Go back to school to make x2-3 times more?

[LVBRN]

I'm currently an RN, and I'm considering going back to school to be a CRNA (nurse anesthetist). I more than meet most of the admission requirements, I would just have to take the GRE to have everything I need to apply.  I've thought about it off and on over the years, I enjoy aspects of it that I know they do, more autonomy, it's a challenge for me-which is exciting but scary...etc. Comes with much more responsibility and stress.  It also would almost triple my current income... I make roughly 60K before taxes, and CRNA jobs start (in the places I'm looking) anywhere from 140-200k.  I would take on student loans in probably in the 120k range while I'm in school.  Terrifying number for me, I have already paid 50K off of my undergrad and have 7k left.  My DH and I have been paying off debt and we are down on one CC, which we will hopefully have completely paid off in the next 9 months. The only debt we will have after that are his student loans (35K), my loan(7k), and our house.

 I'm trying  to decide if it makes sense to do this, commit 3 years of my life to school, lose my yearly income for 3 years, plus take on 120k more debt.  However the job is more challenging, I would make triple what I do now, and the job satisfaction of a CRNA is much higher from what I can find than a regular RN. If I did this now, it would work very well for my DH and I's time table as we are going to be in the area at least 2 more years for his job. 

I'm afraid to take on that much debt, especially now that we are finally getting to a point where we don't have much anymore.  But the earning potential is great, I feel like I could knock out those loans in a few years after and then be able to sock money away.    arrgh.

[pbkmaine]

Are you happy doing what you are doing now? If not, why not? There are 10,000 jobs out there for RNs that do not involve an additional $120,000 in debt. If this were a huge passion, it would be one thing, but "I enjoy aspects of it"?  Not a strong argument.

[LVBRN]

Good question, I didn't make that clear.  I am actually pretty burned out on what I'm doing. I still have a passion for nursing, and there are days that I'm still happy and excited about what I'm doing, but those are getting fewer and fewer. I've been looking at switching specialties, or going into a different area, but haven't found one that has interested me enough to pull the trigger. I enjoy the complexities of critical care, and I enjoy procedures/learning new skills.

I said I enjoy aspects of it, because I'm only familiar with some things that they do-intubations, central lines, a lines, along with anesthesia etc.. I plan to shadow a CRNA or two in the coming months to get a better feel for it.

[iris lily]

Our friends are nurse a's and good lord, they take home the bacon. Spend it, too.

It is cool that  this is something that you could do part time, too.

Just make sure that the schools havent started to crank out a lot more CRNA people currently. Make sure you wont be graduating into an environment where there are suddenly twice the number of nurse a's.

[SeaEhm]

Loss of income for 3 years = $180k
Student Loan debt brought on = $120k

That's $300k that you are "losing" minus any interest on the student loan debt

New income = +$60k/yr

Assume that is $40k more per year after taxes.

Looks like it would take about 8 years to make up that money. (based on the low income number of twice the salary)

Is it worth it to you?

I don't know you... the only thing I fear is that you are 7 years into this new position and feel burnt out just as you are now.

Also, we don't know your expenses and your husband's income. 

If it is something that will make you get out of bed in the morning, do it.

[fuzzy math]

Other medical program. School cheaper and quicker. Earns up to $170 roughly. Huge shortage

[lvbhappy]

Old thread, just logged back in after a long while, but in case people like updates here it is:

I went back to school, graduated and am now a CRNA. Zero regrets, I LOVE being a CRNA and doing anesthesia, it was well worth the time and sacrifices. School was hard, I got into a tough but very good program but that means I spent 3 years studying, or in clinicals working for free 60h a week. It was worth it though, not just monetarily, although that is true, but the job satisfaction and happiness is huge.  I am making 3.5x what I was, the benefits package in the job I took is great and should let me start catching up quickly for retirement while knocking out the student loans, I still am only working 35-40h a week, it is much easier on my body than bedside nursing, and burnout is not a thing for me. I'm excited to go to work, I'm stimulated, and every day and anesthetic I get to tailor to each patient is different which keeps it fresh.

[SpareChange]

Old thread, just logged back in after a long while, but in case people like updates here it is:

I went back to school, graduated and am now a CRNA. Zero regrets, I LOVE being a CRNA and doing anesthesia, it was well worth the time and sacrifices. School was hard, I got into a tough but very good program but that means I spent 3 years studying, or in clinicals working for free 60h a week. It was worth it though, not just monetarily, although that is true, but the job satisfaction and happiness is huge.  I am making 3.5x what I was, the benefits package in the job I took is great and should let me start catching up quickly for retirement while knocking out the student loans, I still am only working 35-40h a week, it is much easier on my body than bedside nursing, and burnout is not a thing for me. I'm excited to go to work, I'm stimulated, and every day and anesthetic I get to tailor to each patient is different which keeps it fresh.

We love updates! Especially 5 years ones haha. Congrats. Sounds very much like you made the right decision. Thanks for sharing your story and good luck to ya!

[Dicey]

+1. Congratulations!

I wonder if you've thought about refinancing your home to pay off the student loans. Does it even make sense? Not sure, was just wondering as I read through this thread, which I didn't realize was a necropost.

[charis]

+1. Congratulations!

I wonder if you've thought about refinancing your home to pay off the student loans. Does it even make sense? Not sure, was just wondering as I read through this thread, which I didn't realize was a necropost.

I would first ask whether the loans qualify for public service loan forgiveness.

[jamster]

Old thread, just logged back in after a long while, but in case people like updates here it is:

I went back to school, graduated and am now a CRNA. Zero regrets, I LOVE being a CRNA and doing anesthesia, it was well worth the time and sacrifices. School was hard, I got into a tough but very good program but that means I spent 3 years studying, or in clinicals working for free 60h a week. It was worth it though, not just monetarily, although that is true, but the job satisfaction and happiness is huge.  I am making 3.5x what I was, the benefits package in the job I took is great and should let me start catching up quickly for retirement while knocking out the student loans, I still am only working 35-40h a week, it is much easier on my body than bedside nursing, and burnout is not a thing for me. I'm excited to go to work, I'm stimulated, and every day and anesthetic I get to tailor to each patient is different which keeps it fresh.

What a wonderful update. Congratulations!!! I am thrilled this worked out so well for you!

[lvbhappy]

They will not, as I understand it. I work for a privately owned group, and I'm not directly employed by the hospital.  Good thought though.

I would first ask whether the loans qualify for public service loan forgiveness.
[/quote]

[Malum Prohibitum]

They will not, as I understand it. I work for a privately owned group, and I'm not directly employed by the hospital.  Good thought though.

I would first ask whether the loans qualify for public service loan forgiveness.

[/quote]

I don't know if you read The White Coat Investor's blog, but if not, then you should.  It is aimed at doctors and other health care professionals like you. 

[AMandM]

Congrats!
I have a son just starting a BSN and he's already thinking about advanced practice options. I had no idea these jobs were so lucrative!

[affordablehousing]

Excellent! I have heard that the smaller the body part you work on, or the less your patients talk the more money you make. Sleeping patients and tiny part surgeons equals big bucks! Good for you!