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

  1. deleted
    Last edit by sn2bcrna on Jan 27, '06
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  2. 35 Comments

  3. by   nilepoc
    Quote from sn2bcrna
    I read that the average CRNA is >$100,000 in debt after school.
    Yes, I am in that much debt. There is no way to work while you are in school full time. So choose your geographic location wisely. Washington DC where I was, is very expensive. There are many schools in areas that have a lower cost of living.

    Quote from sn2bcrna
    Is this true? Were you broke while in school? I know there are loans, but I don't know what it is like to live off of a loan.
    You live like you do now except you don't do much fun stuff, so you actually save money. Besides you will be studying not travelling.
  4. by   sandman1
    Unless you are independently wealthy or have a spouse helping out with things, or live with you parents, it is almost impossible to not be in that much debt. Your bills don't go away. you still have over 2 years of house payments or rent, utilities, gas, car insurance, health insurance, food, incidentals, emergencies, and lets not forget tuition. Tuition by itself will almost always be a total of $40,000 or more and that's on the lower end of the spectrum.
    Quote from sn2bcrna
    I read that the average CRNA is >$100,000 in debt after school. Is this true? Were you broke while in school? I know there are loans, but I don't know what it is like to live off of a loan.
  5. by   jewelcutt
    The amount of money I have taken out is approx~ 100,000. I have about 25,000 left to live on (with tuition taken care of) and approx 1 yr before I start taking money. It's hard once you hit the 100 mark. As much as I don't want to go over that, I think I may need another loan so I won't be living off the streets and ramon noodles. When you're finished, however, in reality people will be making 5-10,000 a month or more, so it's really only a matter of how much you can live on. This will enable you pay large amounts on your loans early.
  6. by   WVUturtle514
    It depends on your situation. I decided early on that I did not want to have to worry about finances during school, so I took out more than enough money so that I could live comfortably the entire length of my program. I do however live with my boyfriend who helps me out tremendously, but I am also living in Washington, DC, where the cost of living is much higher than other areas of the country. My advice is to sit down and seriously calculate how much you think you can live on monthly (and comfortably by your standards). Make sure you take into account the cost of the program and ALL living exepenses. You might be surprised to find that it won't take you $100,000 or more. I just didn't want to give up a lot of comforts that I had gotten used to. I also didn't want to get to the end of my program and worry about how I was going to make my car payment or my rent. Good luck!!
  7. by   Sheri257
    Quote from sandman1
    Unless you are independently wealthy or have a spouse helping out with things, or live with you parents, it is almost impossible to not be in that much debt.
    So ... for those students who do have a spouse helping out, I was wondering how much debt those people have once they graduate.

  8. by   jenniek
    I'm planning to just have loans in the amount of the cost of tuition when I'm done with school, and relying on my spouses income for our living expenses.
    Last edit by jenniek on Jan 4, '06
  9. by   GCShore
    Quote from lizz
    So ... for those students who do have a spouse helping out, I was wondering how much debt those people have once they graduate.


    We will have approximately 11K in student loans; however, we are currently paying interest along with a little principal each month. Hopefully, it will be even less when I graduate......honestly, we haven't sacrificed alot, you just learn to buy what you need--not what you want. My 5 year old sometimes asks why we "never eat out anymore", but on the flip side, I have always wanted to have sit down home dinners..............the only problem is my husband is turning out to be a better cook than I am!

    GCShore
  10. by   TexasCCRN
    I think it is all on how prepared you are to start school and the sacrifices you have made prior to school. Usually applying to anesthesia school is not a last minute decision. I paid off cars, always had no credit card debt, etc. I do have a husband, who doesn't make all that much, so we have had to change our standard of living. Things you can do to help. Pay off everything you can, sell your lexus and get a corolla. I don't really buy clothes or any other things that I used to buy before school. I wear what i have and just study my butt off.

    I am younger (27) than some others in my class so i have not accumulated as much "stuff" as some. I don't have kids either. That makes a big difference. I can see racking up tons of debt if you already have all these commitments. I know people who sold their houses, expensive cars, moved to cheaper areas, etc. I think the amount of debt you accumulate is all in what sacrifices you are willing to make both before and during school.

    Good luck!
  11. by   EmeraldNYL
    I will be about 120K in debt when I graduate, CRNA school loans and undergrad loans combined. It is hard because I am young and single and live by myself. I also only worked as a nurse for 2 years so I didn't have much time to save. But the bottom line is, I will do whatever it takes to get through school, and I don't want to be constantly worrying about money, so I made sure to borrow an adequate amount for living expenses.
  12. by   Nitecap
    I will prob be at least 100g's in the red, no to worried, taking plenty of students loans out. Even have a car payment of 250 a month. I spend so much less money in school it unreal b/c at home studying or in class 85% of the time.

    You can pay the loans off relatively quick. I am only 6 months into the program and get refinance offers every day. If your smart you will do the math. In the long run even with the 100k sacrafice you will end up way way on top.
  13. by   jwk
    Quote from Nitecap
    I will prob be at least 100g's in the red, no to worried, taking plenty of students loans out. Even have a car payment of 250 a month. I spend so much less money in school it unreal b/c at home studying or in class 85% of the time.

    You can pay the loans off relatively quick. I am only 6 months into the program and get refinance offers every day. If your smart you will do the math. In the long run even with the 100k sacrafice you will end up way way on top.
    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.
  14. by   darienblythe79
    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.
    Agreed. My brother has a bachelor's degree in Computer Science and about 100K in loans, and he works in the cafe at a Barnes and Noble. Pitiful.

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