CRNA debt load, plus mortgage, kids, single income - page 2
by simvee 6,467 Views | 22 Comments
I've been reading many of the threads here re: tuition debt load, but I still feel compelled to ask - is anyone else in this situation? I'm speculating about CRNA school. I'm an ICU nurse with four years' experience. I have a... Read More
- 0Mar 24, '13 by denver nurseQuote from missnurse01According to mint.com which is my financial adviser at this point, i have approx 136k of debt...my wife's bsn, my finance bs and then my acclerated bsn helped accumulate all that. the college i will be attending in Florida will total approximately 140-160k with tuition and cost of living factored in. I have a new born as well so if my wife works will have to factor in day care. I have ran a few numbers and could end up with roughly 300k total debt which is very scary. I would have to focus on a hrsa scholarship/loan repayment after graduation while trying to get the max out of salary...is it worth it? I dunno, my wife thinks i am insane half the time, she has many valid arguments for that assumption but i am a optimistic feller, usually, and think where there is a will there is a waydenver you already have that much!!!!????
I have looked at military, hrsa, borrowing from my roth/403B for higher education. Haven't found any solid solutions yet.
I am very open to others opinions and advice, though??!!
- 1Mar 25, '13 by gabookwormYou're not alone, @denver nurse. Between my husband and me, we have ~125K in student loan debt, and I haven't even started my BSN yet. (( Also, childcare for three children (younger than school-age) would cost about as much as one of our incomes, so we choose to be a one-income family out of necessity as much as anything else. I'm dealing with schoolwork when he's not at work, so opposite schedules aren't an option either. It's a tough juggle, but I'm blessed to have a supportive partner.
- 0Mar 25, '13 by jakebI worked full time nights shifts for five years through my undergrad education so I wouldn't ever be chained to a giant ball of debt. I would contemplate shooting myself if I had a couple hundred grand tied up in a nursing degree. Those nights shifts were absolutely worth it now.
- 0Mar 25, '13 by NurseLayQuote from simveeI've been reading many of the threads here re: tuition debt load, but I still feel compelled to ask - is anyone else in this situation? I'm speculating about CRNA school. I'm an ICU nurse with four years' experience.
I have a mortgage (not much equity). We're a single income home and we have kids. Everything depends on me. I have no other debts - no car loan, no tuition debt (thank God ADN programs still exist), minimal credit cards. Probably entering an RN-BSN program this year so we're talking at least two years before entry. Living in the Chicago area, it looks like school costs between $50k to $78k. I would need cost of living loans, I'm sure, for at least one to two years. That would be, I don't really know - $50,000 a year?
So I'm looking at $150,000 to $170,000 in student loan debt before graduation. Looking at loan calculators, paying off that much in ten years would be $1700 a month or more! That's a mortgage payment! An SRNA friend tells me that his school maintains their new grads earn about $170,000 in Chicago. I don't know if they're just feeding him a line.
Honestly I don't know - is the investment worth it? It's scary with everything hinging on my income - to go without income for two years, and accumulate that much debt. I'm pretty certain, barring tragedy, I'd graduate.
How's the job field looking in 2013?
It's possible. I am going back this Fall, I have a car note, I have a two year old and a spouse who has a year left before finishing school. I already have about 40k in undergraduate loans. Do I think it is worth it, absolutely.
- 0Mar 25, '13 by denver nurseQuote from chudderI will be exiting florida the second i graduate...hopefully find a private practice or something that supports the hrsa loan repayment program and start hacking at the debt. I am really interested in working for myself eventually and figuring out the billing and such.If you're going to try for tuition reimbursement and a high salary, might as well get out of Florida now instead of later...
- 0Mar 26, '13 by CPhT2RNstudentQuote from detroitdanoYou can still get grad plus government loans beyond the stafford limits. They are credit based though.Yeah, it's nauseating to think about. But I try not to think about it too much. I'm working two jobs right now before I start school and I'm finally stashing away enough to be comfortable but I still need loans.
Make yourself feel better and go check out job postings on gasworks. Minimum starting seems to be about $140K. Even taxed to death at 30% or 35%, you're still looking at a nice salary, enough to throw plenty at your student loans and enough for a mortgage and reasonable living expenses. I plan on tossing $3K at bare minimum each month towards loans once I'm out, and hopefully picking up some OT and getting them knocked out quickly.
Some food for thought. Government loans are not a bottomless pit you can keep going back to. Aggregate limit for independent graduate students is ~$139K, with no more than $66K being subsidized (Stafford) loans.
Alternative loans exist, albeit not many of 'em. Wells Fargo Medcap is a good program and I have a friend using them right now and she had no issues with getting the money she needed to move away for school. Stellar credit is a must, so make sure you've got all that in order.
Don't let money discourage you. I don't know how anyone can be deterred from such an awesome career when the alternative is being at the bedside for another 30, 40 or 50 years LOL. It's totally worth every penny!