Paying for CRNA School

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For those of you currently in CRNA school, I am looking for some advice on financials. It's my understanding that most people take out loans so I am doing as much research as possible to understand it all. So, for those of you who have taken out loans: 

What type of loan did you take out? Direct unsubsidized, grad PLUS, private?

If private, which lender did you choose?

How much have you taken out and was it to much or to little? 
 

My school only offered me the direct unsubsidized and the estimated cost of attendance no where near matches my actual living expenses which includes a house/car payment and my children's education. 
 

I'll take all the information I can get! 

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Specializes in SRNA.

Generally loans unless you have loads of cash on hand.  

Graduate students can take up to $20,500 in subsidized grade loans (interest does not accrue while in school), and in addition to the subsidized loan, and additional amount of unsubsidized grad plus loans depending on your credit score. 

Programs will give you a "cost of living" dollar amount that you are able to borrow in addition to the cost of tuition. So, most people end up borrowing the cost of tuition + the "cost of living" amount given by the school as a graduate plus loans.

For example: I have borrowed the cost of tuition for this year, $40,000. I have also borrowed a cost of living amount of $34,000. So this year I have borrowed $74,000. $20,500 of which are subsidized and the remaining $53,500 is unsubsidized. 

I borrowed the maximum amount of cost of living my school allows until my SO and learn to maximize our budgets. 

To be clear, it is your school that dictates how much cost of living you are allowed to borrow IN ADDITION to the cost of tuition. 

Happy to answer anymore questions. It took a financial aid meeting with the program for me to fully understand how it all worked. 

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OK that's kinda how I understood it except I thought graduate students were not offered subsidized loans? My school only offered me the unsubsidized kind that accruals interest while in school.
Does the grad PLUS loan accrual interest while in school?

Do you know any classmates that took out private loans instead?

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Specializes in SRNA.

You can borrow up to $20,500 of subsidized (which do NOT accrue interest) direct loans. Direct PLUS loans are unsubsidized (which accrue interest in school) and are generally taken out after you max out the direct loans. Both of which are federal graduate loans but direct and direct plus are two separate loan programs. Not sure why your school only offers direct plus, and not direct; I would follow up with the financial aid office on that one. 
 

I do not personally know of anyone who has taken private loans. I do know most loans require some sort of collateral such as a house. There might be "signature loans" but they would likely be very high interest. Again this is just speculation but if that's what it takes to complete CRNA school, then that's what it takes. 

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All federal student loans at the graduate level are in fact unsubsidized loans with the yearly limit being 20,500. (interest at this time may not be accruing because of the moratorium in place for COVID, but this is set to expire in a couple of months.)  

https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

If additional assistance is necessary then you can certainly explore options such as a grad+ loan, Graduate School Loan for Health Professions, or private loans.

Best of luck

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People graduate having absurd debt almost universally and they've asked all of these questions already.  At the end of the day, while these questions are important, the answer is lots of overtime, lots of call and living like you're poor once you graduate and have your first job. You can pay it all off in less than 5 years if you have the discipline, but from what I see, most don't. The sad part is that debt keeps a lot of smart people from entering the field. If they could suck it up for what amounts to an insignificant period of their entire career, they'd never look back. 

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Specializes in ICU.

Anyone have info on using the GI bill and yellow ribbon for CRNA? Couldn't find a thread but it won't cover all of school so I am wondering how that works with taking out FAFSA

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ICURNHI said:

Anyone have info on using the GI bill and yellow ribbon for CRNA? Couldn't find a thread but it won't cover all of school so I am wondering how that works with taking out FAFSA

My brother used his. Many schools (esp private) arent yellow ribbon or only match a small amount.

You need to talk to the VA rep and financial aid dept with whatever school you get into. Apply for FAFSA as per usual

For my NP Program I used my GI bill, the VA has handy calc for each school to estimate cost

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Specializes in ICU.
ICURNHI said:

Anyone have info on using the GI bill and yellow ribbon for CRNA? Couldn't find a thread but it won't cover all of school so I am wondering how that works with taking out FAFSA

Former university VA student worker here. GI bill will pay for a set amount towards tuition, and you must cover the rest. You must apply for your benefits once you get accepted/enroll to know how much that is. FAFSA is not affected by your GI Bill as it is considered an earned benefit. FAFSA won't even look at whether you're using the GI Bill or not. 

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