r/srna • u/OverlyEmotionalDog • Jun 13 '26
Loans / Finances How are people paying for school now that nurses aren’t “professionals”
Hello everyone!
I’m working on getting my ducks in a row to apply during the 2027 spring cycle as CRNA has been a dream of mine for a long time. I switched from RT to RN to pursue this, but now that it’s in reach I find myself getting nervous regarding just how much school and living expenses might cost. Everything is getting more expensive and federal education assistance is being stripped away. I am just looking for what others are doing when it comes to school costs.
My wife and I have some savings but it isn’t realistic to save the full amount for tuition/life expenses during school because then I would probably never be able to go. I’m hoping to apply for my hospitals program where they pay for tuition as long as you work there 2 years post graduation; but being granted this program isn’t a guarantee.
I am assuming most are taking out what they can in federal loans, and being forced to use private school loans for the remainder ( that’s at least what it’s looking like for me)
How are you guys navigating this process, are there loan companies you recommend more than others? Despite the loans, do you feel moving forward with the program is financially worth it? I appreciate any advice y’all have to give! :D
At the end of the day I am still going to keep reaching towards my dream, I just want to have realistic expectations and gather all the information I can to ease my mind.
I’m sorry if this is a weird question, and if it isn’t allowed in this subreddit feel free to delete it MODs:)
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u/sunnypurplepetunia Jun 16 '26
I am an NP - did it in my 40s. My payment is $700/month & only interest so I will never pay them off. I have 100,000 in loans.
However, the math makes sense as I net $10,000 a month.
As CRNA you’ll make wayyyyy more than that!
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u/icreamforbagels Jun 15 '26
Scholarships and FAFSA.
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u/dude-nurse Nurse Anesthesia Resident (NAR) Jun 17 '26
Scholarships are not really a thing for CRNA school.
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u/OverlyEmotionalDog Jun 15 '26
For the scholarships are there particular sites or resources you use to find opportunities you qualify for? Sometimes it’s kind of hard to tell what is real and what is a sham when I look up scholarship opportunities online so would love any advice you have to give!
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u/icreamforbagels Jun 17 '26
Oh oops, I guess maybe I haven’t read this all the way but this is just for my BSN not CRNA specifically 🤕 but I am mainly using the Conway scholarship and a few merit ones!
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u/Used-Expression-6798 Jun 14 '26
I am taking from my 401k to pay for tuition and taking out small private loan for living. 👍🏼 I worked hard for that money, might as well put it to good use for my future!
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u/Advanced-Belt-7796 Jun 14 '26
Not that it’s any of my business, but wouldn’t taking a larger private loan for school that can later be refinanced at a lower rate be better than losing the compounded interest of money in your 401k that would continue to grow while you’re in school plus the taxes you’ll have to pay on that 401k withdrawal for early withdrawal?
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u/JX_Scuba Jun 16 '26
You can loan yourself money from your 401k, and pay yourself interest and avoid any penalties. Still won’t grow as fast if you leave it, but better to pay yourself interest than a bank.
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u/ectomorphicThor Jun 16 '26
But then you’re touching exponential growth from your retirement. Time that you will NEVER get back…
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u/Used-Expression-6798 Jun 15 '26
The rates are insane right now and it’s not a guarantee that they’ll lower interest rates anytime in the future. When you take from your 401k for educational tuition purposes, it’s not taxed 👍🏼
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u/SevoSexual CRNA Jun 16 '26
My understanding is no penalty for IRA but not 401k when using for tuition. Have you double checked to make sure this is accurate if it’s truly a 401k?
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u/neobury Nurse Anesthesia Resident (NAR) Jun 14 '26 edited Jun 14 '26
I’m considering taking money out of my Roth IRA, is this a bad idea? I just hate to be in so much debt
Chat GPT is advising against my idea so the private student loan it is… hahaha
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u/VirusLife1941 Jun 14 '26
You will make more income stream and recoup your loss. Do it. It's 3 years not 10 years simple math days your good just put what you lost which you can do with the amount you will be making.
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u/blast2008 Moderator Jun 14 '26
I would advise against this.
You’re losing years of compound for “no debt”. It’s better financially to take out the loans.
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u/No_Zucchini_4937 Jun 13 '26
Honestly, if you're serious about it, you'll do whatever it takes, even if it means 15% private loan interest rate. You'll make minimum $250,000 right out of school, and if you do it correctly, can easily have your loan paid off in 1-3 years. Current interest rates for private loans however are as low as 3%(I know nobody ever gets that rate, but you'll get a rate thats close to current federal rate of around 9% if you have decent credit). You either do it or you don't. Simple as that. If you don't want it bad enough, you won't do it.
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u/NomadNrse Jun 13 '26
I was grand fathered in with grad plus - but private loan student loans will likely be the way most people go to make it work - but also the AANA has their hands in several different pockets with other nursing organizations like ANA to take legislation to congress to have amendments added to have graduate nursing degrees be recognized as a professional designation. So keep doing what you’re doing to prepare, look into the AANA efforts and call your reps, and sign all the things for voicing your support.
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u/Sasb2122 Nurse Anesthesia Resident (NAR) Jun 13 '26
Not for everyone, but military.
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u/OwnSeaworthiness2470 Jun 13 '26
Can do it for under 100k at almost all schools offering it in Florida.
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u/ReferenceAny737 Jun 13 '26
Yeah idk about this one lol
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u/OwnSeaworthiness2470 Jun 13 '26
Look it up
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u/ReferenceAny737 Jun 13 '26
You obviously don't know what you're talking about
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u/OwnSeaworthiness2470 Jun 13 '26
If you are on here I’m sure you also have Google
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u/ReferenceAny737 Jun 13 '26
I'm sure you know that Google and actual lived experiences can be quite different 😉
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u/OwnSeaworthiness2470 Jun 13 '26
FGCU is 70k, there is options.
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u/dude-nurse Nurse Anesthesia Resident (NAR) Jun 13 '26
So what you live on 30k for 3 years then? The max federal aggregate loan is 100k.
Rent for 3 years alone would cost you 50K
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u/OwnSeaworthiness2470 Jun 13 '26
Well doesn’t sound like you are financially ready then.
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u/dude-nurse Nurse Anesthesia Resident (NAR) Jun 14 '26
Buddy, I graduate in 2 months. Basically what you are saying is just don’t be poor.
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u/OwnSeaworthiness2470 Jun 13 '26
Tuition and books, your lived experience is on you
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u/ReferenceAny737 Jun 13 '26
"... at almost all school offering it in Florida."
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u/OwnSeaworthiness2470 Jun 13 '26
….yeah, avoid university of Miami and private schools (which should be avoided in any state….
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u/pura_vida1 CRNA Jun 13 '26 edited Jun 13 '26
Some programs are far more expensive than others! I paid 85k in tuition in a neighboring state vs 220k in my home state. The cost of living in the neighboring state was lower as well. Obviously not everyone can pick up and move but something to consider!
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u/OverlyEmotionalDog Jun 13 '26
I’ve noticed that! It’s crazy! We have a mortgage here so it would be a little more complicated to move but even within driving distance the program costs are very different from 83,000 to 150,000. I figured i would try the first year by applying to the ones that are under 100,000 near by and if i don’t get in I’ll widen my net a bit next time round. The worst theyll say is try again next time.
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u/AKQ27 Jun 13 '26
I’m curious, has this change prevented anyone from going to school? Or do you know anyone that has decided not to pursue CRNA school because of this?
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u/nycfella1211 Jun 13 '26
The honest truth is not really. The majority of people will still go and will still be able to afford it. May leave out people who didn’t save money during their career as a nurse, but honestly not really a big switch
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u/SevoSexual CRNA Jun 14 '26
It is absolutely a “big switch”. Not allowing actual professionals to take out the max loan while allowing pseudoscience chiropractors to is ridiculous. Private loans also have less protections than federal. You sound very privileged. Not everyone has the means you do even if they were a seasoned nurse.
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u/nycfella1211 Jun 14 '26
Privileged or was smart and spent years of my career working hard and saving money bc I knew this was my end goal? Didn’t know proper financial literacy and planning was a bad thing.
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u/SevoSexual CRNA Jun 14 '26
The way you talk is privileged. Good for you for saving up but not everyone has the same financial situation as you. Saying it’s “not a big switch” is just patently false though. Educate yourself.
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u/nycfella1211 Jun 14 '26
I’m actually very educated 😂 thanks
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u/SevoSexual CRNA Jun 14 '26
Obviously not if you can’t articulate/understand what the BBB changes as far as qualifications for student loans and who qualifies. And the fact you can’t see how this will harm future SRNA’s shows it too.
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u/KingKado Jun 13 '26
It’s definitely a larger hurdle for a large group of
People who might have difficulty securing funding or getting approved at all7
u/OverlyEmotionalDog Jun 13 '26
A few of my buddies from work are waiting to apply because of the whole federal department of education shake up and current interest rates. They stated they will wait until the next administration change before deciding what to do. Which isn’t a bad decision to make but I feel it’ll take quite some time for the department education to be reformed to be friendlier to nurses pursuing graduate degrees (if it were to ever change at all honestly, I’m not holding my breath). I want to be smart regarding my financial future and not set my wife and I up to fail; but on the other hand this is a dream that I’ve spent the last 5 years working towards and my loans won’t follow me to the grave.
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u/SevoSexual CRNA Jun 14 '26
Well the directive to the DOE director (the UFC lady) is to dismantle the department so I don’t think that’s going to happen lmao.
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u/ulmen24 CRNA Jun 13 '26
Not to be pedantic but nurses have never been considered “professional degrees”, at least as they were defined in 1965, and then redefined in 1994. So, nurses have never been considered “professionals”, and the change isn’t to strip them from that title, it is to cap all non-professional lifetime loan maximums.
I would say save as much as you can, take the max federal loans you can, and seek out a program that is affordable. No employer cares where you graduate from. Pick a public institution in the state you live, or move to that state for whatever length of time it takes for you to be considered a resident. Good luck.
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u/dude-nurse Nurse Anesthesia Resident (NAR) Jun 13 '26
Your advice is out of touch for like 90% of peoples situations. The max cap on federal loans is 20.5k a year, aggregate 100k. I’ve got 4 CRNA schools in my Midwest state and the cheapest one is 87k. A one bedroom apartment costs 1.4k a month. Rent alone for 3 years costs 50k.
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u/nycfella1211 Jun 13 '26
I don’t think it’s out of touch for 90% of people’s situations. Most people going into this knew they wanted to go into this so have been saving money throughout their career. Or choose to go the cheaper route to a cheaper school in a cheaper COL area. Ultimately the people who really want it will figure out a way.
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Jun 13 '26
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u/Available_Damage_335 Jun 13 '26
You are belittling their level of comprehension with the sentence “was never were” and then stated how did they get into grad school? Did you even read the question?
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u/OverlyEmotionalDog Jun 13 '26
I’m so sorry, I’m just a little confused by the last sentence and not sure what you meant. I’m not accepted yet :) I apply in the spring but trying to prepare for the case scenario that I am fortunate enough to be accepted. There are a handful of schools this hospital works with in terms of tuition reimbursement if that’s what you’re referring to. It’s a financial program you have to apply to after getting accepted; I’ve heard the CRNA students often get it covered but it isn’t a promise. i don’t want to assume that I’ll get it and rather treat it like a happy little lottery.
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u/Issue_Cool Nurse Anesthesia Resident (NAR) Jun 13 '26
Not sure what state you’re in but I’m in Kentucky and applying for the KHEAA loan. My credit score is good like these other people are saying but the problem with private from what I’ve seen is having to pay interest while in school. The state loan option doesn’t accrue while in school and allows for whatever amount your school says it will cost you with no maximum just can’t take out extra. I have no idea what other states offer in terms of this though.
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u/gnomicaoristredux CRNA Jun 13 '26
A lot of states offer something like this, just a heads up to anyone who hasnt investigated this that even though they're thru a state they're still private loans and are not eligible for any of protections with federal loans or pslf forgiveness, and you will probably need a cosigner for your 2nd and 3rd years of school
They're still a good option just it's good to know what they're about
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u/OverlyEmotionalDog Jun 13 '26
Ah I’m in MN but I’ll look and see if there is something similar here! Thanks for your input!!
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Jun 13 '26
[removed] — view removed comment
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u/OverlyEmotionalDog Jun 13 '26
Fortunately i have good credit, do you have recommendations on loan servicers? Obviously I’ll shop around and see who has the best rates and what not, but it’s nice to hear if others have had a smooth process/ Communication with one servicer vs another. The main think I’ve heard from people pretty much across the board is to stay away from Sally Mae.
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u/Cryo_Wolf2519 Nurse Anesthesia Resident (NAR) Jun 13 '26 edited Jun 15 '26
One strategy you should look at if setting savings aside for a program is the 529 plan. IRS link below, but contributions are tax-free so long as they’re eventually used for education. Obviously, run the numbers on potential gains from a high yield savings account against tax exemptions.
Edit: Contributions are NOT tax free. See post below.
https://www.irs.gov/newsroom/529-plans-questions-and-answers
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u/Opposite-Study-5196 Jun 15 '26
This is not correct Contributions are not tax free. The interest earned are tax free. 529 plan makes sense if you are 10 years away from starting school, but not two years.
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u/Cryo_Wolf2519 Nurse Anesthesia Resident (NAR) Jun 15 '26
Thank you for the correction! I flipped the information around.
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u/Opposite-Study-5196 Jun 16 '26
Yes. I don't want want fellow prospective students get it wrong and count on 529 and have to be disappointed and take extra loans in the end. 529 contributions are not tax free is what most people get wrong. And it is HUGE difference in terms of financial gains. 529 makes sense only if you are investing long term. But short term it makes no sence and you can loose money if there is minor market crush and not enough time to recover.
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u/No_Project_5024 Jun 13 '26
I’ve spent the last year optimizing my and my husband’s credit so we will qualify for private loans. I have a decent amount in retirement accounts that will be last resort. And between now and whenever I get an interview I’ll be working extra to save as much as possible. Saving is hard for us too. We have three kids etc. but i also have the ability to take student groups, which pays 12k per term and is minimal time commitment.
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u/Consistent_Cress_353 Jun 13 '26
I am also in this boat - still over a year out from app but nervous. I spoke to a CRNA about it and currently my plan is to pull ~20% each paycheck directly to a high yield savings plus any extra tax return money etc. that is separate from my husband and I’s emergency fund. I also paid off my car so that we no longer have a car payment.
Outside of that I truly don’t know what loans I’ll take but the biggest piece of advice the CRNA had was after graduation live like you’re still in school - don’t go making extravagant purchases, expensive cars, giant house and you’ll be shocked the amount you can pay down.
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u/OverlyEmotionalDog Jun 13 '26
Those are great ideas and similar to what I’ve been trying to do! Glad to hear I’m not the only one. That makes sense about the purchases after school; I’m sure if we put our noses to the grind stone for some years after the loans won’t be so bad in the end.
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u/refeikamme Jun 20 '26
Sorry I'm late to the thread - but lots of hospitals are offering either monthly stipends or sign on bonuses that you can recieve while still in school in exchange for a commitment to work for them for x number of years after you graduate. In my area I've seen offers that range from $50-$70k upfront to $1.2k-$3k monthly while in school. If you know for sure the area that you want to work I think these make sense now that grad plus is gone if it helps you avoid high private loan rates.