I am just curious as to any opinions as to how my brother is making his living... he is 31, and going to anesthesia school (for the past 12 years he has been in school) and it is just to be an nurse who administers anesthesia. He has two kids, a wife who is a stay at home mom, a car payment, a house payment, and all the house expenses. He is currently unemployed so he has to pay his own insurance... my mother says he has a 'cost of living' loan through the school that is only available to students. Is there really such thing? I just don't see how this is possible to have a family and no income.
2007-08-07 10:20:17 · 7 answers · asked by ~Lizzy~ 3 in Business & Finance ➔ Personal Finance
Three possibilities:
1) He is selling drugs or has some other illegal business that he is hiding from his family
2) Wife may have money from her family whether it is inheritence, personal savings, etc
3) Cost of living is common to add to your loan, especially for graduate work. However there is this proverb when figuring out how much to borrow which sounds like your brother ignored:
"Live like a doctor in med-school and you will live like a student when you are a doctor"
Granted your brother is "only" going into nursing, but the logic still applies. He probably expects to make a lot of money (nurse anethestists can earn 80,000 - 150,000) and may be borrowing more than he needs assuming he will be rich enough to pay back when he earns that kind of money.
It is quite common for doctors and other professionals (lawyers, nurses, engineers, etc) to live like they are already rich when they are in graduate school, only to leave school with 300,000K+ in debt. Bad idea, especially when you get out of med school and realize you aren't cut out to be a doctor (or fail the bar as a lawyer, etc).
2007-08-07 10:40:27 · answer #1 · answered by dm 4 · 1⤊ 0⤋
If he has student loans, yes, he can be using that to pay his bills. Most student loans that I know of do include the cost of living. However, I'm surprised that he was able to get a loan that is large enough to support his family. Usually, in situations like you've described, the spouse who isn't a student will have at least a part time job to support the family until the other person finished school and starts working.
2007-08-07 10:28:40 · answer #2 · answered by Adam S 3 · 1⤊ 0⤋
Yes, such things exist. And a Certified Registered Nurse Anesthetist can make well in excess of $100k a year, even in a small town.
Yes, it's entirely possible your brother is essentially living off of student loans for now. He'll have to pay them back when he gets a job eventually, though. Although some hospitals will "forgive" (or basically pay back for him) a portion of that as an incentive to get new graduates to come to places they may not otherwise choose to go.
2007-08-07 10:49:26 · answer #3 · answered by ISOintelligentlife 4 · 1⤊ 0⤋
Hehehe. He's taking his good natured time to become a nurse anesthetist, especially if he's not working. As a full time student, he should have been done with that in no more than six years. If he's taking loans to fund this whole schtick, he's going to be paying them back until he retires.
2007-08-07 10:32:06 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
Never heard of it, but maybe he took out a loan and has extra left over. Some companies will give you up to $40,000 a year just for being a student.
2007-08-07 10:26:34 · answer #5 · answered by Anonymous · 1⤊ 0⤋
you should be happy for your brother, sounds as if you're jealous, he probably on student loans, but it's none of your business unless he's willing to tell you
2007-08-07 10:31:32 · answer #6 · answered by Anonymous · 1⤊ 1⤋
loans and lots and lots of credit cards
2007-08-07 10:28:28 · answer #7 · answered by ... 4 · 1⤊ 0⤋