Loans for CRNA school

New CCU RN · Aug 4, 2003

Ii don't have an answer for you, but I did want to congratulate you on your acceptance......that's awesome, congrats!

smiling_ru · Aug 4, 2003

Stafford loan is 18,500 a year, that is guaranteed. The school may have other money that you are eligible for, fill out your FAFSA (you can do it on the web now) and then talk to your financial aid officer.

A lot of people get supplemental loans from their banks and max out their credit cards. Just do whatever you have to do to make it.

MICU RN · Aug 4, 2003

Same boat, except I have two small children and some cash saved. However, I will have to borrow the 18.5k sub/unsub and take out more private loans. I just got my bill for the upcoming year, and yes i had sticker shock. The bill was about 8.5k without books. The program is 32 months and will cost about 25k. But I will take much more to pay my bills. This is a definite down side to pursuing higher education, especially in the medical field. The program is a state university so the tut. is cheaper than private universities, however, it much higher than most other state tut.s in my state; it is almost as much as the medical school which is about 12k a year. I don't what to even think what tut. will be in college when our children are ready.

arkgolfer · Aug 4, 2003

Be careful with the private loans. I am just finding out that the principal is deferred, but not the interest. I've now got a $200 month interest payment on the private loan. It is a necessary evil, just be prepared. If you own a home and have equity, that is a great area for a student loan. Hard to beat a 4.5% rate. 401k's are an absolute LAST resort, but is there if you have it. School starts 2 weeks from today!

mbrian46 · Aug 5, 2003

I do have a small savings account, probably enough to live for a year (not including tuition). I do plan to apply for the Stafford loan for $18500/yr. So, on supplemental loans you have to pay interest while you are in school?

EmeraldNYL, BSN, RN · Aug 5, 2003

I have a private loan from Sallie Mae (for my accelerated BSN, I'm not in CRNA school yet) and you have the choice of either paying the interest as it accrues, or you can let it go and it is capitalized and added on to your principal. I had to borrow over the cost of tuition to pay for living expenses, but the interest rates are pretty low right now anyway. You'll probably get a sign-on bonus or some sort of tuition reimbursement anyway when you graduate. Oh, and congrats on your acceptance!!

gaspassah · Aug 5, 2003

m, i dont know how you feel about the army or navy reserves, but its worth listening to. i start my program this august, wife, 2 kids the works, plus housing in los angeles. the military is something i missed out on when younger im 37 this year. 1100 a month plus i think you can get drill pay, 2nd lt 383 per month, so it works out to be about 1400 per month. only concider this option if being activated and possibly going to >>>>insert name of foreigne contry here is acceptable to you and your family. also you can get up to 50000 for loan repayment. one weekend per month, 2 weeks per year. i'm not trying to sell you on it, just an option available to those who may be interested.

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Athlein · Aug 5, 2003

Mbrian,

Woo-hoo for you! Now the tricky part...paying for it.

You can get started on the FAFSA at http://www.fafsa.org. Look under the link "students" and then "financial aid application". This website has loads of helpful information, too. If you will have a low annual family income while in school, and you have few assets and/or a low net worth, you will likely qualify for subsidized governmental loans. In essence, the government pays the interest accrued on the money you borrow while you are enrolled. As previously stated, the annual amount disbursed is $18,500. The feds use a different calendar than school calendars, though, so the annual amount you will receive will actually total $27,750 (three disbursements of $9250 in autumn, spring, and summer terms). FYI - you can often choose the lender. If you are given a choice, try to find one that does not attach disbursement or transfer fees, which reduce the amount of money you actually receive.

Alternative loans, being administered by private companies, typically have higher interest and a host of fees and charges. This is one instance in which reading the fine print is a MUST. The private loan award I was offered is $4500 per semester. You have to apply and qualify for these loans.

Your school may also participate in http://www.afford.com. This program allows you to make monthly payments for your tuition for a small up-front fee.

Also, please be aware that student account offices often deduct the amount of tuition due from your student loan disbursement before you even have the check in your hot little hands. You wind up with the measly dregs after they get their cut - a little like the Mafia, no?

I have yet to encounter a real grant. At this point, all the money I have been offered comes with strings!

Best of luck!

SCHMEGGA · Aug 5, 2003

This is one of the best deals in the business! BankOne's EducationOne Loan. You can pull out $30K per year and everything is deferred just like a school loan. You have 6 months after you graduate to start payments. I have already pulled my 2nd of these for my final year, to help with family expenses.

Brenna's Dad · Aug 5, 2003

I was under the impression that you could only borrow $18500 per year, regardless of the fact that you are attending summer courses. ie. 3 semesters a year. At least, this is the manner in which my school operates.

Can anyone else confirm or deny??

Heath82371 · Aug 5, 2003

My hubby is in CRNA school and he took out a Citi Assit loan last year in addition to the 18.5 the feds give you. The Citi Assist is certified by the school which means the school determines how much you get. Bank One and other lenders do not require certification and are credit based. ALso some anesthesia providers (ie group) may also lend you money if you agree to work for them. If you do not go to work for them then they turn it into a loan. Many of my husbands classmates have done that with a local group that they do clinicals with.