Nursing School Information

Information about RN to BSN and MSN Degrees for Nurses

Student Loans Squeezing Grads

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From the New York Times today there is an interesting article regarding the burdens that college graduates are finding themselves because of their student loans.

Quote:

“Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year as more students go to college and a growing share borrow money to do so.”

I have always heard that the best investment a person can make is in themselves. Increasingly I think that people are going to have to start asking themselves some hard questions.

There are usually two primary reasons in which to go to college. The first is that to develop a career in a number of fields and to be accepted in that field a degree is mandatory. Professions such as teaching, engineering, architecture, and others require minimum educational requirements. The second reason to go to college is for the sake of learning itself. Back before 1960 probably most women in college were there for the education first and career second. Even today wealthier people in which getting an education will not impact their lively hood but still go to college must be doing it for the education alone.

Nurses who go on to get a BSN degree or a MSN degree I think are mostly doing this so that they can bec0me qualified for more ambitious positions inside their chosen profession. This is where looking hard at the opportunities that the education will make available against the cost of the education must be done.

Continued from NY Times Article:

“Two-thirds of bachelor’s degree recipients graduated with debt in 2008, compared with less than half in 1993. Last year, graduates who took out loans left college with an average of $24,000 in debt. Default rates are rising, especially among those who attended for-profit colleges.

The mountain of debt is likely to grow more quickly with the coming round of budget-slashing. Pell grants for low-income students are expected to be cut and tuition at public universities will probably increase as states with pinched budgets cut back on the money they give to colleges.”

Nurses should take real good looks at the potential earning increases they expect to realize after getting a degree. A good rule of thumb is that you need to get a pay increase that in five years the education would be paid for. That way the increase in income after five years will be a true increase.

For more from the article:

http://www.msnbc.msn.com/id/42550787/ns/business-us_business/

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Written by samomulligan

March 12, 2012 at 2:44 pm

Posted in Tuition

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