Living while in CRNA school?

CCRN-CMC-CSC · Nov 12, 2008

I was told repeatedly thru the application process that the money was available to SRNA's without difficulty. Private loans of 40K above the Stafford, blah, blah blah. However here I am starting school Jan 2nd and the world of student loans has changed DRASTICALLY. Chase, Bank of America, my credit union, my local bank, and many other are currently not offerring private loans that are not certified by the school. The limits the amount of money you can borrow to the Cost of Attendance that your school sets. Looks like I will be selling my lot in a subdivision (hopefully) and cashing in the ole 401K which is now worth 28% less than it was 10 months ago. My rock solid financial plan which included a nice Excel spreadsheet and advance visits with my local banker has been shot to *&^%. However I am going to school no matter what even if I have to live on hamburgerless hamburger helper for 28 months!

FLTraumaRN · Nov 15, 2008

I would agree with the previous poster. I started school this august and finding loans above the cost of attendance and nonschool certified to cover living expenses was challenging, but now even those loans don't exist anymore. I was talking about that today with another student and wondering how it might affect ourselves and other classmates, let alone next year's students.

I would say that unless the financial situation changes, you will be in a hard situation. I would consider working on your financial plan now if this is your dream. Pay off bills, car loans etc. My school also made me show that I had health insurance before starting, so this may be an issue also with a family and a big financial burden. It's a lot to think about, hopefully things will change in the next year.

Good luck!! If you want it bad enough you can make it happen.

Bicster · Nov 18, 2008

I was wondering if anyone knew if one could manage living through loans while in CRNA school. I am getting closer and curious; I have 2 years SICU experience in a large hospital, BSN completion Fall 09 with 3.8 GPA so far, all As in sciences and math, ACLS and PALS certified with CCRN cert this spring likely. My dilemma is; Married, one 3 year old with another kid on the way in March this year, mortgage, etc. Wife is stay at home- she could potentially work while I go to school but say hypothetically she doesn't and even if she does it will not cover current living expenses. Are there still loans out there and the like to cover mortgage, other living costs, etc? I totally realize that I would have to cut lifestyle down as it is but, Any info on this would be great, anyone else with this story that has went through CRNA school? Thanks in advance

You are not in a financial position for school right now. Pick up some extra shifts, reduce any and all expenses, and save save save.

bibibi · Nov 19, 2008

I was told repeatedly thru the application process that the money was available to SRNA's without difficulty. Private loans of 40K above the Stafford, blah, blah blah. However here I am starting school Jan 2nd and the world of student loans has changed DRASTICALLY. Chase, Bank of America, my credit union, my local bank, and many other are currently not offerring private loans that are not certified by the school. The limits the amount of money you can borrow to the Cost of Attendance that your school sets. Looks like I will be selling my lot in a subdivision (hopefully) and cashing in the ole 401K which is now worth 28% less than it was 10 months ago. My rock solid financial plan which included a nice Excel spreadsheet and advance visits with my local banker has been shot to *&^%. However I am going to school no matter what even if I have to live on hamburgerless hamburger helper for 28 months!

Chase still offers private student loans in certain states. Check their website to see if your state and city is eligible. It is always better to apply with a cosigner.

putmetosleep · Nov 20, 2008

This is all very discouraging news! Although I am not surprised given the state of our economy right now. Hopefully things start to turn around within the next year or so.

CCRN-CMC-CSC · Nov 21, 2008

Chase still offers private student loans in certain states. Check their website to see if your state and city is eligible. It is always better to apply with a cosigner.

I applied with a co-signer to Chase and they approved me but then they sent me a letter stating all private loans must now be school certified so I cancelled the loan. Private loans dont help a bit if they are part of your COA :bugeyes:

bibibi · Nov 21, 2008

I applied with a co-signer to Chase and they approved me but then they sent me a letter stating all private loans must now be school certified so I cancelled the loan. Private loans dont help a bit if they are part of your COA

Chase has 2 types: Chase Private and Chase Select Private. The second one will need school certification. I think first one won't. Which state is your school in?

CCRN-CMC-CSC · Nov 26, 2008

my school is in Arkansas. Any info would be MUCH appreciated!

bibibi · Nov 26, 2008

my school is in Arkansas. Any info would be MUCH appreciated!

This type of loan is not available for Arkansas. My guess it is available is the states where Chase has branches.

allthemadmen · Nov 26, 2008

A friend of mine has absurd levels of debt from living expenses while in law school years ago, but of course she is a lawyer raking in the chips, so this is not a problem. Unfortunately, as others have pointed out, the world has changed.

I am still in nursing school, already taking courses for my BSN and my O-Chem for anesthesia school. However, with things as they are, I think all of us might have to be flexible in our plans. When I am ready for CRNA school, I will have a child ready for college and another in (probably private) elementary school. I might simply have to wait another two or three years to put away enough money, depending on our situation as a family. It will be a lot to ask of my spouse, especially after all the years he's taking care of everyone while I am in school, to shoulder that burden once more.

Especially with a baby on the way- I suppose you have to consider how important it is for a parent to be home with the baby, and for how long. My prospective CRNA program makes very, very clear in every information session how much time it requires and therefore how much support you will need from family. That's an awful lot of stress for everyone involved. However, the other side of that is the sooner you do it, the sooner you graduate and earn a better salary anyway. I would talk to a professional financial planner, if I were you, so you have an objective, experienced view helping you decide not if, but *when* you can afford to do this. Then at least you needn't feel you are putting off your goals indefinitely, nor do you need to fear you are getting in too deep.

Home equity lines of credit get a bad rap but in my case it was the best thing I could have done. Talk with the bank you use about that, not some independent rogue broker; go into your local branch where you've been banking for years, and just ask what the situation is in your area.

Good luck and you will get there (and congrats on a new baby)!