Big Decision

[TravisDPT]

So long story short, I am considering whether it is financially worth it to attend PT school this fall. I have been accepted to a program. It is not my number one choice, but I am currently 3rd on the waitlist for my number one choice. The school I'd rather go to is approx. 54k in tuition for all three years, thanks to in-state tuition. However, the one and only school I have been accepted to is appr0x. 50k for EACH YEAR. Safe to say, I kind of want to have a heart attack right now, given that I already have a hefty debt from my undergrad. Both are reputable programs, and in fact the one I am currently accepted to is in the top 20 in the nation. So my big dilemma is, do I just bite the bullet and go three years at the expensive school and go way deeper into debt, or take a year off and hope to get accepted to my first choice school next year and have less debt. Has anyone else been accepted somewhere, but instead risked it and decided to take a year off? How did it work out?

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[sss_pt]

Year 1- save 5-10k (don't know your living situation) or spend 50k (lose 40)
Year 2- spend 18k or 50k (lose 32)
Year 3- spend 18k or 50k (lose 32)
Year 4-spend 18k or make 60k (make 42k)
102-42=60k lost
Pretty rough calculations, but don't do it. Especially since you have debt already. This is coming from a 30 year old with no financial delusions of PT and real life experience. You will make good money to live comfortably on with PT , but 150k tuition is completely ridiculous. It has to be brutal to wait a year, but time goes fast and you'll be really glad you did.
*also, it's been noted on here a few times that you won't be paid more for attending a top 20 school. Just something to keep in mind!

 

[tweaze]

150K for the tuition alone? That is just a crazy amount to spend. Personally, I would not do it. It is a gamble to wait another year with DPT programs becoming more competitive, but it makes me anxious on your behalf to think of borrowing that much + living expenses on top of undergrad debt.

You said you are third on the waitlist for your top choice program? It sounds like you have a good chance of matriculating there.

 

[mv85dpthopeful]

Yeah, I'd wait it out until you hear back from your top choice. Number 3 is a very good spot to be in, wait list-wise. Pay the deposit for the more expensive one if you have to but I'd reach out to your top choice where you're wait listed. A lot of schools look favorably upon students who actively reach out to reiterate their interest in the program.

 

[DesertPT]

Well even the programs with the earliest starts don't start for another 10 weeks. How do you know you won't get pulled from the waitlist by then? #3 is pretty dang close. Definitely don't bank on it, but it's always a distinct possibility.

Some other information so we can help you more if you please:

Have you spoken to the school at all? It would be interesting to know how much waitlist movement they've had in the past few weeks, if they'd tell you.

When do both of these programs start? ie, what is the timing of your situation/potential move looking like?

Factoring in all current debt, tuition and fees for PT school and a calculation of how much you'd have to borrow for living expenses, etc: How much do you estimate your grand total debt to be when you graduate PT school?

 

[starrsgirl]

I was in this identical situation last year. In at a 50K/year school and wait listed at the state school. It was pure agony. I was so excited to get in the private school (awesome program) initially. And then my hubby and I went through the budget again and I started to have cold feet. It was back and forth for months "close our eyes and take out the loans" or "heck no, this the worst financial move ever". We eventually went out to dinner one night, had a few drinks and hashed it out. This was May. We made the VERY scary decision for me to decline my slot at private school and not go the PT route at all....no reapplying. (I saved the glass from the restaurant that night as a token of this big decision).

About 3 weeks later (mid to late June), I got THE call for the state school.

I hope it happens for you. I'm a non traditional student, but in my opinion I would not take on that kind of debt for what you will make as a PT. The investment in doesn't equal the return. If you end up having to apply next year, I would go back to the drawing board too, dump the expensive schools and maybe try to bring in a few more affordable options. I've vented on here before, but I think the PT tuition compared to reimbursement is a crime. I wish students would band together somehow and say, no, we won't take this anymore. I know everyone is different though. I have other passions and other marketable skills so I wasn't heartbroken to give up on PT and think about moving on. But some people would truly be heartbroken to have to do another career, in that case, they may decide it's worth any amount to get that DPT.

 

[engmedpt]

50k a year isn't "risking it"..........that's straight up extortion. There is no way that amount of money is necessary. You BARELY even see private med schools at that price. The grad interest rates are high as well. You're definitely 200k plus with living expenses. Reach out to your in state school. You can get off that waitlist most likely. That's a good number.

@starrsgirl....people are banding together. Check the fb page posts.

 

[engmedpt]

^Sorry, seeing that number is just infuriating. Use of supply and demand between students and tuition hikes.

 

[DesertPT]

Tuition prices will never drop due to students "banding together", sadly, as much as I wish they could. The demand for spots in PT school is simply to high. If you and the next person and the next person all refuse because of the price, there will always be another person willing to take the seat and pay whatever the charge.

 

[DesertPT]

I was in this identical situation last year. In at a 50K/year school and wait listed at the state school. It was pure agony. I was so excited to get in the private school (awesome program) initially. And then my hubby and I went through the budget again and I started to have cold feet. It was back and forth for months "close our eyes and take out the loans" or "heck no, this the worst financial move ever". We eventually went out to dinner one night, had a few drinks and hashed it out. This was May. We made the VERY scary decision for me to decline my slot at private school and not go the PT route at all....no reapplying. (I saved the glass from the restaurant that night as a token of this big decision).

About 3 weeks later (mid to late June), I got THE call for the state school.

Wow. This is an awesome story. Like could have been on Oprah or something. Thanks for sharing.

 

[PTpro]

And I've been complaining about paying $31k/year. Guess it could be worse. I personally don't know if I could wait another year but that price is rough to justify.

 

[engmedpt]

The argument is that this is fine since people are still paying for the education so schools are justified to elevate tuition.

Education's trend is starting to become only for the rich. Legitimately. Also, the undergrad degree has been devalued from overproliferation and overqualification of individuals. It is so incredibly sad. The grad plus loan allows people to go ahead and take out unlimited amounts, so to a degree that has been a great trend that has helped hard working individuals like everyone on here to go ahead and work towards jobs where there is a need and they can get some value.

Here's the issue.
Since this allows people to keep going, schools can keep elevating, justified by the fact that they have consumers who are willing to pay.....but people don't want to do this.....they HAVE TO. It's the only way to get the degree. It's awful as well for those who selected a skeleton pre PT or pre health degree as well since each year tuition goes up and up as they're in undergrad. Once they reach a point, there's no turning back and the straight competition makes it so that they HAVE TO accept a private school or anywhere that will take them. Their alternative? Many times it's a job not even 2x minimum wage or something in sales or insurance.

Every time someone types in a new adjusted tuition rate that they want to argue is the adjustment for "inflation" (please, that is ridiculous) they are actually diminishing their students' future quality of life. The argument that the education is an investment in one's future becomes a misleading statement used to sell an education. That decrease in quality of life is shown in lack of being able to afford a house down payment, a car down payment, or....wait for it......having kids. I've met people who want children who can't because of their debts. PTs and students in programs have both told me this. This is awful. Some are also trapped in a funnel and can't get out of it. It is a rough time for students these days.

We have over 1.3 trillion in student debt. Approximately 40%, yes, 40% of that is due to graduate students according to many sites I've checked.

 

[mv85dpthopeful]

Tuition prices will never drop due to students "banding together", sadly, as much as I wish they could. The demand for spots in PT school is simply to high. If you and the next person and the next person all refuse because of the price, there will always be another person willing to take the seat and pay whatever the charge.

Yeah, unfortunately the only thing I see driving tuition down is a decrease in interest in the field, which I just don't see happening anytime very soon.

 

[engmedpt]

Tuition prices will never drop due to students "banding together", sadly, as much as I wish they could. The demand for spots in PT school is simply to high. If you and the next person and the next person all refuse because of the price, there will always be another person willing to take the seat and pay whatever the charge.

Don't give up in voicing your opinion though. Remaining quiet about this is the worst thing to do, but also don't go running into the admissions office...

 

[okramango]

There is absolutely no way I would ever pay 50k per year for a DPT. Did you know it cost that much when you applied there? This is why it's so important to do your research before applying to programs.

I agree that it would be a great idea to call the school where you're waitlisted to find out about how the list has been moving, and to let them know that they are your top choice. #3 is a great place to be!

 

[engmedpt]

So if you want to disregard my essay, OP look at it this way, your program is more than double mine in tuition per year.

 

[DesertPT]

For a decrease in interest in a field to drive tuiton prices down, the interest decrease would have to be extreme (ie schools can't even find unqualified candidates willing to come). And this happening in one or two professions does not solve the student debt crisis. The only thing that will reverse the upward spiral of tuition prices if for the feds to stop loaning the money. It would suck in the short term for those who happen to be students at that time, but as long as the loans are available, people will take them.

Eventually the federally-backed student loan bubble will burst, and it will probably cause a world of economic hurt when it does. It will probably take a long time, but it will eventually happen. The current trend of tuition prices increasing at rates many-fold higher than the rate of inflation is not permanently sustainable. But as long as the feds remain willing to loan vast sums of money to students, especially students in relatively low-paying fields, not a lot will change.

 

[DesertPT]

In the 1970's a college student at a state school could fully finance a 4-year degree by living at home and working full time for 12 weeks over the course of each summer break at minimum wage.

Today I would have to work full time at minimum wage for 4 years while having $0 in expenses to generate the tuition and fees for a 4-year degree at my state university.

Now that's something to think about.

 

[engmedpt]

I just read that inflation is like 3% in the med forum. My school may increase tuition up to 5-10%. If those percentages are accurate and an increase in tuition goes up that amount then it is absolutely insane how abusive the members adjusting tuition are being to us.

 

[jblil]

Inflation has been very low for the last couple of years - around 1.5%
http://www.usinflationcalculator.com/inflation/current-inflation-rates/

College tuition increases far, far outpace inflation. Supply and demand, as usual.

 

[engmedpt]

^Thanks for link.

 

[SwampPT]

I'm hoping we get a decent President who will realize that forgiving a large portion of debt that college graduates owe will jump start the economy. It'd be nice for us to get a bail out instead of Ford.

 

[engmedpt]

^Or an education system fix.

 

[SwampPT]

^Or an education system fix.

Totally agree. Our cost of education is astronomical compared to other countries.

 

[TravisDPT]

Year 1- save 5-10k (don't know your living situation) or spend 50k (lose 40)
Year 2- spend 18k or 50k (lose 32)
Year 3- spend 18k or 50k (lose 32)
Year 4-spend 18k or make 60k (make 42k)
102-42=60k lost
Pretty rough calculations, but don't do it. Especially since you have debt already. This is coming from a 30 year old with no financial delusions of PT and real life experience. You will make good money to live comfortably on with PT , but 150k tuition is completely ridiculous. It has to be brutal to wait a year, but time goes fast and you'll be really glad you did.
*also, it's been noted on here a few times that you won't be paid more for attending a top 20 school. Just something to keep in mind!

thank you for this breakdown, it's a real eye opener! It's comforting advice hearing from someone on the other side, i.e. someone who has paid or is currently paying off their debt.

 

[TravisDPT]

Well even the programs with the earliest starts don't start for another 10 weeks. How do you know you won't get pulled from the waitlist by then? #3 is pretty dang close. Definitely don't bank on it, but it's always a distinct possibility.

Some other information so we can help you more if you please:

Have you spoken to the school at all? It would be interesting to know how much waitlist movement they've had in the past few weeks, if they'd tell you.

When do both of these programs start? ie, what is the timing of your situation/potential move looking like?

Factoring in all current debt, tuition and fees for PT school and a calculation of how much you'd have to borrow for living expenses, etc: How much do you estimate your grand total debt to be when you graduate PT school?

Thankfully, my #1 choice program openly discloses waitlist position. I have received weekly update emails on my position since the admission/waitlist/deny emails were sent out.

I was placed 19th back in December, and since then I have moved to 3rd as of two weeks ago. I am optimistic, there's a lot of time between now and August. However, for a program with 40-45 students already admitting 16 from the waitlist, I am nervous that there won't be much more movement.

My debt from undergrad is approx. 115k, which is probably way above normal.

Sorry, forgot to include this. Both programs start in late August, and as of right now, I will be moving out of state in mid-to-late July. If I get accepted to my #1 however, I'll be staying in the same city.

 

[TravisDPT]

I was in this identical situation last year. In at a 50K/year school and wait listed at the state school. It was pure agony. I was so excited to get in the private school (awesome program) initially. And then my hubby and I went through the budget again and I started to have cold feet. It was back and forth for months "close our eyes and take out the loans" or "heck no, this the worst financial move ever". We eventually went out to dinner one night, had a few drinks and hashed it out. This was May. We made the VERY scary decision for me to decline my slot at private school and not go the PT route at all....no reapplying. (I saved the glass from the restaurant that night as a token of this big decision).

About 3 weeks later (mid to late June), I got THE call for the state school.

I hope it happens for you. I'm a non traditional student, but in my opinion I would not take on that kind of debt for what you will make as a PT. The investment in doesn't equal the return. If you end up having to apply next year, I would go back to the drawing board too, dump the expensive schools and maybe try to bring in a few more affordable options. I've vented on here before, but I think the PT tuition compared to reimbursement is a crime. I wish students would band together somehow and say, no, we won't take this anymore. I know everyone is different though. I have other passions and other marketable skills so I wasn't heartbroken to give up on PT and think about moving on. But some people would truly be heartbroken to have to do another career, in that case, they may decide it's worth any amount to get that DPT.

wow.. that's incredible! Good for you! It's comforting knowing that I am not the only one. I am hoping I get a call from my state school that deems all this worry I am going through right now useless.

 

[TravisDPT]

So if you want to disregard my essay, OP look at it this way, your program is more than double mine in tuition per year.

Oh it was worth the read. I began 19th on the waitlist at my #1 school, and have moved to 3rd since. Do you think reaching out to a program to let them know how badly I want in could result in them actually letting me in? Even with that much movement already?

 

[ptlover]

Oh it was worth the read. I began 19th on the waitlist at my #1 school, and have moved to 3rd since. Do you think reaching out to a program to let them know how badly I want in could result in them actually letting me in? Even with that much movement already?

I would call and follow up with them, just to speak with someone about their list if you haven't. But the overall answer they are going to give you is be patient. Thats what I heard initially, I was on 4 wait lists. I then got off the list at one school and its where I'll be attending.


So just be patient maybe until Mid April people will most likely decide by then! I know you'll hear soon!

 

[DesertPT]

My debt from undergrad is approx. 115k

I can envision very few circumstances for you in which paying >$150k in tuition and fees for a DPT would be a financially justifiable decision.

If you had to borrow for living expenses during PT school as well (which I'm assuming you will because this school is out of state - perhaps you have a spouse with substantial income?), then I imagine you would have a bare minimum of $320,000 in student loan principle when you graduated. You'd likely be at >$350,000 with the interest that is generated over the 3 years of school. Your monthly payments would be at least $2200/month just to keep up with the interest. $2200+/month to never even make a dent in the principle.

Sure you could go on some sort of IBR plan and make minimum payments for 20-25 years. Generally you won't pay more than 15% of you AGI each month, or something along those lines, IIRC. Whatever your minimum payment would be, it would almost certainly be less than the interest, in which case your loans could be close to a half a million dollars by the time your 20-25 years is up.

Let's pretend a best-case scenario happens and you can afford to pay all the interest every year ($26,000/year for the purposes of this discussion). Great, your $350k is forgiven after 20 years, right? Nope, probably not. It's hard to say how things will change over the next two decades, but as of now forgiven loans that aren't part of some sort of PSLF program count as taxable income. Your loans would be "forgiven" and you would probably owe $100,000 in income tax that year. Can't pay a tax bill that's as big as your annual income!

No doubt, the structure of federal student loans will change in the next 20 years, but you can't justify borrowing such an insane amount of money with no knowledge whatsoever of how repayment will work in the future. You can't wisely put all your financial eggs in the "PSLF staying around for 10 more years" basket either. Is there a chance it could work out for you? Of course there is. But the risk involved is unbelievably high.

Even if you get in to your top choice school and pay $54k for your DPT, your student debt burden is likely going to be a quarter of a million when you graduate. $180k best case, if you only borrow tuition and fees. There is a high risk of you experiencing financial ruin if you add another $100k to that.

I imagine this is information you already know, so sorry if I'm preaching to the choir to some extent, but I don't know what else to tell you. I don't see any way that being $350,000 in student debt as a new PT is financially feasible. Best case scenario even if you only borrow tuition and fees at the expensive school is still >$265k. Still probably not feasible, unless you have a spouse that generates significant income, or a windfall from a rich uncle you know is coming in the future...

 

[DesertPT]

Do you think reaching out to a program to let them know how badly I want in could result in them actually letting me in?

Unfortunately, probably not. I guess it doesn't hurt to try, but really there is nothing you can do but hope for the best. If you've got until August either way, you might as well wait it out.

 

[engmedpt]

My debt from undergrad is approx. 115k, which is probably way above normal.

How did this happen?


What did you finish your undergrad in?

 

[DesertPT]

How did this happen?


What did you finish your undergrad in?

I'm also curious. I had to borrow a quarter that much to get through my bachelor's and am wiggin about how much debt I already have...

 

[A Homeless Guy]

How did this happen?


What did you finish your undergrad in?

Woah :O thats a big number for undergrad

 

[engmedpt]

I'm at $0 but that is rare. scholarship and help.

We're trying to help. You need to make CERTAIN this is what you want out of life. Legitimately. I know most people accepted have determined that, but its imperative in this situation. Desertpt and I can try to offer advice as much as possible. Hopefully we can get this thread out to practicing PT's. If you can get off that wait and do this path then THAT IS ABSOLUTELY what you would need to do. You would also need to have predetermined goals. Are you interested in the military? They give 40k a yr for three years of service directly to your debt. That's 120k. Travel can hit 100k if that is the lifestyle you want. And yes, of course, PSLF and IBR in addition to any other changes that may crop up. Have you come from an underprivileged background? A possible scholarship or work study a possibility? There is always the hope that things will change, but going in with that hope about student debt is not a good idea. You need to get plans to make this work if nothing were to change.

 

[engmedpt]

I'm at $0 but that is rare. scholarship and help.

We're trying to help. You need to make CERTAIN this is what you want out of life. Legitimately. I know most people accepted have determined that, but its imperative in this situation. Desertpt and I can try to offer advice as much as possible. Hopefully we can get this thread out to practicing PT's. If you can get off that wait and do this path then THAT IS ABSOLUTELY what you would need to do. You would also need to have predetermined goals. Are you interested in the military? They give 40k a yr for three years of service directly to your debt. That's 120k. Travel can hit 100k if that is the lifestyle you want. And yes, of course, PSLF and IBR in addition to any other changes that may crop up. Have you come from an underprivileged background? A possible scholarship or work study a possibility? There is always the hope that things will change, but going in with that hope about student debt is not a good idea. You need to get plans to make this work if nothing were to change.

This profession is not about hefty finances, but this thread now needs to be.

 

[TravisDPT]

How did this happen?


What did you finish your undergrad in?

The 115k figure includes the interest that will accrue between now and when my repayment begins (hopefully) in 2018. The actual amount I've taken out that doesn't include interest is much lower, but still substantial. I attended a private university all 4 years with an annual tuition of about 30k each year including living expenses. Its been an amazing experience, but in retrospect, I regret not attending a state school where I would've gotten the same education for half the price.

I plan on using loans to pay for living expenses (rent, groceries, gas, etc) during my first semester in PT school, possibly entire first year. After that I will be working again and supporting myself financially, and just using loans for tuition and fees.

 

[TravisDPT]

I can envision very few circumstances for you in which paying >$150k in tuition and fees for a DPT would be a financially justifiable decision.

If you had to borrow for living expenses during PT school as well (which I'm assuming you will because this school is out of state - perhaps you have a spouse with substantial income?), then I imagine you would have a bare minimum of $320,000 in student loan principle when you graduated. You'd likely be at >$350,000 with the interest that is generated over the 3 years of school. Your monthly payments would be at least $2200/month just to keep up with the interest. $2200+/month to never even make a dent in the principle.

Sure you could go on some sort of IBR plan and make minimum payments for 20-25 years. Generally you won't pay more than 15% of you AGI each month, or something along those lines, IIRC. Whatever your minimum payment would be, it would almost certainly be less than the interest, in which case your loans could be close to a half a million dollars by the time your 20-25 years is up.

Let's pretend a best-case scenario happens and you can afford to pay all the interest every year ($26,000/year for the purposes of this discussion). Great, your $350k is forgiven after 20 years, right? Nope, probably not. It's hard to say how things will change over the next two decades, but as of now forgiven loans that aren't part of some sort of PSLF program count as taxable income. Your loans would be "forgiven" and you would probably owe $100,000 in income tax that year. Can't pay a tax bill that's as big as your annual income!

No doubt, the structure of federal student loans will change in the next 20 years, but you can't justify borrowing such an insane amount of money with no knowledge whatsoever of how repayment will work in the future. You can't wisely put all your financial eggs in the "PSLF staying around for 10 more years" basket either. Is there a chance it could work out for you? Of course there is. But the risk involved is unbelievably high.

Even if you get in to your top choice school and pay $54k for your DPT, your student debt burden is likely going to be a quarter of a million when you graduate. $180k best case, if you only borrow tuition and fees. There is a high risk of you experiencing financial ruin if you add another $100k to that.

I imagine this is information you already know, so sorry if I'm preaching to the choir to some extent, but I don't know what else to tell you. I don't see any way that being $350,000 in student debt as a new PT is financially feasible. Best case scenario even if you only borrow tuition and fees at the expensive school is still >$265k. Still probably not feasible, unless you have a spouse that generates significant income, or a windfall from a rich uncle you know is coming in the future...

I have long known that school was going to be expensive, but it's gone over what I expected after the last couple years and I haven't really realized the entire scope of it all until this thread. To be honest, this post is pretty terrifying, but it's true and something I needed. Thank you for "spelling it all out" for me and for all the advice!

 

[TravisDPT]

I'm at $0 but that is rare. scholarship and help.

We're trying to help. You need to make CERTAIN this is what you want out of life. Legitimately. I know most people accepted have determined that, but its imperative in this situation. Desertpt and I can try to offer advice as much as possible. Hopefully we can get this thread out to practicing PT's. If you can get off that wait and do this path then THAT IS ABSOLUTELY what you would need to do. You would also need to have predetermined goals. Are you interested in the military? They give 40k a yr for three years of service directly to your debt. That's 120k. Travel can hit 100k if that is the lifestyle you want. And yes, of course, PSLF and IBR in addition to any other changes that may crop up. Have you come from an underprivileged background? A possible scholarship or work study a possibility? There is always the hope that things will change, but going in with that hope about student debt is not a good idea. You need to get plans to make this work if nothing were to change.

I am totally certain that PT is what I want to do. I have entertained the thought of PA or even med school in the past, but I've always come back to PT.
I am mildly interested in the military, but would rather avoid that option. However, those incentives are pretty enticing, especially for only three years of my life (vs 10 years of payments).
I am also interested in doing travel PT, and I think at this point it almost might be necessary. Even just doing 2 or 3 years of travel would help, right? (I'm sure I'd get sick of it and be ready to settle down by then)
PSLF and IRB are terms I am unfamiliar with. Are they similar to the weekend PRN-type work that I've seen others talk about?
I wouldn't say I have an "underprivileged" background, my family has run into financial trouble a couple times, and bankruptcy once, but we've never been too bad off. Still, money for college is something we don't have, so I am on deferred payments for all my loans. I am the second in my entire ancestry to ever attend college, only second to my slightly older sister, and I am the first and only to ever pursue a graduate education.
I would love to do a work-study program and I am always looking for and applying to scholarships.

I can't tell you how much I appreciate all of the advice and information! Im sure there's plenty of options out there that I simply don't know about, and need to start looking into. If there's anything else you guys can recommend, that would be fantastic.

p.s. I just recieved an email yesterday, I'm now 2nd on the waitlist!

 

[DesertPT]

PSLF and IRB are terms I am unfamiliar with

Public Service Loan Forgiveness and Income-Based Repayment.

PLSF is a federal program whereby your loan balance is forgiven without being taxes after making 120 (10 years worth) qualifying minimum payments while working at a qualifying non-profit organization. Is possible for PTs if you work some place like a non-profit hospital for 10 years. Could be a great option for someone in your circumstance but there are doubts now and again regarding whether it will really still exist 10 years from now in the same form that it does today. Something to look into though, but don't necessarily bank on it saving your butt.

IBR, Pay as you Earn (PAYE) and Income Contingent Repayment (ICR) are all loan repayment plans that allow you to make lower monthly payments than you would on a standard 10 year plan, usually not more than 15% of your AGI. You can easily learn what you need to about federal loan repayment plans from the Department of Education's websites by Googling. Of course the longer you pay, the more you pay.

It sounds like you haven't done too much research into everything regarding your loans. I would get started on that.

 

[DesertPT]

p.s. I just recieved an email yesterday, I'm now 2nd on the waitlist!

I think you've got a dang good shot.

 

[SwampPT]

I am totally certain that PT is what I want to do. I have entertained the thought of PA or even med school in the past, but I've always come back to PT.
I am mildly interested in the military, but would rather avoid that option. However, those incentives are pretty enticing, especially for only three years of my life (vs 10 years of payments).
I am also interested in doing travel PT, and I think at this point it almost might be necessary. Even just doing 2 or 3 years of travel would help, right? (I'm sure I'd get sick of it and be ready to settle down by then)
PSLF and IRB are terms I am unfamiliar with. Are they similar to the weekend PRN-type work that I've seen others talk about?
I wouldn't say I have an "underprivileged" background, my family has run into financial trouble a couple times, and bankruptcy once, but we've never been too bad off. Still, money for college is something we don't have, so I am on deferred payments for all my loans. I am the second in my entire ancestry to ever attend college, only second to my slightly older sister, and I am the first and only to ever pursue a graduate education.
I would love to do a work-study program and I am always looking for and applying to scholarships.

I can't tell you how much I appreciate all of the advice and information! Im sure there's plenty of options out there that I simply don't know about, and need to start looking into. If there's anything else you guys can recommend, that would be fantastic.

p.s. I just recieved an email yesterday, I'm now 2nd on the waitlist!

Congratulations! I have no doubt your parents are extremely proud of you. Every graduate degree is too expensive in my book. Even if it takes you 30 years to pay your loans off at least you'll be working at a career you love. After 42 years on this earth I can safely say you're going to owe money to someone for the majority of your life so don't go giving yourself an ulcer

 

[engmedpt]

I just wanted to emphasize how much you want this and I'm happy you have such a resolve. If you were shaking then I would say hell no. That being said, I think IBR while doing travel Pt may be the breadwinner for your situation. Ill tell you what if you have a thick skin for change then that may be a great route for you. Ill be honest if you can adapt then the continual change may be good for your overall satisfaction.

Can you spend a weekend cracked out on coffee goggling every possible scholarship? Usually they're very small but if applied toward living expenses then that will help. The grad plus loan is insane. Theres currently a senator using student debt as her platform. I believe the argument is to refinance everything at a lower interest rate. 3.9 percent for undergrads and slightly higher for grads. Get involved with the fb page and get involved with the struggle

Some extra advice:
If your state school has an open house then go. Its a factor the admissions at mine use for consideration. That being daid, refrain from being a bother to admissions

 

[DesertPT]

I believe the argument is to refinance everything at a lower interest rate. 3.9 percent for undergrads and slightly higher for grads

These kind of reforms generally haven't seemed to effect existing loans though, but rather they only apply to new ones. Maybe I'm wrong though. If I see that 8% interest rate on my plus loans drop someday then heaven be praised...

 

[engmedpt]

^Just click a few boxes for support whenever you can.

 

[TravisDPT]

Public Service Loan Forgiveness and Income-Based Repayment.

PLSF is a federal program whereby your loan balance is forgiven without being taxes after making 120 (10 years worth) qualifying minimum payments while working at a qualifying non-profit organization. Is possible for PTs if you work some place like a non-profit hospital for 10 years. Could be a great option for someone in your circumstance but there are doubts now and again regarding whether it will really still exist 10 years from now in the same form that it does today. Something to look into though, but don't necessarily bank on it saving your butt.

IBR, Pay as you Earn (PAYE) and Income Contingent Repayment (ICR) are all loan repayment plans that allow you to make lower monthly payments than you would on a standard 10 year plan, usually not more than 15% of your AGI. You can easily learn what you need to about federal loan repayment plans from the Department of Education's websites by Googling. Of course the longer you pay, the more you pay.

It sounds like you haven't done too much research into everything regarding your loans. I would get started on that.

Thankfully I have heard of all these options, I just didn't know all the abbreviations or official names. I have a non-for-profit hospital that I have been volunteering at for two years and would love to work for, and take advantage of PSLF. I met with a counselor in my school's financial aid office last fall and went over my options, but I had yet to hear about the rumblings of PSLR not sticking around long in its current form. I will definitely be reading into that. Thank you!!

 

[TravisDPT]

I think you've got a dang good shot.

I sure hope so!!

 

[TravisDPT]

Congratulations! I have no doubt your parents are extremely proud of you. Every graduate degree is too expensive in my book. Even if it takes you 30 years to pay your loans off at least you'll be working at a career you love. After 42 years on this earth I can safely say you're going to owe money to someone for the majority of your life so don't go giving yourself an ulcer

haha I appreciate the light-hearted comments and advice about a not-so-light-hearted topic

 

[DesertPT]

I had yet to hear about the rumblings of PSLR not sticking around long in its current form

There's nothing official, but it gets discussed around here (and elsewhere) from time to time. Some are of the opinion that it will stick around but there will be a cap to how much is forgiven. Obama proposed a cap of $57k at one point, IIRC, but it never went anywhere.

 

[engmedpt]

Last advice. Plan for the hardest circumstance as everything currently exists. If you do that, are realistic for that, and can make it work, then you're ready to take the next step.