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Obtaining the OD degree nowadays is getting more and more expensive just like many other professional schools around the nation.
It is just not financially intelligent to use Optometry as an investment if you have to take out more than ~$50,000 in federal loans. Beyond $50,000 you better be doing it because of a personal calling/passion or you may be miserable. Jason K and others speak endlessly about this and it is true. People needs lessons in finance.
-Average employee salary in Optometry is around $95,000, starting is more like $80,000 but as all things it is highly variable based on many factors.
-Even though you may get paid around $80,000 about 30%-40% of this will go to taxes. (depending on where you live) So expect to take home around $52,000 a year @35% tax rate. (This is not a lot to pay student loans off of)
-You have to be flexible and be willing to move where there is a need of ODs after graduation if you want to make the average starting salary or more, Hint: its not near Optometry schools nor popular areas like Florida/Southern Cali/NYC.
-Scholarships and grants are little to none after undergraduate college.
-Federal subsidized loans were just cut so all loans are unsubsidized at 6.8% interest compounded continuously starting immediately after the loan was taken out.
This means you add 31.25% to your loan from your first year's expenses to the total you will have to pay back, 22.63% for 2nd year, 14.57% for 3rd year and 7% for your 4th year.
Use this debt wizard to make a rough plan of your future. http://mappingyourfuture.org/paying/debtwizard/
Do not just blindly go to professional school just because "it is the next step" or you cannot find a job. Optometry has traditionally been a profession of self-employment. Do not enter this field with your huge indebtedness and then look desperately for a job because you have no option of buying into a practice or starting your own because you mismanaged your finances. If you want to be an employee it is better for you to become a nurse or a PA. (less school, similar salaries)
Optometry is good if you really love it and are fine with spending many decades paying off your loans, or if you keep your debt low by living with your parents during OD school or by joining the military or by some other means. I know I may sound like I think I know everything but I hope this will be of some use to you.
It is just not financially intelligent to use Optometry as an investment if you have to take out more than ~$50,000 in federal loans. Beyond $50,000 you better be doing it because of a personal calling/passion or you may be miserable. Jason K and others speak endlessly about this and it is true. People needs lessons in finance.
-Average employee salary in Optometry is around $95,000, starting is more like $80,000 but as all things it is highly variable based on many factors.
-Even though you may get paid around $80,000 about 30%-40% of this will go to taxes. (depending on where you live) So expect to take home around $52,000 a year @35% tax rate. (This is not a lot to pay student loans off of)
-You have to be flexible and be willing to move where there is a need of ODs after graduation if you want to make the average starting salary or more, Hint: its not near Optometry schools nor popular areas like Florida/Southern Cali/NYC.
-Scholarships and grants are little to none after undergraduate college.
-Federal subsidized loans were just cut so all loans are unsubsidized at 6.8% interest compounded continuously starting immediately after the loan was taken out.
This means you add 31.25% to your loan from your first year's expenses to the total you will have to pay back, 22.63% for 2nd year, 14.57% for 3rd year and 7% for your 4th year.
Use this debt wizard to make a rough plan of your future. http://mappingyourfuture.org/paying/debtwizard/
Do not just blindly go to professional school just because "it is the next step" or you cannot find a job. Optometry has traditionally been a profession of self-employment. Do not enter this field with your huge indebtedness and then look desperately for a job because you have no option of buying into a practice or starting your own because you mismanaged your finances. If you want to be an employee it is better for you to become a nurse or a PA. (less school, similar salaries)
Optometry is good if you really love it and are fine with spending many decades paying off your loans, or if you keep your debt low by living with your parents during OD school or by joining the military or by some other means. I know I may sound like I think I know everything but I hope this will be of some use to you.