worth the debt? Im stuck on this decision...)

[kiki617]

Perhaps some of you have some perspective and advice for me (ill try to make this not so long winded)...

Since 2008 I paid entirely out of pocket to take pre req classes toward an accelerated nursing program. During this time I got laid of twice. This last time has been the hardest although I did completed a surg tech program and have been a CST working at a hospital since Feb. Each time I was laid off it was for at least a year, this last time 2 years. I babysat and worked at a gym part time but had to pick and choose the bills i paid each month, my student loans have been in deferment and forbearnace. I couldnt afford to move and went through a break up of a long tern live in bf. I got a roomate but still had to afford at least 800 a month in rent. I also had to buy a cheap car to get to clinicals etc for the ST program. Its been a tough few years honestly, financially and emotionally.

After being waitlisted last year, I finally got into my dream program and they have given me a lot in financial aid... however, I still dont think I can afford it or am reconsidering that its worth it. I'm 30 with no savings and terrible credit, at what point could I afford a home or even a new car? Despite the material things I could get with better credit, its also the 'hanging over my head' feeling that is hard to swalllow.

My credit is now terrible between not paying certain cards and my debt to income ratio, all my savings is gone (the kicker is that most is on these prereq classes, talk about a catch 22) and after the first semester of this ABSN I can't work full time (and frankly shouldnt work much at all). So I would need to take out at minimum 35k for the program (2 yrs) as well as some living costs. I already have 45k from my first degree. I wish I went the ASN route, but was talked out of it due to long waitlists and everyone saying hospital jobs would be impossible to get (although majority of the RN's I work with in the OR do not have BSN).

My brother lives in Austin texas and he offered for me to stay with him out there since I always mention I love it out there (I currently live in the very expensive and health industry saturated Boston). I see Austin community college has a mobility ADN track for ST (only takes one yr to graduate) - although some prereqs will need to be redone and the waitlist I hear is a bit redic.

Should I try to make ABSN route work here despite the $ itll cost (if I can even get the loans I need, my mom will cosign)? Or should I go for a fresh start in Austin (where its much cheaper) and eventually go the community college route although it will take a few years?

Anyone out there in the same boat or have some advice from making a similiar decision?

I'm leaning toward going to austin, but I feel terrible on 'giving up' on the program ive worked so hard to just get to...

thank you all.

[BlueDevil, DNP]

I would go now. Graduate and then move to Austin. Stay with your brother for 6 months while you are in deferment. You will earn 30+k in that time. Put 20 of it toward your loans. Then pay at least 50% more than the minimum every month. Any decent money manager will tell you that low interest debt is nothing to be afraid of, but the opportunity cost of putting off decent earnings and retirement savings us the much bigger mistake.

[kiki617]

I would have to retake AP I And II, microbio (as these will be past the 5 yr mark) and I have to take pharmacology and the hesi-for Austin community college. I'd also have to be a resident for a year for the cheaper price there.

[OCNRN63, RN]

My opinion is complete opposite.

You already have a debt of $45k. You say the program will cost you additional $35k even after getting financial aid. And then you still need living costs. When you are done, you''l be left with $80k plus in debt with no job guarantee. It's impossible to work full time while pursuing ABSN. Not to mention you live in expensive city and already struggling paying your bills.

Your dream will still be there after a few years, so will the schools and nursing programs and opportunity. They're not going anywhere. They will still be there after you pull yourself out of the financial mess.

I think it's incredible that you have a brother who's offering you a place to stay. That'll will save you so much money already. Go there, work, reduce your debt, build up some emergency savings, bring up your credit score. And then go back to school.

You already know what the smart thing to do is. But I understand how hard it is.

Best of luck to you.

I can't "Like" this post enough. The people who tell you to go for the program in Boston aren't the ones who will be saddled with serious debt and living in an area where getting a nursing job is difficult.

Work for a while and get that debt down. I'd suggest signing up for Credit Karma; it's free and you can check your credit score whenever you want, plus they'll notify you when there has been a change in your score.

Delaying your goal isn't a bad thing. Destroying your credit is. Plus, it's stressful enough to be in nursing school then job hunting after graduation, so you don't want to have major debt hanging over your head while you're looking for work.

Your brother has given you an amazing opportunity. Take it!

[RNlove17]

Here's my imput...

I have a BA degree in poli sci. I went to a state school and accum'ed about 20K in debt. Worked for a couple years for a mortgage company and made no money and decided to pursue my nursing dream. I started taking pre-req's at community college. I looked into an accelerated program at a private university... it was 40K. And you couldn't get any financial aid if you already had a BA. And federal loans only give you i think 12500 or 15000 a year... way below what I would need. The admissions rep was basically like, most people use their private savings or use family money. I was poor and my family was poor haha so... um no. Oh plus you could not work... you were putting in 12 days every day in the program...so you'd need extra money to live on. And private loans are scary. You can't get out of those. I didn't want 60K in private loans. You are becoming a nurse, NOT an MD. You have to look at what you will make. I started my first nursing job at $22.50/hr which was the going new grad rate. To me, that doesn't justify all that debt. I ended up going the community college route and still accumulated almost 20K in debt. Also, I live in NY and there are very few nursing jobs, and it's especially hard for new grads. Can you imagine all that debt and NO nursing job??

My thoughts are: go to Austin. Your ABSN program is just so ridiculously expensive and I think that debt load is scary. Try to do community college and take the help your brother is offering.

[KeepItRealRN, BSN, RN]

Paying back student loans can be a terrible burden. One person I know has debt of 27000. Her payments are 305 per month for ten years.

$305/mo is a car payment and graduating nurses think nothing of that. Work overtime and that can be paid off in a year or two.

[Whispera, MSN, RN]

$305 a month isn't bad if that's all the debt a person has. There's also housing, food, clothing, car payment, gasoline, upkeep, child care and other expenses children require, utilities, entertainment, and probably lots of other things I've forgotten. $27000 is low compared to what many nurses owe when they graduate...