Employer paying off Student Loans?

Nursing Students SRNA

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So I'm applying to CRNA schools this Summer. I'm planning the loans I'll need to take out to pay for the programs. Essentially I'm planning for $100,000 to $150,000 for the 3 year DNP program including living frugally during those three years.

I'm wondering if any of you have experience in paying off your student loans other than just making payments for the rest of your career? Taking on such a huge debt would be much easier if I knew of employers who may be willing to pay off my student loan debt if I contract to work for them for say 3-5 years?

I'm aware of the military option, I don't feel like the compensation would be adequate.

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Employers have not been offering to pay off students loans or give a hiring bonus for a number of years. When you plan your expenses for NA school, realize that you may not secure a full-time CRNA position upon graduation. You might be paying those loans off on a contingent CRNA income. Depending upon the # of CRNAs in the area were you choose to go to school, you might also face the challenge of moving to secure a position.

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My current hospital CEO has verbally offered a stipend while in school. Though, I have nothing in writing yet. Also, I've punched the numbers and I may not need the stipend, but it would be nice to have a job lined up for when I'm finished. My wife and I plan on coming back here anyway.

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I'm very aware of the market being saturated in some metropolitan areas. I really don't have a preference to where I live as a CRNA and am planning to relocate to whichever area pays the best and has the greatest demand. I know the Mayo Clinic has a stipend they offer through part of their program (I'm sure there is a work commitment to it) but I'm looking more for a facility paying off my student loans for a time commitment. Anybody know of something like that?

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Specializes in PACU.

Honestly, I can't think of anyone in this market that still does that. Tuition reimbursement for current employees, yes, but not paying off your loans for a certain amount of work commitment. I'd say look for sign on bonuses, but those have gone the way of the dodo as well. There was a post similar to yours a couple weeks ago with someone asking a similar question, and the answer seemed to be a resounding no.

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Peacekeepr, I hope that the CEO who was willing to offer you this arrangement is still in that position when you graduate. It sounds like you already have a well-organized and reasonable plan in place, in case, that offer isn't available. The 36 month stipend possibility sounds excellent. Why take loans out and search for a position, if this opportunity is feasible.

If you do get a written stipend offer, be sure it is legally binding between the Institution and you and guarantees your salary will be equal to that of similarly qualified CRNAs you work with. Absolutely, make sure what financial consequences you face upon default. Will you or your estate be obligated to repay with interest? Make sure that, in case, the hospital has no openings or doesn't hire you upon graduation, you don't owe the institution Nothing! Personally, I would have a trustworthy attorney review the document prior to signing.

I acknowledge that I am reflecting upon the issues faced by CEOs in large urban medical centers as those are my primary practice sites. Most hospital CEOs must have the support of the Board of Directions, medical staff, city business, and political authorities, if they hope have career stability and be effective in meeting the mandate they have been given . If he/she is an outstanding CEO, other HC organizations are aware of his/her success and effectiveness. CEOs in the heath care industry frequently move either up or out. It is possible that the CEO may not be in that position when you graduate.

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Peacekeepr, I hope that the CEO who was willing to offer you this arrangement is still in that position when you graduate. It sounds like you already have a well-organized and reasonable plan in place, in case, that offer isn't available. The 36 month stipend possibility sounds excellent. Why take loans out and search for a position, if this opportunity is feasible.

If you do get a written stipend offer, be sure it is legally binding between the Institution and you and guarantees your salary will be equal to that of similarly qualified CRNAs you work with. Absolutely, make sure what financial consequences you face upon default. Will you or your estate be obligated to repay with interest? Make sure that, in case, the hospital has no openings or doesn't hire you upon graduation, you don't owe the institution Nothing! Personally, I would have a trustworthy attorney review the document prior to signing.

I acknowledge that I am reflecting upon the issues faced by CEOs in large urban medical centers as those are my primary practice sites. Most hospital CEOs must have the support of the Board of Directions, medical staff, city business, and political authorities, if they hope have career stability and be effective in meeting the mandate they have been given . If he/she is an outstanding CEO, other HC organizations are aware of his/her success and effectiveness. CEOs in the heath care industry frequently move either up or out. It is possible that the CEO may not be in that position when you graduate.

Thank you for your insight.

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Yes, there are still employers willing to pay the student loans when working for them. My current employer is paying my student loans, sign on bonus, relocation, and benefits. During job hunting there were at least 3 employers would willing to pay the student loans willing to work for them for certain number of years. Hope that info would help to make your decision in furthering your education.

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Any updates on large anesthesia groups? I only learned about one hospital so far in PA offering loan forgiveness up to $40,000 for 3 years commitment.

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Specializes in ICU.

I know of one in New Hampshire. $50k (minus taxes of course) over 4 years.

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Now that it's several years later are there any better deals out there with employers paying off student loans? I too am curious about this as I see myself having 100-150k in student loans by the time I finish one day. Docking away money but am curious if any employers are offering anything in paybacks in 2018

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Specializes in ICU.

There's a place in NH that pays off $50k over 4 years of working there.

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