OtoHNS_MD has great information, and i'm learning a lot from his answers.
A biopsy is a good idea to rule out cancer.
Septal perforation (hole in the cartilage of the nasal septum) can be a difficult problem. Most commonly it is caused by trauma, nasal drug use (cocaine), or there are some diseases which can cause this. The main thing that patients can do is use a lot of nasal saline spray and humidification if you're in a dry environment. Surgery is reasonable for very small perforations, but larger perforations are almost impossible to correct surgically. Depends on the surgeon, but usually anything >1cm is not worth attempting surgery for since it can make the perforation even larger. If these perforations are really large, the entire bridge of the nose can collapse causing an external deformity. The cosmetic aspect of this can be corrected with a rhinoplasty with cartilage graft (rib cartilage is often used). Some Otolaryngologists place a small plastic button in the perforation and that's reasonable too.
When I see a patient without an obvious cause for the perforation, I will obtain a biopsy to help rule out diseases that can cause these.
I have the same problem but worse. I probably could fit 2 qtips and I also can fit my pinky. I know it sounds awful, but it is very painful. I also sometimes have large hard bloody round forms come out of my nose when I blow my nose. I also do not have health insurance and would like to know if there are in home remedies or if the hole could possibly heal itself with time without surgery. If you find out any reliable info I would appreciate it.
My Grandmother had the same thing. He had no other explaination for it other than cocaine abuse. (which is a rediculous conclusion knowing my Grandmother.) There was no known cause so there was no treatment given. She never looked into it again.
I would be curious to know what your Dr. says. Please let use know.
Good luck.
i would suggest an ENT who works along with a plastic surgeon
yeah, a dr, as soon as possible. i don't know if you are in GRAVE danger like a hole in your eye or anything - -but i have never heard of that.