Financing CRNA School calling all SRNAS

Nursing Students SRNA

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Hello there,

I am getting ready to start CRNA school but can't help shake the anxiety of the amount of debt I am about to incur. I know I have heard several SRNA's, CRNA's, and wanna be CRNA's say "you'll be able to pay it back once you are finished with school". With that being said, I also do not want to be so in debt that my take home pay after all is paid for would be the same as I am making now as a staff RN. I was thinking of deferring CRNA school for a year and do travel nursing to save money. What do you guys think about this plan? Any SRNAs now wish they would've saved more before starting a program? How much did you have saved before embarking on CRNA school? School will already be as difficult as it is, stressing about finances is the last thing I want to do. Any input would be appreciated!

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I have a friend who is a CRNA. He is married, has children, mortgage, the works. He borrowed enough in student loans to COMPLETELY live on (his wife was a stay-at-home-mom) for two years. And I mean completely--gas money, mortgage payment, grocery money, incidentals...the whole shebang. The CRNA program here doesn't permit you to work after getting through the didactic portion of the program (I'm not sure if all CRNA programs are like that or not) so he had to plan accordingly. So saving would be specific to your needs.

Good luck to you!

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Specializes in ICU.

I was in the same boat as you, freaking out about the $'s. Once you start school though, you won't even really have time to pay attention to it. I don't even look at the loan amount. It doesn't matter until I graduate and get a job. My plan is to re-finance my loans, a lot of companies offer rates 2-3% from what I've heard other current CRNAs talking about.

I saved like $28k, but I had only been working as an RN for 2 years before starting CRNA school. What I did, before school started, was calculate all of my expenses...everything. Rent, car, health insurance, food, miscellaneous stuff like getting hair done, whatever! Kept a few grand as "emergency expense fund" and used the rest to calculate what I would need per semester in loans. I applied for a scholarship and ended up getting some money (they are hard to come by, but try!).

If you want to reduce loans, you will have to be minimalistic. I don't really buy a lot of clothes. Haven't had my hair cut for...a really long time lol. Don't get my nails done. Don't buy designer handbags. Don't go on fancy trips. Find a cheap place to live. Make your own coffees and meals. You must start saving now if you want the least amount of loans possible.

You WILL be able to pay them off on a CRNA salary. Refinance all your loans and save interest $. You can pay the minimum amount (and have more take-home pay), or pay more and pay them off before you pay thousands in interest. It's all up to you and the lifestyle you want to have when you finish school and start working. You gotta do what you gotta do, if this is what you want to do. :up:

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I graduated last year and the loans are killing me. However, I waited a long time and was the single income earner for my family of 5...I didn't want to wait any longer. They will loan you up to cost of living that the school sets. I went in with very little money, converted my 401 k and withdrew it all without penalty, and lived very cheap. I mean the kids raked leaves so we could get a tree for the holidays cheap. I had no family support, so no one to call for help. If you have the ability to wait a year or two and work OT every week and sock it all away, you will be happier. Paid 25 k in loans last year, balance went down only by 12 K. Good luck! I was a bedside nurse for 16 years, eke out a few more for yourself and you will be in a better place. Unless you have a spouse that works or family that will help or let you live while in school, etc.

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Specializes in Anesthesia.

Was it still worth it though?

I graduated last year and the loans are killing me. However, I waited a long time and was the single income earner for my family of 5...I didn't want to wait any longer. They will loan you up to cost of living that the school sets. I went in with very little money, converted my 401 k and withdrew it all without penalty, and lived very cheap. I mean the kids raked leaves so we could get a tree for the holidays cheap. I had no family support, so no one to call for help. If you have the ability to wait a year or two and work OT every week and sock it all away, you will be happier. Paid 25 k in loans last year, balance went down only by 12 K. Good luck! I was a bedside nurse for 16 years, eke out a few more for yourself and you will be in a better place. Unless you have a spouse that works or family that will help or let you live while in school, etc.
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I'm going to play devils advocate here. If you have been accepted to a program that great but if you turn around and say "oh I would like to defer my start for a year" The program may respond nope you can't defer or what's the reason you have changed your mind? They also be thinking- if we allow this deferral are we setting a bad precedent? Is it too close to give an alternate a fighting chance to be successful? Why didn't this student think it through before applying? Is this student a flake?

Next year is guaranteed to no one, what if something happens while you are traveling that prevents you from becoming a CRNA- how would you feel about that? From an economic standpoint you are giving up a year of CRNA salary to avoid some debt, may not be the best return on your time investment.

Yes it can be a leap of faith but sometimes you just have to bite the bullet and leap. Go for it! It's a wonderful profession:yes:

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May I ask how much your loans are? & are you now happy as a CRNA?

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Specializes in Critical Care.

Save more. Interest is killer..

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Specializes in ICU.

I agree with CRNA, do it, just get it done, start making the CRNA salary sooner rather than later. Interest sucks, but at my RN salary (just under $50k, yeah it sucks, Florida life) it just didn't make sense to work another year and forego a year of CRNA salary at at least double my RN salary. I have worked out the numbers and should end up with just under 6-figures in loans. If I have $100,000 in loans by the time I graduate, get a job paying $110-$120k and "live" like I was in grad school, I *could* pay them off in less than 2 years if I want to.

It's up to you on how extravagantly you want to live when you get a job as a CRNA. You could buy a new BMW. Or you could work OT, pay off your loans quickly, and save potentially thousands $ in interest. :yes:

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Specializes in Critical Care.

I know your goal is get in, get out, make money right away. At the very least, save enough money for rent / living expenses. Make sure all your other debt is paid off.

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Yes everyone, absolutely worth it. I came out with 144,000 in loans. Yes absolutely pay everything off, save up. Interest is a killer on that amount of money. Seriously 1/2 of what I pay goes to interest. If I continue to pay at this rate will pay almost 120,000 in interest. Even doing it in 5 years is a huge amount. Obviously if you have a working spouse, family that can help pay, etc, it's a different story. But one income with a family is a killer with the loans.

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The majority of SRNAs are going to have some amount of debt. Do you have any money saved up at all? Will you be paying in state vs out of state tuition? The worse thing that could happen is that you get to your last year and run out of money. Federal loans and grad plus loans only give you a certain amount. You will have to borrow from private lenders for any amount more than that. Knowing that you have money set aside in case of an emergency will lessen your anxiety. I waited an additional year before I applied to save some money but then again I don't have a house note or mouths to feed.

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