Are you really >$100,000 in debt after school? - page 2

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  1. by   Nitecap
    Quote from jwk
    I see plenty of students with that much and more in debt. Fortunately you're going into a field with a significant income potential. There's plenty of students with undergrad degrees, including BSN's, with that much debt just from college, and they don't/won't have near the income you will.

    Yeah I know that forsue. While in grad school you are given a grace period and do not have to make payments on undergrad loans, though the interest of course still accums.
  2. by   wanna-be-nurse
    I am a nursing student (BSN) and am interested in a career as a CRNA. My plan is to go part-time as a CRNA student so I can work as an RN at the same time, get my experience as a nurse and still be able to make money, even if it will take me 4 or 5 years instead of 2 yrs. full time. Is that possible? Can you go part-time and work?
  3. by   AmiK25
    There are a few programs who offer a part-time option (can't think of them off the top of my head). However, I think you go part-time for a year, finishing mostly non-anesthesia related courses or nursing courses (for MSN) and then it becomes full-time when anesthesia courses/clinicals start. If I am wrong, someone please correct me. Also, you said you planned to go part-time to CRNA school while working and getting your experience. You cannot apply/get accepted to CRNA school without your experience so that might be a little difficult. However, what you can do if you plan to go to a program that offers an MSN (as opposed to an MS) is take some of the nursing courses before you actually start the CRNA program (most schools will allow you to take a certain number of graduate credit hours without being accepted into a program of study). That way, you can work while taking them and save money for when you start school. Plus, you courseload is lighter once you start the actual CRNA program. But, as far as working during the CRNA portion, it is better to just take out loans or save money before hand!
  4. by   lifeLONGstudent
    "But, as far as working during the CRNA portion, it is better to just take out loans or save money before hand!"


    AmiK is right - think of what it is costing you in the long run to post-pone your income as a CRNA. IF you go PT you loose 1 -2 -3 years of earning potential as a CRNA (that is probably a 40K loss each year)


    And, if it makes you guys feel better, I am in an accelerated BSN (this is my second degree) and it is at a private university where block tuition for long semesters is about 11,000 per semester (and only $689.00 per hour in summer). 15 months of school will yield about 45K in loans. The CRNA program at my school costs about 60K in tuition, I have been told.


    Successful budgeting is all about deciphering what is a need and a want. And if you want it bad enough (to drive the Lexus), then you can have it, just be willing to pay for it (in the long run == meaning interest).


    I just reviewed the numbers in Quicken for last year and we could have taken a nice cruise with the money we paid in interest last year on my car (financed at only 3%), 1/2 yr of truck pmts and 1/2 yr of motorcycle payments (both paid off mid year). It was sad. We won't even talk about the $13,000 paid in interest on our house....... My eyes have been opened



    LifeLONGstudent
  5. by   wanna-be-nurse
    Thanks guys, I know that I need experience before going to a CRNA program (at least 1 year icu) but what I meant was I would like more experience as a bedside nurse. I guess pay my dues which I think is very important. Plus I really want to be on top of my game. I feel that if I work for just one year, lets say, and then go back to school again, I don't know if that is a smart move. What do you guys think? I can't wait to finish my degree, that way I have an idea where my career is going. There are so many things you can do with nursing that is great and CRNA is such a comfortable job but I guess I will find out more once I start my clinicals next week. Thanks again!!
  6. by   traumarn71
    Just finished, debt is $97K.
  7. by   EricTAMUCC-BSN
    Quote from lifeLONGstudent
    [B]block tuition for long semesters is about 11,000 per semester



  8. by   wanna-be-nurse
    Do hospitals or employers help pay for grad school (specifically CRNA)? I thought many do.
  9. by   jenniek
    Quote from wanna-be-nurse
    Do hospitals or employers help pay for grad school (specifically CRNA)? I thought many do.
    You could sign on with a group or hospital to pay for your tuition, but there can be some loopholes if you are not careful. I hope to find an employer who will pay off my tuition with years of service.
    Jennie
  10. by   BigDave
    Quote from wanna-be-nurse
    I guess pay my dues which I think is very important. Plus I really want to be on top of my game. I feel that if I work for just one year, lets say, and then go back to school again, I don't know if that is a smart move. What do you guys think?
    I had 9 years as an ICU nurse before starting CRNA school. I think that there is a saturation point after a couple of years--you continue to learn new stuff, but start to forget old stuff. I really don't see the point of waiting and "paying dues." Learning things the ICU way isn't the same in the OR anyhow.

    I think I'll have $60k in loans when I'm done. I go to a very inexpensive school (UNCC), but am paying out-of-state tuition this first year ($7067/semester). Of course I have about $3000/mo coming in from the AF and GI Bill, but with famliy and multiple kids...well poof!

    I agree with the poster above that said to wait actually costs you more. The sooner you graduate and start making real money, the better off you will be...even with the loans. For every year that you stay a nurse (at say $60k/yr), you are actually losing out on income post-school of roughly double that. So if you delayed school and saved $40k in two years, you would have lost $80k in the process. (As a CRNA you would have earned $120 more income, minus that same $40k as a loan paid back=$80k.)
    The same thought would go to a $100k debt is well--taking longer to save vs. paying off a loan with a higher income.

    Bottom line is: Beg, borrow or steal--getting into CRNA school as soon as possible is the best financial move that you can make (unless you flunk out and have all those loans staring you in the face!)
  11. by   wanna-be-nurse
    Thanks Dave. That really helped.

    Jennie: Loopholes to prevent from getting aid for education? Ay! Well that doesn't surprise me. Best of luck to you.
  12. by   thyme39
    Are there loan companies out there willing to loan you enough for CRNA school and to live on even though you won't be working as a CRNA for 2.5 or so years? If you're making 55,000 as a nurse and you need practically all of it to live, will they loan you 120,000 plus cost of CRNA school? I won't be able to take a home equity since I haven't paid off much of my mortgage.

    After BigDave sent in his reply I realized I was thinking of a year's salary before taxes and other deductions are taken out. Duh! Of course I have to look at what I'm actually living on - 'take home'. Whew! I thought i must be living way beyond my means right now and was really worried because if that was the case, I don't know where the money is going. Thanks BigDave for making me think
    Last edit by thyme39 on Jan 26, '06
  13. by   EmeraldNYL
    Trust me, you will have no problems getting loans for that much. The first thing you do is get a Stafford Loan through the government, you have to fill out the FAFSA to do this. They will give you $18,500 each year. For the rest you take out a private loan through a company like TERI.org or Sallie Mae or Bank One. They have lower interest loans specifically for grad students. I got a loan through TERI that lets me borrow up to $30,000 a year, without school certification. This means that I can borrow as much as I want up to the max amount. So if you do this and live frugally, you should have plenty of money for school.

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