How to support yourself in school

llg, PhD, RN · Apr 8, 2015

I went to graduate school twice. Both times ... I delayed going back a little and spent some time saving up money to support myself while in school. I "lived like a grad student" all through my 20's and 30's -- with small apartments, hand-me-down furniture, no expensive vacations, used cars, etc. both while I was in school and in-between rounds of schooling. I entered my MSN program at age 24 and my PhD program at 36 -- each time with a stash of money to help pay for costs.

I also applied for every type of student aid available and worked part-time for the schools while I attended. That got me a lower paycheck than I would have earned had I continued working in a hospital -- but it got me free tuition for some courses and other benefits such as a work schedule well-suited for a student. It also got me "plugged into" a lot of school activities, support, and positive relationships with faculty that helped me do grad school FULL TIME for 7 years.

In the end, I graduated with my PhD at age 40 with $12,500 in student loans (which was a small-moderate amount even for way back then in 1997) -- and my retirement savings of $35,000 untouched. Since then, I have continued to live modestly and build my net-worth up to about $1M with a healthy amount of savings for retirement.

The key for me was living modestly and being patient -- saving up a "war chest" of money each time BEFORE I started school so that I didn't have to borrow much and pay interest on loans. By saving up the money ahead of time, I earned interest on those savings while in the savings mode before I spent it -- rather than spending first and paying back with interest afterwards.

Good luck to you.

CCRNCMC11 · Apr 8, 2015

Save as much as you can before you start! Also, don't plan on working at all, you will not have any time. Plan on taking out a lot of loans. Hopefully you have a spouse that works but if not then it's not the end of the world. Just think of it as an investment into a great field!

elkpark · Apr 8, 2015

Also, don't plan on working at all, you will not have any time.

I was told this about my graduate program, as well (not a CRNA program), but found that, by being careful about budgeting and using my time, I was able to work prn on a v. limited basis throughout school. I did one (8 hour) shift per weekend at the university medical center, and worked as many shifts as I could get on the holiday breaks and during the summer. With that limited income, I was able to pay my half (I was living with a long-time boyfriend at the time; he wasn't supporting me in any way, but we shared the living expenses 50/50) of my room and board. I saved up as much money as I could before I started school. I embraced the "starving student" lifestyle, and lived as cheaply as possible. I made an effort before I started school to apply for as many scholarships as I could identify (and ended up getting a couple that helped significantly :)). I took out as little in student loans as possible, and ended up with a v. manageable amount of loans that I paid back without difficulty.

It can be done ... Best wishes for your journey!

robyncaroline · Apr 9, 2015

Thanks! It is good to hear from people who have done it!

phee4eva · Apr 22, 2015

@CCRNCMC11

I don't have DM/PM capabilities yet, but would like to ask you a few questions about the Barry Anesthesia program. I was accepted for the 2016 program and would like to know your thoughts so far as well as ask you a few questions. If you dont mind, can you send me an email at [email protected]

Thanks