cost of private schools

[ginaw623]

For those of you that will be attending expensive private schools, where there is little in the way of financial assistance besides loans...how do you justify taking out 60,000+ dollars of debt? I got into a couple private schools and I just cannot seem to bring myself to accept and go so far into debt.

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[otsomeday]

What other options do you have?

 

[OTPanda]

I'm in a similar situation where I only got accepted to a private school while waitlisted at public schools. When I weighed my options (paying for private vs. waiting another year and hoping to get into a public) I decided that nothing is more important than becoming an OT and I'll do what ever it takes.

Considering the incredible growth in number of applicants that most of the schools saw this year, I can only imagine that it is going to get more competitive. I'm convinced that when the economy took a dump in 2008-2009, a LOT of people started to reevaluate their lives/careers and discovered this wonderful field. That coupled with the positive #'s in the pay and job market, I have a feeling that it is only going to get more competitive.

I've seen too many people on this message board mention how they were waitlisted at particular schools last year and then were surprised when they were straight up rejected this year. I can't imagine what that must feel like and refuse to take the chance of something like that happening to me.

Bottom line, I am honored to have been accepted into a program and am ready to get these next 2 1/2 years knocked out so I can start working as an OT!!

 

[jenatlb]

I wholeheartedly agree with OTPanda.

I'll admit, the tuition difference between a private vs public school is a little daunting. It's unfortunate that so many of us (myself included) will be paying a significantly higher tuition but it's all a means to an end.

You are not alone. Judging from these forums and my friends, it is quite rare to attend a private school without any financial concerns. A few of my friends who graduated from private schools encouraged me to go through with it and NOT postpone this next phase of my life any longer.

 

[OTlg2]

Also take into consideration that each year you postpone beginning a program puts you a year farther away from a solid paycheck. Maybe you end up spending more on your private school tuition but you'll graduate a year sooner and therefore make 50-60k that you won't have otherwise. The difference in price when you factor in another 60k to your name is probably not as big as it looks.

 

[EastCoastHope]

Getting out there and getting started is probably the best thing to do. I know that I waited another year with no great surprises except hearing how many more people applied this year.

If you can swing it, I'd say get started.

 

[tresslerc]

There are also programs for direct loans that allow for loan forgiveness if you work in a high demand field (OT is one) and work for a public service organization like a non-profit. For example I have $90,000 work of grad loans. My monthly payment based on $55,000 starting salary is around $450 per month after 10 years I will have paid around $54,000 and the rest will be forgiven.

 

[MT2BanOT]

Hi tresslerc,

I've totally heard of similar loan forgiveness scenarios, but I wonder- I understand you meet the low income requirements now but what about later when you'll deserve/need a raise and that kicks you out of the low income bracket. Most OT's start at around 55 is what I understand but lets say later with 5 years of experience you'll likely be worth 60-65 which might kick you out of the low income/loan forgiveness category right? Not sure on this one.

 

[movershaker]

Hello- I've been reading about public service loan forgiveness and from what I read your salary and position may not matter as long as you work for a non-profit. I would love someone to correct me/explain more about this.

Your monthly payment will go up at your salary does, however.You can be on income-based repayment plan (your best bet for eventual forgiveness) and you do pay more when you make more, but it still seems like 10 yr forgiveness would be beneficial/awesome regardless.

 

[babycheeks]

I wasn't about to wait around a year on a public school if I didn't get in them I didn't.. got into a private school for 2012 and went ahead and took it and will use the public loan forgiveness program and sign on bonus I get at the job and make the best of my life by having the career I always wanted. Thats how I see it..not going to postpone my life for my dreams I mean you gotta pay for your bachelors too consolidate them and use the loan forgiveness program and move along.