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80,000 student loan to become an RN plus i have other personal loans to pay off too. is it a good idea?

I'm currently attending school and working full time to get my RN degree. i know the RN program is filled with people waiting. i don't want to be in that waiting list plus my grades aren't that great so i know my chances is low. i want to attend Western Career College and get my LVN than take their upper mobility program to get my RN. this will cost close to 80,000 dollars in student loan. I'm 100% sure that if i get my RN my start pay would be 49 dollars an hour with the company i'm working for right now.

the problem is i think that this student loan is way too much. its so close to a loan that a doctor major person would be taking out. i won't be getting pay as much an a MD. is it a crazy idea? plus on top of that i have a personal 15,000 dollar loan and a car payment loan of 40,000.

what do you guys think? am i able to do it? i know this is an answer i'll have to ask myself but is it a good idea or not. thanks

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4 Responses to “80,000 student loan to become an RN plus i have other personal loans to pay off too. is it a good idea?”

1. admin Says:
   November 4th, 2009 at 1:38 am
   Well its a lot of money, but Western Career College is in California, correct? California has a nursing loan forgiveness program you can check out. Its called the State Nursing Assumption Program of Loans for Education (SNAPLE). As long as you plan to work in the state, you would be eligible.
2. admin Says:
   November 4th, 2009 at 1:38 am
   no-not with the other loans. It's terrible the way student loans are these days-taking decades to pay them off. True it is an investment in yourself but do you really want to spend decades paying these three loans totaling 135,000?. Yes you will make just over 100,000 BEFORE taxes but that will put you in a higher tax bracket and then the money starts to disappear from there: mortgage or rent, food, clothes, emergencies-let's not forget your other two loans which will be half of the 100,000 altogether plus you will owe A LOT more than you are making at 49 dollars an hour….you will essentially be (again before taxes) 35,000 upside down…….it's just not a good idea at this time. And don't think about declaring bankruptcy. You may be able to clear the 40000 loan and the 15000 loan but there are only two ways to pay back student loans-pay or die.
3. admin Says:
   November 4th, 2009 at 1:38 am
   Definitely find out about the loan forgiveness program in your state. It's not just in California; we have it in Pennsylvania and I know for sure that other states do, too. I'm just not sure if all states do. You have to find out if the loan forgiveness is for people with less than an RN because the RN might be part of the deal.
   Another idea is to talk to the company you work for now. My hospital pays 100% of tuition for full-time employees who become nurses. I've heard of other hospitals doing the same.
   College tuition is crazy these days! If you were becoming a doctor, your loans would be WAY more than $80,000. (My friend's daughter's tuition is over $40,000 year and that's for undergrad.)
4. admin Says:
   November 4th, 2009 at 1:38 am
   80K is way too much. And going from an LVN to RN is about the longest and most expensive way about becoming an RN… anyway.

   Go directly to a community college and be an RN. Community colleges cost less than 3,000 a year. Two years on a wait list isn't worth paying an extra 80K.

   Those specialty (and expensive) programs and schools are notorious for taking in 4 times as many people as they intend on graduating…. most end up dropping/washing out after a year or so (AFTER signing the loan papers of course) and there you are with 80K in loans and not being able to pass (or even eligible to take) the RN test to be an RN!!

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