Current OD's: How much is your debt and how long did it take you to repay it? Advice for future OD's?

[EyeSee20]

Hello OD's!

I am a prospective student waiting to apply in the upcoming cycle. I was wondering how much an average OD accumulates in debt and your personal experiences in repaying that debt back.

I plan on going with the most affordable schooling option out of my top 4 choices and even then the debt is a little daunting.

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[Ryan_eyeball]

I graduated in 2006 with $115k in loans. The loans were consolidated in 2006 on a 30 year repayment program at 3.25%. After three years the APR dropped down to 2.25% if no payments were missed and auto debit was set. This is my last loan of any kind and will be done on October 1st, 2019. I got tired of looking at them and had a tremendous opportunity for Saturday fill in work at the beginning of December 2018.

Personally I love my job but the return on investment is getting worse every year. Google which professional occupation has the worst debt to income ratio to repay loans and Optometry will be #1. I've made a post before about vision plans not increasing rates of reimbursements. Can you think of anyone staying at the same job if they got paid the same for 13 years for a task? https://clark.com/education/graduate-degrees-debt-to-income-ratios/

A good rule of thumb is not take out more loans than one year of income. Go to the lowest cost school for sure!!! Also if I had to do it over I'd live out of a van designed with a solar panel on top and bed to sleep in. Use the university gym for showers.

 

[Snakedoctor1]

200k and beyond with around 6% interest is not uncommon for students graduating now. Tuition goes up every year. Think long and hard about your financial situation and future goals.

 

[percyeye]

Tuition was raised all 4 years I was in Optometry school. Not much you can do about it.

 

[Ryan_eyeball]

200k and beyond with around 6% interest is not uncommon for students graduating now. Tuition goes up every year. Think long and hard about your financial situation and future goals.

My approach to our total debt would have been different if our student loans were at +6%. We've paid off two cars, our home and now our student loans. I know Dave Ramsey says to pay off the smallest to largest debt in his snowball approach. Mathematically it didn't make sense in our scenario since more income was freed up when the house was done.

 

[Purkinja]

The average debt per Optometry student is around 173k

 

[GypsyHummus]

200k and beyond with around 6% interest is not uncommon for students graduating now. Tuition goes up every year. Think long and hard about your financial situation and future goals.

It’s more than not just uncommon, it’s rare for OD school to not total up to 250-300k. People don’t know how bad it is until they leave with the bill and a 70k post tax job.

 

[Snakedoctor1]

It’s more than not just uncommon, it’s rare for OD school to not total up to 250-300k. People don’t know how bad it is until they leave with the bill and a 70k post tax job.

That is definitely the higher end of the spectrum. Housing prices etc. all factor in. I think you'll find the highest debt-income discrepancies have a common geography.

 

[GypsyHummus]

Health insurance, car insurance, car repair, housing, etc all factor into that 250-300k number.

I know OD friends that have around 220k, and they went to their state school about two years ago. Add on 6% compounding interest.

That is definitely the higher end of the spectrum. Housing prices etc. all factor in. I think you'll find the highest debt-income discrepancies have a common geography.

 

[Snakedoctor1]

Health insurance, car insurance, car repair, housing, etc all factor into that 250-300k number.

I know OD friends that have around 220k, and they went to their state school about two years ago. Add on 6% compounding interest.

No doubt there are people in the upper range of student loan debt. There wouldn't be an upper range if no one fit that category. 220k is more typical than 300k. I too have many OD friends, most of whom graduated with less debt, and higher income than you mentioned. Again, geography has a lot to do with it.

Each prospective Optometry student needs to do the math for their own situation. Tuition only goes up.

 

[mssvbn5]

Graduated with 348K in 2015 (90% were from Optometry school). For prospective students considering school, please know optometry is a great profession but loans are not a joke.

 

[Ryan_eyeball]

Graduated with 348K in 2015 (90% were from Optometry school). For prospective students considering school, please know optometry is a great profession but loans are not a joke.

Beans and rice, rice and beans. Even working 7 days a week that is a lot to overcome. I was in a similar situation where 94% of my loans were from Optometry school. Good luck my friend.

 

[AcademicEyes]

Recent grad, have $125K in debt. Was hoping to have less than 100K, but there were a lot of expenses I didn’t factor into the equation initially like the board examinations, flights to North Carolina, credentialing processes for rotations, licensing costs, etc. I’m working out the repayment plan right now since the interest really will add up quickly (~6K this first year, but more coming up as some of my loans are interest free until a year after graduation). Good luck choosing an affordable program!

If I could do anything differently, I would have gotten a part time job right away rather than waiting 6 months, since overall I earned about $12K in part-time wages over a span of about 15 months.

 

[Snakedoctor1]

Recent grad, have $125K in debt. Was hoping to have less than 100K, but there were a lot of expenses I didn’t factor into the equation initially like the board examinations, flights to North Carolina, credentialing processes for rotations, licensing costs, etc. I’m working out the repayment plan right now since the interest really will add up quickly (~6K this first year, but more coming up as some of my loans are interest free until a year after graduation). Good luck choosing an affordable program!

If I could do anything differently, I would have gotten a part time job right away rather than waiting 6 months, since overall I earned about $12K in part-time wages over a span of about 15 months.

You did well coming out with that number. Loans start accruing interest at the start of school as of a few years ago.

 

[AcademicEyes]

Thanks! I’m hoping to figure out a reasonable repayment plan since I find the idea of long-term debt daunting and I’ll have to figure out how to balance loan repayment with future purchases.

One of my loans was a low-interest, subsidized health professions student loan. I had to apply for it using my parents’ tax information as well as mine (I believe it’s for low-income situations). This is the only one that did not have interest accruing from the moment I accepted it, but of course the amount I could accept was limited and it only makes up a minority of my total debt. Wish me luck on getting my finances in order.

 

[slippedthroughthecracks]

50,000, paid them off in 8 months

 

[310]

170k, about 5 years. Probably could've done it in four if I didn't also invest.

 

[OcularMigraine]

Due to some scholarships earned, i'm looking at roughly ~18k of tuition per year (~75k over 4 years), does that make my investment into optometry school more sound? I'm worried about the job aspect after optometry school

 

[Ryan_eyeball]

Due to some scholarships earned, i'm looking at roughly ~18k of tuition per year (~75k over 4 years), does that make my investment into optometry school more sound? I'm worried about the job aspect after optometry school

$75k over four years will give you a great ROI if you can avoid cost of living expenses. Try to acquire 2 room mates for four years, and work a job to cover other costs. Live like a broke Optometry student because you are.

 

[Snakedoctor1]

Due to some scholarships earned, i'm looking at roughly ~18k of tuition per year (~75k over 4 years), does that make my investment into optometry school more sound? I'm worried about the job aspect after optometry school

That's less than half of the average, which will be a fantastic situation for you as long as you are careful about your living expenses. I paid twice that for my optometry education and I'll have my loans paid off within 5-6 years of graduation. My wife worked through our time in Optometry school to help pay for non-tuition expenses. Roommates can mitigate living costs as already mentioned.

Ryan_eyeball said live like a broke optometry student, and I couldn't agree more.

Understand that job prospects after school will depend heavily on location. Bad situations exist, so don't get yourself into one. Make contacts with ODs in the area you want to practice, and do it while you're in school. People hire who they like, so go meet some people. Optometry is over-saturated where it's over-saturated, so go somewhere else. Be smart and plan ahead, you'll be fine.

 

[OcularMigraine]

I'm taking a gap year so I can save up for the personal expenses throughout optometry school, planning to get roommates, and my family is assisting in living expenses so I will only be taking loans for academic expenses. Luckily, I'm moving to an area that has a low cost of living that will also help keep expenses low!

Thank you, everyone, for the feedback! I always appreciate OD mentorship and advice

 

[Ryan_eyeball]

I'm taking a gap year so I can save up for the personal expenses throughout optometry school, planning to get roommates, and my family is assisting in living expenses so I will only be taking loans for academic expenses. Luckily, I'm moving to an area that has a low cost of living that will also help keep expenses low!

Thank you, everyone, for the feedback! I always appreciate OD mentorship and advice

Another variable you have to weigh is the gap year more valuable than 1 year of practice? Let's say you can make $25k working a gap year at a job before Optometry school to avoid excessive student loans and accruing compound interest. You're trading a year making $80k+ first year OD salary vs a $25k salary.

 

[OcularMigraine]

Another variable you have to weigh is the gap year more valuable than 1 year of practice? Let's say you can make $25k working a gap year at a job before Optometry school to avoid excessive student loans and accruing compound interest. You're trading a year making $80k+ first year OD salary vs a $25k salary.

I am already in my gap year so it's hard to turn back lol. I ended up graduating a year early from college as a junior so my "senior year" is my gap year. It worked out more towards my favor as I intend to travel and see family overseas and work, before 4 more years of school

 

[optometryforlife]

Due to some scholarships earned, i'm looking at roughly ~18k of tuition per year (~75k over 4 years), does that make my investment into optometry school more sound? I'm worried about the job aspect after optometry school

YOUR SITUATION sounds like the one everyone would want? If you don't mind me asking which scholarships did you apply for? Or which ones were you awarded? Also which Optometry school did you attend?

 

[Optician2OD]

Due to some scholarships earned, i'm looking at roughly ~18k of tuition per year (~75k over 4 years), does that make my investment into optometry school more sound? I'm worried about the job aspect after optometry school

How did you find scholarships?

 

[AudiLova619]

can anyone comment on what the average salary is for an optometrist right out of school? Also does opening a private practice make a big difference in income potential?

 

[mssvbn5]

This is dependent on the area & modality in which you decide to practice. I’ll also venture to say the economy at the time you enter into practice will massively impact earning and employment potential. From 2015-2019 an annual salary of 140-190k was attainable as an associate. The reality is that 2020 onwards.. at least for a few years.. may be a different story.

 

[Optogal]

COVID-19 is not going to help people trying to get started in this profession. If there was any moral objection to telemedicine in the past, those concerns are now moot.

 

[MattGellerOD]

can anyone comment on what the average salary is for an optometrist right out of school? Also does opening a private practice make a big difference in income potential?

We built this optometry salary calculator and we update it quarterly with fresh salaries. I think right now it's based on the independent reporting of nearly 5,000 OD salaries - Average Optometrist Salaries—with Calculator

 

[MattGellerOD]

I graduated with around $150,000 in student debt, with the majority of that coming from optometry school. Many of my peers have a debt load closer to $200,000. Now that the fed funds rate is near 0.00% next year's student loan cycle will have lower interest rates than I obtained when I locked in my student loans.

With that being the case, I've seen that the more motivated you are, the more passion you have for optometry, and the harder you're willing to hustle, the greater your earning potential. The individuals that contribute the most value to optometry typically generate the most income, and therefore, pay off their student debt faster. Optometry could use a for more people like this and there is certainly room for more innovators, entrepreneurs, and excellent clinicians.