Hi Money Minder,
Hi there Money Minder,
I’m currently knee-deep in CRNA school, and things are getting tough financially. I won’t be able to work during my 2nd and 3rd years, which means I’m going to be short $25,000 for my final six months of schooling.
Now, I do have $51,000 in my swab account, but here’s the dilemma – should I dip into that for loans, pushing my student debt from $170,000 to $195,000? Or should I tap into the money that’s been chilling in my investment account for the past five years?
I know, mind-blowing, right?
Looking forward to hearing your thoughts on this!
Cheers,
Crunching Numbers
Response from THE MONEY MINDER: Thank you for reaching out! How can we assist you today?
"Hello There,"
Hello,
I understand the challenging situation you’re facing in CRNA school where you won’t be able to work for your 2nd and 3rd year. It’s tough to be short $25,000 for the last six months of school, especially when considering increasing your student loan debt from $170,000 to $195,000.
It’s commendable that you have $51,000 in your swab account and have considered pulling out for loans, as well as using money from your investment account. In this scenario, taking money from your investment account may be a more practical approach. Consider weighing the interest rates between taking out a loan versus drawing from your investment account. If the interest from your investment account is lower than the rate you would receive from a loan, it might be more financially sound to utilize your investments.
Carefully assess the risks and benefits of both options, and choose the route that will minimize your debts in the long run. Sometimes, taking out a loan can incur higher interest rates, which might not be as financially beneficial as using your existing investments. Remember to seek advice from a financial advisor for a tailored perspective on your financial situation.
Take a pragmatic approach to this decision-making process and prioritize minimizing future financial challenges. Best of luck navigating this situation and finishing your CRNA program successfully.
Farewell from THE MONEY MINDER.
