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How did you manage to pay off yours nurse anesthetist program, and do you have any tips on saving money?
The nurse anesthetist program cost two hundred thousands dollars, money that majority of us do not have just laying around. Although, I am aware of all the people with the money, those of us who don't have the money are forced to take out a loan that will be paying for more than half our lives. #doctor #nurse #money #loans #saving #hospital-and-health-care #health #medicine #college #career
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Deidre’s Answer
Hi! Unfortunately you are right; student loans are a reality for most of us.
First thing: Seek out financial aid and scholarships (even if you don't think you qualify - you may be surprised!)
Resources
- https://studentaid.gov/
- http://www.collegescholarships.org/scholarships/nursing/anesthetist.htm
Both of these sites will give you multiple options to seek out aid whether it be a federal loan, grant, or scholarship. (There are scholarships for all kinds of things. I knew a friend who got a scholarship because she won a contest for designing the best prom dress out of recycled materials. Another friend got one for having red hair. Google should help you find those kinds too.)
Second thing: If you have to take out a loan, make sure you look for:
- low interest rate (https://www.bankrate.com/loans/student-loans/rates/)
- Payback requirements - many loans don't make you start paying them back until 6 months AFTER you have graduated with your license/degree. (Loan Deferral). I'd definitely make sure that was the case for you.
- Loan Consolidation - If you have to take multiple loans (typically I had to take a new loan for every year I was in school) depending on the economy at the time, the interest rates could vary. After I got out and begun paying, I realized that loan consolidation was in my best interest. (https://studentaid.gov/manage-loans/consolidation)
Finally, it is a good practice to begin saving money as soon as you can. It doesn't have to be a ton. A practice I've used ever since I got direct deposit with my first job was to automatically deposit a percentage of my paycheck (whatever I could afford, 5%, 10%) to a savings account. That way I never even saw it. And I'd make sure that the savings account type had some sort of appreciation aspect to it. Most banks have this type of setup - some just might require you keep a minimum amount of money in the account. Over time, this will really help you out if you ever need cash, or when you start having to pay back your loan. Also, when you can, pay more than you're scheduled to. Every time I got "unexpected" money (income tax return, Christmas bonus at work, etc) I'd put half of it towards my loans. The quicker you can pay the loan down, the more impact your payments will have, since for the first 30% of the loan or so, you're really paying out interest, and not hitting the principal balance like you'll want to. Less principal = less interest. :)
I know this was a lot. I hope it helps!
First thing: Seek out financial aid and scholarships (even if you don't think you qualify - you may be surprised!)
Resources
- https://studentaid.gov/
- http://www.collegescholarships.org/scholarships/nursing/anesthetist.htm
Both of these sites will give you multiple options to seek out aid whether it be a federal loan, grant, or scholarship. (There are scholarships for all kinds of things. I knew a friend who got a scholarship because she won a contest for designing the best prom dress out of recycled materials. Another friend got one for having red hair. Google should help you find those kinds too.)
Second thing: If you have to take out a loan, make sure you look for:
- low interest rate (https://www.bankrate.com/loans/student-loans/rates/)
- Payback requirements - many loans don't make you start paying them back until 6 months AFTER you have graduated with your license/degree. (Loan Deferral). I'd definitely make sure that was the case for you.
- Loan Consolidation - If you have to take multiple loans (typically I had to take a new loan for every year I was in school) depending on the economy at the time, the interest rates could vary. After I got out and begun paying, I realized that loan consolidation was in my best interest. (https://studentaid.gov/manage-loans/consolidation)
Finally, it is a good practice to begin saving money as soon as you can. It doesn't have to be a ton. A practice I've used ever since I got direct deposit with my first job was to automatically deposit a percentage of my paycheck (whatever I could afford, 5%, 10%) to a savings account. That way I never even saw it. And I'd make sure that the savings account type had some sort of appreciation aspect to it. Most banks have this type of setup - some just might require you keep a minimum amount of money in the account. Over time, this will really help you out if you ever need cash, or when you start having to pay back your loan. Also, when you can, pay more than you're scheduled to. Every time I got "unexpected" money (income tax return, Christmas bonus at work, etc) I'd put half of it towards my loans. The quicker you can pay the loan down, the more impact your payments will have, since for the first 30% of the loan or so, you're really paying out interest, and not hitting the principal balance like you'll want to. Less principal = less interest. :)
I know this was a lot. I hope it helps!
Updated
Lisa’s Answer
Hi: Try researching the Sallie Mae loans which are variable (may change if interest rates increase, and that your parents are the liable party should you default on your loan. These college loans off the lowest rates. I think though, that you need to be realistic about how much money you need to borrow and compare it to the starting salary you can expect after graduation. If paying back the loans will take more than 5 yrs, perhaps work in the medical field FIRST, save some money, then enter the program. Any experience working in a medical environment will help in getting a job afterwards. Ask relative if they would be willing to give you a small interest free loan to help you out, offer them an signed Promissory Note. College loans, repaying school loans, saving money