AboutDr. Widad Ashurax Expertise I can answer questions pertaining to the following areas: Teaching methods, evaluation of teachers, teachers` moral, curriculum design and market research, students` attrition and completion rate, students` counseling and career planning in Post Secondary Education.
Experience I was a President of private two-year school of business for over ten years, Vice president for three years, and a director of education for two years for a two-year college. Additionally, I have over twenty years of teaching experience in high school and post secondary education combined.
Organizations retired
Education/Credentials Doctorate degree in Education from Nova University
Master degree in Early Childhood from Nova University
Awards and Honors School evaluator for the Accrediting Council of Independent Colleges & schools in Washington DC.
Question Hello Dr. Ashurax,
I am a 50 year old licensed acupuncturist holding a Master of Science in Oriental Medicine. I have given thought in attending a two year "Bridge Program" to receive a Master's in Advanced Nursing from Vanderbilt University and sitting for the Nurse Practitioner's exam.
I am already in debt $76,000 dollars for the 4 academic year Oriental Medicine education. The 2 yr. graduate Masters Nursing program at Vanderbilt Univ. would be around $64,000. That would be a total indebtedness of approx. $140,000 upon graduation.
Here in the Southeast, starting salary for an inexperienced nurse practitioner would begin around $45,000 to $50,000 dollars.
My question is: Would the $140,000 represent a bit too much indebtedness for a person on a $50,000/yr. salary to carry?
Thank you for any advise.
Sincerely,
Muchael D. Eidson, LAc.
Answer Dear Muchael:
Dear Muchael:
In order to answer your concern we need to make some assumptions:
Let us assume that you will retire at age 65, this means you have to pay back your additional loan of $64,000.00 in 15 years. Assuming again, that you can borrow the $64,000.00 at an interest rate of 6% for 15 years. As a consequence, your additional debt payment will be $540.00 per month.
Hence, to be able to pay off the new loan your current earnings must exceed by no less than $540.00 per month (or annually. $6,480.00 ($540x12).)
So, if the Bridge Program will allow you to earn the additional $540.00 a month mentioned above, then, taking the new loan is justified.
Good luck
