CRNA school loans (for a guy like me)

[mattcbr]

Hi, thanks for letting me post. I've searched and haven't found a good answer in the archives for this. I wrote the school admissions councilor (at St. Mary's University in MN):

"I'm working full time in a CVICU (last two years), I'm a MN resident, and my wife is a stay at home mom (two toddlers). We have a mortgage, existing student loans, and a good credit score. I understand I will no longer be able to work while in school and I'll have to pay for my family and I's health insurance in addition to my existing expenses.

How much can I expect to qualify for on a Grad loan with someone in my situation? Are they government, private, or both?"

The councilor replied:

"Yes, graduate students in the Nurse Anesthetist program are eligible for approximately $60,000 in federal student loans for their first year of studies (approximately $20,000 per semester). Of that amount, $20,500 is made up of the federal unsubsidized loan and the remaining amount is made up of either the federal Graduate PLUS loan or a private loan of your choice. The total cost of tuition for the first year is approximately $23,100 (divided over 3 semesters)."

Currently (with OT) I make about $72,000/yr after taxes... according to SMU's councilor I can expect to qualify for only $60,000 and $23,000 of that will go to school.

Is there something she's not telling me? How can I expect to go to school, not work, and live off of $40,000? My co-workers and even people here say don't worry you can get over $100,000 to pay for school and supplement your income... but I'm worried the councilor at the school I want to go to didn't confirm this.

Thanks in advance!

[CPhT2RNstudent]

I understand the banks cracking down on loans because only 50% of college grads get jobs. Plus there is no guarantee that we'll pass.

However (big however); I need to borrow against my future earnings to go to school... that's the whole point. If I had the extra $30,000 (X2 years) to supplement the extra that the federal loans don't cover, I wouldn't need to back to school lol. I'm glad morificeko posted his experience Hopefully I can get some more info here on those that have gone through securing private loans for CRNA school.

Thanks!

I hope you don't totally disregard my advice. Too much debt will cause problems. The banks don't have a lot to worry about. You cannot get out of your student loans even with bankruptcy (except for rare circumstances that a CRNA is not likely to qualify for).

[manusko]

Was this before or after 2008? Because I called my Banks (wells fargo and chase) and they confirmed they can do private grad loans (for sky's the limit); however, you have to get the school you're going to confirm it's for cost of living. Meaning, through some process you tell your school what your supplemented income is and then they confirm for the bank that it's a logical number.

I know before 2008 there wasn't this step. If you (or anyone) had to go through this please give me any adivce:)

ROFL, don't worry. It's a 13 year old bike with value crushing modifications... bone stock (that's how they're worth the most) it's maybe $2,000... Then there is my bike with a engine cage, 1000rr tail, paint, etc... it's lucky if it's worth $1,000.... it looks good, but in the end it's not worth anything... besides. It get's 40mpg and saves me money on parking:)

I understand the banks cracking down on loans because only 50% of college grads get jobs. Plus there is no guarantee that we'll pass.

However (big however); I need to borrow against my future earnings to go to school... that's the whole point. If I had the extra $30,000 (X2 years) to supplement the extra that the federal loans don't cover, I wouldn't need to back to school lol. I'm glad morificeko posted his experience Hopefully I can get some more info here on those that have gone through securing private loans for CRNA school.

Thanks!

After. We graduated in May. Yes you have to justify but all we had to go was put our expenses on a excel spread sheet and it was approved.

[medic1969]

I know that I'm late to the dance on this post, but it seems like $71k/year is pre-tax. How much is your actual take-home pay? Seems like $40k/year tax-free would be awfully close, especially if you can also qualify for food stamps, etc.

[manusko]

I believe he stated that 72k was after taxes on his RN job.

[medic1969]

$72k after taxes as an RN is some serious cabbage.