Other OT-Related Information How are you paying/surviving in OT school?

[FutureOT2020]

Hi Everyone,

I was just curious, how everyone is managing paying for OT school and living on your own?

I have a full-time job now but I put in my notice and am asking for consideration as part-time. I would work one shift three times a month if my boss will allow it, plus Army reserve drilling (not going to AT this year)

Did you take out a loans for cost of living AND tuition/fees/books? If you have, how does that work? If you've graduated, is it doable and manageable?
Is there a lot of financial aid for OT school?

My plan so far is to use some tuition assistance, work only one shift a week, go to drill but not AT for two years (make it up with RST), my parents agreed to give me $2500 each semester from college savings. I would really like to focus on OT school and maintaining a high GPA.

I have never taken out a loan and only in the last six months started a credit card (only using to pay for car gas). I don't have any undergraduate debt. If I need to take a loan I figure I will still live within the same means I live now after OT school for a few years to pay it back.

Please let me know about your experiences, advice and recommendations I am excited for OT school but finances are worrisome to think about.

Thank you!

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[weaver84]

I've been told time and again, it's simply not worth it to have a part time job during school. Something to think about: is it worth being distracted and not performing your 100% best for an extra $150-200 a month? This is a $50-100k gamble. It's so awesome to have a great work ethic (had 2-3 jobs while taking 18+hrs woohoo!), but this is the time to apply that work ethic appropriately to your career. Also, I have an OT friend that regularly evaluates students doing their fieldwork at her clinic and they frown on students who maintain a part time job... to the tune of failing 1/2 her students. Look at it this way, we are a HUGE investment for the program. We are pass/fail rate stats, if you're jeopardizing a program's appearance over a part time job and not their ability to educate, that's a serious point to consider.

Loans vary widely, most everyone is pulling some out... and a LOT. Your loan payments when graduating will be under $1k a month, but you can be pulling $4-5000 a month so, you'll be fine especially since you don't have undergrad loans. I know one student that is getting out of this for around $15k in loans (she had savings and a GA position). Another student's school doesn't offer GA's or scholarship, so it's all loans/grad plus loans for her at around $90k with living expenses. I could write a book on the expenses of OT school but, just know that this is all worth it! Soooo worth it

 

[jkot11]

So many students take out private loans for OT?

 

[weaver84]

Oh, no! They take out reg. Federal loans and then there's another gov't loan called the grad plus loan that covers your left over tuition cost and living expenses. If you don't qualify for the grad plus loan *then* a private loan is a last resort. I would recommend Wells Fargo, my experience with them has been good and they have competitive rates.

 

[jkot11]

The program I may be attending has 2 "professional" years before the final graduate year so I don't think I would be able to do grad plus until the graduate year, correct?

 

[Chochie]

The program I may be attending has 2 "professional" years before the final graduate year so I don't think I would be able to do grad plus until the graduate year, correct?

What program will you be attending? Mine is the same way! 3 year program but only the last year is considered graduate level. It's a huge pain since I'm still considered dependant so I get less assistance from the government. I have a small amount of federel loans, and the rest is private (ahh!)

 

[jkot11]

I pm'd you!

 

[Chapsa]

I'm using my GI Bill, federal Stafford loans, and a WF private loan to cover my tuition and costs of living. My school does not participate in grad plus loans. I also applied to both of the scholarships offered through the school and just found out I qualified for $6k/yr towards tuition, so that is another avenue to consider. I don't know if any of my classmates applied for these scholarships or not but I am glad that I did! I too still drill but be mindful that you can't use tuition assistance for a graduate level degree until you've served at least ten years. I had counted on that too until realizing I wasn't eligible. Good luck!

 

[FutureOT2020]

Thanks for the tips so far guys. Chapsa I didn't use TA for undergrad so it's still on the table and I don't have the GI Bill at the moment. I think that I will see what financial aid says at the school. Do you think that a $50,000 loan is too much? I'm thinking if I get that 6% over 6 years it would be doable.

 

[Chapsa]

Ah lucky you then! I think how much you borrow is just up to you, in regards to it being worth it long term. I'm going to have 53k of debt when I graduate (not including accumulating interest) but for a 135k estimated cost of attendance, I think I'm pretty well off.

 

[jka252]

This is gonna sound silly, but when do you start taking out loans for school?

 

[Confusedandlostone]

I've been told time and again, it's simply not worth it to have a part time job during school. Something to think about: is it worth being distracted and not performing your 100% best for an extra $150-200 a month? This is a $50-100k gamble. It's so awesome to have a great work ethic (had 2-3 jobs while taking 18+hrs woohoo!), but this is the time to apply that work ethic appropriately to your career. Also, I have an OT friend that regularly evaluates students doing their fieldwork at her clinic and they frown on students who maintain a part time job... to the tune of failing 1/2 her students. Look at it this way, we are a HUGE investment for the program. We are pass/fail rate stats, if you're jeopardizing a program's appearance over a part time job and not their ability to educate, that's a serious point to consider.

Loans vary widely, most everyone is pulling some out... and a LOT. Your loan payments when graduating will be under $1k a month, but you can be pulling $4-5000 a month so, you'll be fine especially since you don't have undergrad loans. I know one student that is getting out of this for around $15k in loans (she had savings and a GA position). Another student's school doesn't offer GA's or scholarship, so it's all loans/grad plus loans for her at around $90k with living expenses. I could write a book on the expenses of OT school but, just know that this is all worth it! Soooo worth it

I second this statement, I'm not saying it's impossible but it's very difficult to even hold a part time job while going to occupational therapy school full time. I attended a previous OT program before and I wasn't even working during the semester(only worked during breaks) and barely passed each semester with a 3.0 and tanked my last semester during summer(which lead to me withdrawing). If you don't have to work, don't. As my former professors would say " This graduate program is like a full time job".

 

[FutureOT2020]

I heard that you need to fill out FAFSA, make sure you select the school you will be attending. If classes start this summer you need the FY 14/15, if not the first one that pops up is the one you fill. It's very fast, just have your 1040 tax form in front of you or your parents'. I contacted my schools Financial Aid office and informed them that I completed FAFSA. Then the school offers you what they have available regarding financial aid, scholarships and student loans.

 

[Chochie]

This is gonna sound silly, but when do you start taking out loans for school?

Not silly at all- you apply for a loan about a month or two before starting school. Upon approval it takes a couple days for everything to work out, and the funds are sent directly to your school. That's how it worked with my loans!

And I definitely agree that you cannot work during OT school. This will be your future profession, you really need to give it your all. The more time you devote to school, the better therapist you will be. And it will definitely be worth it!

 

[DreamOT]

I just have to chime in, as someone who is currently working part-time (12 hrs/week) while completing the coursework at a very challenging and rigorous OT program. Actually I would say at least half of my cohort works part-time either in our department or in outside jobs with flexible hours (department stores or nannying). Yes you don't want to jeopardize your academic performance, but I have found my 12 hours/week to be completely manageable because I tend to be more productive when I'm busy! I also worked part-time through my undergraduate coursework so this is my normal. The stress of having to cover every living expense in loans would probably stress me out more than making a little money so I can feel that I can treat myself to that cup of coffee I want, etc. (Btw- I am using government loans to cover my tuition. I am covering everything else with my part-time job income because I have a good hourly rate and I also am a budgeter. I use YNAB which is actually free for college students, so PM if you want more details about that!)

I would recommend asking the school you are looking into for what they recommend for part-time work. My program recommended no more than 10 hours/week and give yourself a couple months to settle into school before starting a job if you can.

Whatever you do, do not let some person on a forum to discourage you if you want/need to work a little during graduate school! You know yourself the best. Be confident and do what you need to do!

 

[cb31]

I just have to chime in, as someone who is currently working part-time (12 hrs/week) while completing the coursework at a very challenging and rigorous OT program. Actually I would say at least half of my cohort works part-time either in our department or in outside jobs with flexible hours (department stores or nannying). Yes you don't want to jeopardize your academic performance, but I have found my 12 hours/week to be completely manageable because I tend to be more productive when I'm busy! I also worked part-time through my undergraduate coursework so this is my normal. The stress of having to cover every living expense in loans would probably stress me out more than making a little money so I can feel that I can treat myself to that cup of coffee I want, etc. (Btw- I am using government loans to cover my tuition. I am covering everything else with my part-time job income because I have a good hourly rate and I also am a budgeter. I use YNAB which is actually free for college students, so PM if you want more details about that!)

I would recommend asking the school you are looking into for what they recommend for part-time work. My program recommended no more than 10 hours/week and give yourself a couple months to settle into school before starting a job if you can.

Whatever you do, do not let some person on a forum to discourage you if you want/need to work a little during graduate school! You know yourself the best. Be confident and do what you need to do!

How do you get YNAB for free?

 

[DreamOT]

How do you get YNAB for free?

Here is the link to how to get YNAB for free as a student: http://www.youneedabudget.com/blog/2014/ynab-is-now-free-for-college-students/

And here is a link for 10% off if you want to purchase it (it is $60 to have it forever):
http://ynab.refr.cc/VM2KTXP

 

[RUgirl2017]

I haven't started yet but I landed a resident director position at my university that will pay for tuition,room,and board. In undergrad I had two jobs and managed to stay on deans list my last 5 semesters so I feel confident that I can balance working with school.

 

[katahdin]

Hi Everyone,

I was just curious, how everyone is managing paying for OT school and living on your own?

I have a full-time job now but I put in my notice and am asking for consideration as part-time. I would work one shift three times a month if my boss will allow it, plus Army reserve drilling (not going to AT this year)

Did you take out a loans for cost of living AND tuition/fees/books? If you have, how does that work? If you've graduated, is it doable and manageable?
Is there a lot of financial aid for OT school?

My plan so far is to use some tuition assistance, work only one shift a week, go to drill but not AT for two years (make it up with RST), my parents agreed to give me $2500 each semester from college savings. I would really like to focus on OT school and maintaining a high GPA.

I have never taken out a loan and only in the last six months started a credit card (only using to pay for car gas). I don't have any undergraduate debt. If I need to take a loan I figure I will still live within the same means I live now after OT school for a few years to pay it back.

Please let me know about your experiences, advice and recommendations I am excited for OT school but finances are worrisome to think about.

Thank you!

If you're in army reserve and you don't have a USAA account you should get one- they really work for you, offer the best insurance and interest rates I've seen, they just make my financial life much less stressful. A small thing but worth looking into if you have military or government connections.

 

[Futurenjot]

Bumping to revive this thread. I'm currently worrying about this myself.

 

[proapplicant]

I am going to be in debt, paying off these loans, until I die.

 

[PuppyloverOT]

stressing out too. Looks like I'm going to be in a **** ton of debt, making crazy high payments for 10 years, to have a similar salary to my friends who chose not to go to college period. But hey at least I'll like my job and do some good..

Kicking myself for not knowing sooner so I could do a 3 + 2program and save money or move to a state with better instate tuition.

 

[OldHopeful]

I've been told time and again, it's simply not worth it to have a part time job during school. Something to think about: is it worth being distracted and not performing your 100% best for an extra $150-200 a month? This is a $50-100k gamble. It's so awesome to have a great work ethic (had 2-3 jobs while taking 18+hrs woohoo!), but this is the time to apply that work ethic appropriately to your career. Also, I have an OT friend that regularly evaluates students doing their fieldwork at her clinic and they frown on students who maintain a part time job... to the tune of failing 1/2 her students. Look at it this way, we are a HUGE investment for the program. We are pass/fail rate stats, if you're jeopardizing a program's appearance over a part time job and not their ability to educate, that's a serious point to consider.

Loans vary widely, most everyone is pulling some out... and a LOT. Your loan payments when graduating will be under $1k a month, but you can be pulling $4-5000 a month so, you'll be fine especially since you don't have undergrad loans. I know one student that is getting out of this for around $15k in loans (she had savings and a GA position). Another student's school doesn't offer GA's or scholarship, so it's all loans/grad plus loans for her at around $90k with living expenses. I could write a book on the expenses of OT school but, just know that this is all worth it! Soooo worth it

I'm sorry but I think it is RIDICULOUS that your friend fails students for having a part time job. Sure, fail them if they don't preform well but fail them for having a part-time job? That is infuriating to read.

 

[proapplicant]

I'm sorry but I think it is RIDICULOUS that your friend fails students for having a part time job. Sure, fail them if they don't preform well but fail them for having a part-time job? That is infuriating to read.

There has to be more to it than what that person said. Unbelievable, that they would fail someone for having a part-time job. A job that they were forced to get because of the ridiculous program costs. If a person can manage the program and a part-time job more power to them.

 

[OldHopeful]

There has to be more to it than what that person said. Unbelievable, that they would fail someone for having a part-time job. A job that they were forced to get because of the ridiculous program costs. If a person can manage the program and a part-time job more power to them.

I agree, there just has to be more to it.

 

[Futurenjot]

bumping