General Admissions & OTCAS Average student debt?

[occupationaltherapist2018]

I was wondering what everyones student debt will be after graduating? Im lucky to be able to be able to work during my program so I can pay off interest while I'm in school but after graduating, I'm going to be in about 93k debt. I was wondering what the average debt was?

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[deleted948274]

I was wondering what everyones student debt will be after graduating? Im lucky to be able to be able to work during my program so I can pay off interest while I'm in school but after graduating, I'm going to be in about 93k debt. I was wondering what the average debt was?

I haven’t been accepted into a graduate level program, but I will suggest once you graduate try to get a job with a non-profit hospital or organization, and then apply for the student loan forgiveness!

I already have 40k in debt just from undergrad, but luckily I already work for a non-profit so all the student loan payments I’ve made so far count towards the 10 years!


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[gOT2beOT]

I have about 68 for undergrad along with upcoming 94 for graduate. Will be about 162 if I do not need to take out living expense money. Like Yorit said above, there are options for forgiveness available upon graduation!

 

[MazzaOT]

I have about 20k in undergrad and my grad program cost 91K plus additional living expenses each year. I'm looking at about 150k

 

[beestrng]

I was wondering what everyones student debt will be after graduating? Im lucky to be able to be able to work during my program so I can pay off interest while I'm in school but after graduating, I'm going to be in about 93k debt. I was wondering what the average debt was?

UG was 40 and OT was about 95k. Some classmates took more loans and are working in peds lol.

 

[OTHannah96]

My OTD combined with undergrad and living expense loans will be around 150. I’ve heard iffy things about the government forgiveness program but I have seen a lot of larger private facilities offer similar forgiveness programs so I would recommend that.

 

[sourpatch22]

Definitely late to this convo, but I would caution against relying on public loan forgiveness as an option. My understanding is that less than 1% of applicants have received it, and there are pretty strict rules you have to follow.
I'm also trying to figure out how I'll repay loans, and it just doesn't seem worth it to make a career choice (or accept a lower salary) with the hope of getting loan forgiveness that might not actually happen.

 

[LeggOT]

Definitely late to this convo, but I would caution against relying on public loan forgiveness as an option. My understanding is that less than 1% of applicants have received it, and there are pretty strict rules you have to follow.
I'm also trying to figure out how I'll repay loans, and it just doesn't seem worth it to make a career choice (or accept a lower salary) with the hope of getting loan forgiveness that might not actually happen.

Yes I agree! Do not rely on loan forgiveness. There's a lot of motivating videos on YouTube from Dave Ramsey on how to make smart financial choices, as well as how to pay off debt quick.

 

[SCOT2017]

Question: Do ya'll see any benefit in paying interest on loans during school? I've heard mixed reviews about this. Also, people with undergrad loans do you pay interest on that as well while you're in deferment?

 

[SCOT2017]

Unfortunately I have about 40,000 from undergrad. After I factor in living expenses, I will be finishing up around 170 for my doctorate & undergrad It sucks to think about how much money I'll owe and I get very anxious about it at times. So any advice will help!

 

[OT_63F]

I don’t mean to assume anything about anyone’s personal circumstances and I certainly know not everyone is afforded much flexibility about school timing and/or program choice overall, but I would just....really caution considering what this kind of debt means in practical terms. It can be debilitating. It can severely limit your financial security and ability to support yourself in just the fundamentals for many years to come. Again, I know debt forgiveness programs work out for some people, and that’s great! But it’s not the majority. And more and more people are applying as the student debt crisis worsens. And for people who really want to be an OT and have to rely almost entirely on loans - myself included - it isn’t fair to weigh following your dream career on what life has allowed you to afford. Graduate school isn’t and shouldn’t be possible for only those with money. Loans are unavoidable for most people. However - please consider every option available. The less you have to take out, the better, period. Regardless of school. Sometimes the dream school just isn’t worth it, or the smartest choice. Private schools in particular can really cripple you with debt, and some don’t even allow federal loans. Private loan interest rates can really hurt. Is it smarter to maybe hold off a year, and try again for a state school with more reasonable tuition? Are the public/state schools around you not exactly reasonable as it is? Well - is it feasible to move somewhere with a state school offering more reasonable tuition rates, and working for a year to get in-state tuition there? Obviously this is not practical or possible for many, but I would just really take the time to research every possible option available to you, and work hard to figure out something that will minimize your debt as much as possible. It’s no small matter.

For a little reference, I waited 2 years, worked, gained experience, and applied once I found/researched and felt prepared for a school that checked off most of my personal preferences - and wouldn’t financially hurt me too much. Good reputation, very high NBCOT pass rates, and it’s a program that is literally a quarter the cost of some of the numbers you guys are throwing out. Even with additional cost of living numbers factored in. Consider the highest possible salary you’ll ever make as an OT and then compare that again to the 100k+ debt some are facing. Just...take your time and make sure you have a solid, long-plan regarding whatever choice you make. Be confident in your choice. “Ah, well, I’ll figure something out” is something I’ve heard a lot from others and it’s not a good jumping off point lol. Just be cautious and patient and you'll feel better about starting this wonderful career with a clear mind

 

[sourpatch22]

I think I'll be about 94k in student loan debt (for MS and undergrad)... but that's before interest. I've been out of college for a few years, getting by on a pretty low income. My plan is that after I graduate, I'll continue to live as if I have my current income (ok maybe a little better, I'm not immune to creature comforts!) then put any extra towards loans. I know plenty of people get by on long repayment plans, but I just don't want to pay and extra $40k or so in interest.

I'm also pretty curious about how people pay down interest while in school. If I had extra money, I'd just take out less in loans! I don't really understand the logic, but maybe I'm missing something? Does anyone know how this works?

 

[SCOT2017]

I think I'll be about 94k in student loan debt (for MS and undergrad)... but that's before interest. I've been out of college for a few years, getting by on a pretty low income. My plan is that after I graduate, I'll continue to live as if I have my current income (ok maybe a little better, I'm not immune to creature comforts!) then put any extra towards loans. I know plenty of people get by on long repayment plans, but I just don't want to pay and extra $40k or so in interest.

I'm also pretty curious about how people pay down interest while in school. If I had extra money, I'd just take out less in loans! I don't really understand the logic, but maybe I'm missing something? Does anyone know how this works?

That was my question too. I don't understand the interest. Does it help paying the interest while in school? Is it worth it?


I've been doing a lot of research on the PSLF and the insanely low amount of people who were actually forgiven of their loans. I feel a lot of this had to due with it being a new program and people just not understanding the concept fully. I do hope it's still around for when I graduate in 2022. Despite all the horror stories that is what I plan on doing following graduation.

 

[sourpatch22]

I know it can save you money long term, but it definitely wouldn't make sense to take out extra money just so you could pay it back (right? or am I wrong?)

I suppose it makes sense if you get unexpected income? For example, if you plan to earn $5k working part-time and take out $30k in loans to cover the rest of your costs, but then occasionally can pick up extra shifts or get a raise and end up earning $7k, then it would make sense to put that extra $2k towards loan payments. However, if you knew you were going to earn $7k, you'd be better off just taking out $28k in loans and not paying the interest.

I need someone better at money to figure this out lol.

 

[beestrng]

MOT about 100k. Oof.

 

[gOT2beOT]

Unfortunately I have about 40,000 from undergrad. After I factor in living expenses, I will be finishing up around 170 for my doctorate & undergrad It sucks to think about how much money I'll owe and I get very anxious about it at times. So any advice will help!

In a similar boat for the end amount of loans. Its very nerve wracking.