Is it worth it? Im in DPT school now

[dpt9182]

Im attending DPT school. Now that im finally involved people are opening up about salary and the school actually provided me with cost of living #s. My loans are now calculated at $120,000. With accrued interest over:
30 yr repayment plan= $305,000~ $850mo
10 year repayment plan= $165,000~ $1,380mo

I've been told by numerous therapists (now theyll tell me since im in school) I should expect between 55-70 for my first 10 years of work.

lets say its $65,000

Fed tax: 25%. $65,000x .75 = $48,750

State tax: 7.5% x $65,000= $4,875 $48,750-$4,875= $43,875

Average cost of living: rent ($600x 12mo= $7,200)+ cable+internet ($80x12mo= $960)+ govt estimated cost of living- w 100$ extra for more food. ($665x12mo= $7,980) total= $16,140.
$43,875-$16,140= $27,735

Transportation+ insurance: car: nat'l ave according to edmunds~ $450 ($450x12mo= $5400) + insurance ($1,500) = $6,900
$27,735- $6,900- $20,835

Final #s
Option 1- 30 yr repayment. $850x12mo= $10,200
$20,835-$10,200= $10,365

Option 2- 10 yr repayment. $1,380x 12mo= $16,560
$20,835- $16,560= $4,275

Imagine if I wanted to buy a house... subtract atleast $5,000 more from each one.

What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.

However I could enjoy just about any job. For example even being a car salesman or waiter or bartender in a city for a few years would net me close to the same salary, without loan repayments would allow me to save and open up a business and STAND a chance to oneday get ahead.

Maybe I'm missing something, but it looks like I'll never stand a chance.

But before I make a rash decision to suspend my enrollment I was interested in advice.

Thanks!

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[Fiveoboy11]

Im attending DPT school. Now that im finally involved people are opening up about salary and the school actually provided me with cost of living #s. My loans are now calculated at $120,000. With accrued interest over:
30 yr repayment plan= $305,000~ $850mo
10 year repayment plan= $165,000~ $1,380mo

I've been told by numerous therapists (now theyll tell me since im in school) I should expect between 55-70 for my first 10 years of work.

lets say its $65,000

Fed tax: 25%. $65,000x .75 = $48,750

State tax: 7.5% x $65,000= $4,875 $48,750-$4,875= $43,875

Average cost of living: rent ($600x 12mo= $7,200)+ cable+internet ($80x12mo= $960)+ govt estimated cost of living- w 100$ extra for more food. ($665x12mo= $7,980) total= $16,140.
$43,875-$16,140= $27,735

Transportation+ insurance: car: nat'l ave according to edmunds~ $450 ($450x12mo= $5400) + insurance ($1,500) = $6,900
$27,735- $6,900- $20,835

Final #s
Option 1- 30 yr repayment. $850x12mo= $10,200
$20,835-$10,200= $10,365

Option 2- 10 yr repayment. $1,380x 12mo= $16,560
$20,835- $16,560= $4,275

Imagine if I wanted to buy a house... subtract atleast $5,000 more from each one.

What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.

However I could enjoy just about any job. For example even being a car salesman or waiter or bartender in a city for a few years would net me close to the same salary, without loan repayments would allow me to save and open up a business and STAND a chance to oneday get ahead.

Maybe I'm missing something, but it looks like I'll never stand a chance.

But before I make a rash decision to suspend my enrollment I was interested in advice.

Thanks!

You will be underpaid relative to your hard work/education but no different that the rest of us. Many professions/people will have it worse. On the upside, there will be a lot of opportunity to make more than the cited salaries on here, and in good positions, including outpt ortho. I bought a cheap home and I make more than 70k with 4yrs experience in outpt ortho, so it's not so bad. I work M-Th 10hr days, no weekends. I'll be playing video games tomorrow...

At least in PT, especially outpt ortho, you typically will work M-F with bankers hours. It's not the best paying job in the world, but it is a fascinating profession with a lot of upside and potential. The PT profession is a smart idea to be a part of if you have the passion and interest in MSK, but are not necessarily obsessed with being called doctor every two seconds or getting paid the highest salaries.

 

[GTT4DPT]

First off, thank you for being so honest and upfront about your student loan situation. As someone starting out on this path, I appreciate it very much.

Have you investigated income based repayment options?:

http://studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp​

If your concern is that your earnings won't be enough to service the debt, this might provide some way of helping to keep things under control (but there's no doubt a lot of nuance to this policy, how it gets implemented, and when it makes sense). From what I understand, your payments are kept semi-reasonable (e.g. no more than $600 per month if you're making $65k...less if you're married or have kids). If you pay for 25 years, your outstanding debt is paid off (though I think you have to pay income tax on the absolved debt).

But then if your earnings increase, so will your payments...maybe to a point where the benefit becomes minimal.

If you have the ear of an adviser at school and time to reflect on it, I'd be interested to hear if this might help your situation.

It's commendable that you're really reflecting on the situation, considering some drastic changes and not letting inertia dictate your life. Whatever happens, best to you.

 

[facetguy]

I'm sure it varies around the country, but $65k seems a little light.

 

[djb051]

Im attending DPT school. Now that im finally involved people are opening up about salary and the school actually provided me with cost of living #s. My loans are now calculated at $120,000. With accrued interest over:
30 yr repayment plan= $305,000~ $850mo
10 year repayment plan= $165,000~ $1,380mo

I've been told by numerous therapists (now theyll tell me since im in school) I should expect between 55-70 for my first 10 years of work.

lets say its $65,000

Fed tax: 25%. $65,000x .75 = $48,750

State tax: 7.5% x $65,000= $4,875 $48,750-$4,875= $43,875

Average cost of living: rent ($600x 12mo= $7,200)+ cable+internet ($80x12mo= $960)+ govt estimated cost of living- w 100$ extra for more food. ($665x12mo= $7,980) total= $16,140.
$43,875-$16,140= $27,735

Transportation+ insurance: car: nat'l ave according to edmunds~ $450 ($450x12mo= $5400) + insurance ($1,500) = $6,900
$27,735- $6,900- $20,835

Final #s
Option 1- 30 yr repayment. $850x12mo= $10,200
$20,835-$10,200= $10,365

Option 2- 10 yr repayment. $1,380x 12mo= $16,560
$20,835- $16,560= $4,275

Imagine if I wanted to buy a house... subtract atleast $5,000 more from each one.

What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.

However I could enjoy just about any job. For example even being a car salesman or waiter or bartender in a city for a few years would net me close to the same salary, without loan repayments would allow me to save and open up a business and STAND a chance to oneday get ahead.

Maybe I'm missing something, but it looks like I'll never stand a chance.

But before I make a rash decision to suspend my enrollment I was interested in advice.

Thanks!

If I did not really enjoy physical therapy, I would not take on that much debt. However, if you want to continue, there are ways to live even cheaper than what you are budgeting. For example, if you live in an area with mass transportation like I do, it would cost me approximately $220 dollars every month to commute roundtrip to work Monday through Friday. Also, with a few roomates, each of us with our own room, I would be able to cut my rent down to about 300-400 dollars a month. You also have to ask yourself do you really need cable? There are cheaper options out there like hulu or netflix, which are like 8 to 16 dollars a month. I am only pointing out that if this is really what you want to do, there are ways to save even more and then apply that to your debt. I realize that not everyone is able to live as frugally though. Good luck.

 

[wrennywren]

You will most likely never have to pay that much in federal taxes. You will have deductions galore. 25% tax rate will not come in to play. Bank on that.

 

[dpt9182]

Thats very true but where my school is its easily over 1,000$ a mo for rent per person, cheapest anyone has gotten is 600$ and thats with people that rented from a friend and have other students sleeping on couches.
Im just calculating based on the idea that my gf, wife, or someone may want cable. if i have to bypass creature comforts like movies or net flix at age 30 id say the system is broke. (maybe im being frivolous)

 

[dpt9182]

I also wanted to point out that my school is making 2 million dollars each year of my class of 65 students. thats 6 million dollars a year for the program...

is this amount of money really necessary? where is it going? why do we require educational standards to cost so much?! ive learned EVERYTHING so far from my 20$ book.

id be willing to bet if i studied for three years and threw in a few continuing ed courses i would be able to pass the boards for a little under 5,000$ of my own money.

*i apologize for the rant. i was thinking about how broken the system was in class today.

 

[Sheldon]

I also wanted to point out that my school is making 2 million dollars each year of my class of 65 students. thats 6 million dollars a year for the program...

is this amount of money really necessary? where is it going? why do we require educational standards to cost so much?! ive learned EVERYTHING so far from my 20$ book.

id be willing to bet if i studied for three years and threw in a few continuing ed courses i would be able to pass the boards for a little under 5,000$ of my own money.

*i apologize for the rant. i was thinking about how broken the system was in class today.

I won't say I'm jaded, but after having been out of PT school for a few years and in real-world practice, I often ask myself the same question. I do think a lot of people think the same way too. As a PT student, I was gung-ho for Vision 2020, for being a doctor of physical therapy, etc. I simply think PT school tuition is too expensive these days and tuition is burdening bright, enthusiastic young professionals with too much debt and stress.

I would do it all again, because I do absolutely love what I'm doing and where this profession has taken me, because of the people I've met, and because how I've been able to help my patients. Looking back, I should have thought better of the school I attended, private vs. public in-state, because of tuition soley.

I think the profession should move back to a master's. Upon completion of the degree, the student moves into a paid residency into whatever specialization he or she chooses, and this would include a "general practice residency" much like family med is to medicine. Then perhaps an optional fellowship. That's just my two cents.
I think the APTA should re-visit the educational system with an open-mind.

 

[Azimuthal]

Have you considered 3 years of active military service as an officer in the Medical Services Corps? In the Navy, you get a decent salary, immediate jump in rank (0-3 for DPT) and loan forgiveness of $30k annual, after taxes ($40k, but Feds take 25%). All for 3 years of active duty obligation (ADO).

 

[jblil]

I'm sure it varies around the country, but $65k seems a little light.

From the (albeit limited) info I've been able to gather, I think most new grads are indeed getting around that number.

 

[TheOx777]

Objectively speaking... I would say that the generalized current cost of DPT education does not make a lot of financial sense, so from a pure fiduciary standpoint it probably IS NOT worth it. This is assuming that OP wants the typical western societal pleasures(home, family, car(s), savings, occasional vacation, disposable income, etc)

On the other hand, what one values from a job and their contribution to a career field can often be invaluable. So when you see a professor or clinical educators performing at the highest levels in the field, the argument can be made that it's absolutely worth it. This is especially true if you aspire to such contributions.

That said, what you value from your career(i.e. financial comfort, autonomy, work/life balance) will ultimately dictate if this journey is worth it.

 

[Kismet426]

Im attending DPT school. Now that im finally involved people are opening up about salary and the school actually provided me with cost of living #s. My loans are now calculated at $120,000. With accrued interest over:

What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.

Thanks!

Short and to the point:
no. i don't think that it is worth it.
i don't think you'll ever make enough/year to make the loans/interest/stress worth it.

i would leave the program.
if you're committed to pt still, reapply somewhere cheaper.
if you've realized that multiple aspects aren't for you, cut your losses now and find something else. before you accrue more debt.who wants to spend 6-7 years in school have $120,000+ in loans, and not be able to do anything fun/meaningful with their lives because they have too much debt? not me.

 

[dpt9182]

Thanks for your advice and input everyone. I've included my undergrad loans as well and calculated me debt to be at $450,000 if I continue....
This being said I'm leaving the program (I've had two meetings with the director and he's blown me off both times), and I'll pursue other interests.

Goodluck to everyone!

 

[jblil]

...debt to be at $450,000 if I continue

At that debt level you are in MD territory!
Good luck with whatever you decide to do next.

 

[Sceneofcrime]

Short and to the point:
no. i don't think that it is worth it.
i don't think you'll ever make enough/year to make the loans/interest/stress worth it.

i would leave the program.
if you're committed to pt still, reapply somewhere cheaper.
if you've realized that multiple aspects aren't for you, cut your losses now and find something else. before you accrue more debt.who wants to spend 6-7 years in school have $120,000+ in loans, and not be able to do anything fun/meaningful with their lives because they have too much debt? not me.

My god, you've said what I've been wanting to hear for the longest time!!! I'm not in love with PT and the massive debt is a huge turnoff... I start my first semester of DPT in late August and I am not looking forward to it whatsoever... however, my family does not support my decision to leave the program and will probably disown me if I do. Sad but true.

I'm currently an intern in Corporate America making a decent 600.00 a week with no formal training and it's seriously giving me doubts about taking on 3 years of more school with a huge debt. Why shouldn't I just work a corporate job, make easy money, and not worry about debt?!?! There's too many variations to consider...

 

[pt2014mu]

give someone your seat! You have to love what your are doing whether its in the medical field or corporate america if you are going to spend the next 30 years doing! I am sure there is someone on the waiting list who would appreciate your spot!

 

[TheOx777]

My god, you've said what I've been wanting to hear for the longest time!!! I'm not in love with PT and the massive debt is a huge turnoff... I start my first semester of DPT in late August and I am not looking forward to it whatsoever... however, my family does not support my decision to leave the program and will probably disown me if I do. Sad but true.

I'm currently an intern in Corporate America making a decent 600.00 a week with no formal training and it's seriously giving me doubts about taking on 3 years of more school with a huge debt. Why shouldn't I just work a corporate job, make easy money, and not worry about debt?!?! There's too many variations to consider...

I cannot speak to anyone's familial situation(disowning, etc). However, if you have not started the program yet and know that you do not want to spend the next 25-40 yrs in PT... I urge you not to do it. Why endure the misery of loathing your career? Patient care will likely suffer, collegial experiences will likely take a hit and you will not be contributing to ANY field in any meaningful way. Do you know what you would prefer doing besides PT?

 

[Azimuthal]

I cannot speak to anyone's familial situation(disowning, etc). However, if you have not started the program yet and know that you do not want to spend the next 25-40 yrs in PT... I urge you not to do it. Why endure the misery of loathing your career? Patient care will likely suffer, collegial experiences will likely take a hit and you will not be contributing to ANY field in any meaningful way. Do you know what you would prefer doing besides PT?

+1. You will also be offering up a seat to someone who wants to be in the profession. I'm not saying you will be, but 1 disgruntled soul can bring down the environment of an entire clinic or team.

 

[lee9786]

I also wanted to point out that my school is making 2 million dollars each year of my class of 65 students. thats 6 million dollars a year for the program...

is this amount of money really necessary? where is it going? why do we require educational standards to cost so much?! ive learned EVERYTHING so far from my 20$ book.

That's the reality of the higher education business. Long story short, govt. backed gauranteed loans increase tuition costs. Without any risk, there is no concern for lenders to lend to borrowers. This increases the amount of money that can be borrowed... tuition increases.. basic supply and demand concepts playing out. Check out the graphs and you'll see this is exactly what has happened over the past couple decades. The cost of tuition has increased vastly more than the rate of inflation and this is the primary reason why. When the government gets involved, things tend to get screwed up. So PTs 20 years ago spent a WHOLE LOT less money adjusted for inflation than they do now per year school cost. This doesn't even factor in the cost of books, living expenses etc, which have increased.

The money lent now is lent directly from the government who has it's neck leashed to the Private mega Bankers (aka Federal Reserve) etc.. So the resources are ultimately getting shuffled off to them.

450K? That's more than many Medical Students. The difference in salary is pretty substantial though. Add to this that there is pressure on salaries to go down not up. A PT's salary is tied into what they can bring in via revenue not their level of scholastic training. This is dictated by Medicare which historically has been a benchmark for pricing in the private insurance industry. So historically when Medicare cuts reimbursement rates, so does the Private Insurance oligopoly. I highly recommend folks to look into the increase of Private Healthcare Companies mergers over the past decade. Just like any business, less payors isn't good as they can dictate pricing even more.

The Salary the PT can ask for is highly dependent upon their value in bringing in revenue. The primary source of revenue is from insurance (private and social sources). I wouldn't expect a lot from co-pays. The target market is old folks generally, and these folks don't have a lot of discretionary income to spend on therapy generally since they get their revenue from failing social programs such as social security. Add to this an increasingly inflationary environment which does seem inevitable due to America's dept/printing dollars fiscal policy, these folks on a fixed income will have even less money to pay for what's considered "ancillary" healthcare by many with Physical Therapy.

So the issue is much more dynamic than looking at current salary/debt ratio. Many pre-PTs are jumping head first into the sand though without looking at this.

It's important to point out that demand is not determined by how many old folks there are, but how many patients show up for treatment. What happens when copays go from $20 to $45 for treatments like is currently happening with many patients? Things to think about. Many aren't but just saw once that PT is one of the countries greatest careers according to _______ which is probably paid advertising by the PT schools or APTA. << Don't know for sure, but it wouldn't surprise me a bit.

If you want to make a lot of money open up a college. You can't fail because you will have unlimited demand for seats because the students will have the money. As with any business, as the supply of money increases so will the cost because they know that the students will pay it for the "American Dream" rationalizing Medical School/Mortgage type loans with 30 year repayment policies.

 

[jblil]

That's the reality of the higher education business (...) with 30 year repayment policies.

Net-net:

1. Have realistic expectations as to what your salary will be;
2. Don't take out too big a loan;
3. Nobody knows what the future will bring, but always be prepared for a worst-case scenario.

The above applies to any profession, not just PT.

 

[Rx MPLS]

Another perspective here. I was quite interested in PT, but decided the debt relative to the income didn't make any sense. I'm in pharmacy now instead, which I also like. It has a similar cost for school, but higher beginning income. I wouldn't necessarily recommend this path though as pharm's future looks even more uncertain than PT's.

 

[jblil]

I wouldn't necessarily recommend this path though as pharm's future looks even more uncertain than PT's.

I hear ya... Several of my nieces will graduate from Pharm school in 2013 and they don't sound too happy right now. BTW to feel better, you should take a look at the "Optometry is great!" discussion in the Pre-Optometry forum. Epic discussion...

 

[blewis15]

I guess this is a good avenue for people who care too much about money to come and vent their frustrations. For the rest of us, don't let this thread discourage us from taking on a highly rewarding career that we have chosen for benevolent reasons.

 

[Rx MPLS]

I guess this is a good avenue for people who care too much about money to come and vent their frustrations. For the rest of us, don't let this thread discourage us from taking on a highly rewarding career that we have chosen for benevolent reasons.

I would never discourage someone, but it's good to be realistic about your capabilities to pay back your loans. There's a lot going for a career in physical therapy, if you can keep your loan burden to a minimum. If I had enough cash to pay for school, I may have headed in that direction myself. I just didn't see how it would be possible to pay the loans off and still afford to settle down, buy a house, have kids, etc. You should pencil it out on paper and make sure the choice to go to school is a good one for you.

I will say this: I've never once met a PT who didn't love their career, which is a lot more than I can say for most pharmacists. Love doesn't pay for student loans, though.

 

[Sceneofcrime]

I will say this: I've never once met a PT who didn't love their career, which is a lot more than I can say for most pharmacists. Love doesn't pay for student loans, though.

Epic!!!!!!!

 

[DPTnotMD]

I graduated in 2009. Gross $97k my first year, Gross $105K my second year, I should gross around $110k -115K this year. I had aprox 110k in student loans..I'm down to $55k. I will be debt free December 2013 or early 2014. You will be fine. I work an average of 50/hrs per week. I make $92K including my quarterly bonus with my full-time employment. I see 3-4 home health patients (Evals only) MWF after work - $70 per eval which takes 30-40 minutes each. I net aprox 6k - 7k montly depending on how much i work! Enjoy the setting you are in (military medicine is my primary setting), Work hard and learn (you salary should only increase with hard work and better skills), and enjoy life (vacations are a must!!!)....don't buy a fancy car or expensive house (my mortagage is $1083 and my roommate pays me $625 monthly). I can actually say I have NEVER had a bad day at work! Also, please dont listen to people that say you work too much and/or don't pay off your loans early...they will be BROKE forever. PT is not hard work! Hardwork is doing construction in the summer (trust me that's why I went to school and received an education). 50 hours a week easy man! I would also pick up some prn work on the weekends if I were you.

Just a side story - When I interviewed for my first job, I was offered 57K. I said thanks but not thanks and informed them that I had 110K in student loans and could not live off that salary. Two days later they called me and offered me 75K. Dont settle, unless you are doing a residency or mentorship and not required to see a lot of patients throughout the day.

Please contact me if you want to discuss more..I love talking about this kind of stuff!!

 

[Tlew20]

DPTnotMD...this story sounds very very familiar to my best friend! Hint Hint!

 

[trichic]

DPTnotMD makes an excellent point. Negotiate your salary! Don't just settle for whatever is offered. I just read the survey on this forum that new grads filled out regarding starting salaries and whether they negotiated or not. 50% of them didn't even try to negotiate! I'm not sure how it is everywhere else, but where I live we have a lot of traveling therapists working in clinics that are hiring. Don't like the pay? Negotiate the salary. Don't be afraid to walk because there is probably another clinic down the road that is also hiring. (Unless you REALLY want to work there.) Plus, if they've already spent the time interviewing you, etc and have decided to hire you, they are not going to rescind their offer of employment simply because you tried to negotiate your salary. If they do, it's not a place where you'd want to work. As a business owner, I understand that people need to make money regardless of how much they may like their job. I wouldn't think too highly of a prospective employee if they didn't want to discuss salary. Maybe some of the PTs on here that own/run clinics can give their opinion on how they feel about new grads negotiating salary?

 

[ktrieu05]

I graduated in 2009. Gross $97k my first year, Gross $105K my second year, I should gross around $110k -115K this year. I had aprox 110k in student loans..I'm down to $55k. I will be debt free December 2013 or early 2014. You will be fine. I work an average of 50/hrs per week. I make $92K including my quarterly bonus with my full-time employment. I see 3-4 home health patients (Evals only) MWF after work - $70 per eval which takes 30-40 minutes each. I net aprox 6k - 7k montly depending on how much i work! Enjoy the setting you are in (military medicine is my primary setting), Work hard and learn (you salary should only increase with hard work and better skills), and enjoy life (vacations are a must!!!)....don't buy a fancy car or expensive house (my mortagage is $1083 and my roommate pays me $625 monthly). I can actually say I have NEVER had a bad day at work! Also, please dont listen to people that say you work too much and/or don't pay off your loans early...they will be BROKE forever. PT is not hard work! Hardwork is doing construction in the summer (trust me that's why I went to school and received an education). 50 hours a week easy man! I would also pick up some prn work on the weekends if I were you.

Just a side story - When I interviewed for my first job, I was offered 57K. I said thanks but not thanks and informed them that I had 110K in student loans and could not live off that salary. Two days later they called me and offered me 75K. Dont settle, unless you are doing a residency or mentorship and not required to see a lot of patients throughout the day.

Please contact me if you want to discuss more..I love talking about this kind of stuff!!

If you don't mind sharing, what type of setting do you work in? Sorry, I'm a prospective student so I'm not exactly sure. Do you work full time in an out-patient clinic with a specialty in military medicine and on top of that you do evals after work (MWF) for some extra cash? If that's the case, is doing the eval thing under a hospital? Also, what city do you live in (or just a general area if you don't want to be specific)? Sorry for all the questions, just curious! Thanks in advance!

 

[DPTnotMD]

If you don't mind sharing, what type of setting do you work in? Sorry, I'm a prospective student so I'm not exactly sure. Do you work full time in an out-patient clinic with a specialty in military medicine and on top of that you do evals after work (MWF) for some extra cash? If that's the case, is doing the eval thing under a hospital? Also, what city do you live in (or just a general area if you don't want to be specific)? Sorry for all the questions, just curious! Thanks in advance!

Ktrieu05...i sent you a private message regarding your questions.

 

[fejin757]

Ktrieu05...i sent you a private message regarding your questions.

I'm also curious about your involvement in a military setting. Are you a gov civillian?

 

[swetadpt]

I would say I love working as PT. With 2 years of experience in Outpatient ortho practice I easily make more than 70K. My timings for the jobs are m-f and 8 hours in a day including lunch. However there are ups and downs for being a PT. But still if you like and love your job than its worth it. Outpatient is enjoyable and you will eventually develop a strong skill of manual therapy. Trust me this skill gets you job anywhere as a PT especially outpatient.

 

[wjs010]

Good topic op. trust me I feel you. I was accepted to a program a few months ago and had to think realistically about my life. I had to reject the offer and go back to undergrad and re take classes. I have been thinking of the salary and how it is not bad at all. In fact I don't think anyone is complaining about the salary... We would all be fine with 70-80k if there was little debt. Then, we could invest for our whol working life and make bank later. However, that is not the reality. The reality is, the education system is run basically for profit. The costs are just astronomical. If you don't get an in state offer, it's hard to be optimistic.

While retaking classes, I realized that the only class I have short of medical school is organics, so med school is always popping in my head. It's a little unfair that the debt may keep me from doing pt. but then again, pt is just something I would love to do, and wouldn't cry about not doing it.

I could easily see myself as a doctor... A D.O maybe. I mean afterall don't we all love to help people? It's things like debt that really make me want to go to med school, where Atleast my salary would justify the crazy debt. It's good to be real

 

[Tom51]

I guess this is a good avenue for people who care too much about money to come and vent their frustrations. For the rest of us, don't let this thread discourage us from taking on a highly rewarding career that we have chosen for benevolent reasons.

It's not that the people on here care too much about money. It is that they are thinking realistically about whether having the burden of a huge debt is worth it to them. It is foolish not to consider the financial part of going to DPT school. I have decided that, it is worth it to me. However, I definitely had to think about it long and hard and realize that the $135,000 I am borrowing is real money that I actually have to pay back someday.

It is kind of ridiculous that you call this an "avenue for people who care too much about money." Money is, in fact, an important aspect of life and if you haven't learned that yet then you have been fortunate enough to have never had to seriously worry about it. Your comment is ignorant.

 

[TxDPT14]

I think that if anyone really wants to go to physical therapy school but is worried about the cost,they should look into the schools in Texas. Yes, you will have out of state fees the first year but that cost is still nothing compared to most other schools. I think my school costs about 30,000 give or take a couple thousand (in state tuition for all three years) for the entire program. That's ~10,000 a year. Yes you would have to factor in cost of living but even cost of living in TX seems to be better than most places.

 

[elmcd77]

There are several schools that allow you to have in state tuition for years 2 and 3. My classmates are all establishing residency in Utah right now because they will be able to pay in state for the next two years. Our tuition is not the cheapest, but it's not that bad either. It's about 20,000 a year in state. Just make sure you research all your options because I'm sure there are other state schools that also do this.

 

[469738]

From my understanding of the texas residency, you need to live in texas and work in texas to establish residency. Just moving to texas and being accepted into a university does not get you resident status and thus you would not get in state tution.

 

[TxDPT14]

Yeah, there are several schools in texas who will give out of state students a scholarship their first year as well. This scholarship covers the extra tuition cost. I forgot to state that in my first post!

 

[469738]

TxDPT14 - Do you know which schools these are ? I attended a TWU DPT information session and I swore they said they no longer offer this scholarship.

 

[goyo1010]

TxDPT14 - Do you know which schools these are ? I attended a TWU DPT information session and I swore they said they no longer offer this scholarship.

That's interesting. I should ask our entry-level director here on the Houston campus about this. As far as I know, the scholarship is still being implemented. My OOS classmates got it this semester again.

 

[okramango]

That's interesting. I should ask our entry-level director here on the Houston campus about this. As far as I know, the scholarship is still being implemented. My OOS classmates got it this semester again.

I asked Mary Beth about this recently and she said that funding is being cut and that they cannot guarantee the availability of the out of state tuition waiver scholarship. I've already been accepted to TWU, but she said we would find out around March if the scholarship is available.

Goyo1010 - Do you know if out of state students generally get state residency in Texas after the first year? Or do they rely on this scholarship for all three years of the program?

 

[TxDPT14]

I know UT Southwestern offered it last year. You may also call Texas Tech university health sciences center and ask them!

 

[notbobtrustme]

That's the reality of the higher education business. Long story short, govt. backed gauranteed loans increase tuition costs. Without any risk, there is no concern for lenders to lend to borrowers. This increases the amount of money that can be borrowed... tuition increases.. basic supply and demand concepts playing out. Check out the graphs and you'll see this is exactly what has happened over the past couple decades. The cost of tuition has increased vastly more than the rate of inflation and this is the primary reason why. When the government gets involved, things tend to get screwed up. So PTs 20 years ago spent a WHOLE LOT less money adjusted for inflation than they do now per year school cost. This doesn't even factor in the cost of books, living expenses etc, which have increased.

That's only half the story, to be honest. Many schools use money-maker programs (eg medicine, law) to fund programs that don't make money (history, medieval art etc) as well as to attract faculty and fund research, which bolsters rankings and prestige. The other part is that state schools have had their budgets cut immensely since the '70s. Colleges are far more competitive today than they were in the '70s. Back then, just going to college was a big deal, so the newest buildings and newest technology wasn't a driving force. Now, students can shun a college for having an old library or an outdated campus, which leads to lower enrollment, which leads to higher tuition for those enrolled. Private schools, which don't rely on state funding, have mostly raised tuition in response to state schools, since there is that perception that going to a private school entails a cost premium, as well as to invest in infrastructure, faculty and research.

If the federal government got out of the loan business, the vast majority of people could not afford to attend college. The easy loans is only one part of the story regarding tuition. I agree that 6.8% loans or 7.9% for Grad PLUS loans is ridiculous. They could easily be 50% or even 25% of their current rates. High interest loans are punitive in nature and punish higher education rather than encourage it. We should be encouraging people to become PTs not discouraging them.

In the end, this is the story of what happens when a country spends more on prisons than education.

 

[Litlwarrior08]

If the federal government got out of the loan business, the vast majority of people could not afford to attend college. The easy loans is only one part of the story regarding tuition. I agree that 6.8% loans or 7.9% for Grad PLUS loans is ridiculous. They could easily be 50% or even 25% of their current rates. High interest loans are punitive in nature and punish higher education rather than encourage it. We should be encouraging people to become PTs not discouraging them.

Agree..........that interest rate can and should be lower. Wait till 2017 when the crap hits the fan...........10 yrs employed in nonprofit........gets loan forgiven. (Not for PTs yet) Next big gov. deficit.

 

[Nm505]

I graduated in 2009. Gross $97k my first year, Gross $105K my second year, I should gross around $110k -115K this year. I had aprox 110k in student loans..I'm down to $55k. I will be debt free December 2013 or early 2014. You will be fine. I work an average of 50/hrs per week. I make $92K including my quarterly bonus with my full-time employment. I see 3-4 home health patients (Evals only) MWF after work - $70 per eval which takes 30-40 minutes each. I net aprox 6k - 7k montly depending on how much i work! Enjoy the setting you are in (military medicine is my primary setting), Work hard and learn (you salary should only increase with hard work and better skills), and enjoy life (vacations are a must!!!)....don't buy a fancy car or expensive house (my mortagage is $1083 and my roommate pays me $625 monthly). I can actually say I have NEVER had a bad day at work! Also, please dont listen to people that say you work too much and/or don't pay off your loans early...they will be BROKE forever. PT is not hard work! Hardwork is doing construction in the summer (trust me that's why I went to school and received an education). 50 hours a week easy man! I would also pick up some prn work on the weekends if I were you.

Just a side story - When I interviewed for my first job, I was offered 57K. I said thanks but not thanks and informed them that I had 110K in student loans and could not live off that salary. Two days later they called me and offered me 75K. Dont settle, unless you are doing a residency or mentorship and not required to see a lot of patients throughout the day.

Please contact me if you want to discuss more..I love talking about this kind of stuff!!

Where in the U.S. are you that you were grossing ~$100k only 1 year out of pt school might I ask? That seems rather high... I'm also curious, you mentioned you work in a military setting- are you active duty or are you a contractor? Once again I'm curious because this a route I would like to take at some point once I'm a pt.

 

[NewTestament]

If the federal government got out of the loan business, the vast majority of people could not afford to attend college.

The vast majority of people don't need to attend undergraduate school. If the federal government (FG) got out of the loan business, the cost of higher education wouldn't be so inflated and a 4-year degree would actually have some value. But with so many people going to school these days, and the FG doling out so much money, it's no wonder costs keep rising.

 

[DesertPT]

Where in the U.S. are you that you were grossing ~$100k only 1 year out of pt school might I ask? That seems rather high... I'm also curious, you mentioned you work in a military setting- are you active duty or are you a contractor? Once again I'm curious because this a route I would like to take at some point once I'm a pt.

Asking a question about a 2-year old post from a person who only ever had 12 posts. Don't get you're hopes up ha