Other OT-Related Information How much debt will you be in?

[futureotter]

Crunching the numbers for OT school makes my heart sink. With the programs I got into so far (out of state public or private, which cost about the same), I'm think I'm looking at around 100k in debt including tuition, books, cost of living, etc. It honestly makes me think twice about the profession in general. I've accumulated a list of private scholarships I plan to apply for and am in the process of researching various repayment plans and forgiveness/reimbursement programs. Now, I'll be able to live with my parents after I graduate and contribute most of my income to these loans afterwards, which I know not everyone is capable of doing. How about you guys? How much debt will you be in / how do you plan on financing graduate school?

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[how2dresswell]

100k??? holy **** lol that makes me anxious just thinking about it

i ended up going to the cheapest school possible, it's a little bit longer (3 yrs) but the total for all 3 years ends up only being about 20k. im fortunate that my parents pay for my living and tuition. i pay for books (which actually ends up being really expensive). since its 3 years the course load isn't as condensed and intense, and we get 1 summer off, so ive been able to work 20 hours a week or so for a small income

honestly, 100k is unreal. maybe you should see what other options you have? thinking of the big picture, that you can't live on your own for X amount of years after graduating and that you'll be in debt for a very long time. I have a lot of friends that are in so much school debt and they dig the self deeper as life gets more complicated and they need to buy a car, live in the city, etc. a lot of people wish they went to a cheaper place. in the end, it doesn't even matter where you go for OT school. have you researched the cheapest option? maybe wait it out and reapply there if you didn't get in the first time, and make some money in the mean time

sorry if im making you feel stressed, not my intention!!! it's a stressful situation and being in debt 100k is pretty extreme

 

[BLS614]

I agree that 100k in debt is a lot, but it's a reality for a number of people in OT. I don't, however, think you should pass on OT school because of debt load. Yes, in-state school would be cheaper, however, if you are paying for all your expenses yourself (which is absolutely the norm), school is expensive regardless. I am deciding between an in-state school and a private school and with living expenses, books, fees, etc. the whole thing is expensive no matter where I go. However, that is grad school. I am super lucky that I have no undergrad debt, but I realized that when making the decision to go to OT school, debt was an inevitability. I think of it like this: when I graduated college at 22 I moved to DC (third most expensive city in the U.S.) and lived in the city as an Americorps member for less than $1,000 a month. Besides my cell phone bill, I lived without the help of my parents. I had roommates, I bought cheap food, I drank cheap beer at happy hour, and I did a ton of free stuff on the weekend. I really learned how to be independent and how to make a dollar last. So now that I face the possibility of a lot of debt, and high monthly payments, I at least know that I will still be able to live more comfortably than I did back then. Working as an OT is worth it to me, so I am willing to take out the loans. I find it intimidating for sure when I hear about people who don't have to pay for their school, or who will live at home during grad school, because I know that I will be taking care of all those things through loans. However, know that that is entirely the norm in most places. A friend of mine has over 100k in student loans (from OT) and makes do. She doesn't spend frivolously, but is able to pay rent, owns a car, can go on moderately priced vacations, etc. She will pay them off in 10 years and not worry about them anymore. I am not advocating taking on a ton of debt, but I also don't think OT should be relegated to those who are fortunate enough to go to "cheap" in-state schools, live with their parents, etc. Know that lots of people are facing similar challenges to you, (including me!), and still feel confidently that it will be the right decision in the end.

 

[lucys1024]

A LOT. I try not to think about it.

 

[karixel]

I'm looking at a lot of debt too...kinda scary.

 

[futureotter]

In state public school seats are pretty competitive, so I'm sure there are a lot of people out there who have to deal with significant debt after they graduate. I've been doing a lot of research and it looks like it can definitely be manageable (albeit tough) on an OTs salary. I just wanted to see that I am not alone--and like @BLS614-- still be confident that I'm making the correct choices.

 

[mgeagle]

In state public school seats are pretty competitive, so I'm sure there are a lot of people out there who have to deal with significant debt after they graduate. I've been doing a lot of research and it looks like it can definitely be manageable (albeit tough) on an OTs salary. I just wanted to see that I am not alone--and like @BLS614-- still be confident that I'm making the correct choices.

I agree with one therapist told me....... just look at the debt as another monthly payment and you'll be more than ok, it's not like you have to forfeit your entire paycheck to pay off the debt, just be prepared to give a chunk of your paycheck away to pay off the debt and since it takes years to pay off hopefully you can get used to it. Not to mention that along the way you may get a raise in your pay as long as you show productive longevity in the field so that payment for your debt may look smaller over time. Sure it may stink having to make a bunch of payments for about a decade or so but then you are free with a rewarding career, $100k or even more is a ton of debt no lie but over the course of your working career as an OT you will trump that if you put your heart and soul into the profession for the entirety of your working career. In the long term the reward can outweigh the cost, it just matters how much you are willing to put into it.

 

[ExceptionalSea]

i already have debt from undergrad, and manage to do fine on a very small salary. to me, i figure the opportunity to pursue the career i feel is the best fit for me, and make twice the salary i do now, outweighs the extra debt i will be taking on. like others have said i already know how to pinch pennies and live on very little - having better job satisfaction and autonomy (i can't be someone's assistant for the rest of my life) than i currently do and a higher salary while making higher payments on student loans doesn't bother me. obviously, i will try to be as smart about it as possible, but sometimes the cheapest route is not always available (my GPA is too low to meet the cut off of the programs around my parents) or really worth it (to raise GPA and complete more required pre-reqs = more money out of my pocket, not to mention time, that i would rather put towards my graduate school education!). there are opportunities that will help reimburse your student loans...you just have to look for them. that's my plan.

 

[tobyfreedom1]

Sadly 100K is a very average amount of debt for OT school. I was just accepted into a state school with very cheap tuition but they are hard to get into and the private schools outweigh the public schools in most areas. Honestly, if I had been accepted into private school with 50k a year tuition I would still do it. Getting an education in America is expensive but when you are a practicing therapist you will be making a very decent salary so you will be able to afford the student loan payments. I say go for it and try not to think about the debt. And look into scholarships! Good luck with all your endeavors!

 

[CoastalOT]

.

 

[mgeagle]

I am projecting about 100k. I second the comments that it makes you think twice about the profession. It does, and that's a good thing, these are things we all have to think about. Sometimes when I break down the pay vs tuition costs of getting an OTA from a community college it just doesn't add up. That's the scary part. The idea of tacking on an extra year OR TWO for a doctorate degree, if OT moves in that direction, would probably have large ramifications on the profession. I'm not sure I would pursue OT if a DOT was an entry level degree to be honest.

Good points, the OTA can be beneficial in certain circumstances and has proven worth it for some folks but I can understand how it may turn out to be somewhat of a waste for other people. Some OTA schools are very inexpensive and if the graduates are willing to work in local nursing homes (this work setting tends to pay OTAs the most and have the most job openings for OTAs), they can actually get some substantial reward from it and be in a favorable position to advance into being an OT if they desire. Other OTA schools however have a pretty steep fee relative to what your earning potential will be when you first start out as an OTA and the program is in an area where there aren't too many OTA jobs to go around and makes ya wonder why would I do this? The OTA can be a great route to go but ya gotta be very careful as to how you plan it out. One thing is for sure if getting a doctorate was mandatory than the amount of applicants who are really really passionate to be an OT would grow even more which is a good thing because I have run into some people who want to be OTs and seem to want to go into it for the wrong reasons. I am sure this doctorate requirement would weed them out.

 

[inchbyinch]

Just found out I got into an in state public school this week, so I'm estimating around 40K, thank goodness!

 

[CoastalOT]

.

 

[Emily722]

I was also lucky enough to get into an in-state public school. So I'm looking at about 40,000 plus living expenses and my undergrad debt (about 25000). However, I could have easily been in a situation with 100,000 plus in debt, and that does seem to becoming more common.

 

[bebob]

So far I was able to get in-state tuition even though I'm an OOS student. With my savings, I haven't had the need for a loan. But I'm forced to be very careful, thinking over every purchase. This becomes hard when one has children.

 

[OTstudent1]

Unfortunately, a lot! I live in Iowa and the only school in the state is a private school with high tuition and out of state tuition is nearly as bad!

 

[JulieinCali]

I'm looking at 80K in debt when all is said and done. The only reason it's less than 100K is because I'm married and my husband shouldered the "regular life expenses" while I was in school. Even with the relative stability of the OT job market and decentish salaries, I'm not sure my degree will be worth the debt and lost years of earning potential. I guess I'll let y'all know in 20 years.

 

[gialuan]

I have about $25k since I went to an in-state public school and I live at home. $100k is way too much. In the end, no one cares where you went to school. Really.

 

[otstudenttx]

Here's an idea, move to a state like Texas and establish residency because in state you're looking at closer to 30k for your degree. Too much in loans while doable will hurt your quality of life for decades.

 

[skyocean25]

I am attending an in state public MSOT program. I am aiming for 23k debt for my whole 2 years plus 6 months of field work. Including my 9k undergraduate school debt, 32k or less will hopefully be my final number (not including interest).

I plan to work 10-15 hours while I am in school and live very frugally (good thing I enjoy looking for coupons!). I work in social services and make a decent income for the hours I work and for the field. I have an ok chunk of savings accumulated from working. Those work hours will of course be adjusted down if the stress gets too much.

Who knows what will happen down the line, but I feel truly blessed in getting in this year with my work circumstances aligning, etc. After four years of taking prereqs, working 60 hours a week to make ends meet at stressful unwell paying jobs, studying for the GREs, volunteering at OT clinics, and getting rejected the first time around...thank you so much for this break!! I wish everyone luck!

 

[OTDhopeful]

100k??? holy **** lol that makes me anxious just thinking about it

i ended up going to the cheapest school possible, it's a little bit longer (3 yrs) but the total for all 3 years ends up only being about 20k. im fortunate that my parents pay for my living and tuition. i pay for books (which actually ends up being really expensive). since its 3 years the course load isn't as condensed and intense, and we get 1 summer off, so ive been able to work 20 hours a week or so for a small income

honestly, 100k is unreal. maybe you should see what other options you have? thinking of the big picture, that you can't live on your own for X amount of years after graduating and that you'll be in debt for a very long time. I have a lot of friends that are in so much school debt and they dig the self deeper as life gets more complicated and they need to buy a car, live in the city, etc. a lot of people wish they went to a cheaper place. in the end, it doesn't even matter where you go for OT school. have you researched the cheapest option? maybe wait it out and reapply there if you didn't get in the first time, and make some money in the mean time

sorry if im making you feel stressed, not my intention!!! it's a stressful situation and being in debt 100k is pretty extreme

COULD YOU PLEASE SHARE WHICH PROGRAM THIS IS.. thank you!!

 

[otot1313]

wow it's scary...

the realistic chance for me is private institution which hovers around between 80k to 110k with the books and stuff...

That is why I am looking into military as well... i wanted to serve but it can at least help me in school as well.. ...

but by the time I am done with military, let's say 5, i will be 31 if I go to basic training next year... sad.

 

[OTseeker]

I've been accepted to a private school that will cost about 138k for tuition alone. As much as I love and hope to become an OT, 138k plus room and board might be too much for an OT salary.

 

[OTapplicant18]

I've been accepted to a private school that will cost about 138k for tuition alone. As much as I love and hope to become an OT, 138k plus room and board might be too much for an OT salary.

I'm in the same boat. How do you plan to pay it off?

 

[beestrng]

snf all day. rip

 

[OTseeker]

I'm in the same boat. How do you plan to pay it off?

I'll probably sell a kidney.
In all seriousness, I have no idea.

 

[Tmgonzal]

I'll probably sell a kidney.
In all seriousness, I have no idea.

Oh man I'm in the same boat! I didn't end up applying to state schools bc I my GRE scores were just under the requirement (ugh!). Fortunately I got into three schools but all are private and super expensive. Now I'm seriously considering if a Masters in OT is even worth over 100K and if taking the GRE again and applying a second cycle would be a better option. It's so frustrating because it took so much hard work and time just to apply.

 

[Babybluentexas]

Served in the Army for 8 years... my school, books and housing is covered.

 

[mdOT17]

I will probably have over $120,000 in debt from my masters and my undergrad combined. It is something that I know that I have to shoulder unfortunately to get to the career path that I want. I know it is a lot, but if I learn to manage it with my future salary with my girlfriends future PT salary, I know that I can slowly start to hack away at it.

 

[Evie]

I will probably have over $120,000 in debt from my masters and my undergrad combined. It is something that I know that I have to shoulder unfortunately to get to the career path that I want. I know it is a lot, but if I learn to manage it with my future salary with my girlfriends future PT salary, I know that I can slowly start to hack away at it.

Aw, another PT/OT couple.

My private program is about $65K in tuition. Already paid about 10K off and won’t graduate until 2019. Not so concerned about my ability to pay my debt after school, but my husband’s PT debt on the other hand....he may not live to see it fully paid off.

 

[mdOT17]

Aw, another PT/OT couple.

My private program is about $65K in tuition. Already paid about 10K off and won’t graduate until 2019. Not so concerned about my ability to pay my debt after school, but my husband’s PT debt on the other hand....he may not live to see it fully paid off.

Aww, yeah we met in college
I feel like I am the same way! My tuition is the same for my private state school and I will be graduating in 2019 and she not until 2020.. And she has more frequent clinicals and she has to go to different places for hers (more $$) so there is a lot of factors unfortunately versus the 2

 

[maddaddam]

$100k+ Club, hollaaa.

What a journey. I put myself through undergrad and post-bac, and had a bit of family support for grad school. All public schools, never out-of-state tuition; I always waited to get residency when I moved. Had scholarships, grants, and funding here and there, but... life is expensive.

 

[future0t0906]

About 100K for my grad school tuition! I am pretty lucky though because the school I am going to is in an expensive city and I won't have to pay rent so that will save me a lot of money in the long run! (If rent and utilities are about 700 a month, that would be at least another 25,000 over the course of my OTD degree!)

 

[OT19]

Hey everyone, this might be a stupid question but it involves paying back student loans. So, if I went to the school where the tuition is around $66,000 would I probably end up having to pay back closer to $95-100,000? This doesn't even take into account the fact that I'll probably need to take our personal loans for living expenses on top of that...

 

[thekau]

Hey everyone, this might be a stupid question but it involves paying back student loans. So, if I went to the school where the tuition is around $66,000 would I probably end up having to pay back closer to $95-100,000? This doesn't even take into account the fact that I'll probably need to take our personal loans for living expenses on top of that...

That's hard to say as it depends on the interest rate and the payment plan you have set up. Some loans have a higher interest rate, and if the rate is higher, the amount accrued over the course of the time it takes you to pay it off will be higher as well.

 

[moonshadow]

I'm looking at a lot of debt too. Thankfully my parents agreed to help pay off my undergrad loan while I'm in OT school, and I plan to live with them afterwards for a few years too.
I'm gonna go on the 10 year plan at first to pay back my loans, but if the job I accept as an OT pays enough, I can just pay more per month to decrease the interest.

 

[mystellique]

My program also costs about 100k, but I can commute to school. Luckily, I live with my parents and I have been saving some money from working these past few years. I chose a program where I can work part-time even though school is full-time (classes are only 2-3 days week depending on the term). Assuming I'd be able to work during the whole program, I'll be looking at about 60k debt. My boyfriend is a software engineer, so if we were to move in together in the future I'd be able to focus on paying off my loans.

 

[Psychgirl from VA]

This thread makes me feel a little bit better about myself. lol I have $6k in undergrad loans I'd like to wipe away asap, and then the private school I got into for grad school is about $65k for 2.5 years (I'll be starting my program this fall)... to me even that is still way too much. Luckily, the program is hybrid and only meets once a week. I'm going to try to work 20ish hours a week and constantly apply to scholarships I guess. Worse comes to worse, I definitely plan on putting a large amount of my income towards the loans to pay it off as quickly as possible after grad school.

 

[pintsizeOT]

I currently have about 50,000 in principal for undergrad debt. The school I will be attending in the fall of 2019 is estimated at 130,000 for the entire OTD program (that does not consider the 3-7% increase in tuition per year). I'm assuming that when it's all said and done I'll have about 200,000 of debt just in principal. I'm not worried, I knew since high school that the only way I was going to be able to go to college was if I took out federal and private loans. I am financially responsible and I know I will pay it off. You have to weigh the pros and cons for yourself for how you want to live, what you want to do in life, and what your expectations of your future financial picture are.