How to Create a Financial Plan Before Entering a CRNA/Nurse Anesthesiology Program

Financial planning is essential before applying to a CRNA/nurse anesthesiology program. You will need to manage tuition, living expenses, student loans, and minimize long-term debt.

The timeframe between acceptance and starting school may vary from 3 to 12 months. Ideally, you should have your financial plan in action at least 12 months before the program begins.

Assess the Total Cost of the Program

Before anything else, get a clear understanding of the financial commitment involved. Consider that you will need to cover at least 36 months of living expenses for a 3-year program, plus an additional 6 months to account for the certification process, job search, credentialing, and receiving your first paycheck.

Key Expenses to Plan For:

• Tuition and Fees – Research the costs for programs you’re considering. Public institutions may be more affordable than private ones.
• Books and Supplies – Textbooks, clinical equipment, and certification fees can add up.
• Living Expenses – Estimate housing, food, transportation, and other essentials. If relocating, factor in moving costs. Temporary housing may also be necessary for remote clinical sites.
• Healthcare Costs – Maintain health insurance through a spouse or the ACA marketplace. Some programs require students to have coverage. Consider other affordable insurance options such as LaaSy Health for affordable dental, tuition, or pet insurance.
• Lost Income – Since most programs require full-time study, plan for no income. Adjust your budget accordingly to live on less.

Create a Savings Plan

Setting aside money before starting your program can help cover unexpected costs and reduce reliance on loans.

• Emergency Fund – Plan for unexpected expenses like medical emergencies or car repairs. Aim for at least 6–12 months of living expenses as a safety net.
• Monthly Savings Goal – Begin saving now by allocating a portion of your current income to cover living expenses and tuition. Cutting non-essential expenses like dining out or vacations can make a big difference.
• Adjust Your Lifestyle – Start practicing living on a leaner budget before returning to school. Minimizing discretionary spending will help you adjust to a reduced income while in school.

Explore Financial Aid and Scholarships

Explore all funding options to minimize the amount borrowed.

• Federal Loans – Apply for Direct Unsubsidized Loans or Graduate PLUS Loans through FAFSA. These options generally offer lower interest rates and flexible repayment terms.
• Private Loans – If federal loans don’t cover your full expenses, compare private loan options from banks or credit unions. Be mindful of higher interest rates and less flexible repayment options.
• Scholarships and Grants – Apply for scholarships and grants that don’t require repayment. Check for funding from the AANA Foundation as well as nationwide and school-specific scholarships.
• Workforce or Tuition Reimbursement – Some employers offer tuition reimbursement programs in exchange for a post-graduation work commitment.

Budget for Reduced Income

Learning to live on a reduced income before starting school will help you manage finances while enrolled.

• Estimate Living Costs – Create a budget based on essential expenses such as housing, food, transportation, and utilities. Note that many programs state “you cannot work while in this program” due to the intensity of coursework.
• Emergency Fund – If possible, build up your emergency fund to avoid financial strain during unexpected events.
• Lifestyle Adjustments – Prepare for financial and social sacrifices. You may miss out on events and luxuries while in school. AANA Rewards can help maximize your budget.

Refinance or Pay Off Existing Debt

Managing your existing debt before school will help reduce financial stress.

• Pay Off High-Interest Debt – If you have high-interest debt (e.g., credit cards), focus on paying it off before starting school.
• Student Loan Refinancing – Consider refinancing existing student loans to lower interest rates or reduce payments. Be cautious when refinancing federal loans with private lenders, as you may lose benefits like income-driven repayment plans or PSLF. Consult with Laurel Road or GradFin for options. 
• Public Service Loan Forgiveness (PSLF) – If you plan to work for a nonprofit or public organization, you may qualify for PSLF after 120 payments. This can significantly reduce your debt burden.

Speak to a Financial Planner

Navigating student loans and career transitions can be complex. Consulting with a financial planner who specializes in CRNA/nurse anesthesiologist finances can provide valuable insights.

Organizations like CRNA Financial Planning can help you create a personalized strategy, understand loan options, and avoid common financial pitfalls.

Conclusion

By following these steps, you’ll have control over the financial challenges of CRNA/nurse anesthesiology school, allowing you to focus on education and career growth.

Planning early and making informed financial decisions will set you up for long-term success.