How do you survive?

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Specializes in Critical Care.

Hello,

how did you/do you guys survive during CRNA school in terms of finances? I know some people save up money by traveling or just working for a few years and setting money apart. Apart from your savings how are you funding your life?

This question is more geared toward those that practiced nursing for maybe 3 years top and then applied to CRNA school. Three years is not a lot to save so where do you get finds for living? Loans?

My target application goal is 2019. I know I can take travel assignments and set money apart that way but I have a feeling loans will inevitable.

Typically how large are these graduate school loans?

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Specializes in RN-BC, CCRN, TCRN, CEN.

I am planning on a large amount of student loans, but I'm also considering one of the schools in Puerto Rico. Total program cost is literally ~$20,000. I think I can get out with less than 100k but who knows.

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Specializes in Critical Care.
I am planning on a large amount of student loans, but I'm also considering one of the schools in Puerto Rico. Total program cost is literally ~$20,000. I think I can get out with less than 100k but who knows.

There are schools in my state of Texas that charge 35K. The more prestigious school I fantasize about (Baylor College of Medicine) in Houston TX is obviously way over 35K unfortunately. BCM is ranked #2 in the whole USA and it's here in my city.

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I did travel nursing for a couple years before I got into CRNA school. Now that I'm in and actually paying for it I'm realizing student loan debt is pretty much inevitable. I mean definitely save up money, it helps for sure, I had over $60,000 in a savings account when I began. Although you should know that you'll end up accruing more debt than you ever anticipated while you're in school. So I'm in a doctorate program and since you're looking to apply in 2019 you'll almost definitely be in a doctorate program too since they're all converting. That means it will be even more expensive than the masters programs of days gone by.

Then remember that you'll really not be able to work at all during the 3 years of the program, so you'll have to take out loans to just pay rent and buy food. Realistically most people if they budget will spend about $30,000 a year, maybe a couple thousand less if they are really tight. Then your program will probably cost $70,000 to $90,000 total, maybe more if it's a DNP.

The real kicker is loan origination fees and compounding interest. So for grad school your loans will all have origination fee's that will probably total a couple thousand at least, you'll pay this every year during school. Then your interest accrues and the typical loan is 5 to 6%.

Long story short, save as much as you can but realize it will be like a snowball against a wall of Satans hellfire. The only way to really cover the cost of school will be to live on a tight budget after school and work 65 hours a week earning $200,000 and using half your income for a few years to pay off the loans quick, because interest will continue to accrue. OR you could join the military with the HPSP program and they'll give you $2,200 a month while in school and cover all your school costs. I backed out of that offer though because if you end up dropping out of CRNA school they force you to work for them as an ICU RN to pay them back.

Good luck to you and try not to stress about it. You will be in massive debt, but you'll make massive money too.

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I went into CRNA school completely debt-free, and when I graduate, I'm looking at at least $150k in student loans. I'm using all federal loans. I worked for 3 years before starting school, and I had some savings when I started, but I'm keeping that while I go through the program; you never know when you'll need some emergency funds. Yes, loans are covering everything just fine, but they don't leave you much extra. That's just my preference though.

For me, I always knew that I wanted to be a CRNA, and yes it will suck for awhile to get those loans paid off, but the greater job satisfaction will be well worth it. I could have taken more time and saved up more, but I wanted to get my career going and get my life going. For me, I know that I have the discipline to get my loans paid off in a timely fashion when school is done. If I thought I'd drag my feet and take my time paying them off, I would have saved more prior to starting.

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You will need lots and lots of loans. You will need to be prepared to have a co-signer if your credit is not great, or incase they decide not to give you the loan because you are not working. I am borrowing the max each semester and will have close to $230K in debt when I am done ($30K from undergrad).

My situation is different though, I have 5 kids. Saving prior to school was impossible. Going to school with a large family is difficult, but doable. Just make sure you have back up plans for loans.

Good luck.

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