Financial Aid/Loans-How to survive financially

[Zaphod, BSN, RN]

Thanks to all that have given me encouragment so far and great advice. :redbeathe

I recently got admitted to UMiami CRNA program and the financial reality is just hitting home. I will have arround 20K saved up by the time I start however I already have 40K in student loans(2 undergrads) and will probably have to loan another 100K for school. Is this normal? Will I ever be able to dig myself out of this hole? My husband has been unemployed for a while and might start grad school himself, but I did not want to miss on this opportunity.

I also have a 3 year old and a very supportive grandparent that will move in with us and pay half of rent and childcare. Anyone with any knowledge of groups in SoFla area that sign SRNA and pay for school for post-school contracts or anyone with an idea as to how to survive this-I would really appreciate it. Please dont tell me to postpone as it took me 7 years to get here and I cant wait to start. Much appreciated:)

[Jdog19s]

I can't help you with the florida information you need as I am in CRNA school in the northeast. However, I too have 40k in undergrad debt and have signed for an additional 100k for my grad school costs and living expenses, even after saving 20,000 to live on. It is possible, even with a child (even though I dont have one, but my friends in the program do). I'd say that the amount of money you and I will owe is on the upper end of what many people come out owing, atleast in my program, but there are also some people I know who will owe over 200k- so I keep thinking, it could be worse. IF you want the career as bad as it seems you do, it's a small price to pay for a lifetime of financial security and a better life for your family, as well as a very cool career. Good luck with the florida search for stipends- it seems there are less of these offers available these days, but they are still out there!

Justin

[Zaphod, BSN, RN]

Thank you Justin for your reply. I guess we will do our best in school and our chosen careers and all else will fall in place.

[pedimac]

I just started my program in NC. I was not excited to take out more loans, but that's what has to be done. My wife and I took out all the loans offered by the school, and so far it's worked. But there are the personal loans you can get if the need arises (but much higher interest rate than the Stafford and PLUS loans).

Remember, too, there are scholarships out there. The AANA has quite a few different scholarships they give out every year. I also found a few smaller ones ($250-500) from various other sources. I just did a google search for graduate nursing scholarships. 250 isn't that much, but every little bit helps. And that 250 doesn't get compounded.

Phil

[ssrhythm]

You are in better shape than I was when I started. While my wife makes considerable money, we have considerable debt. I too had the same undergrad student loans, and I will max out my federal loans before I graduate. While I could have probably got by taking out less, I did not want to ever be in a financial situation that put any stress on my studies. We have learned financial lessons about debt the hard way, so I can say this with 100% certainty...we will live just like we are now until the debt is gone! When I get out, every dime I make is going to go to debt for the first 18 months of my CRNA career. There are loans out there for you, and I do not at all mean to imply that you should follow my financial advice; I just want you to realize that there are many of us who have been/are in worse shape than you are that have made it and are making it just fine. All of your student loans will go into deferment until you are out and working. Wells Fargo has an education connection loan also with a low interest rate and deferment options if you need more than what the fed will allow. Good luck.