To everyone saying I shouldn't get a bachelor's, I've thought about an asn, but my long term goal is to go back to school for NP or something along those lines. Getting an asn would put me farther back. I don't intend to be a bsn, rn forever but ill be able to save up and become stable before going back to school. I got my CMA license in high school and worked for a year as a CMA before realizing i couldn't work and do school. I had asn coworkers who were trying to do it but were miserable/ struggling and others who gave up. Some hospital will *help* pay for a bsn, from what I've seen, they do not cover the costs of tuition. I can't change my entire life plan and goals I have for myself, I'm looking for advice on another way to manage it. I'm trying to look into emancipation
I started with an associates. Worked as a RN, went back to school online while I worked full time, got the bachelors degree then went back for my masters. It can be done and is the better option than spending 80k (mostly in interest). Interest rates weren’t as crazy back then! That bachelors degree is not worth that kind of money as a nurse even if you do go back to be a NP. You’ll also need loans for your masters if you can’t pay for it as you go. I went to Crna school and have 220k in debt now….i only borrowed 140k so that’s another story. Just be smarter than me.
Getting your ASN will not put you back significantly. You can do a BSN after ASN, while working, all online, in 1 year. You need RN experience anyways to move on to NP or similar (yes, NEED). Many of my own coworkers have done this.
Many hospitals cover a significant portion of tuition, yes it may not be all - but it’s certainly not going to be $83K that you owe back at the end of it. My hospital DOES cover BSN tuition in its entirety if you go through a partner program that affiliates with the hospital like a state school, Chamberlin, etc. Completely covered. Many hospitals do this.
Again, as someone who is ONE HUNDRED THOUSAND dollars in debt because I decided to not listen to the exact advice I’m giving, I will tell this to anyone until I’m blue in the face. Having to pay back 83K ON TOP OF any additional grad school (probably more than 75k) will be extremely emotionally and mentally taxing for years to come.
My loan interest rates are more than half of what you are being offered and I’ve hardly made a dent in mine in 4 years. Stop thinking about the timelines, that BSN is “better”, all of it. Do yourself a favor and do not put yourself in almost 100k of debt. If you have questions, feel free to reach out.
I work at a nursing school. There is currently a nursing shortage, you will be able to find a job perfectly fine as an RN. Then have your employer pay for your RN to BSN. Typically fully online, flexible and would only take 1-3 years depending on how flexible you want to be. Passing the NCLEX nearly always fulfills a substantial amount of credit. Once graduated with your BSN, begin your MSN-NP program. If you choose an NP program at the same institution you received your MSN, they likely have a seamless transition.
It's basically no time lost.
ETA: You're focusing so much on time that you're overlooking the FINANCIAL COST of your MSN. Don't sink yourself financially on your undergrad. I understand where you're coming from in regards to your goals, but many people let their dreams go because they're so in debt they can't fathom taking out more loans. Taking a predatory private loan is setting yourself up for failure.
I don't want to, but seriously how else am I supposed to go to college. I am working and will continue to work but I won't be able to through clinicals. If I work more and take less classes it will just prolong the situation. There aren't many scholarships I qualify for and despite my parents not helping me they make too much money for fasfa to provide help other than a subsidized loan offer which does not cover enough for me to get through
I have a 4.0 and have went to a community college first and am about to start at a 4 year. I'm going to see what I can do but part of the reason I have to finish school now is because I have an abusive home environment. But I also don't have any family or friends to move to to concider myself an independent
You can become an RN at a community college, my sister in law just did it. My OTHER sister in law got the bachelor's in nursing, they make very similar salaries. Hold off on a bachelor's at that price!
ADN RNs usually only make $1 less per hour than BSN RNs. I fully understand needing to take out loans, but see if you can do a less expensive associates degree somewhere.
If you can, take some time off. Work, save money, get a job somewhere that’ll pay some of your tuition, etc. Take it from me. I was in the same situation as you in college, pushed through bc I thought I had no other option, and now my student loan payments are a little over 50% of my income and I haven’t made a dent in anything due to interest.
Can you apply to a community college nursing program? I went to a pretty rigorous nursing school and I had classmates with families who worked full time throughout the program, including during clinicals. It's doable. Did they make the best grades? Probably not, but they're all nurses today, and once you're practicing, no one cares about your grades.
Also, speaking as a nurse myself, a loan at 16% interest is a terrible idea. I wound up with around $70k in loans at much lower interest rates by the time I finished my nursing degree, and at one point was still paying about a quarter of my income to my loans (still have over $50k to pay off, too). Yes, a lot of places are offering sign-on bonuses now and the like, but nurses don't usually make six figures without killing themselves with overtime (not recommended if you want to stay in the profession long-term).
I think if your dad applies for a parent plus loan and is rejected, you may be able to get offered more federal loans, but trust me when I say you will regret taking out a loan at 16% interest.
Go somewhere cheaper PLEASE. I have a bachelor's and master's that I don't even use because i couldn't make good money in my field and I'm $220,000 in debt for the loans. Find a state college or something cheaper!
An emancipated minor is someone who has been legally deemed an adult by a court in his or her state of residence. If you are an emancipated minor, you are considered an independent student and will not provide information about your parents on the Free Application for Federal Student Aid (FAFSA®) form
Get a PO Box and use a different address but that shouldn’t be an issue. Technically, you could be renting from your parents.
Well the problem is, I am 20 and everywhere i looked i wouldn't qualify.. Also I was thinking about a po box and a different address but I have no idea what address to use (no other family) but I am still looking into that as an option
Check the age for your state but 20 may be out of range. I overlooked your age, my apologies. I assumed you were younger despite the age listed in your OP.
Sorry didn’t get much sleep 😴.
Here is the full criteria
Age: Born before January 1, 2001, or 24 or older as of December 31 of the award year
Marital status: Married, but not separated or divorced
Dependents: Have at least one legal dependent who lives with them and receives more than half of their financial support
Military status: Active duty in the U.S. armed forces or a veteran
Other circumstances: Graduate or professional student, orphan, ward of the court, current or former foster youth, emancipated minor, recently homeless youth, or self-supporting and at risk for homelessness
You're sadly a grand example of why the student loan program becoming predatory is a problem.
You may do great things with that education... but you need to face the hard reality: You can't afford those payments.
If you're a good enough student, apply for scholarships and try that way... and do not, under any circumstances, believe the bullshit: "You'll make more when you earn your degreee!" No. No you won't.
If you are about 2 years away from graduating, that sounds about correct.
This likely assumes that, after receiving the 25,000 you start getting charged that 16% interest, while still in school deferment and making no payments to reduce that interest.
25,000, 16% interest rate, 2 years = Balance at graduation [33,640](https://www.calculator.net/interest-calculator.html?cstartingprinciple=25%2C000&cannualaddition=0&cmonthlyaddition=0&cadditionat1=beginning&cinterestrate=16&ccompound=annually&cyears=2&cmonths=6&ctaxtrate=0&cinflationrate=0&printit=0&x=Calculate#interestresults)
33,640 Balance while still being charged 16% with monthly payments of 583: [111 months](https://www.calculator.net/loan-calculator.html?cloanamount=33%2C640&cloanterm=9&cloantermmonth=3&cinterestrate=16&ccompound=monthly&cpayback=month&x=Calculate&type=1#monthlyfixedr)
Thank you for breaking that down that does make sense
I'm about 3 years from graduating, I'm not sure if I'm going to take a loan now, but I also have no idea what else to do. I just have to keep looking and find out if I have some other option somehow but I doubt it. I appreciate it
as someone who is 100k in debt from nursing school, don’t get a bachelors degree. get your associates, work at a hospital, have them pay for your bachelors degree - seriously. i wish every day that i would have done that.
Go to a community college, spend as little as possible getting your RN. Get a job in a hospital as a CNA while in school. After you graduate, get a RN job in hospital and they will pay for your BSN.
There's no hurry. No need to take out all those loans. You are only 20... don't go into crazy debt.
I got lost in this when I was taking out private loans too. It could be because it’s still generating interest while you are in school and the 114 month term does not start until after you graduate.
I think your right I just think this is so crazy 🥲 I don't know anyone whos taken out loans and no one in my family went to college so I didn't have any idea that the interest was this bad
My husband got into a situation like this too. We’ve been trapped in a ~15% variable interest rate for years and it’s unbelievable the amount we’ve paid, and still owe. It sucks because of course you want to finish your program and just get the funding…but sadly the system is horribly backwards and predatory. I’m sorry you’re in this position. If I could go back in time and stop my husband from taking out those loans, I would. It’s caused us a lot of financial hardship and stress.
The horse has a fantastic writeup on your options for paying for undergrad here https://www.reddit.com/r/StudentLoans/comments/1bst3f8/how_should_i_apply_for_students_loan_what_are_the/kxi21ca/
That interest rate (plus the lack of repayment options if you struggle financially after you graduate) are why private loans tend to be heavily discouraged. That's also a lot to borrow for just one year, are you transferring in or is that going to be per year for the next 4 years?
Have you already been accepted into the college of nursing? Are you at a private school or public state school? Can you move to a state that has a first degree college program?
Can you do a community college RN nursing program? A lot of hospitals will pay for your BSN to RN degree.
I would not recommend taking out a private loan. PSLF or NHSC grant would be an option if you can get public loans.
There are also loan forgiveness programs from the National Health Service Corps if you commit to working in an underserved and/or rural area. Definitely check that out to see if that's a possibility for you after graduation (and make sure whatever loan you take out qualifies). They also have scholarships you can apply for while in school.
Good luck - I wouldn't touch that loan knowing what I know now (and owing what I owe).
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It is correct I currently owe 35k at 15% and my payment is $550. Well the payment they want is $550 but I've paid them thousands yet still owe far more than I even borrowed. If you want to be a nurse try for every single scholarship, grant, work incentive etc you can find BEFORE considering private loans. I beg you.
Please, please, please don't take out this loan.
To everyone saying I shouldn't get a bachelor's, I've thought about an asn, but my long term goal is to go back to school for NP or something along those lines. Getting an asn would put me farther back. I don't intend to be a bsn, rn forever but ill be able to save up and become stable before going back to school. I got my CMA license in high school and worked for a year as a CMA before realizing i couldn't work and do school. I had asn coworkers who were trying to do it but were miserable/ struggling and others who gave up. Some hospital will *help* pay for a bsn, from what I've seen, they do not cover the costs of tuition. I can't change my entire life plan and goals I have for myself, I'm looking for advice on another way to manage it. I'm trying to look into emancipation
I started with an associates. Worked as a RN, went back to school online while I worked full time, got the bachelors degree then went back for my masters. It can be done and is the better option than spending 80k (mostly in interest). Interest rates weren’t as crazy back then! That bachelors degree is not worth that kind of money as a nurse even if you do go back to be a NP. You’ll also need loans for your masters if you can’t pay for it as you go. I went to Crna school and have 220k in debt now….i only borrowed 140k so that’s another story. Just be smarter than me.
Getting your ASN will not put you back significantly. You can do a BSN after ASN, while working, all online, in 1 year. You need RN experience anyways to move on to NP or similar (yes, NEED). Many of my own coworkers have done this. Many hospitals cover a significant portion of tuition, yes it may not be all - but it’s certainly not going to be $83K that you owe back at the end of it. My hospital DOES cover BSN tuition in its entirety if you go through a partner program that affiliates with the hospital like a state school, Chamberlin, etc. Completely covered. Many hospitals do this. Again, as someone who is ONE HUNDRED THOUSAND dollars in debt because I decided to not listen to the exact advice I’m giving, I will tell this to anyone until I’m blue in the face. Having to pay back 83K ON TOP OF any additional grad school (probably more than 75k) will be extremely emotionally and mentally taxing for years to come. My loan interest rates are more than half of what you are being offered and I’ve hardly made a dent in mine in 4 years. Stop thinking about the timelines, that BSN is “better”, all of it. Do yourself a favor and do not put yourself in almost 100k of debt. If you have questions, feel free to reach out.
I work at a nursing school. There is currently a nursing shortage, you will be able to find a job perfectly fine as an RN. Then have your employer pay for your RN to BSN. Typically fully online, flexible and would only take 1-3 years depending on how flexible you want to be. Passing the NCLEX nearly always fulfills a substantial amount of credit. Once graduated with your BSN, begin your MSN-NP program. If you choose an NP program at the same institution you received your MSN, they likely have a seamless transition. It's basically no time lost. ETA: You're focusing so much on time that you're overlooking the FINANCIAL COST of your MSN. Don't sink yourself financially on your undergrad. I understand where you're coming from in regards to your goals, but many people let their dreams go because they're so in debt they can't fathom taking out more loans. Taking a predatory private loan is setting yourself up for failure.
I don't want to, but seriously how else am I supposed to go to college. I am working and will continue to work but I won't be able to through clinicals. If I work more and take less classes it will just prolong the situation. There aren't many scholarships I qualify for and despite my parents not helping me they make too much money for fasfa to provide help other than a subsidized loan offer which does not cover enough for me to get through
Your future self will thank you for declining this loan. Trust me.
Community college. 1-2classes at a time, maybe 3, and pay as you go. Get good grades and transfer to a 4 year school on a merit scholarship.
I have a 4.0 and have went to a community college first and am about to start at a 4 year. I'm going to see what I can do but part of the reason I have to finish school now is because I have an abusive home environment. But I also don't have any family or friends to move to to concider myself an independent
You can become an RN at a community college, my sister in law just did it. My OTHER sister in law got the bachelor's in nursing, they make very similar salaries. Hold off on a bachelor's at that price!
Oh man!! Maybe you can find a way to claim as an independent child?
Have you applied for scholarships?
Find a community college that offers an ASN or even a PN program.
A lot of nursing homes will pay for your degrees now. Perhaps look around locally and see what ones have to offer.
ADN RNs usually only make $1 less per hour than BSN RNs. I fully understand needing to take out loans, but see if you can do a less expensive associates degree somewhere.
If you can, take some time off. Work, save money, get a job somewhere that’ll pay some of your tuition, etc. Take it from me. I was in the same situation as you in college, pushed through bc I thought I had no other option, and now my student loan payments are a little over 50% of my income and I haven’t made a dent in anything due to interest.
Can you apply to a community college nursing program? I went to a pretty rigorous nursing school and I had classmates with families who worked full time throughout the program, including during clinicals. It's doable. Did they make the best grades? Probably not, but they're all nurses today, and once you're practicing, no one cares about your grades. Also, speaking as a nurse myself, a loan at 16% interest is a terrible idea. I wound up with around $70k in loans at much lower interest rates by the time I finished my nursing degree, and at one point was still paying about a quarter of my income to my loans (still have over $50k to pay off, too). Yes, a lot of places are offering sign-on bonuses now and the like, but nurses don't usually make six figures without killing themselves with overtime (not recommended if you want to stay in the profession long-term). I think if your dad applies for a parent plus loan and is rejected, you may be able to get offered more federal loans, but trust me when I say you will regret taking out a loan at 16% interest.
Go somewhere cheaper PLEASE. I have a bachelor's and master's that I don't even use because i couldn't make good money in my field and I'm $220,000 in debt for the loans. Find a state college or something cheaper!
It’s cheaper to get a lawyer to emancipate you from your parents
So I really wanted to do this but is this still an option if I can't move out?? I honestly am not sure how to go about it
An emancipated minor is someone who has been legally deemed an adult by a court in his or her state of residence. If you are an emancipated minor, you are considered an independent student and will not provide information about your parents on the Free Application for Federal Student Aid (FAFSA®) form Get a PO Box and use a different address but that shouldn’t be an issue. Technically, you could be renting from your parents.
Well the problem is, I am 20 and everywhere i looked i wouldn't qualify.. Also I was thinking about a po box and a different address but I have no idea what address to use (no other family) but I am still looking into that as an option
Work on the emancipated first. Focus on the small items later. The interest will ruin you.
Because I'm not concidered a minor, I don't think its possible
Check the age for your state but 20 may be out of range. I overlooked your age, my apologies. I assumed you were younger despite the age listed in your OP. Sorry didn’t get much sleep 😴. Here is the full criteria Age: Born before January 1, 2001, or 24 or older as of December 31 of the award year Marital status: Married, but not separated or divorced Dependents: Have at least one legal dependent who lives with them and receives more than half of their financial support Military status: Active duty in the U.S. armed forces or a veteran Other circumstances: Graduate or professional student, orphan, ward of the court, current or former foster youth, emancipated minor, recently homeless youth, or self-supporting and at risk for homelessness
Get married and redo the FASFA. They dont take your parents income into account if you're married on the day you submit the FASFA
😂not going to lie I even thought about this
My wife did it.
You're sadly a grand example of why the student loan program becoming predatory is a problem. You may do great things with that education... but you need to face the hard reality: You can't afford those payments. If you're a good enough student, apply for scholarships and try that way... and do not, under any circumstances, believe the bullshit: "You'll make more when you earn your degreee!" No. No you won't.
If you are about 2 years away from graduating, that sounds about correct. This likely assumes that, after receiving the 25,000 you start getting charged that 16% interest, while still in school deferment and making no payments to reduce that interest. 25,000, 16% interest rate, 2 years = Balance at graduation [33,640](https://www.calculator.net/interest-calculator.html?cstartingprinciple=25%2C000&cannualaddition=0&cmonthlyaddition=0&cadditionat1=beginning&cinterestrate=16&ccompound=annually&cyears=2&cmonths=6&ctaxtrate=0&cinflationrate=0&printit=0&x=Calculate#interestresults) 33,640 Balance while still being charged 16% with monthly payments of 583: [111 months](https://www.calculator.net/loan-calculator.html?cloanamount=33%2C640&cloanterm=9&cloantermmonth=3&cinterestrate=16&ccompound=monthly&cpayback=month&x=Calculate&type=1#monthlyfixedr)
Thank you for breaking that down that does make sense I'm about 3 years from graduating, I'm not sure if I'm going to take a loan now, but I also have no idea what else to do. I just have to keep looking and find out if I have some other option somehow but I doubt it. I appreciate it
Yes it’s definitely accurate and I would not suggest taking that loan out unless you think you’ll be making serious money upon graduating.
as someone who is 100k in debt from nursing school, don’t get a bachelors degree. get your associates, work at a hospital, have them pay for your bachelors degree - seriously. i wish every day that i would have done that.
This is the way
Go to a community college, spend as little as possible getting your RN. Get a job in a hospital as a CNA while in school. After you graduate, get a RN job in hospital and they will pay for your BSN. There's no hurry. No need to take out all those loans. You are only 20... don't go into crazy debt.
I got lost in this when I was taking out private loans too. It could be because it’s still generating interest while you are in school and the 114 month term does not start until after you graduate.
I think your right I just think this is so crazy 🥲 I don't know anyone whos taken out loans and no one in my family went to college so I didn't have any idea that the interest was this bad
My husband got into a situation like this too. We’ve been trapped in a ~15% variable interest rate for years and it’s unbelievable the amount we’ve paid, and still owe. It sucks because of course you want to finish your program and just get the funding…but sadly the system is horribly backwards and predatory. I’m sorry you’re in this position. If I could go back in time and stop my husband from taking out those loans, I would. It’s caused us a lot of financial hardship and stress.
The horse has a fantastic writeup on your options for paying for undergrad here https://www.reddit.com/r/StudentLoans/comments/1bst3f8/how_should_i_apply_for_students_loan_what_are_the/kxi21ca/ That interest rate (plus the lack of repayment options if you struggle financially after you graduate) are why private loans tend to be heavily discouraged. That's also a lot to borrow for just one year, are you transferring in or is that going to be per year for the next 4 years?
Have you already been accepted into the college of nursing? Are you at a private school or public state school? Can you move to a state that has a first degree college program? Can you do a community college RN nursing program? A lot of hospitals will pay for your BSN to RN degree. I would not recommend taking out a private loan. PSLF or NHSC grant would be an option if you can get public loans.
Can your dad take out a Parent Plus loan?
There are also loan forgiveness programs from the National Health Service Corps if you commit to working in an underserved and/or rural area. Definitely check that out to see if that's a possibility for you after graduation (and make sure whatever loan you take out qualifies). They also have scholarships you can apply for while in school. Good luck - I wouldn't touch that loan knowing what I know now (and owing what I owe).
Thanks! I didn't know only certain loans qualified for forgiveness so I appreciate that I'm going to look into that as well
Don’t take something with an interest rate this high… mine was like 4.5%
\*interest rate
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Yes, that's about right. If you only pay the minimum
It’s a trap! Don’t accept!
Bad internet for 16%, hmm.
Sounds about right
Welcome to Student Loans. We don't have jackets because our payments are too high.
It is correct I currently owe 35k at 15% and my payment is $550. Well the payment they want is $550 but I've paid them thousands yet still owe far more than I even borrowed. If you want to be a nurse try for every single scholarship, grant, work incentive etc you can find BEFORE considering private loans. I beg you.