What do I do now that I'm in?

tommy · Feb 5, 2004

You have to start with the fafsa on the web... most financial aid offices won't even start anything until you have that.... you can get some private loans, too i.e. sallie may sig loans, bank one has a good one, etc.... find out how much you will need to pay tuition and living expenses (is your wife working, or like me, is kids enough work?) good luck

TraumaNurse · Feb 5, 2004

devine1,

One of the most stressful things about going to CRNA school, especially when you have children, is how you will survive financially. I plan on borrowing whatever it takes to get us through school without that extra financial stress. I know in the end I will have the means to payback the loans, so I will take what I can get.

As a graduate student you should qualify for the full $18,500/ year from federal aid. You can also borrow from private lenders such as PLATO, BankOne or Wachovia. Many banks have special loan programs for students and they are more willing to give money to grad students ( You may need a cosigner since you will not be working, but your spouse can qualify as a cosigner).

My plan..trim the fat off our budget ( I sold one of my cars with a higher payment and bought El Cheapo car for school and got rid of the credit cards), try and save as much as I can and borrow what ever it takes. My wife is also an RN so we will rely on her income, but she may drop to part-time so we do not have to use day care for our children. We have a plan, but accept the fact our plan could change at any time. Good luck.

devine1 · Feb 5, 2004

My thanks to Tommy and TraumaNurse for your advice. I know it will be a huge sacrifice in the "short-term" but not without any "long-term" benefits for myself and my family!

Brenna's Dad · Feb 5, 2004

I also have two young children. My in-laws were gracious enough to move in with us for eight months or so when school started, but we found it to be too great a stress on our family. We now work opposite shifts and utilize daycare for a few hours a week.

I wish my wife was working just a bit less (RN), but we have decided to plow through with just the Stafford loans. If I had more children or a less well paid wife, I wouldn't hesitate to borrow more and spend a wee bit less.

We also paid off all our debt before school, so we would be fresh and clean to borrow even more!

The military is another option. The pay and tuition reimbursement is very reasonable.

Many future employers will pay off a portion of your debt in return for commitment.

louloubell1 · Feb 5, 2004

First, congratulations!!

I agree with Tommy. Start with the fasfa. My school said I'll qualify for $27,000/year in loans (Direct & Perkins) so that will be a tremendous help.

I've got little rugrats too (4 of them). My husband's job is very flexible about the days he works and he gets all his hours in in 3 days, so we'll plan his work schedule around my school schedule. Still, we're planning on getting a "mommy's helper"/nanny type person. We've got an extra bedroom so we're thinking of hiring someone to live in. Just thinking about that at this point since there are so many things to worry about with that scenario (ever see those "nanny-cam" caught-on-tape videos of children being smacked around by a babysitter? Makes you worry...).

WntrMute2 · Feb 5, 2004

Now that I've been accepted, reality is sinking in and I'm getting very nervous, as is my wife. My main concern is finances.

First, congratulations. Second, did you not think this through ahead of time? This was not broached during the interview? I am amazed at the number of people that say as you do, "Yea, I got in, whoopee for me, now how am I going to pay for it"? Guys, you treally need to figure this out before hand, spend some time saving, pay down those depts, check int second mortgages, talk to your parents. You are impacting your children and spouses. A big part of anesthesia is planning before doing, start with planning finances. Sorry so harsh, this topic hit me wrong this morning.

Gump · Feb 5, 2004

WntrMute2 - I don't think that was being harsh, I think that it was being REAL! I know that I need a reality check every now and then. This is very serious, an obligation (if one chooses to pursue it) that WILL affect and effect every aspect of one's life physically, mentally, spiritually, financially, socially, etc...

It takes careful planning and discussion. And it's usually still difficult (according to most all SRNAs and CRNAs that I know).

And, if pursued for the wrong reasons can be detrimental in the long run.

Thanks for the post WntrMute2, I hope that folks who read it stop and think...I sure did.

Kason · Feb 12, 2004

congrats, now comes the fun stuff. Along with FAFSA, selling lemonade, collecting cans, and setting up a donation at the local grocery store, the only other option is a BANK ONE loan. It's great because this bank doesn't care what you college sets as the limit of your loans, so you can get up to 30,000 dollars a year while in school. All you need to do is send them proof that you will be attending at UAB and they send you check 2 weeks later. I't's better to do this now while you are working, if you waint until you are in school you will need a cosigner. My interest rate is relatively high compared to the federal loans, but all loans can be paid off within a few years after school. Hope this helps.

TraumaNurse · Feb 12, 2004

A few notes about the BankOne loan. You must be within 90 days of your start date to apply. I start in May and they told me to wait until the end of Feb to apply. They will ask if you will be employed during school (which is usually no for CRNA school) so will most likely need a co-signer anyway. (My wife will be co-signing for the loan). Otherwise it's nice to know there are places to borrow what you need to get through school.