Accepted. Dream School 70K, Good School 40K. Which One?

[PTHiker]

Hello,

Is it worth $30k more to go to my dream school (top 15 program in a great city,) or go to a good school, in a quite town where everything is easy living and the cohort size is small. The cheaper school I know well, and have visited them 3 times, and each time I get more comfortable and impressed.

The dream school I literally thought was a pipe dream, but then I got the acceptance. I will visit with them soon.

- Final debt of Dream school will be 70K.
- Final debt of Good school will be 40K.

I'm a non traditional student, so I need to stick to a ten year loan payoff schedule. Actually, no matter your age you should stick to this schedule if possible.

I know this can only be answered by me, but what what would you do?

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[SpartanWolverine]

Keep in mind that "a great city" probably means big money for CoL as well (assuming your 'cost' is tuition only). I'll leave it to the PT folks to comment on whether education is actually any different between a 'good' and a 'dream' school - I expect not - but from a purely financial perspective, especially with your desire for a quick loan repayment, of course the cheaper school is the right answer.

 

[PTHiker]

Keep in mind that "a great city" probably means big money for CoL as well (assuming your 'cost' is tuition only). I'll leave it to the PT folks to comment on whether education is actually any different between a 'good' and a 'dream' school - I expect not - but from a purely financial perspective, especially with your desire for a quick loan repayment, of course the cheaper school is the right answer.

I should have been more clear, the 70K and 40K is the total debt I will have at the end of the respective programs. I've edited for clarity.

 

[freakinmeowt]

So first of all, those are both really low total debt numbers. In my state, public tuition starts around 60k, so I think either school would be a fine choice. 30k is a large difference, however. Have you crunched the numbers yet? I would say that's the best way to figure things out financially. As for the program comparisons, I would make an objective pro/con list. What are board pass rates and graduation rates, how are the curriculum and clinicals set up, where are their clinical affiliations, etc. Are you enamored with your dream school because of the idea of it being prestigious or because it objectively seems to be a good fit for you? Assuming the cheap school is a solid program, it would definitely be the more practical school to go to. There are many factors to consider and (in my opinion) I don't think either choice is a bad one in this case. But also 30k towards a vacation (or car or house) fund sounds like a nice trade-off for living in a small town for a few years.

 

[truthseeker]

Go cheaper, you will get essentially the same education. You will thank yourself in 10 years when you can actually afford to go on a vacation rather than having your loans make your choices for you.

 

[jesspt]

These posts almost always have a similarity. The OP knows the correct answer, but wants someone to tell them what they want to hear.

Go to the cheaper school. This will always be the correct answer, unless you enjoy paying twice as much for the same product.

 

[hopefulpt1]

Was in the same situation as you last year. Choosing a "better" school closer to home that would leave me 80K in debt, or one further away from home in a remote location that would leave me 30K in debt. Was one of the harder decisions of my life but chose the cheaper option and moved away.

You know how many times I've thought about the prestige of my program? Zero. If the school has decent pass, rates choose the cheaper option. You'll thank yourself in august when you're deciding how much loans you will need.

 

[tcpt]

The great schools are the ones who can get you the result you want for the cheapest price. School prestige matters to schools, but really shouldn't for students. After graduation, a PT is a PT is a PT...no matter the pedigree.

 

[PTHiker]

These posts almost always have a similarity. The OP knows the correct answer, but wants someone to tell them what they want to hear.

Go to the cheaper school. This will always be the correct answer, unless you enjoy paying twice as much for the same product.

What if the dream school has 100% pass rate and the good school a 94% pass rate?

 

[PTHiker]

Was in the same situation as you last year. Choosing a "better" school closer to home that would leave me 80K in debt, or one further away from home in a remote location that would leave me 30K in debt. Was one of the harder decisions of my life but chose the cheaper option and moved away.

You know how many times I've thought about the prestige of my program? Zero. If the school has decent pass, rates choose the cheaper option. You'll thank yourself in august when you're deciding how much loans you will need.

What if the dream school has 100% pass rate and the good school a 94% pass rate?

 

[jblil]

What if the dream school has 100% pass rate and the good school a 94% pass rate?

Not much difference there, IMO. Now if one is 100% and the other 80% then yes you should be concerned.

 

[twotired]

I was in a similar position last year and I chose the cheaper school. I have no regrets. I hear the more expensive school has better equipment but honestly who cares whether you're using a 10 year old standard walker or a fancy new titanium one when you're learning how to fit one to a pt. My current program also has a smaller cohort (~42 vs 70ish at the program I turned down) and I REALLY love it. I'm friends with everyone in my class and coming from an undergraduate college that had huge classes, it feels like the quality of my experience is much better.

I also feel really good about the money I'm saving. I think it will give me freedom to pursue PT with a clear mind and not have a huge looming debt to worry about.

 

[hopefulpt1]

What if the dream school has 100% pass rate and the good school a 94% pass rate?

Nope. Anything over 90% is gravy. Believe me, I have friends who chose the more expensive option and they regret it when looking at the debt:income ratio.

 

[jesspt]

What if the dream school has 100% pass rate and the good school a 94% pass rate?

Be part of the 94%.

 

[blewis15]

Go cheaper. Trust us all. Go cheaper.

 

[kellerac]

Cheaper school

 

[TheDancingWriter]

Cheaper. You will all be taking the same board examinations anyway, and no one cares what school you went to.