Hello all,
For context, I am currently 23 years old (single with no dependents) and have been accepted by the optometry schools I have applied to (ICO and UMSL). I currently live and work in North Carolina, so I would have to pay out-of-state tuition. I have already turned down my offer from UMSL and plan to attend ICO this Fall. I have an undergraduate degree in exercise science and have completed almost all pre-medical courses (biochemistry and the second semester of organic chemistry). I have a 3.94 GPA with around 1200 clinical hours as an ophthalmic assistant. I originally planned to pursue PA school, as I have struggled with a commitment to a particular area, but working as an ophthalmic assistant got me into optometry (yes, we have an optometrist I shadowed).
Next, I'm going to go over my current financial situation and tuition calculations with offers:
I currently have $21,000 in undergraduate loans, which are, on average, at a fixed 4% interest rate.
UMSL
Direct expenses-->$236,908*
Indirect expenses (4 years included)-->$130,000
Total expenses-->$366,908
Adjusted total expenses-->$298,908 (with a $17,000/year scholarship)
*I have spoke to financial aid, in which they stated "you will lose your scholarship offer if you apply for resident tuition after a year of residency"
ICO
Direct expenses-->$210,418
Indirect expenses-->$94,850 (I am not sure how this is lower than UMSL, but it was calculated using the cost sheet)
Total expenses-->$305,268
Adjusted total expenses-->$275,268 (with a $7,500/year scholarship)
Current thoughts/future job projections:
I feel that most comments will advise continuing, but I want to clarify that I have a passion for optometry. I think I would like to eventually move back close to my hometown (rural part of NC) and possibly work with the VA as I am interested in ocular disease and have no interest in working with kids (although I would not mind it). The company I currently work for (private practice for profit) is looking for an OD with a base salary of $120,000-$160,000, so I could estimate that my area would pay roughly $140,000 a year in a private setting.
I understand that there are many opportunities for repayment, including working for corporations, PSLF (VA included), and even some private practices that will help repay some loans. I took working for the military out of the option, as I had previously tried to join the Air Force but was turned down by MEPS due to childhood asthma. I feel I would be best off working for the VA while working towards PSLF after 10 years, so I decided to do some more calculations.
After using the FAFSA calculator, I determined that I would make around $2,000 in monthly payments toward student loans using an income-driven repayment plan. If I continued working towards the PSLF after ten years, I would have paid roughly $240,000 in debt before the rest of my loans were forgiven. The standard 10-year repayment plan would be $4232 a month, which is not plausible.
I am not considering ophthalmology due to its extended length (7-8 years at least) and the chance that you will not match into an ophthalmology residency. I am still tossing up the idea of other careers, such as PA school, but even those schools can have upwards of $200,000 in school debt. The ophthalmologist I work for has repeatedly stated not to worry about tuition costs and to go for it, as all medical professionals will have extended debt. I have a hard time considering that, as ophthalmology has doubled to triple the returns of optometry.
Final thoughts:
I am very passionate about optometry and the difference the field has made in the community. I want to step into a similar role; however, I do not want to put myself into a hole I will never climb out of. Unfortunately, it seems that most healthcare professionals will go into extensive debt, but most can get by just fine. I grew up with parents who, to this day, are living paycheck to paycheck, so financial situations have always worried me.
Any responses will be considered, and I appreciate you taking the time to help guide me.
For context, I am currently 23 years old (single with no dependents) and have been accepted by the optometry schools I have applied to (ICO and UMSL). I currently live and work in North Carolina, so I would have to pay out-of-state tuition. I have already turned down my offer from UMSL and plan to attend ICO this Fall. I have an undergraduate degree in exercise science and have completed almost all pre-medical courses (biochemistry and the second semester of organic chemistry). I have a 3.94 GPA with around 1200 clinical hours as an ophthalmic assistant. I originally planned to pursue PA school, as I have struggled with a commitment to a particular area, but working as an ophthalmic assistant got me into optometry (yes, we have an optometrist I shadowed).
Next, I'm going to go over my current financial situation and tuition calculations with offers:
I currently have $21,000 in undergraduate loans, which are, on average, at a fixed 4% interest rate.
UMSL
Direct expenses-->$236,908*
Indirect expenses (4 years included)-->$130,000
Total expenses-->$366,908
Adjusted total expenses-->$298,908 (with a $17,000/year scholarship)
*I have spoke to financial aid, in which they stated "you will lose your scholarship offer if you apply for resident tuition after a year of residency"
ICO
Direct expenses-->$210,418
Indirect expenses-->$94,850 (I am not sure how this is lower than UMSL, but it was calculated using the cost sheet)
Total expenses-->$305,268
Adjusted total expenses-->$275,268 (with a $7,500/year scholarship)
Current thoughts/future job projections:
I feel that most comments will advise continuing, but I want to clarify that I have a passion for optometry. I think I would like to eventually move back close to my hometown (rural part of NC) and possibly work with the VA as I am interested in ocular disease and have no interest in working with kids (although I would not mind it). The company I currently work for (private practice for profit) is looking for an OD with a base salary of $120,000-$160,000, so I could estimate that my area would pay roughly $140,000 a year in a private setting.
I understand that there are many opportunities for repayment, including working for corporations, PSLF (VA included), and even some private practices that will help repay some loans. I took working for the military out of the option, as I had previously tried to join the Air Force but was turned down by MEPS due to childhood asthma. I feel I would be best off working for the VA while working towards PSLF after 10 years, so I decided to do some more calculations.
After using the FAFSA calculator, I determined that I would make around $2,000 in monthly payments toward student loans using an income-driven repayment plan. If I continued working towards the PSLF after ten years, I would have paid roughly $240,000 in debt before the rest of my loans were forgiven. The standard 10-year repayment plan would be $4232 a month, which is not plausible.
I am not considering ophthalmology due to its extended length (7-8 years at least) and the chance that you will not match into an ophthalmology residency. I am still tossing up the idea of other careers, such as PA school, but even those schools can have upwards of $200,000 in school debt. The ophthalmologist I work for has repeatedly stated not to worry about tuition costs and to go for it, as all medical professionals will have extended debt. I have a hard time considering that, as ophthalmology has doubled to triple the returns of optometry.
Final thoughts:
I am very passionate about optometry and the difference the field has made in the community. I want to step into a similar role; however, I do not want to put myself into a hole I will never climb out of. Unfortunately, it seems that most healthcare professionals will go into extensive debt, but most can get by just fine. I grew up with parents who, to this day, are living paycheck to paycheck, so financial situations have always worried me.
Any responses will be considered, and I appreciate you taking the time to help guide me.
