Money for school

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    Hey everyone. I am starting school this January and I'm a little worried about being able to borrow enough money to pay for school AND to live on. My wife is a nurse also but will be probably not be able to work as we have a young son to take care of also. My question is, what is the max amount that you have borrowed per year to attend school. The program will cost ~$33-$35 thousand total. I figure $20-$25 thousand more a year will be needed to live on. This is overestimating our expenses but anything left over will just go back to the loans when I graduate. Any help will be appreciated.

    Jetman
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    Have you thought about finding an anesthesia group that would finance your school and even pay a stipend? Just a thought... I know that I would do that in your circumstances.
    Last edit by zoozoo on Oct 10, '05
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    I'm currently in my 1st semester of anesthesia school. I to had similiar concerns that you have mentioned in your post. My wife and I have two young kids and we decided that my wife would continue to stay at home with our kids. We were a little worried on the financial side of things, but so far, everything has worked out o.k. I took out a private loan from Sallie Mae. I also was approved for the Stafford loans and borrowed the full $18,500 and also qualified for additional private money thru the financial aid office at the program I attend. We don't have much at the end of the month, but it seems to be working so far. In other words, you can make it through school by using student loans and nothing else. I thought about approaching a anesthesia group before school started but decided to wait it out until I was closer to finishing. I thought I would gain a better insight as to what kind of practice I would enjoy after the two years of school.

    Best of luck,
    Blake, SRNA
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    Quote from zoozoo
    Have you thought about finding an anesthesia group that would finance your school and even pay a stipend? Just a thought... I know that I would do that in your circumstances.
    This is exactly what I want to do, but dont have a clue as how to go about it. I'm not close to anesthesia school yet, but what kind of a process does finding an anesthesia group encompass? Thanks!
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    Money...........Money................Money........ .Urghhh
    What is a graduate student to do.....I have come to a cross road....My program is going to cost approx 65 grand.......I will also need some money for living expenses....my guess is also around 24 -25 grand/year.....(30 month program). grand total = at least 120/grand.....What do i do...I mean I know loans are available but this amount seems huge!!! and even if I would be willing to borrow this much.....would it even be possible? I have been accepted in the class starting Jan 2007 at Mountain State University in WV. Now I am trying to make some tough life decisions to better position myself for this challenge. I have to opportunity change jobs now....to a med/surg ICU at a level one trauma center....GREAT EXPERIENCE...but I will make less than I currently make and I will have to commute about an hour and half...so you see....when it comes time next fall to quit working and start school...what if i don't have enough funds??? Than I am stuck working out of town....and have given up a job that I currently like...I am rambeling...so sorry..But I feel like I am gonna snap if i can't get this thing figured out.....Some one please help.....I am sure others have been in a similar situation..I just really want to find a way to make this work.....In regards to asking an anesthesia group for sponsorship.....how exactly does one go about this.....just call up the hosptial and ask for the chief crna or mda? I really want to make this a reality.....and it is getting close to becoming just that......now how do i pay???!!!
    Thanks for any advice
    Arnie
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    Quote from ArnieRNRRT
    Money...........Money................Money........ .Urghhh
    What is a graduate student to do.....I have come to a cross road....My program is going to cost approx 65 grand.......I will also need some money for living expenses....my guess is also around 24 -25 grand/year.....(30 month program). grand total = at least 120/grand.....What do i do...I mean I know loans are available but this amount seems huge!!! and even if I would be willing to borrow this much.....would it even be possible? I have been accepted in the class starting Jan 2007 at Mountain State University in WV. Now I am trying to make some tough life decisions to better position myself for this challenge. I have to opportunity change jobs now....to a med/surg ICU at a level one trauma center....GREAT EXPERIENCE...but I will make less than I currently make and I will have to commute about an hour and half...so you see....when it comes time next fall to quit working and start school...what if i don't have enough funds??? Than I am stuck working out of town....and have given up a job that I currently like...I am rambeling...so sorry..But I feel like I am gonna snap if i can't get this thing figured out.....Some one please help.....I am sure others have been in a similar situation..I just really want to find a way to make this work.....In regards to asking an anesthesia group for sponsorship.....how exactly does one go about this.....just call up the hosptial and ask for the chief crna or mda? I really want to make this a reality.....and it is getting close to becoming just that......now how do i pay???!!!
    Thanks for any advice
    Arnie
    First of all, if you are already admitted to anesthesia school, I wouldn't change jobs just for the experience. Apparently your current work experience is just fine for admission to school, and they will teach you all you need to know - while the experience might be helpful, you can certainly do without it, especially if it means paying you less.

    Second, you need to take a long hard look at what you spend and what you earn. Start working some overtime, pay off any credit cards, car loans, and SAVE. Do you own a house or rent? If you rent, try to downsize to a smaller or less expensive apartment. If you own, you may be able to use your home's equity to help pay for school.

    You can definitely borrow that much for school. What you want to try to do though, is maximize your federal loans and minimize your private loans. Private loans cost a lot more than government loans. Don't worry about loan amounts either - even though 120K sounds like a lot (and it is!) a lot of places will help you repay your loans as part of your compensation package. Maybe not 120K worth, but maybe 40-50K worth.

    My program is almost 1200/credit hour, and it is 45 credits, so I am around 55K for total costs plus living expenses, and I think my loan total is approximately 60K right now. I worked a TON of overtime, cut down a lot on expenses, and got a roommate. I don't buy new clothes, don't have a car payment, and can't go out every weekend like I used to, but it will all be worth it in the end. You would be amazed at how much you can save when you are working a lot and not spending as much as you used to. It all boils down to making a few sacrifices for what you are really trying to accomplish. Good luck!
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    Any thoughts on how to go about 'searching' for an anesthesia group to stipend an SRNA?
    thanks,
    K
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    I hope to have the problem of having to find a way to pay for school sometime soon. If and when I get accepted I plan on hitting up all the hospitals in the area to see what kind of opportunities there are for paying for school. Most hospitals have a CRNA recruiter....I would just call the hospital and either ask for Human Resources or Anesthesia Services to find the CRNA recruiter. As for Anesthesia/CRNA practices, maybe the phone book would help?

    I really don't want to take out loans if I don't have to....I am still paying for my BSN six years later :uhoh21:

    That is my plan....pretty simplistic I suppose. Are there any SRNAs here now that can discuss what they have done and/or what they are going to do?
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    Why can't your wife work? Are you planning to only go to school and not help with your son? I'm not trying to be harsh, but if you don't plan to work at all, can't your wife get a night job on the 11-7 shift? That would take care of living expenses, and you would be home at that time. If I were you, I would try to take a part time job, even if only 16 hours a week working Saturday and Sunday only. That would help make up the difference if you aren't able to get enough loan money to pay for classes. I know it is difficult- I worked fulltime during RN school, working 11-7 and class and clinicals during the day, studying whenever I could. I'm not suggesting you try to do that, but you would be more likely to get a loan if you showed you were willing to do some work also and just needed the loan to make the difference. As for your wife being a nurse, an 11-7 position should be just fine, right?
  12. 0
    Lori, I believe Jet was referring to anesthesia school in which he will not be able to work.


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