How much money can one get for loans?

  1. I know this has been partially addressed in different threads, however I have just calculated what I think school will cost. The amount is staggering! (To me at least)

    To support myself and my family I am calculating tuition and expenses at around 115+ thousand. YIKES! This already takes into account my wife working part time and a hopeful sign-on bonus when I take a job. (I used the sign on bonus offered by my hospital on Gas-Jobs in my calculations)

    This of course assumes (hopefully) that I am going to get in, and assumes a possible sign on bonus.

    We have a modest amount of savings, and a home equity line that we could tap into (but want to save mostly for big emergencies)

    Anyway- is this kind of money available? Realistically? Your thoughts are appreciated.
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  2. 4 Comments

  3. by   ready4crna?
    Assuming no change in the laws, you can borrow up to the cost of attendance. This number is calculated by your financial aid office using your EFC from your FAFSA. You will be allowed some increase based on childcare expense or some other circumstances that are at the discretion of the office. The number you have calculated is probably a good ballpark. Overall, save now, eliminate any debt you carry, boost savings, and be prepared to change your current lifestyle to one of near abject poverty in order to borrow as little as possible.
    The money will be there without question, but planning now like you are will help.
  4. by   shandsburnRN-CRNA
    Between Federal Stafford Loans and Graduate Plus loans you can definately pay for school and with your savings I think you would be fine. I start in January with what sounds to be close to your same scenario, on paper it all looks okay...a little tight at times but definately doable. Plenty of others have done it before you, so why not you too?
  5. by   UCDSICURN
    You can pretty much get as much as you need. Here's how my financial aid went. Filled out the FAFSA (free federal financial aid form, or whatever it's called). Got my award letter from the school which included the full stafford, sub and unsub amounts, and the grad plus, which was set at the default amount. After tuition, I would have had about 1k a month to live on, in northern california, which is ridiculous.

    I contacted the fa office, requested a re-eval of my personal cost of attendance. I had to give them a very detailed monthly budget, along with some supportive documentation (mortgage statement, etc). I padded things a bit knowing from previous students that they tend to low-ball a little bit. They pretty much gave me what I needed and asked for. In all, I ended up borrowing just under 40k from the feds for the 1st semester. Before you all start going crazy, remember I live in northern california, and my program is a private school which is front loaded with a lot of units the 1st semester.

    I just wanted to demonstrate that it can be done with federal loans alone. The money is there. You may have to be proactive and get the fa office to see things your way, but you should get what you need.

    Dont' freak out about the price tag of school. It's an investment with solid returns. And, you'll be able to consolidate your loans for reduced interest rates after you're done and may even be able to get some tuition reimbursement from an employer.

    Good luck and feel free to PM me if you have any questions. (Be patient if i don't respond quickly, CRNA school is pretty busy to say the least).
  6. by   GenXnurse
    Thanks everyone! On to the next step :spin:

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