loans

Sounds about right. I estimate I'll need about $100k MINIMUM (I have cheap rent) :/ I'm saving as much as I can now. Hoping to not take out more than $80k in loans but we will see...really trying to keep my loans under 100k. On the bright side, once employed, we should be able to pay them off pretty quickly. :)

It seems that some people tend to take a few travel assignments before their anesthesia program begins, to build up a financial cushion, thus lowering loans.

100k+? That sounds like a lot... How much is tuition?

I am hoping to keep mine under 50k...tuition is abt 40k...

If you don't have anyone to support you, $100k is right. Think health insurance, rent, food, phone, utilities, car insurance/payment/gas, etc...it adds up quickly. Most people aren't able to work through CRNA school, so 28 months without pay = take loans to cover living expenses :)

Easy 100k with tuition, most hit 150k+. At 150k loan, 5% interest, 10 year payment period you're looking at 1600 a month. @135k base salary per year you're looking at 11250 a month gross and around 7875 per month net @30% taxes. Take out that 1600 a month and you're looking at 6275 per month. Which is probably close to what you make as a nurse @100k. Its an investment thats for sure but after that loan is toast, you'll be sitting nice. Take into account the lost wages for 3+ years (DNAP) and it will be an even bigger hit. You'll be OK but again you have to think of it like an investment. I chose to forgo this option as I dont want to be fully out of debt by almost 50, I'de much rather enjoy myself without having the mountain of debt looking at me for the next 10+ years.

Easy 100k with tuition, most hit 150k+. At 150k loan, 5% interest, 10 year payment period you're looking at 1600 a month. @135k base salary per year you're looking at 11250 a month gross and around 7875 per month net @30% taxes. Take out that 1600 a month and you're looking at 6275 per month. Which is probably close to what you make as a nurse @100k. Its an investment thats for sure but after that loan is toast, you'll be sitting nice. Take into account the lost wages for 3+ years (DNAP) and it will be an even bigger hit. You'll be OK but again you have to think of it like an investment. I chose to forgo this option as I dont want to be fully out of debt by almost 50, I'de much rather enjoy myself without having the mountain of debt looking at me for the next 10+ years.

Your last sentence is confusing; are you forgoing crna school due to the 100k+ loan?

Wish I made $100k as a nurse! Lol. It is definitely worth it based on what I'm earning now. If I live like I am now after school, I could pay off my loan in less than two years. We will see how it goes!

Your last sentence is confusing; are you forgoing crna school due to the 100k+ loan?

I chose a different path other than CRNA due to debt and family. With most anesthesia programs now converting to DNAP you're looking at 3 years minimum of no work to complete the program. 100k in debt is a low figure. I work in PACU and my best friend is a CRNA and I'm around CRNA's all day long. Its getting to be a rough commitment debt wise. If you dont have any family, dont plan on having one shortly after you are done and have low to no overhead, I would say to do it. If you dont have what I just described, its probably not financially viable.

It really depends on your situation. There are schools with programs that cost $30,000 and those that cost $100,000. In some areas the salary difference between an RN and CRNA is $100,000, meaning you'll make your money back rather quickly. In others it's only $50k. Some have family that can support their living expenses while others live in expensive areas with hefty financial commitments. You really have to look at your situation and decide what your investment and pay off will be.

For example, a nurse in NYC making $100k with say $30k in student loan debt and no family to help with living expenses and planning on going to Columbia CRNA school ($90k) will likely walk out with $160k (90k for tuition, 40k living, 30k living) a long with loosing $130k of income (65k lost after taxes per year) and only make $50k a year more (CRNA salary starting at 150k). That's rough.

A nurse in North Carolina making $60k with no loan debt and living with family who decides to go to NC Raleighs program (35k) could walk out with 40k in loans, 80k lost salary, but could make $160k+ their first year, making this investment fantastic.

There are so many different scenarios and so many different paths to take. If you're single and have to support yourself, you can think about moving to an area with a cheaper school and cheaper living expenses and have relatively small loans. Also, the more rural areas in the US often have a greater need for CRNA's and therefore higher salaries than the more desirable big city areas. So it's an awesome win financially to go to these areas.

It does depend on the area as has been said. You'll find schools under 50K as well as those over 100K. It's a decision you'll have to weigh with your options but all in all I think it's an investment that's worth the sacrifice.

The financial end of school can be gruesome. Some schools are $140K+ for an DNAP just for tuition alone. Over the last 10 year CRNA pay has dropped, I can't imagine paying even $100K for tuition. Postponing CRNA school for a year or two to save up for living expenses may be a good idea and minimize student loans. I understand the whole "yeah but its one year closer to making it through school and making more money" thing, there are dropouts from CRNA school. What about the people who dropout what whatever reason, grades, family, kids, etc.? Imagine having to payback $100K in tuition on an RN salary. Don't make the mistake of too much debt. I'm not all Dave Ramsey "debt is dumb" when it comes to tuition, but analyze the what if's prior to taking on so much debt.