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Budgets, Loans, Scholarships - Oh my.

SRNA   (230 Views | 2 Replies)

brookalyn is a BSN, RN and specializes in MICU/SICU.

702 Profile Views; 79 Posts

Hello all!!! I have a few questions to those who are willing to break it down for me... Answering any of them would be helpful 🙂

1) What was your budget like in anesthesia school? What did you make sure you included? What was an expense that surprised you that you wish you were more prepared for?

2) Did you do all graduate school loans or private loans? A mix? How did you know how much to take out? 

3) Did you have any luck finding Scholarships? I just keep finding those $500 or $1,000 Scholarship websites.

Thank you in advance!!

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Defibn' has 6 years experience as a BSN, RN, EMT-P and specializes in SRNA.

131 Posts; 2,131 Profile Views

1) I'm only one month in so I don't have a lot for you here. My biggest suggestion is to have some financial security before starting school. How much is ultimately up to you. It depends on if you have family that will help or not if you get into a jam. You will need to have some readily accessible cash. No missing clinical because you can't afford to put a new tire on your car (that sort of thing.) I would suggest that a single person have at least a few thousand bucks that's truly an emergency fund by the time school starts. Think about this, you will not be working for 3 years. Loans are limited (for good reason). It would be better to have at least 5k in the bank. It can go pretty quick when you have no steady income. 

2) For educational loans you can take however much you want up to the cost of attendance, which is set by your financial aid office. Right now, the direct unsubsidized loan from the government is a max of $20,500/yr. You can then take Grad PLUS loans from the government up to the cost of attendance. I opted to take the direct unsubsidized and then took out the rest of the cost of attendance from a discover health professions loan. The Grad PLUS has high fees and a slightly higher interest rate than what I got from Discover (no fees). 

Long story short, I took out the max. However, I have 2 kids in daycare and also moved my family across the country. So, we wanted to be sure we had a little buffer. I don't plan to take the max each year. 

3) I did not bother with Scholarships. Mainly because I'm super lazy about that kind of thing and didn't care to go through all the applications for $500.

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S.kill2018 has 5 years experience and specializes in ICU.

111 Posts; 3,730 Profile Views

So the thing with Scholarships is, if you have time prior to school, go for it! But once you're in school...

I recently received an email about a Scholarship application but the amount of work it required for how much money it was for ($1000-$2500) was just...not worth it. I don't have time. My loans will be about $150k (tuition and some travel expenses). I don't care about $2500 at that point, ya know? So do your best to get after that stuff prior to school starting, bc you won't care at all afterward.  If you're going to take out a personal loan, do it before you quit your job. One of my classmates found a low(ish) interest loan and took out 10k just to have in case of emergencies.  Federal loans will only allow you to pull out whatever your school says tuition + cost of living is.  It gets really, really tight. Especially if you have to travel for clinicals, which lots of schools have you do.  

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