My plan for years was to go to back to school once my husband was done with dental school and became a Family NP. I applied for Duke last year since my options in our rural, HCOL area are very limited for quality schooling. Then I discover MMM several months later...
Found out several days ago I got in!! Yay!!! Except the all in cost of school including travel and a specialty in cardiology is $90,000... My mind post the MMM discovery can't handle this number. I want to make sure that I'm making a solid decision that isn't based my initial freak out regarding this crazy high amount of money for school.
Our financial picture:
My husband: new dentist $113,000/yr with a 3 year loan repayment contract. Will pay back $90,000 of his loans tax free.
Me: ICU/ED RN $57,000/yr I currently drive 150 miles each shift to the hospital where I work both nights and weekends.
Goal: Starting Salary for NPs in this area: $80,000-$90,000, no nights, no weekends, no crazy drive
Current loans:
$130,000 in student loans for dental degree ($90,000 will be paid in the next couple of months, loans left will be at %2.25)
$9,000 truck loan at 1.9%
$244,000 mortgage at 3.875%
Current assets:
$22,000 cash
$6500 investments including 401k
$269500 condo (rural area next to ski resorts...)
2006 Subaru paid off
2006 Toyota Tacoma worth around $16000
My initial thought is NOOOO!!!! However, the more I think about it, I can drop to part time for both the NP program and work. I would earn about $38,000/ yr with part time work, and still max out my 401k and put 12,000/yr towards paying for school for a total of 3 years. I could possibly qualify for the same program my husband did and earn $50,000 in loan repayment for working in this area.
I have talked with several people who have graduate from this program, and they absolutely loved it. My family actually lives very close to the school in NC so the hybrid portions of the program will not be too much to handle money wise.
Thoughts? Face punches?