Does first degree required for the second degree?
Consider living at home after you start working in your nursing career if your parents will allow it, in order to pay off the debt more quickly.
@4kidsdad Yeah. My other option would’ve been to do a sophomore year transfer as a junior, but it still would’ve tacked on another year plus a summer of catching up. This option is a little more flexible and slightly more “affordable” after I figured out what classes I would need when.
@Madison85 I’m definitely going to have that talk with them. Thank you!
BSN is a very desirable degree.
You can make higher money with night shift and extra hours/2nd job. It is a growing field, with more home health etc. However try to get this degree as quickly as possible w/o racking up any more loans than necessary. Then if you can live at home and work, work, work, you can get out from under the crushing debt.
Instead of tacking on the extra degree, you can do the needed classes and work as a CNA/nurse tech - however the medical facilities have the work.
Get on a very tight budget, and keep on a tight budget until you have all your loans paid off.
Good luck.
You definitely were eligible for $5500 unsub loan as a freshman. The school may have had to remove a sub loan offering & didn’t automatically replace it with unsub. Some schools don’t package unsub loans into the financial aid awards - you have to ask for them (not sure what UM’s policy is). Consider completing a FAFSA for 2016-2017 … and taking out as much in federal loans as possible. I just think minimizing private loans is wise.
Yes, you can earn what you hope to earn as an RN, although you may have to be flexible about moving to another area, if necessary. All the RN grads I know who graduated from UM and WSU have good jobs.
When you graduate, live like a poor student. Pay off your loans as fast as possible. As soon as you get your first paycheck, start paying those loans. Put any tax refunds and holiday gift money toward them. It is possible to get them paid off quickly.
I do have to caution you that you might decide not to be a nurse, after all. Be sure to borrow wisely in case you end up with a different type of job … and not all jobs pay well. I have a job that requires a lot of training and experience, which has tons of responsibility, and I don’t make $60,000.
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I’ve had a job for a while now. Granted I don’t pay for things like health insurance, but I’ve been paying taxes for years now. I get it.
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Good. But realize with your modest student income, “paying taxes” is nothing compared to what you’ll be facing later. Right now, you may be getting most of your taxes back.
Deep breaths OP! Debt is super super stressful, but it sounds like you have some good opportunities/options ahead of you.
I’ll second what others have cautioned: it’s very true that once you’re out working full time and NOT a student that your shiny salary gets sucked up by taxes (more and more each year!) and all sorts of expenses, and suddenly the salary benchmark that seemed cushy before is threadbare. It doesn’t sound like you’ll end up in a major market city (unless you’re hankering to move) , but let me tell you… the salary I thought would be “flush” back when I was 22 is a paycheck-to-paycheck income in Los Angeles. 65% of my take home pay goes to rent & utilities. And loan repayments are more brutal than I ever imagined.
You don’t have to live like a hermit to get a handle on your loans and set yourself up for a good life. You DO have to make some smart choices and balance some things around until you know how to live decently while also managing your loan repayments. You’re ahead of many peers by being aware that you will have to make sacrifices–but I don’t think it means not having any social life! But for me it does mean: no vacations, no excessive shopping, no socializing that involves dropping cash on drinks ($16 a cocktail out here), and very few movies/that sort of entertainment. It does mean: (non-fancy) dinner with friends, hanging out at home with wine we got at Trader Joes and watching Blu Rays, free events around the city (LA has a lot), bumming free Disneyland tickets off friends (ha).
The #1 best favor you can do yourself is living at home for the first few years, so you can dedicate a generous chunk of your salary to paying down loans, as well as saving. Not everyone has that option (I didn’t) and those who do, for whom living with parents is amenable (to both parties) who can find work nearby, I feel should do it. Doing this should actually enable you to have a decent social life b/c you’ll actually have some spending money. If staying local and living with your parents doesn’t work, go the multiple roommates route. Living with 2, 3, 4 other people your age in a shared housing situation can cut down rent/utilities so you have more of your salary to pay down loans (this is what I did until I found a higher paying job–but my starting salary was 33K sooooo).
Just… take care of yourself. Loans are stressful, but so is nursing. Don’t hamstring yourself, lifestyle wise, so you’re never able to have fun, socialize, decompress. Hang onto that interest rate and pay it down as quickly as you can, but not at the expense of your sanity!
@SOSConcern with where I’m at in school, it’d be a waste not to finish the first degree I started - i.e. I’d lose more money from the first degree than I would paying for an extra year. I’m hoping the two degrees combined will eventually land me in a well-paying job. But thank you for the advice!
@proudterrier Thank you for the advice!!
Can I just say how impressed I am with the OP. It seems that she has clearly outlined her goals, both academic and financial and appears to be in a good place for seeking employment. Like another poster mentioned, be sure to look at the traveling opportunities. If you don’t mind moving around a bit (usually every six months), you will make great money and meet lots of new friends. I live in a beach resort area and work in healthcare. We are always looking for traveling nurses, PT, OT, etc. and the younger people love living here May-October! You could start locally (near your hometown) by taking a PerDiem position that would allow you to travel six months away and then come back and regroup for a few months, living at your parents’ home. Its a great way to see the country and allows you to “try out” various locals and employers. Wishing you the best of luck OP.
OP you need to explain your post:with where I’m at in school, it’d be a waste not to finish the first degree I started - i.e. I’d lose more money from the first degree than I would paying for an extra year.
Are you talking about scholarship? Having that degree plus completing the requirements for nursing…so you won’t get a BSN but get the other degree and complete the requirements for RN?
If you can figure a way to get to BSN either the quickest or the most cost-effective. Reminder that if you are working as nurse tech/CNA you would be gaining experience plus earning $$ - and it will help you get your nursing resume going.
Maybe you are too close to getting that first degree, IDK. But work up the numbers.
What am I missing here? What prevented you from applying/transferring to the BSN program at the end of your freshman year and entering the traditional BSN program your sophomore year at UofM? Are there any accelerated nursing programs close to your home (avoid R&B cost)? Are you planning on completing all your nursing prerequisites while at UofM? Some accelerated nursing programs are only 12-months (with all prerequisites in place).
@SOSConcern: yeah I realize the way I worded it is kind of confusing, sorry! I am two years into a degree at Michigan. and I’ve got all these credits towards a degree in biopsychology and cognitive neuroscience (BCN). They would all go to waste if I were to transfer into the nursing program at UM. I finally got my heart set on nursing at the end of my freshman year. Michigan allows sophomore year transfers into the school of nursing, but there were a buttload of pre-reqs I didn’t take my freshman year because going in, I had no idea I wanted to do nursing.
So my options were this: do those pre-reqs my sophomore year and do the “sophomore year transfer” as a junior, or complet accelerated nursing degree pre-requisites during the completion of a bachelor’s degree in BCN (which after some planning, I discovered was totally possible). Either way, I was going to be in school for five years. I decided to go the accelerated nursing degree route because it allows for more flexibility financially and academically, and if for some reason I do change my mind, I can further my education in just about any field with a degree in BCN (i.e. PA, PT, OT, dental, even business or law, with some extra pre-reqs really), and it was just a more comfortable option I felt. Hope that explains it better!
@Jamrock411 I had like 2/7 pre-reqs I needed to transfer in as a sophomore. My only choice would’ve been to spend my sophomore year completing those pre-reqs and transfer in as a junior, which would’ve put me there an extra year anyways. I figured, if it’s going to take me five years regardless, why not come out at the end with two degrees instead of just one? If all goes according to plan, I’ll be able to satisfy all major and gen ed requirements, as well as nursing pre-reqs while at Michigan. I’ll only have to take two summer classes to do that. There aren’t any close to where I live which sucks big time but I’ll do what I have to do for education.
Is UM’s program large enough where one can begin during different terms besides fall? Are there other BSN nursing programs you can go to in MI to shorten your time to completing BSN? Or can you get into Associate Degree program and then finish up BSN?
Much better to do nursing with all the semesters of training. A 12 month accelerated program won’t allow you as much time to absorb the clinical experiences and the book learning along the way.
In Alabama, most BSN programs have 5 semesters of clinical (many like my DD take one term in the summer, to finish ‘on time’). Many years ago, my school in WI actually had us with clinicals for 3 years (nursing ‘in health’ during our sophomore year along with our other courses towards BSN).
A BSN - you can always do whatever to get into other programs after.
BSN gives life skills you can use keeping one’s family healthy - the longer people live, the more families will be dealing with health care.
The education you have now will not go to waste. You may have classes that don’t work towards a degree, but it is education that you have as you are figuring out your potential career(s).
As a BSN myself, I do understand the strain you will be putting on yourself with the accelerated nursing training - and the gaps you may have in passing your nursing accreditation exam.
How much debt are you looking at with 5 years of schooling? And what happens when you possibly don’t get into the accelerated nursing program?
Somehow you must be wanting to stay on UM campus, no matter if it will cost you in time and money (debt). Piling on debt is the problem.
@SOSConcern I completely understand what you’re saying and I really appreciate the thought. I’ve also considered longer accelerated programs because they’re all fairly similar in cost and I agree about not having the same kind of training. I just don’t like the idea of having worked hard and spent so much money towards a degree I wouldn’t be getting. I’ve already paid for half of it and while I know the classes aren’t a true waste, I’m one of those people who regrets buying a shirt I never wore, much less an education that I won’t necessarily finish. I’ve also been considering a nursing career in a psychiatric ward or mental or behavioral health unit if the opportunity were to arise because my grandpa suffered from vascular dementia and the several months that we spent in a behavioral health unit I was fascinated by the role of the nurses there and I have been longing for that kind of career ever since. Part of the reason I opted for this BCN degree/BSN degree is because it would provide a competitive advantage/a ton of extra perspective.
I’m really trying not to put all of my eggs in one basket on this one in case I am not accepted to one of the programs I’ll ultimately apply to, but so far I’ve struggled to come up with a back up plan which I know = bad. I’ve toyed with the idea of doing an associate’s program in that case and figuring out getting a BSN later. Basically it’s a big giant stressful mess. Regardless, I’m gonna be about $40K in debt and there’s just nothing I can do about it except live as frugally as I can and pay as much as I can for the next several years.
$40K is not terrible debt, but try not to go higher. With a nurse salary and continuing to live frugally, you can pay it off.
Really stop going down the wrong path. You can always pick up what you need in mental health - maybe once you have your debt paid off you will continue with Master’s in Nursing in that area.
I had a double major in Psych and did work in mental health in two states - with adolescent and adult units. After getting RN degree you can plan the next step. Maybe other interests and opportunities will be available and will interest you more.
Have a good plan and don’t be stressed. I am challenging you to find a better plan than what you have now.
Get into a nursing program ASAP - even if it is Associate’s Degree. Look at January start and what courses you need to be eligible and where they still have openings. I know our CC has two year Assoc Degree where the first year they complete LPN (or some states may still call them Licensed Vocational Nurses). With the college you already have, you could be able to fill your schedule perhaps with work too.
I’m going to go outside the norm here and give you the support you are looking for! Of course you can do it! You are correct in thinking that you will get a good paying job as a nurse~great choice! You will also have opportunity for extra work, overtime etc. With the debt you are forecasting, you will be able to make the payments and live fine. Sometimes that is the only way to go~sheesh people! Come on! Some people finance $60,000 cars! It’s a payment, and one you will make for a long time, but eventually you will be done. Pay what you can, as you can, and more when you can as well.
For some kids, this is the only way to go. I hate the “fear of debt” that pervades this board sometimes. THIS debt is understandable, while other debt is not. Buy used cars, live with roommates for a while and don’t go into credit card debt~and you will be more than fine!
If your parents would agree to pay $4000 of your tuition, they would get that $4000 back on their taxes through the American Opportunity Tax Act. That’s $4000 you don’t have to borrow and it’s not going to cost them a thing! That is if they aren’t already taking advantage.
Also check if you will be able to deduct the interest paid on private loans. I know you can on Federal loans, but I don’t know about private loans. Another reason to investigate federal Stafford loans.
Boy I hope I got my information right about the AOTA, if I’m wrong please help the op. I remember that money helping when I had kids in college.