Debt...

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    Hey everyone...

    i have a personal question of sorts for all the CRNAs....what was life like after school...debt wise?

    I ask bc as I begin to apply to CRNA schools...and look at the debt I'm aout to get myself into (for a worthwhile cause)....i look back at the past 5 years i've been a nurse and worked greuling 4-5 shift weeks (OT) to dig myself out of undergrad college debt, while still afford a modest studio in NYC....and truth, without the OT -- i'd have never made ends meet.

    I realize they say save save save before going to school...and yes, I'm in that process.

    What was life life for the CRNA's after school? Does your debt hold you back? Are you pulling tons of OT / 2 jobs to make ends meet?

    I don't ask if it's worth it...bc honestly, I know job satusfaction and happiness is.
    sheronep likes this.
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    I had this discussion with the CRNA that I recently shadowed. She had been out of school 10 years and was still paying student loans. Her feelings were that the interest rate was lower than her car, mortgage, or credit cards-so she was paying those down first. She also had two little children that she had nannies for when she was at work.

    And you are right, she is super happy with her job, and it was all worth it for her.
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    It really depends on the loan support you need. For most, they take out 2 tiers of loans every semester. The total can be well over 100k. Mine was 130k. First Tier: Stafford @ 6.8%. Secondary was Private @variable, but most do a Grad+ @ 8%. Federal student loan interest rates are very high, despite all other loan rates.

    Regardless of what you do... DO NOT CONSOLIDATE!!!!! All it does in average in your interest rates, and create one massive loan that you'll never feel will be surmountable. The best way is to set all loans on autopay, and tackle the highest interest one first. Pyramid effect.

    I paid my loans off in less than 2 years, but with the support of a secondary income.

    So is it worth it??? The job market is extremely tight right now. High debt without a definite job placement??? Tough one. If anesthesia is something you really want...something you'll excel at...then go for it. If you're doing it for the money, look elsewhere. There's a better return on investment in many, many other fields.

    Best of luck,

    Happy
    MeTheRN likes this.
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    Quote from Happy Halothane
    If you're doing it for the money, look elsewhere. There's a better return on investment in many, many other fields.
    Man I wish more people would realize this! So many people just look at the salary and perceived "ease" of the job and immediately jump on board the CRNA train when they could make double the money with half the effort doing something else!
    Last edit by MeTheRN on Jul 29, '12 : Reason: Typo
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    Quote from MeTheRN

    Man I wish more people would realize this! So many people just look at the salary and perceived "ease" of the job and immediately jump on board the CRNA train when they could make double the money with half the effort doing something else!
    Example of a job that pays double with half the effort?
    prettymica, bibibi, Rd2CRNA, and 2 others like this.
  9. 1
    Yes, what is a job that pays double with half the effort and where do I sign up?!
    CCRN86 likes this.
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    Quote from njxcrush18
    Hey everyone...i have a personal question of sorts for all the CRNAs....what was life like after school...debt wise?I ask bc as I begin to apply to CRNA schools...and look at the debt I'm aout to get myself into (for a worthwhile cause)....i look back at the past 5 years i've been a nurse and worked greuling 4-5 shift weeks (OT) to dig myself out of undergrad college debt, while still afford a modest studio in NYC....and truth, without the OT -- i'd have never made ends meet.I realize they say save save save before going to school...and yes, I'm in that process. What was life life for the CRNA's after school? Does your debt hold you back? Are you pulling tons of OT / 2 jobs to make ends meet?I don't ask if it's worth it...bc honestly, I know job satusfaction and happiness is.
    I would love to hear of any jobs that make more money than crnas. I have been looking for one just in case healthcare goes south from socialized medicine. There are no jobs that I could do that would make half what I do now, not to mention twice. The debt is nothing compared to the increased income. Most crnas take the maximum to pay off the debt because they want a higher lifestyle. You could pay off the debt in a couple of years comfortably if you keep the same lifestyle you had before school. An expensive car and house are nice, but not necessary. And it might take 3 or 4 months to get a job after graduation if you arent willing to move, but it is nothing compared to other professions. I have never met a crna who has waited longer than three months for a job, and the reason it took so long is because they refused to relocate.
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    I am about to start NP school (admittedly different than CRNA) but my plan is to maintain my current frugal lifestyle for many years. I'll live in the same cheap townhouse and drive my 2001 Nissan until I need a replacement. Once the loans are paid off off (or close to it) then I might upgrade some things. But really, I enjoy my life. My husband and I made a plan when we got engaged that would allow us to live the life that we desire. The extra money I'll make over my RN salary will just be icing on the cake and padding in the bank account. Now this is all speculation, of course. I haven't even started school yet! But I wish you all the best in our collective debt free futures.
    IHeartDukeCTICU and bibibi like this.
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    Yup same sorta plan here once I'm done. I figure the avg CRNA salary is somewhere between 2.5-3x my current nursing salary. So I live off 1/3 (same lifestyle as now), use 1/3 to pay off loans, and the other 1/3 goes into savings. No new cars, same apartment etc. I figure I can wait a few years to start living the high life once I'm done with school and mostly done with paying off student loans. Just working the past year to pay off undergrad debt and CC's and such to prepare for CRNA school has been a big reality slap in the face that I should be living a much simpler lifestyle and saving more. hindsight = 20/20
  13. 0
    Quote from manusko
    Example of a job that pays double with half the effort?
    An old buddy from high school is a lawyer who specializes in real estate. His net gross income is $500,000 annually. My friend's sister is CPB perfusionist. She makes $100-110K annually which isn't double what a CRNA makes but is somewhat comparable considering how easy she says her job is. A nursing school friend of mine is a NP in dermatology. She makes $180K and squeezes pimples for a living (her words not mine)! And lastly, my dear parents buy and sell stocks for a living. Although there's a lot of mental fatigue and work involved, they've never had to deal with an anterior airway and a Mallampati of 4. They make more than I ever will, and that's fine with me. Luckily I like the job!


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