Author Topic: Weighing Nurse Practitioner Programs  (Read 6074 times)

livewire516

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Weighing Nurse Practitioner Programs
« on: October 26, 2015, 06:51:48 PM »
Hey y'all,

So my plan is to become a Nurse practitioner. My first bachelor's degree is in Nutrition, so in order to become an NP I need 1) to become an RN 2) Earn a Masters in Nursing.  I can accomplish this is two ways:
  • Complete an Accelerated Bachelors of Nursing (11-18 mo) then complete the masters (2 years) while working as an RN
  • Enter a Direct-Entry Masters Program(2-3 years)

It seems to be that I may be in a better financial position if I am to complete the accel. BSN, then find the right combination of part-time/full-time work and full-time/part-time grad school to minimize/avoid debt.  Also, I've heard that some medical systems may pay for a generous amount of tuition if nurses want to get their MSN and become NPs. So it seems to be to my advantage to begin working as an RN as soon as possible, even if that means taking longer to become an NP.

All the while, I'm looking to graduate in 2019 at the earliest, even if I pursue the Direct-Entry Masters. Being honest with myself: it took so long for me to decide, a big part of me is willing to postpone FIRE goals if it means I get to work in the capacity I really want to.

The things I'm trying to figure out are:

Are the Direct-Entry Masters programs really faster?  It may be hard to string the accel. BSN programs to a MSN program neatly.

Does anyone know if the Accel. BSN route is any cheaper?  It seems that many can work during the later portion of their Direct programs - and it seems as though debt repayment can sometimes be part of the compensation package for NP.

My hope is that someone in the community is an NP, or knows one, and can shine some light on the subject. Non-nurse mustachians, I'd appreciate your advice as to calculate this with FIRE in mind, esp. since a lot of costs are difficult to estimate until acceptance letters are sent out and things like scholarships or assistance-ships are taken into consideration. Some institutions I'm in conversation with, only allow me to apply to one program or another.

As always, I really appreciate this community's insight.

kimmarg

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Re: Weighing Nurse Practitioner Programs
« Reply #1 on: October 26, 2015, 07:01:56 PM »
My spouse is in year 2 of a direct entry masters program. I would recommend going straight through if that's what you want to end up with. Basically like you said it's a three year program, the first 15months was accelerated RN (note, not a. BSN, so a difference) and then the masters for a total of 3 years.

It's easy to find work as an RN but hard to fit the masters program in around work - you would need one designed for people who are working and it would likely take longer than 2 years.

Consider the prerequisites, depending on your specific undergraduate courses you may need to complete math, physics, etc before you can even start any of these programs. Apply early and often, in our state many programs are turning away very qualified people because they do not have enough room in clinical plAcements for everyone.

livewire516

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Re: Weighing Nurse Practitioner Programs
« Reply #2 on: October 26, 2015, 07:04:54 PM »
And for those who are interested, I've started weighing options on the following spreadsheet shared here:

https://docs.google.com/spreadsheets/d/1D_o16qEpLr-xO4QyZ7dyuFosNyFQ_ozPjlUtJ2OxnZQ/edit?usp=sharing

You'll see, I've been trying to take info provided on university websites and gathered from phone calls to determine the best path for me.
(A note, I'm only looking at programs in the Boston area as I am moving from Phila. to be with my SO).

kimmarg

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Re: Weighing Nurse Practitioner Programs
« Reply #3 on: October 26, 2015, 07:19:21 PM »
Holy tuition batman! Consider taking prereqs while establishing in state residency to lower tuition. Also realize NP licensing doesn't transfer seamlessly so if you go to school in Mass you will only be licensed to practice in Mass (which may be what you want, just a consideration)

JustGettingStarted1980

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Re: Weighing Nurse Practitioner Programs
« Reply #4 on: October 26, 2015, 07:26:00 PM »
A 3 year BSN Masters at MGH could set you back 60k/year with living expenses in Boston, or 180 K for the degree. Don't be an idiot. Get the accelerated BSN, work for an institution and let them pay for your Masters over time.  Heck, you can work as an Medical assistant full time, and use that to get the bachelor's degree, then get the Masters.

Remember that CRNP jobs don't pay all that much more than nurse jobs (maybe an extra 20K/year).  Is that worth an extra 100K in debt?

msnashstache

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Re: Weighing Nurse Practitioner Programs
« Reply #5 on: October 26, 2015, 10:38:30 PM »
Livewire,
I'm on my cellular so I can't see your spread sheet regarding tuition etc... but if this is your plan, unless you have an EXTREMELY supportive SO, it will definitely delay your FIRE just a smidget.
Accelerated BSN programs are much more difficult to get into. The only one I know of in my area is at a private school... so as with ANY private school.... tuition is going to be quite costly.
Furthermore, entry-level NP's ... do not necessarily make a significant amount of $$$ more than practicing RN's. Obviously, it would be nice to get it all over & done with... but will it be worth it to you if you have $100,000 of student loan debt at the end of it when you could work as an RN for a year & potentially make $90,000 in a year? (Yes, with a few extra shifts here & there.... this is definitely possible.)

Murse

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Re: Weighing Nurse Practitioner Programs
« Reply #6 on: October 27, 2015, 01:01:57 AM »
My opinion, it depends on the goal. Is the goal FIRE or FI with a career? I had this same Delema because I am a planner. I had to ask myself why I wanted to become a NP. My answer was a mix of "if this fire thing doesn't work out then I'll have a back up," "I need to make more/comparable prestige to so and so," and "I will love the job." The truth is I don't know that I would love the job but I do know I would hate the school to become a NP. I decided instead of using becoming a NP to achieve fire, why not achieve fire and then possibly become a NP?

Short version, if you know you want to become a NP, you know you would love the job, and you know you would choose working as a NP over FIRE, then go the direct entry route. If these things don't apply and fire is the ultimate goal, you may want to re-evaluate.

livewire516

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Re: Weighing Nurse Practitioner Programs
« Reply #7 on: October 27, 2015, 07:58:45 AM »
Thanks for everyone's input so far.  I am definitely leaning towards accel. BSN because it seems to provide me with the most flexibility and will not set me back as much as the direct-entry.  I am concerned about the difficulty in getting into the accel. BSN programs, but it seems as though it will open up my options regarding Masters programs dramatically, esp. if I look into online-hybrid programs. I agree msnashstache, as an RN I could pull in decent money working overtime.

The one program that is kind of an odd-ball is Boston College's Direct Entry MSN program, it is less than two years and less than $100k for an MSN. I couldn't start until 2017 IIRC, meaning I'd graduate no earlier than the 3 year direct programs. However, I could continue working in my current job ($50k) and save towards reduce the amount of debt I'd have to take on.

James

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Re: Weighing Nurse Practitioner Programs
« Reply #8 on: October 27, 2015, 08:11:25 AM »
I am an advanced practice nurse (anesthesia) and highly suggest doing whatever it takes to get your advanced practice degree asap. Obviously price plays a role, but it is hard to justify a delay when considering the resulting salary and ability to start working the job that you will enjoy. Once you decide to pull the trigger just get it done all the way asap. I waited and hesitated and deeply regret it.

NonprofitER

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Re: Weighing Nurse Practitioner Programs
« Reply #9 on: October 27, 2015, 08:37:49 AM »
As a counter point, my DH is an acute care nurse in a metro area and has decided NOT to pursue NP programs bc of the opportunity costs of time off for school and tuition vs. FIRE plans. In his words, "Why would I want to stop working for 3 years - or lower my income substantially - to eventually make ~$110,000/yr working 50 hours a week when I currently make $98,000/yr working 55 - 60 hours a week [via overtime], and only plan to work for 10 years max?"  And for what its worth, many metro areas are swimming with NPs... no hospitals in our area pay for their RNs to get NP degrees because there are so many on the market. That said, all of healthcare is growing, so maybe that's just our experience.

NPs make more per hour than RNs, certainly, and fit more into the "Dr/PA/Rounds" level, if that's important to you. But hospital nurses in acute care settings can make almost as much just by choosing to work overtime or holidays. YMMV depending on location, state, etc.

Likewise, DH says that he isn't impressed with the role NPs play in his hospital network - no glory, no "fun" acute cases (his words), less patient and family interaction than he gets as an RN. If he was interested in working in his own family-type practice setting, being an NP would be more fun, but that comes with its own sets of costs and headaches and lacks the acuity he is interested in. 

I would ask yourself what your RN/NP goals are in terms of work environment, specialty, area, etc. and consider that against the alternatives. Especially considering tuition costs.   

MudDuck

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Re: Weighing Nurse Practitioner Programs
« Reply #10 on: October 27, 2015, 09:05:35 AM »
+1 to getting any possible pre-reqs at the cheaper state/community college cost.

Will you be working at all? I ask because you may be able to get your RN in a year or two at community college very inexpensively, then work as a nurse while advancing your degree. This way, you'll be making money and will almost definitely have your hospital system footing the bill for a substantial portion of the cost. I'm new to nursing, but that seems to be the route many of my co-workers have taken. At my hospital, tuition reimbursement is still paid for part-time employees but the amount is half.

jollygreen23

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Re: Weighing Nurse Practitioner Programs
« Reply #11 on: October 27, 2015, 03:10:02 PM »
I agree about finding a cheaper program, if you go the accelerated route. At FSU, the 1-year accelerated BSN program is about $20k (but that's in-state tuition).

norabird

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Re: Weighing Nurse Practitioner Programs
« Reply #12 on: October 27, 2015, 04:07:32 PM »
Just to say that I love my NP who is my primary care doctor. Who knows if it will make sense for you but seriously, having a great NP has made me so appreciative of them.

MerryMcQ

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Re: Weighing Nurse Practitioner Programs
« Reply #13 on: October 27, 2015, 05:41:21 PM »
You should also look at new grad hiring demand (maybe talk to some recruiters). It can vary a lot by region. Some areas, new NPs can't get a job, other areas they are desperate for them. Same with RNs (some areas an ADN can't get a job in a hospital, either, they only want BSNs).

Also, recognize that few NPs work in hospital settings; most are in clinics. And the comments about pay is very true. Many NPs start at $20k more than a new RN, and with overtime and regular raises, the RN can make more than an NP.

My DH wanted to be an NP. But looking at the cost of tuition ($80k+) vs. the resulting salary, there was very little incentive. He could make significantly more by getting a less expensive Masters degree in nurse education ($10k thru Western Governors University), and make more than an NP out the gate ($120k), with more demand for in hospital positions. YMMV.