Tuition Reimbursement

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I know that most OT positions offer a sign on bonus and tuition reimbursement. My question is how much typical is the tuition reimbursement or loan forgivness for will it cover all of your Masters or your Masters and Bachelors or only some..just curious how that works. How much are we talking typical in sign on bonus and or loan forgiveness/tuition reimbursement?

I really would not consider these numbers right now (unless someone is offering you tuition payment at this very instance). Things can change a lot in 2-3 years. For example, more and more students are going in to OT each semester, and healthcare changes can cut down on OT positions in the workforce. When supply starts equaling demand, those sign on bonuses and tuition reimbursement programs will disappear. I would not count on them when I am planning my budget as a student unless I was one semester away from the Board exams.

Also, over the past year or so, I have noticed less job postings boasting of a sign-on bonus. The ones I do notice are in areas (locations, specializations) where no one wants to work. Or, the job posting itself is just spam that recruiters post all over the place even though they are not actually looking for an OT for the moment as advertised.

I was asking because I am taking an offer that is with tuition assistance I was just curious.

RESOT-
Are the number of available jobs going down?

I don't agree at all there are going to be plenty jobs and from what I know tuition assistance is getting better because AOTA is working on the 10,000 loan forgiveness. And babycheeks you can count on the sign on bonus and tuition assistance. I got a 30K tuition assistance offer lined up for when I graduate in 2 years with my MOT. Also I believe OT can use the public loan forgiveness program if you work for a school or nonprofit. Don't forget also to apply for financial aid. Bay Path College is suppose to be expensive but they give you a good package. I got a merit scholarship and grants from Bay Path College. With all this tuition assistance my BS/MOT is way under 20K debt.

I'm very happy with the outcome you just have to be sure to pick a school you can actual afford that gives you the best package and not worry about every bell and whistle. At the end of the day it wont matter who went to the expensive school and who went to the affordable school you have the same degree you are a Occupational Therapist.

http://www.aota.org/Students/Aid/Loa...d.aspx?FT=.pdf

Originally Posted by OTCareer

I got a 30K tuition assistance offer lined up for when I graduate in 2 years with my MOT.

If you don't mind me asking, how did you manage to get an offer lined up before you started a program! That's really impressive!!

Great info OT Career! Wondering if the tuition assistance you referred to applies only to outstanding loans or if reimbursement would be made for tuition you already paid for?

Otcareer, that was very well said. However, my point was meant for students who are planning to accept huge debts right now just because they think there will be signon bonuses and etc. in several years time. If an offer is being made at this present moment for a later graduation date, that is a different matter entirely.

OT is an ever changing and evolving field, which comes with pros and cons. The wall that separates our work from the work of other health care providers is fluid. Lobbying and participation in the political field can help strengthen that wall, along with further research that proves our work and methods. Just be because we are in demand now, that is no guarantee for a few years from now.

Does anyone have experience in the field of pharmacy? It used to be a very in-demand field. Once you had your degree, you could work anywhere and make great money. Does that sound familiar? But now, there are too many being pumped from schools while the jobs are decreasing (due to technology, the recession, etc). Jobs are much more difficult to obtain now. I have a friend who decided to do residency to give her an edge over her competitors.

Somehow this post ended up being much longer than I intended and also more "doom and gloom" than I was planning. No, the OT field is not coming to an end and no, there is no guarantee that our field will go in the way that pharmacy has. Some competition to get jobs could actually be a good thing for the field in the long run. My point is that I hope people are not creating financial plans are the basis that they will be receiving sign on bonuses in several years time.

Congrats on those who have managed to obtain tuition assistances/similar programs presently. Now that is the way to go.

2bOT - I contacted a lot of hospitals asking them if they did the Financial Assistance Program over a full year (you have to look into rural areas or small cities that are in serious shortage) while I was applying to schools, observations, volunteering etc..and you would be shocked there are many that have Occupational Therapy Financial Assistance offers.

I had to fill a form out than my MOT program had to sign it saying that I am going to school to be an OT, I had to do an interview with the hospital and really that was it they will cover 30,000 in return I work 2 years for the hospital. It's not the most fun to go to a small city or rural area for the 2 years but if you really need the money like I do and you don't want debt you will do it. I have seen what debt can do to people it made my parents near broke trying to pay debt. If you have not contacted hospitals for one of these offers go for it there are plenty!

It's really worth it to save money in the long run and use all your resources I'm under 20K with a BS/MOT that is pretty good. You can't beat that!

My totals look like this to help you get a picture of my BS/MOT-

I would owe 60,000K in total subtract off 30,000 OT financial assistance offer that puts me at 30,000K owe subtract school package 24,000K owe subtract 5,000 sign on bonus 20,000K owe, subtract the money I saved 6,000 over the year (I worked while I applied to schools for a year) puts me at a total: 15,000K owe. If AOTA approved the 10,000 I'd owe 5K total or I could go into the public loan forgiveness program at this point and work at a school or nonprofit but I can pay the 15,000K.

Resot- Nothing in life is guaranteed in any career field (teachers, nursing, pharmacy, social work etc..we could go on) they all could start to decline in work my grandparents told me there next door neighbor is a engineer laid off at Nortel due to cuts with the economy ....he can't find work in his field so he's working at Home Depot to make ends meet, but what can you do we pick something we go to school and we make the best of it!

My healthcare company is actually in the process of putting together a program similar to what OTCareer accepted for loan repayment. How many OTs just entering their 2nd years would accept loan repayment and in return sign-on to work for a company for 2-3 years?

Anyone know about what forms your loans must be in if you accept one of these tuition reimbursement programs? Must they be federal loans? Or bank loans? Must the bank loans be labeled "student loans" on the documentation?

Thanks!!

Originally Posted by BridgeTravel

My healthcare company is actually in the process of putting together a program similar to what OTCareer accepted for loan repayment. How many OTs just entering their 2nd years would accept loan repayment and in return sign-on to work for a company for 2-3 years?

I would and a lot would do it!

EastCoastHope I have heard it's federal loans.