Okay, so here is my dilemma.... I just got accepted to another anesthesia school! You would think that is good, right? Well, do I go to School A in 2005 or School B in 2006? Both are good schools but money may be an issue.
School A:
accepted for 2005!!
program length 27 months, approx. cost $30,000
tons of clinical sites to choose from, lots of regional and line insertion exp.
class size about 25 students
School B:
accepted for 2006
program length 27 months, approx. cost $30,000
less clinical sites to choose from but the program director is VERY involved and concerned about student's feedback.... lots of regional experience
class size about 16 students
Honestly, I got a little bit better vibe from school B, but I know School A is also an excellent program. However, if I go in 2005, my husband will still be in med school (he will be an intern in 2006) so money may be an issue. I still have a car payment of approx. $400 a month as well. I already paid my deposit to school B, but if I go to School A I will be done a year sooner and making $100K+ a year sooner as well! My only worry is being able to borrow enough to pay rent, health insurance, and car payment while my husband is still in school as well. Monetarily it may be better for me to wait a year, but can I stand working the extra year in the ICU?? I really, really, really need some honest opinions here!! I have no idea what to do!!
As far as loans, the cap for graduate education is much higher, somewhere around $155,000. You can get the $18,500 per year from the fed (Plus you will get more during your summer sessions as Coug said) and you can borrow from several other private lenders to make up the difference. BankOne will give you $30,000 per year over and above fed money (they do not ask about other loans). Do the math and that adds up to at least $97,000 that can be borrowed if needed for two years.
Like many people, I have a family, mortgage, car payments and old student loans. I have to borrow all the fed money plus some private funding to get by. I trimmed what I could but I also do not do without some things like cable, high speed internet, and gym fees. Some things in life are not worth giving up IMO. I also am not forcing my children to eat Ramon Noodles and Kraft M&C like I did in college. We are living as comfortably as we can while trudging through CRNA school. Borrow what you need to remove the financial stress during school because school itself gives you plenty to worry about.
Are there private loans that you can take out without a cap on how much you can borrow? Right now I have NO savings because I just got married and spent all my money on that. I was also considering approaching the anesthesia department where I currently work and inquiring about a stipend in exchange for a work committment, but from reading lots of posts on this board that is often warned against.
Don't delay. a lot can happen in two years. I agree sooner in sooner out. Knowing some intern families and being a family man myself. You are not going to se your husband much while an intern. In 27 months he will transitioning to 3rd year resident and you can be providing for your family. either way I look at it you will be be in school at the same time between the two options. Either way congrats on your accomplishment. Many only have one option and you have two!! good luck
Here's a different perspective...just something to consider.
I waited an extra year to start school, and I am so glad I did. The additional year allowed me to:
1. Take a few courses early and get them out of the way before school started full-time the following year. One less class, even if it's only for a few semesters, can be a considerable benefit to you in terms of time management and general emotional/physical well-being. You should ask if this is an option at your 2006 school.
2. Pay off all my undergraduate debt, buy a new car and pay it off in a year, and save money for tuition. I have no money worries and I am paying for my education with cash. I will be debt-free when I graduate. There is no better feeling than that. No contracts, no scrounging for the highest-paying job I can find to make the payments for my student loans!
3. Invest time in my new marriage. We decided that the stress of making so many changes at once was not worth the potential monetary benefit of graduating one year sooner(we lived in a state with no program, so we knew we would have to move somewhere. Also, that meant a job-change for my spouse - yet another stressor). If you are like me, you are young enough that you will potentially spend decades in this profession. What is one year in the span of a thirty year career, even if you take additional time off for a family?
Also, think about this:
Life in anesthesia school is hard, and occasionally downright miserable, but at the same time, I admit that I can still do many of the things I want to do, when I want to do them. This can be attributed, at least in part, to the fact that I had an extra year to get my financial life in order, take a few classes, and reorganize my life to make it easier for me to get through school with my sanity intact (of course, the other part is that I am content to be a middle-of-the-pack student, which does alot to relieve the emotional stress of anesthesia school).
Finally, do not underestimate the "good vibe" factor of the program you choose. Having a program director and faculty that are approachable, goal-oriented, solution-focused, and driven by the aim of helping students to succeed will do more for you than a vast variety of clinical sites. You need to know going into this whether you will have support from your program when problem arise, as they invariably do in some form or another.
ARRRRGH!!!! Wow, this is harder than I thought. The logical part of me says "wait until 2006, get work to pay 80% of your MSN classes that you take ahead of time, save lots of money and get to keep your car". The impatient, excited to get this over with part of me says "go now, borrow loans out the whazoo, who cares because you will be making over double what you are making now when you graduate, and you will burn out in the ICU". Right now I am leaning a little more towards 2005, but am still interested in hearing opinions either way. I would seriosuly cry if I had to sell my baby (2004 blue Acura RSX-S) but I guess I will do what I have to do to get through.
Okay, well, I've been debating this all freakin day, and I think I am going to go in 2005. I am going to call the financial aid office tomorrow, and as long as I can get approved for lots of loans (the Bank One loan that you are all talking about) and still take some classes ahead of time without that negatively impacting how much money I can borrow, then I will go with school A in 2005. I am just too anxious and excited to wait another year.
I thought of something else. Call the 2005 school and ask them if they can admit you for the Fall semester 2004 as a part-time student. If you can take a graduate-level class a semester until your program starts (I am assuming that your full-time start date is Fall semester 2005, so that would total 3 semesters), you are eligible for full federal financial aid ($9250/semester, and you will surely qualify for subsidized status). That would give you an extra $27,750 minus any tuition accrued. If you couldn't take a class a semester, then the interim period that you are not in school counts toward your total grace period for deferment, so you will still not fall into repayment until graduation (you would have to take classes 2 out of 3 semesters for this to be applicable).
I know that's confusing, so let me know if I can clarify. But, this could be a great way to get additional low-interest money in your pocket if the other factors fall into place.
I know that your 2005 choice will allow you to take up to 18 credits in the year prior to your full-time matriculation. Some of these courses are available online too! Take as many credits as you can prior to Fall 2005 (But still leave enough time to have a life!), it will significantly lighten things up when you get started. You may even be able to get your employer to pay for some of these courses while you are still working. Best of luck!
I was planning on taking some classes ahead of time. My employer WILL pay for 80% of the classes, provided I stay there at least part-time for one year after the completion of the course. Is it realistic to think that I will have time to do one twelve hour shift every two weeks in the CRNA program? Cause I would love to get these classes paid for!
One year committment seems like a lot just for tuition reimbursement! Most places give tuition reimbursement as long as you work there in a full time capacity while you are taking the class.
I agree with Brenna's Dad, that working while in CRNA school is not ideal. Even the people in my class who are single with no children, have had a VERY difficult time fitting in even 1 shift per month. That said, there are people who made it through CRNA school just fine while working every weekend...but it can't be easy!
Personally, I would take the classes as a non-matriculated student and pay for them myself if your employer is asking for that much time committment for a few thousand dollars in tuition payments. A couple of OT shifts pay for a course with no committment!
TraumaNurse
612 Posts
Emerald,
As far as loans, the cap for graduate education is much higher, somewhere around $155,000. You can get the $18,500 per year from the fed (Plus you will get more during your summer sessions as Coug said) and you can borrow from several other private lenders to make up the difference. BankOne will give you $30,000 per year over and above fed money (they do not ask about other loans). Do the math and that adds up to at least $97,000 that can be borrowed if needed for two years.
Like many people, I have a family, mortgage, car payments and old student loans. I have to borrow all the fed money plus some private funding to get by. I trimmed what I could but I also do not do without some things like cable, high speed internet, and gym fees. Some things in life are not worth giving up IMO. I also am not forcing my children to eat Ramon Noodles and Kraft M&C like I did in college. We are living as comfortably as we can while trudging through CRNA school. Borrow what you need to remove the financial stress during school because school itself gives you plenty to worry about.