How do you pay for school?

air · Mar 8, 2004

try www.northstar.org.

Thanks for all the info guys, I've done some online searches for awhile but nothing beats info from people with experience. It's very exciting but also somewhat scary (worrying about getting the money you need and on time). I had a hard enough time stopping contributing to my roth and 403b to save money, HA!

air · Mar 8, 2004

try also,

www.nowloans.org.

they provide funding for healthcare graduate students.

best of luck

ThinkingAboutIt · Mar 8, 2004

Thanks for all the info guys, I've done some online searches for awhile but nothing beats info from people with experience. It's very exciting but also somewhat scary (worrying about getting the money you need and on time). I had a hard enough time stopping contributing to my roth and 403b to save money, HA!

Why would you stop putting money into your Roth, 403b, or any other retirement vehicle to save for school? When you put money into your Roth, 403b, etc. you are saving for school, only you are getting a tax break to do it!

jewelcutt · Mar 9, 2004

The 403b at my work doesn't have a withdrawal for schooling option, I know that other hospitals in the area do. Anyway, I put tons of money into them for the last two years.

Roland · Mar 9, 2004

The Loan options are nice for those who qualify. However, many of these loans require FICO/Experian/Beacon scores that exceed 700! As someone who has experience in the mortage/appraisal industry I can tell you that I have seen MANY (perhaps the majority) of people (even those who have no late payments or collections) who do not have scores that high (often those who do not have a good understanding of credit scoring assume that because they pay their bills on time that their credit score will be high, while this is true as a generalization there are many other factors that affect the scoring process). The point is that working while going to school MAY be the only option for some people to afford CRNA school. I believe that it can be done under certain circumstances by SOME people. I have known people work while going to medical school. Consider also that many medical school residents face continuous shifts of well over twenty four hours (and weeks that exceed one hundred hours). While CRNA school is demanding I haven't seen many posts alleging shifts over around twelve hours. The point is that it should be possible to do shifts on the weekend. My experience as an undergraduate BSN student seems to affirm this fact. I currently work at a home health care agency for a couple of shifts on the weekends. They go out of their way to place me on cases where I can usually get from two to three hours of study done while on the clock (at around $13.00 per hour). Now if I can find these sort of assingments as an undergraduate student nurse it should be possible for someone who has ICU/RN experience to do much better. Also, even on the days that I work (on the weekend) I manage an additional four to eight hours of study after I get home. Actually, with a three year old, five dogs and a mother in law who lives with us some of my best study time occurs while sitting at the bedside of sleeping home health care patients!

ThinkingAboutIt · Mar 9, 2004

The 403b at my work doesn't have a withdrawal for schooling option, I know that other hospitals in the area do. Anyway, I put tons of money into them for the last two years.

Jewelcutt,

I have never had a 403B before, and I think you are talking about a loan? I am talking about talking money out and not repaying it. You will have to pay taxes on it, but it would minimal or zero because you will very little income and your tuition is tax deductable.

The Administrator of your 403B may not let you withdraw money for education, but when you quit your present job I assume that you will roll your 403B over into a IRA. When it is in a IRA you know have all the authority for withdrawing money for whatever purpose, although you will be liable for penalties and taxes on withdrawals. But there will be no penalties when you use it for education, and as explained above little or no taxes.

http://www.irs.gov/individuals/article/0,,id=96283,00.html

Notice 97-60 Using IRA Withdrawals To Pay Higher Education Expenses

Beginning January 1, 1998, a taxpayer may make withdrawals from an individual retirement account (IRA) to pay the qualified higher education expenses for the taxpayer, the taxpayer's spouse, or the child or grandchild of the taxpayer or taxpayer's spouse at an eligible educational institution. The taxpayer will owe federal income tax on the amount withdrawn, but will not be subject to the 10 percent early withdrawal tax that applies when amounts are withdrawn from an individual retirement account before the account holder reaches age 59½.

jewelcutt · Mar 9, 2004

Thanks for the info ThinkingAboutIt, it gets a little sketchy for me sometimes in this area. The program I'm going to is affliated with the hospital I work at and will probably work after school. I'm not going to roll over my 403b, just leave it because it's finally starting to pick up, also I'm just taking an educational leave at my hospital.

Roland · Mar 9, 2004

Jewelcutt, you should consider also that some employers and affilated institutions allow you to "borrow against" 401K secured assets at relatively low rates. This might be an option for someone who didn't have the credit score qualifications to get one of the non- governmental, guarenteed, graduate education loans.