CRNA Student Loans

Posted
by Mnurse18 Mnurse18, BSN (New) New Nurse

Has 2 years experience.

So- student loans.

I am starting CRNA in August. Preface I’ve been lucky that I’ve taken multiple travel covid jobs and have a good saving heading into school.
I just received the statements for my financial aid offer from school after billing- and it’s basically exactly enough to cover my tuition for school with no extra. It’s doable with my savings but will be very very tight especially towards the end of the program. How are CRNAs going through school without working at all? My loans at this point would not have allowed me to do that.
I feel like from other CRNAs I’ve heard “don’t worry about the loans, the money is there and you can pay it back” but I am not understanding where people are getting these student loans from?

Are they federal loans? Private loans? If I even wanted to take more loans out at some point to help with expenses what would I do?

brookalyn, BSN, RN

Specializes in MICU/SICU. Has 4 years experience.

Hi! I am starting next month as well. We have a savings that we are keeping for emergencies. We plan on living on my husband’s paycheck month to month. We decided to do the Discover Health Professionals Loan and forego federal loans. Advice given to me was to take out enough loans where you are not stressed because you will already have enough to stress about!

Defibn', RN, EMT-P

Specializes in SRNA. Has 7 years experience.

I took out the federal direct loans and the discover health professions loan up to the cost of attendance. Your cost of attendance should include living expenses. My advice is to call the financial aid office and get this sorted out.

Mnurse18, BSN

Has 2 years experience.

When I talked to financial aid they've basically told me I've already met the maximum amount allowed to be borrowed essential equaling 1,300 a month to live off of for the program as they've estimated 15,000 for living expenses for the duration of the program.

Its doable, but I just am so surprised that there are so many people saying we can take out whatever we need to live off of but this is not at all what im hearing from Financial Aid. If I want additional aid ill have to petition to show why I need more for expenses that would only cover a laptop, travel expenses, or daycare

Defibn', RN, EMT-P

Specializes in SRNA. Has 7 years experience.

13 hours ago, Mnurse18 said:

When I talked to financial aid they've basically told me I've already met the maximum amount allowed to be borrowed essential equaling 1,300 a month to live off of for the program as they've estimated 15,000 for living expenses for the duration of the program.

Its doable, but I just am so surprised that there are so many people saying we can take out whatever we need to live off of but this is not at all what im hearing from Financial Aid. If I want additional aid ill have to petition to show why I need more for expenses that would only cover a laptop, travel expenses, or daycare

That's tough. Unfortunately, they do not usually include any money except for YOU. Childcare and the like are not usually included. Like for me, I have two kids and cannot take any more money out than a single 25 year old. The only other option I have is a personal loan and those can be hard to get.

Alwayslearning258, BSN, RN

Specializes in ICU. Has 5 years experience.

I have a friend that was in a similar situation. He had no savings and got in. His student loans through fasfa covered just enough to cover the program.

he took out Extra money for living expenses through a credit Union as student loans. It’s extra loans but it’ll get you through and can be paid back

The school performs a cost of attendance analysis factoring in living costs for 1 person, not for multiple. The government bases the unsubsidized loan levels permitted from this. You can go out and get extra loans from banks and other private lenders if needed.

I am surprised it's only 1,300 a month after tuition. Usually that just covers room and board, then they estimate personal, transport, loan fees, and supplies and tack that on as cost of attendance to increase the loan maximum.

Usually you can petition for more.

j.jones4174, BSN, RN

Has 10 years experience.

I am currently enrolled at Keiser University SRNA program and I can tell you that I take out 32k every 2 semesters and that is enough to live on without working. You end up getting 16000 each semester. Plenty of money to take care of essentials.

If I had the money at the start I would have taken loans to pay for school and not taken any graduate plus loans (thats where 32k comes from)

I am just finishing up my first year of CRNA school right now and I had the same issue. I got the maximum amount from grad PLUS loans and petitioned for the increase, but the increase is pathetically limited. I had barely any savings, because I also heard that you can take out whatever you need for living expenses too, and when I had talked to the financial aid dept 3-4 months before school started, they told me that all I need to do is petition for the increase and put how much extra I need and if my proof of finances can justify the increase then I will get it. Boy was I in for a surprise, that increase was pathetic and barely made a dent in my actual needs. I am married and have 4 children, so this single person living expense estimation was nowhere near my needs. So I have been working as much as possible through school so far, 2-3 days a week and then on my breaks I work everyday I can pick up. Also when Covid hit and all our classes were online, I took a covid crisis job which I worked 4 days a week per the requirement, and that was such a huge struggle doing that and CRNA school. But I plan to at least work 1 day a week through the entire program, just do not let the faculty know that you are working. So although it sucks, and this is definitely not what I wanted, it is possible to work through school if you do not have the savings to make all the way through.

I'm graduating from CRNA school in December of 2020 with no loans.  I was fortunate enough to have a pretty large 529 Plan that my parents saved for most of my life.  I'm the oldest of 3 and older than my siblings by 5 and 7 years so when I was in college for nursing my siblings were still in middle school/high school.  I had scholarships and worked and did not touch my 529 plan while in undergrad.  I worked as a nurse for 2 years and saved and saved and saved.  I was able to cash flow my CRNA using my savings and 529 plan.  I'm one of 2 students in my program with no loans and am beyond thrilled to start my career debt free.  I'm 27 and unmarried and no children so that helps as well.

Mnurse18, BSN

Has 2 years experience.

If anyone cares- update is my program starts in the fall and ends in a Summer semester per year. 
they basically split up all financial aid equally over three semesters. Meaning that in that fall/Spring when I take the most hours I pay the most in tuition but get little refund. However, in the Summer I only take 5 hours of tuition and the rest is refunded to me- essentially the COA my school sets of the 30,000 (living, transportation, books,etc) I don’t really get access to until my Summer semester (after I’ve been in school not working fall-Spring). 
I talked to financial aid and can request to have access to those funds now. 
 

I thought it was crazy how people made it through CRNA school not working on $1,000 a month- but thanks to ramen we made it half way through the semester before we realized this.