comparing financial aid packages

Paying for College
1

<p>so basically, where i go for college depends on the cost and my parents and i are having a hard time deciding. i've in MA/20 mins from boston my entire life and my parents think a change of scenery would be good for me (i know i want to live in MA when i'm older), not to mention that in their mind, NYU is considered more "prestigious" (basically saying they've been working their entire life to get me to where i am). i'm really worried about all the loans for NYU but on the flip side, the amount we'd have to pay up front for NEU would be about the same. either that, or my parents would have to get another type of loan to pay for the rest that has not been provided by NEU. can anyone offer some insight on which college you would choose? i've already considered location, campus life etc. and i wouldn't mind either of the schools, but i'm lost on to do with the financial components.</p>

<p>some other important factors: NEU has co-op, which could help pay for the tuition. however, NEU does NOT have the 5 year dual degree i want, which means 5 years for NEU + 1 or 2 years to get my master's. NYU DOES have the dual degree, but that also means i'd be at NYU for 5 years instead of 4, which means even more money. help! also, if anyone else is has the same kind of problem, feel free to post.</p>

<p>northeastern university (total estimated cost = $45,859):
achievement award: $5,000
estimated MA state grant: $1,600
federal pell grant: $3,860
federal SEOG grant: $3,000
federal nursing student loan: $2,500
federal subsidized stafford loan: $3,500
total package: $19,460</p>

<p>new york university (total estimated cost = $48,763):
college of nursing scholarship: $15,000
provost's grant: $1,000
expected ACG grant: $750
expected pell grant: $3,860
work-study: $4,000
expected perkins loan: $2,400
suggested stafford loan: $3,500
suggested PLUS loan: $18,250
total package: $48,760</p>

2

<p>It looks like you are going into nursing programs--have you considered that some hospitals will help pay off your loans if you agree to work a certain number of years for them after you graduate?</p>

<p>I know University Hospitals of Cleveland used to do this, don't know if they do any more....</p>

<p>Other hospitals may have other sorts of incentives for new graduate nurses, so do some research</p>

<p>You might also consider that it may make some sense to work a bit before you go back to your masters degree---you will find that many hospitals are looking for nurses with experience and you wil get that at Northeastern through their coop program</p>

3

<p>I actually got into both of those schools, and right now I'm trying to choose between Drexel and NYU (Drexel has the co-op program too). I think overall NYU would be better, and I'm pretty sure I'll end up there, but I don't exactly know how well their nursing school is ranked. I got a similar package as you to NYU, and Northeastern gave me a pretty good financial aid package too, but I think I'm sticking with NYU just because I think it would be better in the long run. And if they are both going to cost you the same, I'd say go for NYU. Good luck deciding!</p>

4

<p>I would think of it this way, you are putting yourself into a lot of debt. Assuming that you get the same aid every year, you'd end up with about 100k in loans if you choose to go to NYU. With the interest, you'd be paying for this for the rest of your life. When you think about a nurses salary, which at a master's level is about 45k you'd be basically setting yourself up to live like a pauper for the rest of your life. Why do you have to go to such an expensive school to be a nurse? Will you ever be making 100k? Please note that I respect nurses but I don't see where the Marginal cost is going to be equal to the marginal benefit. Do you really want all that debt? I mean isn't experience as a nurse better than an "NYU or NEU education"?</p>

5

<p>Not that familiar with nursing but I'll offer my $.02.</p>

<p>As previous posters mentioned, do some research. Relative to a top ranked nursing school, what marginal increase in entry level income do you expect.</p>

<p>I would guess that an entry level nursing position would command a pretty similar starting salary. Perhaps within a few thousand dollars. This probably also depends on regional differences moreso than from where you rec'd your degree.</p>

<p>I would also venture to guess, that your salary escalation will be dependent upon the number of moves (job moves... quit one hospital/health system and chase after a higher paid position) that you make, those regional differences, and also and maybe of most importance....how exactly you PERFORM!!!</p>

<p>There must be data out there in forms of a salary survey that will show you this info. ie, entry level nursing position high low median, salary levels for nurses with advanced degrees, and then with 4 years experience, 7, 10 etc.</p>

<p>That will help you to decide the debt level.</p>

<p>If you think you will make a great nurse and be at the top of the range as you go forward, use those numbers at the high end of the pay range.</p>

<p>I don't think that nursing is appreciably different than most other career choices. Once your starting entry level salary is established, the way you advance is by accepting and exceling with positions of more responsibility (supervision), with a new skill set (pursue an advanced degree), or by changing jobs, cashing in on the experience that you have acquired. You wont get really big jumps in you pay by staying with the same employer, and just working harder.</p>

<p>In addition, aren't a large portion of nursing jobs unionized? This can also limit you potential pay increases with the union contract. ie, you won't be getting pay raises over what your union peers will get year over year.</p>

<p>Again, I may be all wet. But we all have our opinions.... And we know what they are like. Good luck in making your decision.</p>

6

<p>in other words, dont expect to have a higher starting salary just because you went to NYU as compared to community college degree holders.</p>

7

<p>I agree with Just2fitz than even an accredited community college program has to teach what is required to pass the state boards to become an RN.</p>

<p>To be totally honest with you as far as 4 year programs are concerned one of the best nursing programs in NYC is at Hunter College which is much harder to get into than NYU's (which is part of CUNY and they intern and take their clinical courses at Bellevue and thier niche is emergency medicine, the burn unit, trauma etc. Whenever something major happens to a firefighter, cop, politician in NYC, they are going to Bellevue) where the cost of tuition for a term is probably less than what NYU charges for a class. Most people who live in NYC would and do attend Hunter at a fraction of the cost</p>

8

<p>hm just to clarify, the dual degree at NYU entitles at master's degree in 5 years so basically, you aren't just an RN, you can become a "higher level" nurse/advanced practice nurse, such as a nurse practitioner. 45k/year might be the average associate degree nurse who took classes at a community college. the average bachelor's degree nurse makes about 60k, so those with a master's makes at least 70k, up to 85k, i believe.</p>

<p>i'm not trying to sound unappreciative of everyone's advice (i do appreciate the help), but even though this is mainly a financial concern, i also want to have a good college experience (i AM a senior in high school after all). these are my top choice colleges and my only options for now so i guess i just need help in deciding between the two (i know a lot of people are advising against NYU though haha).</p>

9

<p>"suggested PLUS loan: $18,250" is NOT part of the package -- your parents are entitled to the same PLUS loan wherever you go, assuming they have good credit. </p>

<p>It is not something the college provides. I did the math -- the PLUS loan at Northeastern would $26,219. So it is going to cost your parents $8000 more in loans for you to attend NEU, whereas the student debt load would be about the same at both NYU/NEU. </p>

<p>It's up to you -- I personally think that both colleges are unrealistic for someone who qualifies for a Pell grant and is aiming for a career in nursing -- but except for the potential value of co-op income, NYU appears to be the less costly of the two.</p>

10

<p>just to remember, loans such as PLUS are not really financial aid given to you because you are expected to pay back regardless.</p>

<p>so that's about 20 something k for NYU PLUS loans that run at 8% interest rate (maybe i'm wrong about the figure) per year and that adds up.</p>

<p>so view it that way.
when i look at my fin aid decisions, i look at it only as the grants + scholarships + workstudy (basically free money) and not the loans.</p>

11

<p>
[quote]
45k/year might be the average associate degree nurse who took classes at a community college. the average bachelor's degree nurse makes about 60k, so those with a master's makes at least 70k, up to 85k, i believe.

[/quote]
</p>

<p>For hospital staff nurses there is very little difference in pay based on education. At my hospital, BSN nurses get an extra $500/yr, nothing extra for having a master's. In the northeast, RNs of any educational background start at around 60-70K in major metropolitan hospitals. Lateral and upward mobility in to other types of jobs and other settings often requires additional education. </p>

<p>I can't see any reason to take on such high debt. Community colleges tend to do a great job with nursing education and most hospitals have generous tuition reimbursement programs to fund BSN or MSN degrees.</p>

12

<p>^ well i'm aiming for NP, not just a regular hospital staff nurse.
so basically, neither of the schools are good for me <em>cries</em> haha.</p>

13

<p>my mom is a nurse (BSN)- she went to William Paterson University (nj state school) about 30 years ago, so i dk how relevant her experience is going to be.
however, she originally worked in a hospital where she rapidly advanced to head nurse of her floor. if you're familiar with Drew (i no it's no where near nyu in prestige), she basically out performed her associate who went there and was promoted over someone who had gone to an expensive private school. she toyed with the idea of getting a masters but felt it wasn't worth the cost and wouldn't really increase her salary.
also, once she had me and my sisters she opted to work in a clinic, where she is paid less but has a lot of flexibility and understanding bosses. she has been a major contributing factor to the success of the clinic, her patients love her and buy her bday and chrstimas presents, and she finds the work tremendously rewarding. as a head nurse in the hospital, she found she didn't particularly like the administrative end of the work and preferred more interaction with her patients, not to mention it was in her opinion much harder work than as pediatric nurse in a clinic.</p>

<p>that being said, i don't think your prospects will be significantly better should you choose nyu. honestly, nursing, like teaching, is a service profession where it's really your own character traits and drive as much as quality of education (which in imho is more important than ranking or prestige) that gets you where you want to go. for nursing, the proof is really in the pudding. and for your masters, i would suggest you try the profession first and most likely, you will not need it nor will you have much better pay or job prospects if you get it straight out of college. wait until you are in the position to be advanced or you are totally sure of the profession and have proved yourself so you are in the position to have a job where you'd need the advanced degree.</p>

<p>nursing really isn't like law, business, and your diploma doesn't matter so much imho. depending on where you go, you will make lots of money because there is such a great demand not to mention the nature of the job makes your personal qualities rather than diploma shine through- it's not a job where you mount the diploma on the wall, instead you should be throwing yourself, heart, head, and hands into your work- nurses do much more of the "manual labor" than doctors and do some of the "lighter" intellectual work, like determining dosage of medecines.
best of luck and if you're anything like my mom you'll do great.</p>

14

<p>Your nursing education will matter signficantly. Depending on the setting you work (tertiary care hospital, community hospital, clinic, home care) you will find that now you are truly partners with your MD peers. Nurses in major medical centers are bright, independent thinkers who care for the whole person....Frankly as a nurse of 23 years with a clinical doctorate I am offended by the comment that nurses do "lighter" intellectual work....what we do is different from physicians but in my hospital we are treated as equal partners in the team of professionals that care for some very sick children and their families.</p>

<p>Strive to get the best education you can--you will earn more money based on your degree--that has been my experience. </p>

<p>Also understand that NPs do not make more money than staff nurses and with new Medicare regulations pending, they may find their practice severely restricted and they will be less independent. I would strongly advise to get your degree, work a couple of years and then go on for your MSN if you still wish to be a nurse practitioner.</p>

<p>Best of luck to you---nursing has been good to me and I have had the privilege of working in one of the top pediatric hospitals in the world---but
I atttribute my success to having had the opportunity to study at one of the top nursing schools in the country. My nursing colleagues hail from UPenn, Boston College, Case Western Reserve University, Northeastern University, NYU----all highly educated.......your degree will make a difference</p>

15

<p>thanks for the perspective, passionflower. i guess for now, i should just concentrate on the undergrad studies. and thanks for the encouragement, momofaknight =) jw, in reference back to my original post (replies seem to have strayed a bit from my original intent lol), which school do you think has the better deal? would the NYU college of nursing have one up over northeastern's school of nursing because of the prestige factor, or would northeastern graduate nurses be more highly regarded because of their co-op experiences?</p>

16

<p>My daughter got accepted to USF, Seattle U., NROTC-Nurse Corps Full ride and some other schools. With the scholarships offered, we still need to produce additional $16-20K for tuition. She got in also at UC Irvine. It will cost her $15K to go there. The problem with our community colleges and the CSU, they are all impacted. It will take about 6 years to get a BSN taking that route, even 4+ years for an RN. She chose UC Irvine at this point, which she had to go through a very selective process. 465 applicants, only 25 got in. She is happy she is staying in California and not worrying about going to IRAQ if she took the NROTC-full ride. She also is looking into MSN, Nurse Anesthetist. She wants to go as soon as she's done undergraduate.</p>

17

<p>i've asked some students currently on co-op at northeastern about the pay and they generally said it would range from $12-$15/hr. with 18 months of co-op, i calculated that my earnings would be about 36k, which means about 8k more each year to help pay for tuition if i went to northeastern. however, my parents said that because i'd be earning that much, my financial aid would be even further reduced... is that true?</p>

18

<p>I have worked with Co-op students from Northeastern--they are bright and motivated and get great experience----follow your passion, but my vote lies with NEU--you can't beat Boston for health care and medical/nursing education</p>

19

<p>thanks for your input momofaknight! just wondering, where do you work?</p>

<p>i also read this somewhere but i forget where... someone said that it could be difficult getting a job if you are licensed from OOS? is that true?</p>

20

<p>Once licensed in any state, obtaining a license in a second state is not difficult. You must hold a license in a state to be employed in that state. Each state has a board of nursing and an application process. </p>

<p>An undergraduate degree in nursing (BSN) is a great place to start. There are tremendous opportunities for advancement within traditional hospital/clinic setting with leadership jobs and in other private settings. A nurse with a masters and the right skill set can earn over 100 k. </p>

<p>In Massachusetts according to a survey by Advances for Nurses
WWW.Advanceweb.com/nurses</p>

<p>Average RN salary $66,110
1-5 years exp $55,505</p>

<p>Masters Degree Average Salary $82,000</p>