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Certified registered nurse anesthetists (CRNAs) are nurses with graduate-level education who provide anesthetics to patients in surgical and other procedures.

Currently, nurse anesthetists must have a registered nurse (RN) license and a master’s degree from a nurse anesthesia educational program accredited by the Council on Accreditation (COA) of Nurse Anesthesia Educational Programs or a Master of Science in Nursing (MSN) program. Nurse anesthesia programs typically range in length from 24 to 51 months. By 2025, all CRNAs must have a Doctorate in Nurse Anesthesia Practice (DNAP), according to the COA . It typically takes two years for a student with an MSN to earn a doctorate.

Continue reading for a look at nine tips that can help you learn how to pay for CRNA school.

How Much Does CRNA School Cost?

You may have already spent a few years paying for nursing school to get your registered nursing degree, but how much does it cost to further your education to become a nurse anesthetist?

The total cost of CRNA school (including tuition, clinical fees and other expenses) can vary widely, depending on whether you choose to attend an out-of-state institution, a private college, or an in-state university.

For example, the 2021-2022 tuition and fees at Loma Linda University in Loma Linda, California, are an estimated $138,666. In contrast, tuition and fees are approximately $45,000 for Arkansas State University’s. Note that there may be additional costs associated with a CRNA degree, such as books, supplies, or exam fees.

Note that the average nursing school cost can vary widely, ranging from $6,000 for an associate degree to over $100,000 for an advanced degree.

9 Tips to Help You Pay for CRNA School

Let’s take a look at nine tips you can use to pay for CRNA school, from choosing a less expensive school to answering the question, “Will financial aid pay for CRNA school?”

1. Choose a Less Expensive School

You can save money by choosing a less expensive school and/or by making sure that you have residency in the state of the university you want to attend. For example, the total cost of attending Georgetown University’s DNAP program for the first year is $126,730, $75,580 for the second year and $64,440 for the third year.

The cost to attend the University of Iowa is $80,756 if you’re an in-state resident or $154,406 if you’re an out-of-state resident.

It’s important to compare and contrast the costs of several programs before you decide which school will both meet your needs and help you save money.

2. Save Money

You may also want to consider saving money for college to limit the amount of money you’ll have to borrow for CRNA education. Knowing the costs of the schools on your shortlist can help you earmark a certain amount of money to set aside. However, remember that you may receive scholarships and grants that you don’t have to pay back. You might not need to save for the complete costs of a nurse anesthetist program. One way to understand your exact costs is to meet with the financial aid office of the schools you’re considering. They’ll give you an idea of the type of institutional financial aid you could qualify for.

There are a wide variety of ways to save, including through a general savings account, certificate of deposit (CD) or a 529 plan, which is a state tax-advantaged plan that will allow you to withdraw funds tax-free to cover nearly any type of college expense. 529 plans may also have additional state or federal tax benefits.

3. FAFSA and Financial Aid

The Free Application for Federal Student Aid (FAFSA®) refers to a form you can complete to determine your eligibility for student financial aid. Learn more about the FAFSA with SoFi’s comprehensive FAFSA guide.

You can qualify for federal student aid, including grants and federal student loans, through the FAFSA. You may also have to file the FAFSA in order to qualify for institutional scholarships.

4. Work More

If you’re already working as a nurse, you may want to consider picking up some more hours in order or prepare to save for your CRNA degree. It’s important to note that since nurse anesthesia programs are so labor intensive, most students find it difficult to work while attending CRNA school. However, you can certainly save up as much as possible prior to entering school in order to save as much as possible. If you must work, you may want to strictly limit your hours, but that’s a personal decision.

5. Getting an Employer to Pay for Your Education

Will a hospital pay for CRNA school?

Hospitals and groups often offer tuition reimbursement to offset loan debt. However, you may have to sign a tuition reimbursement payback agreement which means you may have to pay back your reimbursement if you leave the company within a specific amount of time, but not all companies require you to do this.

Ask your human resources office and read the fine print if your hospital has an agreement to see if you need to repay tuition if you get laid off or fired.

6. Grants

Grants are “free money” that you typically don’t generally have to pay back. The American Association of Nurse Anesthetists (AANA) offers nurse anesthesia grants to develop research for member CRNAs to develop healthcare policy, the science of anesthesia, education, practice/clinical or leadership opportunities. The Foundation will reimburse up to 15% indirect costs with proper documentation.

The AANA grants listed above are research grants, but you may be able to tackle state grants, school grants for graduate students and other types of grants by filing the FAFSA. The best way to learn more is to ask more questions through the financial aid offices of the schools you’re considering.

7. Scholarships

Like grants, you also do not have to pay back scholarships.

The AANA also offers scholarships. Students who are AANA members and currently enrolled in an accredited nurse anesthesia program may be eligible for scholarships as long as you’re in good standing in your program, meet the application requirements, and apply online. Last year, the AANA Foundation received 2,111 competitive student scholarship applications and 73 scholarships were awarded totaling over $217,250.

Take a look at the list of AANA scholarships and review the rules for 2022, which are divided up into merit-based and financial need awards.

In addition, the university you plan to attend may also offer merit-based scholarships. For example, the Duke University School of Nursing offers a scholarship to a newly admitted DNP student each year — an approximately $68,000 total scholarship ($9,800 per semester for the first year, $8,000 per semester in the second year and $5,000 per semester in the third year).

8. Private Student Loans

Private student loans originate with a bank, credit union, or online lender, not the federal government like in the case of federal student loans. Private student loans can fill in the gaps between tuition as well as your savings, grants, scholarships, and federal student loans.

It’s a good idea to explore the interest rates, fees, repayment terms, discharge and repayment options among private student loan lenders.

The application process usually involves submitting information about your personal information, school you plan to attend, graduation date, and loan amount you need. You must also agree to the lender’s terms and conditions.

Recommended: Private Student Loan Guide

It’s important to note that private student loans don’t offer the same borrower protections, like income-driven repayment plans, as federal student loans, so they are typically considered an option only after they have thoroughly reviewed all other financing opportunities.

9. Direct PLUS Loans

Similar to student loans for undergrads, you can also get student loans for graduate school. You do have to repay loans.

As a graduate student, you can become eligible for federal loans that come from the U.S. Department of Education, including Direct Unsubsidized Loans and Direct Plus Loans. You can borrow up to your cost of attendance. Direct Unsubsidized Loans have a lower interest rate and origination fee than the Direct PLUS loan, also called the Graduate PLUS Loan.

For Direct Unsubsidized Loans for graduate students disbursed on or after July 1, 2021 and before July 1, 2022, the fixed interest rate for Direct Unsubsidized loans is 5.28%. Direct PLUS Loans first disbursed on or after July 1, 2021, and before July 1, 2022, have a fixed interest rate of 6.28%.

The benefits of federal loans include a six-month grace period before beginning repayment as well as flexible repayment plans with Public Service Loan Forgiveness eligibility. This means that as long as you make 120 qualifying monthly payments under a qualifying repayment plan, you might get your loans forgiven as long as you work full-time for a qualifying employer.

How Much CRNAs Can Expect to Make?

Nurse anesthetists, nurse midwives, and nurse practitioners can expect to make a median salary of $123,780 per year or $59.51 per hour, according to the Bureau of Labor Statistics. The job outlook for these jobs will grow about 45% from 2020 to 2030.

The Takeaway

There are a lot of ways to make your dreams of becoming a CRNA a reality. You may want to consider filing the FAFSA to qualify for federal loans, grants, and other types of funds. The AANA may also offer scholarships that you qualify for, but don’t forget to check with your employer or other sources, such as local businesses, for other funds.

Paying for CRNA school may seem daunting, so if you need a way to cover tuition, fees, and other costs, look into private student loans with SoFi.

SoFi offers competitive private student loan rates combined with flexible repayment options. You won’t pay excess fees like origination fees, late fees, or insufficient fund fees.

FAQ

Can you get paid for going to CRNA school?

Universities often offer a wide variety of financial aid options, through both merit-based and need-based aid. You may need to file the FAFSA in order to qualify for certain types of aid. Check with the financial aid office at the universities you’re considering for more information about your financial aid options.

The American Association of Nurse Anesthetists (AANA) also offers nurse anesthesia grants and scholarships to students who qualify.

How much does CRNA school cost?

The costs of CRNA school depends on a wide range of factors, including whether you plan to attend an in-state or out-of-state institution or plan to attend a private or public school.

For example, Georgetown University, a private institution, costs $126,730 for the first year, $75,580 for the second year and $64,440 for the third year. On the other hand, the full cost to attend the University of Iowa is $80,756 for three years as an in-state resident or $154,406 as an out-of-state resident.

How much do CRNAs typically make?

Does CRNA school pay off? As a nurse anesthetist, you can expect to make a median salary of $123,780 per year which translates to $59.51 per hour, according to the Bureau of Labor Statistics.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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When a federal Direct PLUS Loan is made to a graduate or professional student, it’s commonly called a grad PLUS loan. A grad PLUS loan can help you pay for graduate school costs that aren’t covered by other types of financial aid.

Grad PLUS loans allow you to borrow up to the full cost of attendance from the U.S. Department of Education as long as you’re enrolled at least half-time at a school that participates in the Direct Loan Program, you don’t have an adverse credit history, and you meet the eligibility requirements for federal financial aid.

Here’s what to know about grad PLUS loans as well as other options that can help you pay for graduate or professional school.

What Is a Graduate PLUS Loan?

A graduate PLUS loan is a federal Direct PLUS Loan that’s made to a graduate or professional student. When a Direct PLUS Loan is made to a parent of an undergraduate student, it’s called a parent PLUS loan.

Unlike other types of federal student loans, Direct PLUS Loans take your credit history into account. You may still be able to qualify for a grad PLUS loan if you have an adverse credit history, but you’ll have to meet additional eligibility requirements, such as having an endorser on your loan.

Another way PLUS Loans differ from other federal loans: You can borrow up to the full cost of school attendance and use the money to pay for tuition, room, board, and fees. Grad PLUS loans are not based on financial need (the way Direct Subsidized Loans for undergraduate student loans are), which means students can apply for one regardless of income level.

Keep in mind that PLUS Loans have some of the highest interest rates of all federal loans. For this reason, it’s a good idea to start by considering a Direct Unsubsidized Loan, another federal student loan.

You can borrow up to $20,500 per year with a Direct Unsubsidized Loan and the interest rate for graduate students is 5.28% for loans disbursed on or after July 1, 2021, and before July 1, 2022. You’ll pay more in interest for a Direct PLUS Loan — a fixed 6.28% interest rate for loans disbursed on or after July 1, 2021, and before July 1, 2022).

How Do Grad PLUS Loans Work?

If you’re approved for a grad PLUS loan, the maximum amount of your student loan will be the cost of attendance minus any other financial aid you receive, such as scholarships, grants, or fellowships. Your school will apply the funds to cover fees such as tuition, room and board, and any other school charges. If there are funds left over, you can use them for other educational expenses, such as books for classes.

You’ll also pay an origination fee with graduate PLUS loan, which covers the U.S. Department of Education’s cost of issuing your loan. The loan fee for the 2021 to 2022 academic year is 4.228% (higher than the 1.057% origination fee on a federal Direct Unsubsidized Loan); this amount will be deducted from the funds you receive.

With a federal grad PLUS loan, you won’t have to make any loan payments if you are enrolled at least half-time in school and for six months after graduation, but interest will begin to accrue as soon as the loan is issued.

You can opt to pay the interest while you’re in school or allow the interest to be capitalized and added to the principal balance of your loan. You’ll likely have between 10 and 25 years to repay your loan, depending on the loan repayment plan that you choose.

Requirements for a Direct Grad PLUS Loan

In order to get a grad PLUS loan you must be enrolled at least half-time at an eligible university or program that participates in the federal student loan program (known as the William D. Ford Direct Loan Program), have a good credit history, and meet the general eligibility requirements for federal student aid.

Again, to be eligible for a Direct PLUS Loan, you must not have an adverse credit history. If you do, you may still be able to receive a grad PLUS loan if you have an endorser on your loan (someone who agrees to be responsible for your loan and pay it if you’re not able to) who doesn’t have an adverse credit history. Another option is to explain the extenuating circumstances for your adverse credit history to the U.S. Department of Education. Both of these options require PLUS credit counseling.

Applying for a Federal Grad PLUS Loan

Before applying for a grad PLUS loan, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA) form on the Federal Student Aid website. And while most schools require you to fill out the grad PLUS loan application on the Student Aid site, some schools have different application processes, so check with your school’s financial aid office before you begin.

You’ll undergo a credit check to verify that you don’t have an adverse credit history. You may also need to undergo credit counseling if this is your first PLUS loan. If approved, you’ll sign a Master Promissory Note (MPN) agreeing to repay the loan according to its terms, along with interest and fees.

What Does a Graduate PLUS Loan Cover?

While a graduate PLUS loan can only be used to cover education expenses, those expenses can include:

•   Tuition

•   Room and board (including off-campus housing)

•   Fees

•   Other expenses required by the school

As mentioned earlier, the maximum amount of a graduate PLUS loan amount is based on the costs of your school for that academic year.

Pros and Cons of Graduate PLUS Loans

Grad PLUS loans are not for everyone. Here are some of the pros and cons to consider as you decide whether this type of loan is right for you.

Alternative Financing Options

Before taking out a grad PLUS loan, it’s helpful to consider other ways to finance the cost of graduate or professional school. Alternative options include the Federal Work-Study program, getting a job or teaching fellowship, applying for grants and scholarships, and looking into other types of federal or private loans.

Work-Study

The Federal Work-Study Program provides part-time employment to help undergraduate and graduate students with financial need pay for the cost of school. To qualify for Work-Study, you must file the FAFSA (which opens on October 1 each year), and it’s a good idea to apply early because each school has limited funds.

The amount you can earn depends on the type of work you get, how much your school can offer, as well as your application date, level of financial need, and FAFSA application date. And you cannot earn over the amount of money awarded to you in your financial aid award.

Assistantship Positions

Many universities offer teaching- or research-based assistantships. In return for doing work or research for the school, the school may offer you free or reduced tuition, a monthly stipend, and/or health insurance.

Through an assistantship, you are often considered an employee of the school and you may do a range of work from teaching undergraduate classes or proctoring exams to helping with research projects or collaborating on publishing scholarly articles.

Fellowships

While the terms of a graduate fellowship can vary depending on your school or field, they are often merit-based awards of financial aid to support students pursuing advanced study.

Your school may offer them internally or they may come from an external source.

Fellowships may include a stipend or cost-of-education allowance in addition to support for other educational expenses. Types of fellowships include predoctoral fellowships, dissertation fellowships, and traineeships. Check with your school for more details about these opportunities and to learn more about how to apply.

Job Opportunities

Even if you don’t qualify for any of the above employment options, getting a job can help offset the amount you have to borrow for graduate school. Some companies may even offer tuition reimbursement.

While you’ll have to balance a job with your class schedule and workload, getting a job while you attend graduate school can offer benefits beyond just a paycheck including: gaining real-world skills, employee benefits, and the ability to add some professional experience to your resume.

Scholarships and Grants

There are a range of graduate school scholarships and grants you can apply for to help finance the cost of advanced studies. Scholarships are typically merit-based and grants are often need-based.

This type of funding is ideal because you don’t need to pay it back. You can find both federal and state grants as well as scholarships from schools or independent organizations, such as nonprofits or companies. The key is to do your research (one place to start: the U.S. Department of Labor’s scholarship search tool ) to track down opportunities and apply to a range of options.

Direct Unsubsidized Loans

As mentioned earlier, PLUS Loans have some of the highest interest rates of all federal loans. So it’s worth applying for a federal Direct Unsubsidized Loan before opting for a PLUS loan since it has a lower interest rate.

You can borrow up to $20,500 per year with a Direct Unsubsidized Loan, up to the aggregate federal loan limit of $138,500. Keep in mind that any outstanding undergraduate federal loans that you have will count toward this total amount.

Private Loans

A private student loan — from a bank, online lender, college, credit union, or other private institution — can help make up the difference between what a student can borrow in federal loans for the cost of graduate school and the remaining education expenses after other sources of income from grants, scholarships, work-study, or jobs are taken into account.

Keep in mind that private loans differ from federal loans and they don’t offer the same benefits and protections, such as income-driven repayment, deferment and forbearance and forgiveness programs like Public Service Loan Forgiveness (PSLF).

It’s important to do your research, shop around, and find the best loan options for your personal financial situation. You’ll also need to have strong credit (or have a cosigner who does) and meet eligibility criteria to qualify with a private lender.

If you’re considering a private loan, SoFi offers graduate school loans for with flexible terms, no fees, and no prepayment penalties.

The Takeaway

A grad PLUS loan is a federal Direct PLUS Loan made to a graduate or professional student to help cover the cost of graduate school. Unlike other federal student loans, grad PLUS loans take your credit history into account so if you have an adverse credit history, you’ll need to meet additional eligibility requirements to qualify.

Grad PLUS loans allow you to borrow up to the full cost of attendance for graduate school minus the amount of financial aid you receive from other sources. These loans have some of the highest interest rates of all federal loans and a higher origination fee, so you will likely want to pursue a federal Direct Unsubsidized Loan first.

It’s also a good idea to explore alternative financing options to help cover the cost of graduate school, such as federal Work-Study opportunities, assistantships and fellowships, scholarships and grants, getting a job, as well as federal and private loans.

If you have a high interest rate on existing loans or need to lower your monthly payment before grad school or after you graduate, student loan refinancing is one option to consider. SoFi offers flexible terms, no fees, no prepayment penalties — and you can view your rate in two minutes.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.