MONEY FOR SCHOOL: Anesthesia Group or Hospital Sponsorship

Specialties CRNA

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Hello Group!

I am starting CRNA school at Old Dominion University in the fall and would appreciate any insight that you guys may have on obtaining anesthesia group or hospital sponsorship. I currently have an offer from one anesthesia group under the following terms:

1) $ 20,000.00 in sponsorship money to be advanced to me over the course of my 28 month program.

2) The money (any amount) will be distributed to me at my discretion by signing and mailing a request form to the group indicating the desired amount.

3) The $$$$ would be provided to me in the form of a loan at 10 % interest (ouch!) that is totally service-cancellable after 5 years (ouch!) with the group.

4) If for any reason I fail to complete my anesthesia education or accept employment with another organization after graduation, the note will be deemed due and payable at that time.

My questions are:

1) Is this contract in-line with sponsorship scenarios that other SRNA's have been offered?

2) Does anyone have any information on how a SRNA might find other anesthesia groups or hospitals that offer similar sponsorship contracts?

Thanks in advance for your replies!

Wannabe

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Hello Group!

I am starting CRNA school at Old Dominion University in the fall and would appreciate any insight that you guys may have on obtaining anesthesia group or hospital sponsorship. I currently have an offer from one anesthesia group under the following terms:

1) $ 20,000.00 in sponsorship money to be advanced to me over the course of my 28 month program.

2) The money (any amount) will be distributed to me at my discretion by signing and mailing a request form to the group indicating the desired amount.

3) The $$$$ would be provided to me in the form of a loan at 10 % interest (ouch!) that is totally service-cancellable after 5 years (ouch!) with the group.

4) If for any reason I fail to complete my anesthesia education or accept employment with another organization after graduation, the note will be deemed due and payable at that time.

My questions are:

1) Is this contract in-line with sponsorship scenarios that other SRNA's have been offered?

2) Does anyone have any information on how a SRNA might find other anesthesia groups or hospitals that offer similar sponsorship contracts?

Thanks in advance for your replies!

Wannabe

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wannabe,

I was hoping some current senior SRNAs would comment, since their perspective is probably the most up to date. I guess they are all busy with final exams and papers. I imagine they will respond eventually.

Until then, I can tell you what you describe is pretty much in line with what they are offering current SRNAs in my area.

Contracts around here ask for a four year work committment. $20,000 has been the standard amount for a few years, but I've heard rumors of it going upward some lately.

Most people don't worry about the interest rate. You will either 1) work off the time comittment, so you never have to pay it

or

2) go to work elsewhere, and the new group/hospital will buy out your contract, and they pay it off.

Of course, the way to negotiate a better offer is to compare this offer with others. Anybody who hires CRNAs is offering these contracts now. Check with the hospitals and groups in the geographical area you want to work in after graduation. If you are flexible where you will relocate, look at the ads in the back of the AANA journal and in the AANA bulletin. (The journal you should be able to find in any health science library. The bulletin you would probably need to get from a current CRNA, everybody who belongs to the AANA get them both.)

Good luck,

loisane crna

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wannabe,

I was hoping some current senior SRNAs would comment, since their perspective is probably the most up to date. I guess they are all busy with final exams and papers. I imagine they will respond eventually.

Until then, I can tell you what you describe is pretty much in line with what they are offering current SRNAs in my area.

Contracts around here ask for a four year work committment. $20,000 has been the standard amount for a few years, but I've heard rumors of it going upward some lately.

Most people don't worry about the interest rate. You will either 1) work off the time comittment, so you never have to pay it

or

2) go to work elsewhere, and the new group/hospital will buy out your contract, and they pay it off.

Of course, the way to negotiate a better offer is to compare this offer with others. Anybody who hires CRNAs is offering these contracts now. Check with the hospitals and groups in the geographical area you want to work in after graduation. If you are flexible where you will relocate, look at the ads in the back of the AANA journal and in the AANA bulletin. (The journal you should be able to find in any health science library. The bulletin you would probably need to get from a current CRNA, everybody who belongs to the AANA get them both.)

Good luck,

loisane crna

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My take: I don't think you're getting too great an offer.

I was offered all school costs (about $30-35k) plus $1k/month for the 27 months of our program. They wanted 3 years commitment from me and the rate of pay was at the lower end and only went up $2k/yr for the next 2 years. When I looked around - I thought I could do MUCH better just going it on my own and skip the "help". That's what I did and I am SO GLAD! I am now being offered a LOT more $$$ and benefits and freedom since I did it "the hard way".

I think the deal you're being offered doesn't sound too great to me, but then you may live in a state that doesn't pay the best for CRNAs anyway? It's your call, but I passed on more than double what you're looking at.

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My take: I don't think you're getting too great an offer.

I was offered all school costs (about $30-35k) plus $1k/month for the 27 months of our program. They wanted 3 years commitment from me and the rate of pay was at the lower end and only went up $2k/yr for the next 2 years. When I looked around - I thought I could do MUCH better just going it on my own and skip the "help". That's what I did and I am SO GLAD! I am now being offered a LOT more $$$ and benefits and freedom since I did it "the hard way".

I think the deal you're being offered doesn't sound too great to me, but then you may live in a state that doesn't pay the best for CRNAs anyway? It's your call, but I passed on more than double what you're looking at.

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Wannabe, that offer does not sound good. Student loans have a lower interest rate and after school you can consolidate to get an even lower % rate. You also can get a forebearance up to 6 months after school to start paying.

I say don't commit to a group or hospital because who knows what kind of offer you can get at the end of your program. You have to remember that as you progress thru school you may change your mind as to where and what type of practice you want to work. Lord knows, I have changed my mind several times as I progressed.

There are great offers out there and they will still be there when you get done. I have some freinds that went that route you are thinking about and they all have regretted it. All in all, you do what you have to do to get thru!!

Congrats to you on getting into school.

Lee. ( Grad day May 22, 03)

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Wannabe, that offer does not sound good. Student loans have a lower interest rate and after school you can consolidate to get an even lower % rate. You also can get a forebearance up to 6 months after school to start paying.

I say don't commit to a group or hospital because who knows what kind of offer you can get at the end of your program. You have to remember that as you progress thru school you may change your mind as to where and what type of practice you want to work. Lord knows, I have changed my mind several times as I progressed.

There are great offers out there and they will still be there when you get done. I have some freinds that went that route you are thinking about and they all have regretted it. All in all, you do what you have to do to get thru!!

Congrats to you on getting into school.

Lee. ( Grad day May 22, 03)

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I have to agree...I don't think this sounds like a very good deal at all. Borrow what you need from Financial aid or other private lenders and then pay them off after you negotiate a great sign-on bonus. I personally think it's better to be in control of your future than to be locked into one deal. Just my 2 cents. Good luck!

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Also agreeing that your offer does not sound all that great. I would do it the hard way, take out some loans, it is only 2-3 years of living like a poor grad student. (20k probably isnt even enough to cover your tuition).

If you are married..hehe..stay married. If you are not.. get married. Just kidding. But try finding ways to decrease your expenditures ie) if you live alone, get a roomate, etc. You can get a ton of loans... which have low low interest rates. You can even get loans for your living expenses. Keep shopping around for contracts, but that is NOT a good one by any stretch. Good luck.

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Don't accept that offer...if they want you, they should sponsor you. We have 2 RNFA's (student) RN's extending there education and because of the need for them due to shortage of GP to assist the surgeons the hospital is paying for the ladies studies. They also rec'd funding via RNAO (Registered Nurses Association of Ontario). Check your local nursing affiliations for additional educational support. Hope this helps. Best of luck.

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