Anyone take out $50,000 per year to live?

clarissaRN · Apr 23, 2006

I am bumping this back up to the top again because I am also interested in hearing answers to this. I would need to take out the bare minimum of $45,000.00 to live on and that is JUST for paying bills. Has anyone ever taken out that much per year? Is it allowable?

soliant12 · Apr 23, 2006

I live off about that much right now and I would say have the husband stay home with the kids and take out the loans. I think you will find this arrangement alot easier on your studies alot easier on your kids not sure about the husband part. Take out as much as you you need then add a little extra money should be the least of your problems while in school and you get easily pay it off in 2-3 years when finished.

Hi,
I am in the process of interviewing to hopefully start school either this fall or January. My husband and I are going through our budget and finances, trying to figure out how much everything will cost.
From our calculations, we will have minimum expenses of $4,500 per month, NOT including my school tuition, books, and fees. We have been downsizing, liquidating and paying everything off. (No car loans, no credit card debt, and almost no mortgage, etc.).
One of our biggest expenses is day care. If my husband works full time, it might not be worth it. We are thinking of him staying home with our kids, who are 2 and 3. I will take out enough school loans to live off of and pay for school. However, that puts loans at about $150,000 for the entire program.
Has anyone else done this? Has anyone else taken out $50,000 per year just to live off of?

ARLadyRN · Apr 23, 2006

YOU want to be in that much debt for how long? 30 or 40 years to get caught up. I want you to just think about how long that it would be for you to pay it off. Your children are so young. They need their mother and I am sure if you went to school that they would not see much of their mother. Would it be possible for you to wait until they were in elementary school and then go Maybe you could take a couple of courses now and get some out of the way. I would love to see you become a nurse, but you have to think about the cost of your family or the money. I have a relative that took so many loans out and now is paying it back and they are barely making it--

jenniek · Apr 23, 2006

This amount of loan is being considered for nurse anesthesia school. It should take a few years to pay off school loans with a CRNA salary.

Jennie

YOU want to be in that much debt for how long? 30 or 40 years to get caught up. I want you to just think about how long that it would be for you to pay it off. Your children are so young. They need their mother and I am sure if you went to school that they would not see much of their mother. Would it be possible for you to wait until they were in elementary school and then go Maybe you could take a couple of courses now and get some out of the way. I would love to see you become a nurse, but you have to think about the cost of your family or the money. I have a relative that took so many loans out and now is paying it back and they are barely making it--

smk1, LPN · Apr 24, 2006

This amount of loan is being considered for nurse anesthesia school. It should take a few years to pay off school loans with a CRNA salary.
Jennie

true, but waiting the 2-3 years while young kids are home is something to think about. Then the daycare issue would be a moot point because of school, your husband could still work and you would end up with less debt and still see the little ones a lot before they are off to school. However if you the OP is already accepted then, I guess you do what you need to to make it work. Good luck either way.

LoriAlabamaRN · Apr 24, 2006

Couldn't you and your husband work part time? Even if just one of you does... it's a struggle, sure, but there's no need for neither one of you to have a job because one of you is in school, right? I can see you not working, alright, but even if your dh works partime you wouldn't have to look at such a massive pile of debt. I don't even think it's possible to get that type of student loan, prob have to do a mortgage. It just seems to me that it would be better to carefully schedule things for three years than to be in debt for 30... jmho...

texanjj · Apr 24, 2006

I have three children, 9,4, and 2 one of which is obivously in school while the other two are in full-time daycare est. 300/week. My husband will continue to work full time while I attend school. We just figured that our total debt for school wil be around 60-80K. I would think that even if your husband works part time it would be better than nothing, certainly better than taking out so much in loans. What are all of your childcare options? I know you get what you pay for with daycare and I know it can be expensive, however having a different place for the kids to go that is safe, fun and happy might be better than having them at home full time. Having them there could certainly impact your study time in a negative way as well as create resentment on your husband's part because he never gets a break from the kids. Just something to think about. Good luck.

soliant12 · Apr 25, 2006

We are talking about CRNA school not nursing school. she will not be in debt for 30 years!!!! Please read the the OPs statement before replying.

burn out · Apr 25, 2006

I did that and it back fired on me. I have never been one to quit anything in my life but anesthesia got the best of me. First whether you get loans or stipends you are going to be in hock when you get out but with the increase inpay you will be able to pay it off in ca couple of years if you continue to live modestly at first. However, anesthesia is a very difficult program and they do not even try to make it easy and when it came to giving up my soul and beliefs I had to stop, Now I am stuck paying back

$30,000 on a RN income (and that was just for 1 year). If you are going to do it make sure 100% what you are getting in to.. can you assist with sedation during an abortion or organ harvest (I couldn't) and the time it took away from my family was far too much.

ARLadyRN · Apr 25, 2006

Sorry, I didn't see that it was crna school, but just remember, the more you make the more you spend sometimes and it will still be hard to pay all that back later even if you do make more money. What kind of work does your husband do?

texanjj · Apr 25, 2006

Soliant12,

Who wants to be in debt for 150k even on a CRNA salary? I did understand exactly what she was saying. It might not take 30 years to pay off but how about a nice 500-1000 dollar note every month for 10-15 years. She already stated that her minimum monthly expenses totalled 4500 with basically no debt. Just a thought. Have a fabulous day!!!