SRNA Loans for 2011

[asdaylightburnsjax]

Hello everyone! I have recently applied and interviewed at a few CRNA programs in Florida. I'm currently waiting to hear back in reference to my status. I'm having difficulty finding succinct information on the availability of loans for new SRNA students. I'm well aware that loans a few years ago, pre-economy flip, were more abundant. I am married, with two kids... Currently have saved around 16k as a savings account. I know that stafford loans will pay up to 20,500 per year for tuition, which will almost cover the cost of most in state programs, but are there loans to supplement income of about 40k/year. I'm interested in hearing from current SRNA's or those who have been approved for loans. Many banks and programs approve CRNA students for medical related loans, similar to those used by medical students. I guess my primary question is... If accepted, will I have difficulty finding funding to pay for my tuition and to provideme with 40k/yr toward living expenses to be able to live for the two years of the program? There are some old postings, but most of them are several years old and not pertinent to the current state of our economy. Thanks!

[asdaylightburnsjax]

Any help would be appreciated.

[SRNA2011]

Hi, I started my CRNA program this past September 2011 and am currently using loans to pay for my tuition and cost of living. You are right that the Stafford Loan will cover $20,500 per year. If you need additional loans, you either have the option of GradPLUS or Private Loans (Ex: Wells Fargo). The 2 loans are both credit-based, with an option of a co-signer. The GradPLUS loan has a fixed interest rate, whereas a Private Loan interest rate can vary depending on where you look. I decided to go with GradPLUS loan and was able to borrow up to the maximum amount of the cost of my tuition/attendance year. Once you decided which CRNA program you will attend, you can also contact their Financial aid office and they can provide you with more specific information on how much you can borrow.

Some other helpful advice that I would pass on is to create some kind of reasonable monthly budget that will show how much you spend & need each month, therefore you will know how much you need to borrow. Also before you start CRNA school, try and eliminate as much debt- such as credit-cards (if you have any) as best as possible. I did this, along with saving as much as I could until I started school and this has helped me a lot. So I hope some of this information will be useful to you, good luck!

[asdaylightburnsjax]

SRNA 2011,

Thank you for your reply. I have looked into the GradPLUS loans. I think my best option is to get the Stafford, GradPLUS, and a 15k private loan. I have a family, so I need roughly 35-40k per year to get by. It will be tight, but well worth it in the end. I figure even with a 120-140k debt at the end of the program, if I continue to live off of 70k for the first few years of being a CRNA I can get them paid off. Good luck with your program!