crna loan payment plan after graduation

Nursing Students SRNA

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How much were you able to pay on student loans a month after graduation and hire?

Has anyone paid off their $100K loans in

What is your most favorite part about being a CRNA? Tell me, anything! (The surgical caps to the respect--what do you like most?)

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Specializes in Nephrology, Dialysis, Plasmapheresis.
Has anyone paid off their $100K loans in

You can do it! I paid off debt at that rate for 3 years. Read "Total Money Makeover", by Dave Ramsey... It will motivate your goals!

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That's encouraging! Thanks. I've actually heard really good things about Dave Ramsey's financial planning advice.

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Specializes in Neurosurgical ICU.

I just finished CRNA school and my student loans are approximately $157k. Based on my salary and the repayment programs I have researched through my school's financial aid, I can pay $2000/month for 20 years. The remainder of the loan will then be pardoned. It's a repayment plan that is tiered to your annual income (the name is escaping me right now). It applies to federal student loans. Another option is to take a high paying job in a rural state, live like a college student, and pay $5000/k per month and pay it back in 2-3 years.

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Specializes in CVICU.

100k+ worth of debt? This seems outrageous! Is everyone using loans to pay living expenses as well? Props to you guys! I'm lucky enough to be married to an NP, so with my sugar momma I hope to only be in debt for the tuition, which is bad enough..

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Specializes in Cardiac Care.

How else can a person afford not to work at all for three years of their life?! Some may be able to do it, but many can't.

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Specializes in Step-down ICU.
How else can a person afford not to work at all for three years of their life?! Some may be able to do it, but many can't.

Couldn't agree more! As a single person I won't have a choice! The programs are nearly $100k alone!

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Specializes in CRNA.
I just finished CRNA school and my student loans are approximately $157k. Based on my salary and the repayment programs I have researched through my school's financial aid, I can pay $2000/month for 20 years. The remainder of the loan will then be pardoned. It's a repayment plan that is tiered to your annual income (the name is escaping me right now). It applies to federal student loans. Another option is to take a high paying job in a rural state, live like a college student, and pay $5000/k per month and pay it back in 2-3 years.

That is 24K a year and a total of 480K over the 20 years. Are you sure that is right? Student loans shouldn't have that much interest. You would be paying 323K more than your loan amount.

The 5K a month would be 60K a year and 180K over three years. That sounds more like a plan. You would think with an average salary of 150K and bringing home around 112K a year after taxes. This seems like a better option. Get it over with and enjoy the rest of your career.

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methern- I have looked into the same repayment thing from the gvmt. As long as you make your payments the rest is forgiven, but I am pretty sure it is 10 years, not 20.

There is also working at the public and critical access hospitals that will make you eligible for loan forgiveness from the gvmt.

As for being surprised at the amount of money, the majority of the people in my program are living off of loans. Several have families, with stay at home spouses. I tried to save up forever, but being the only income earner and having an awesome stay at home husband, it never worked. So I borrow and get it over with.

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Specializes in SRNA.

I got my BSN in 2007 and worked in the ICU since a new grad. I've lived very frugally and saved money. By the time I start nurse anesthesia school this fall, I plan on having around 100k saved. My husband is a RN so he'll be able to pay household expenses while I'm in school for 36 months.

I think I'm still going to take full advantage of financial aid to cover tuition and do my best to let my nest egg grow, and if I end up as a CRNA with most of my savings intact, I'll get out of debt pretty dang fast.

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Specializes in Neurosurgical ICU.

Unless you're saavy with your money and have it invested really well, I'd use it over financial aid for school. Loans come with origination fees and compounding interest. My interest alone was $15k while I was in the program. It wouldn't make sense to pay any of that if you have the money. At the very least, pay for the first year and then see if you need financial aid for the following years. If so, you'll only be accruing interest for two years. Then use your money to pay your interest while in school. That's what I would do.

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Specializes in Neurosurgical ICU.
That is 24K a year and a total of 480K over the 20 years. Are you sure that is right? Student loans shouldn't have that much interest. You would be paying 323K more than your loan amount.

The 5K a month would be 60K a year and 180K over three years. That sounds more like a plan. You would think with an average salary of 150K and bringing home around 112K a year after taxes. This seems like a better option. Get it over with and enjoy the rest of your career.

Yes your math is spot on. It's $1500/month for 25 years. With a 7-9% interest rate on $190k of loans, you will end up paying close to $500k if you take the full 25 years to repay it. Honesty it doesn't matter which repayment plan you choose as long as you plan to repay it in 5-6 years anyway.

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