Advice....

[Ki_wannabe_PT]

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I just posted this in the Pre-PT thread but I figured it would be worthwhile asking DPT/SPTs who can attest to the experience with loans and such.

So I am in a bit of a dilemma.

I got accepted into a lovely DPT program and no other school has impressed me as much as this one! I went to MDCHS (in VA) to interview and completely fell in love with the program and declared it my #1 from that day on. However, it is VERY expensive as it is a private school. I also got accepted into TJ (in PA: I am a VA resident) as well but did not necessarily fall in love with the school. The program is absolutely wonderful but my concern was the area as it was definitely a big shocker/change for me, a non-city person, to be in the heart of Philly. However, TJ offered me a $10,000 dean's scholarship. Would it be stupid of me to pass up this scholarship opportunity considering how expensive PT school can be and how long loans will follow you postgrad or should I just go with the school I am in love with since it is a 3-year investment? If you were in my position, which program would you choose?

Also, any current/former TJ or MDCHS DPT students who can tell me a little more about these programs?

 

[TravelGoalsAndArterioles]

I'm only a first-year DPT student, but I had a similar dilemma last year deciding between an expensive but excellent program and a cheap but good program. I chose the cheaper option, and because of that I'll have the same degree and opportunities while also getting out of debt five or maybe even six years faster. TJ is a great school, and if you can still be happy (even if you're not AS happy) there I would strongly recommend choosing the lower price tag. Your PT school investment doesn't end at graduation; it ends when you finish paying back your loans. You can make a decision now to shorten or lengthen that period of time.

 

[topher031888]

Unless there is something horribly wrong, go with the cheapest option. You don't want to end up in crushing debt for a DPT degree. Sure there are various loan repayment options with all of them being terrible except the public loan forgiveness program, but I wouldn't dare put all my eggs in that basket unless I had no other option. I have heard a lot of bad advice about this. I know several people who had planned on utilizing income based repayment and racked up lots of debt only to have someone inform them that the forgiven amount is considered taxable income and the loan amount is likely going to be greater than the original amount by a significant amount by the end of the term. However, when you are calculating costs, make sure you look more at tuition prices. Be sure to consider cost of living, food, transportation, etc.

 

[MartialArtDPT]

Unless there is something horribly wrong, go with the cheapest option. You don't want to end up in crushing debt for a DPT degree. Sure there are various loan repayment options with all of them being terrible except the public loan forgiveness program, but I wouldn't dare put all my eggs in that basket unless I had no other option. I have heard a lot of bad advice about this. I know several people who had planned on utilizing income based repayment and racked up lots of debt only to have someone inform them that the forgiven amount is considered taxable income and the loan amount is likely going to be greater than the original amount by a significant amount by the end of the term. However, when you are calculating costs, make sure you look more at tuition prices. Be sure to consider cost of living, food, transportation, etc.

But even if it's taxable, wouldn't that still be considerably lower? Paying taxes on that amount seems like a cakewalk compared to actually paying the full amount.

 

[topher031888]

But even if it's taxable, wouldn't that still be considerably lower? Paying taxes on that amount seems like a cakewalk compared to actually paying the full amount.

It depends, you will have to run the numbers. There are ways to figure that out. In my situation it would have cost me about the same, but I owe significantly less than most people. Say you graduate with $140K in loans. That number could easily be around 200k, when you factor in the 25 years of monthly payments, albeit small ones, and then the taxes you might not actually be saving much if any money. This however is the best option if you owe a lot of money, there are ways to keep that monthly payment very low. Then you have to have enough discipline to save each month for 25 years so that you have the cash to pay the taxes. You will also be married to this debt for 25 years and be limited in setting and possibly employer because of it.

You could do what at lot of PTs I know do, and ignore the taxes and just hope that something changes in the next 25 years and you won’t have to pay.

I guess my point is, you really should take the cheapest option.You will get largely the same education and you won’t regret it. It’s always best to just not borrow the money, especially if you had cheaper options.