I am just starting a BSN express program at a VERY good nursing school. Because this school is so prestigious the tuition is out of this world. For the first time in my life I had to take out a loan and I'm already getting extremely anxious about paying it back. I've heard stories where recent grads will get jobs where hospitals will pay back their loans if they will work there for an X number of years. Is this true and does it happen often, or am I getting my hopes up for nothing?
Liz
 |
|
|||||||||||
 |
||
search realityrn
sign up for weekly cartoons, tips, and blog posts
Register to win a pair of RX Medical Silver Fox Crocs
|
|
|
 |
April 2nd, 2008 at 12:36 pm
This definitely does happen. However, some hospitals have a limit on how much they’ll pay. For example, if you have $0-$15,000 in debt, the hospital will pay UP TO $3000 annually for a maximum of 4 years. Some require a longer work commitment, some don’t.
Do your research before you sign on the dotted line for a job! Also, if you plan on working as a CNA while in school, some hospitals will contribute to your tuition so you won’t have to take out as much in loans.
I chose to go to an Associate’s program because it was cheaper. I’m going to let somebody else pay for my BSN!
July 15th, 2008 at 9:01 pm
Yes, if hired in a bedside position rated for EDRP (Educational Debt Repayment Program), you can get money from the VA.
The Education Debt Reduction Program ( EDRP) provides tax free reimbursement of education loans/debt to recently hired title 38 and Hybrid title 38 employees. EDRP is VA’s equivalent to the Student Loan Repayment Program sponsored under Office of Personnel Management ( OPM) regulations. The maximum award amount is capped at $48,000 due to the budget, but carries an added value because of the tax exempt status of the award.
Check out VA jobs at http://www.vacareers.va.gov/
July 15th, 2008 at 9:02 pm
NOTE: most private hospital repayment plans are NOT tax exempt.
July 16th, 2008 at 5:53 pm
I went to a very prestigious nursing school too and my loan after everything was said and done is $54,000 plus a high interest rate. At first I asked myself if it was worth it, in a way, yeah, sure, but in another no. No one really cares where you went to nursing school unless you’re going to get a masters. Then the better the name the better the changes. However, looking at my payments for a $54k loan, it’s only $500 a month for 30 years…eh, not that bad. You can do it, just ask yourself if it’s what you really want.