I’ve been advised this plan by a few of my relatives who are nurses. First off, I have wanted to be a nurse for a while now and I don’t know if it’s just me but student loans from universities doesn’t seem appealing(I know there are scharships and student aid available and I still have not completely rejected the idea). As for the plan, I was planning to become an LVN from a nursing school and get a job with that. Then, I’d further my studies getting an associates or bachelor’s while I work(nursing job). After I get whichever degree(haven’t decided yet), I’d try to get a better paying nursing job->career. This is just the gyst of it please feel free to tell me your experiences with in-state nursing colleges/universities and if I should just go to a 4 year in-state or the mentioned plan.
There is nothing wrong with the plan your relatives have suggested. It will help you avoid debt. However, if these relatives are older, be advised that the career track for new nurses is different than it was 20 years ago. As an LVN, you will likely work in LTC, not a hospital. In the small urban area where I live, hospitals do not hire LVNs at all and they have recently stopped hiring new ADNs. If you are fine with LTC while you work your way up, then the plan is a very good one. Just go into it knowing the job market in your area.
For a useful degree (like a BSN), there is nothing wrong with taking out $20,000 in total federally subsidized loans over a 4 year period. Most students can take out another $8000 total of unsubsidized Stafford loans, which still have a reasonable interest rate. Some colleges are able to offer some students Perkins federally subsidized loans in addition to Staffords. However, if you need to take out high rate loans, that is a whole different story.
If you have a BSN and work for 3 years as a BSN, you will probably come out ahead in regards to total income minus debt compared doing a LVN/practical nurse, working 3 years and then getting a BSN. Also, keep in mind that Pell grants and State college grants and college financial aid are often limited to a maximum number of semesters, and you may find that some of those grants run out before you complete the BSN.
The best financial aid from a college is often offered to entering freshman. Transfers often are offered less aid (except at the richest colleges that meet 100% of need for everyone, but very few of those colleges offer nursing majors).
As a BSN, you hopefully can find an employer who will help fund useful continuing ed for certifications or a Masters that will increase your earning power. There is a chance that your LVN/practical nursing employer will not offer you any tuition benefits, because they fear it will just make it easier for you to find a better job elsewhere.
There may be very important financial limitations in your situation that makes it logical to do the Practical/Vocational nursing first. For example, you may find out that you need huge amounts of private loans in order to do a BSN right away, at the colleges where you could attend.
I’m just suggesting that you shouldn’t delay the BSN degree simply to avoid $20K of federal student loans. That would probably come out to about $200 a month, which you can easily pay off with a RN salary. There are online calculators that show you the monthly payments based upon various types of loans. If you end up with $300 a month of loan payments (with unsubsidized federal loans), you still will probably come out ahead - you will just need to delay buying a brand new car for a few years. However, with private loans, some people end up with $1000 a month or more in payments.
Many states provide college grants to residents of their state. In some states, the grants are not available or are greatly reduced if you attend an out of state college. Look into that matter in your own state. If the difference is substantial, it may justify looking primarily at in-state colleges.
If you live near a county college that offers nursing, look into that option. Ask if they have any articulation agreements with other universities where you could go to after earning your associates in nursing to then earn our bachelors in nursing.
My daughter earned her ASN (associates in nursing) degree at our county college. She graduated and then took her NCLEX exam to become a RN. She was able to get a job as an RN at a local hospital and she continued at a local college to finish earning her BSN while already working as a nurse. With this plan, her education was quite inexpensive when compared to the usual plan of attending a university for 4 years to earn a BSN. See if this might be an option where you live.
I think going for your LPN is wasting money. I work at a hospital and they do not hire any LPN’s. I would go for your RN. Either through 2 years at community college for your ADN, then you can go on for another 2 years for the BSN. After your ADN and passing the NCLEX you can start working so you might not need loans. Most jobs after 1 year will reimburse you to go back for the BSN. Good luck!