where the prestige of your college isn't too important. I've heard from several people that where you get your RN isn't too important, but where you get your master's, if you get your master's, is much more significant. I don't know if that's accurate, but I've heard it from a number of people. It's interesting to me that, whereas someone with a BA in English from Yale can get a VERY different job than someone with a Associates in English, someone with a BSN from Yale can get the same job as someone with an Associates in Nursing. I'm sure the BSN from Yale is still the perfect choice for some people, but I personally would never choose that much debt when I could get the same license from a much cheaper local school. In fact, it seems to me that, at least in the economic climate right now, hospitals are hiring new grads with more clinical experience much more quickly than they're hiring nurses with degrees from fancy schools.

tuchipie · Jun 17, 2009

I am in the middle of my LVN program and when I am finished I will have taken out $18,000 in student loans to pay for my education. Maybe for some people that is not alot, but it is alot for me and my husband who is not working full-time yet in this economy. We have 2 children and I wonder if I will be able to pay this back easily or if it will become a burden even with me working. At first I thought that getting a job right away after getting my license was going to be easy, but I have heard that some people have to wait a while. I even know someone who has been out of school for a year and has not found a job yet. We are in Southern California and this idea is very scary. So, only take out what you can be sure you can pay back. Don't think that nursing is the road to financial freedom. It will only help you keep above the water while most people around you are sinking.

chevyv, BSN, RN · Jun 17, 2009

I didn't want to leave nursing school owing 70 grand for sure! Life has a way of complicating things. I have children now to raise, a house payment, car repairs........my paycheck is all but gone before I even get it. My student loan is pretty small so I can handle the payment, but 70 grand would be a bit much to look forward to paying back. Now, if I could afford it I would look into it. I graduated from community college with a decent education. I felt more competent than many of my friends that attended 4 yr colleges. You get out what you put in.

nadja9 · Jun 17, 2009

I certainly understand that many private, as well as public, institutions have high tuition costs these days. While this will continue to be a growing concern, it is certainly true in tough economic times. However, there are some institutions that offer surprisingly low tuition comparatively.

One place is McKendree University near St. Louis. They do not offer a prelicensure program, but they offer an RN to BSN completion and an MSN with an administrator/manager track as well as a Nurse Educator track. The RN to BSN offers campus sites throughout southern Illinois and Paducah, KY with a one night a week in-class/online option and the MSN can be done online through the E-learning program.

Tuition for the RN to BSN is $245 per credit hour - straight tuition NO FEES, and the MSN is $355 per credit hour - NO FEES. It is a private, fully accredited university (CCNE). There is NO application fee. For those that are still getting reimbursement from their employer, McKendree will defer the amount that is deferred until the end of the semester to make it that much easier. Sounds too good to be true but it IS true.

You can check it out at http://www.mckendree.edu.

Good luck to all searching! And a shout out to my little sister who just started RN school at Southwestern Illinois College!!! Go BECKY!!!!!!!!!!!!!!!!!!!!!!!!!!! You will make a GREEEEEAAAAAT nurse!!!!!!

Nadja9