Dilemma - Beginning DPT this year versus next year...

[hawks811]

Thought I would run my situation by others on this board that may be aspiring physical therapists or current physical therapists just to gather some additional input.

I've been accepted to begin a PT program starting this August. After I finished applying for schools last year, I was able to land a job for the year in the Finance field (I am an undergraduate Finance major that has been out of school for a few years, so I am a non-traditional student).

I have been able to save up a decent amount of money to go into school with this year, but at the school that I am accepted at, tuition is still going to run me about 65-66 thousand dollars total. I figure I'll have to add about 20k in additional loans for other expenses over the course of three years on top of that. Which brings me to about 85-90k for total loans coming out of school.

My dilemma is that I'm wondering if I should begin this year or defer and enter next year. I could continue working at my current job until beginning the program in 2012, and I would then most likely only need to take out loans for tuition only (I should have enough saved by then to cover my other expenses over the course of the 3 year program).

Basically, does it make sense to delay enrollment 1 year if it means taking out about 65-67 thousand in loans versus 85-90 thousand in loans?

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[TheOx777]

1. Make sure Physical Therapy is the career path you want at this point in time
2. Make sure your spot will be secure for next year
3. Work the extra year and take the extra 20-30K to put it towards school
4. Profit!

If you can save that amount of money before school and have your education taken care of, then should definitely do it!

 

[hawks811]

1. Make sure Physical Therapy is the career path you want at this point in time
2. Make sure your spot will be secure for next year
3. Work the extra year and take the extra 20-30K to put it towards school
4. Profit!

If you can save that amount of money before school and have your education taken care of, then should definitely do it!

Thanks Ox, I appreciate the input.

I guess my only hesitation with that is that I would basically be giving up a year of PT on the back end. Meaning I would graduate in 2015 rather than 2014. I know that 20k out of pocket is better than 20k in loans, but I could also live very frugally my first year as a PT (which I would do if I deferred and worked this year to save), and pay off the difference, but begin my career as a physical therapist earlier! I'm eager to start.

Anyways, just kind of talking out loud here, but I'm sure a lot of us non-traditional students keep running in circles. I guess there comes a point where you just have to DO rather than THINK!

Thanks for the input though, and the dancing banana.

 

[PTtoBe]

Another way to look at it is: would you make more money that one year before school, or would you make more money that earlier first year of employment as a PT? It may actually save you money in long run if you took the extra money in loans if you made that much more as a PT than the finance position.

Just food for thought.

Edit: Just saw your second post and it seems you're thinking along these lines. If in the end the money's either a wash on both ends, or if you'd make a little more as a "frugal PT" that first year after graduating, then I'd go to school sooner rather than later. It's getting more competitive by the year to get accepted, and you'd likely have more employment options a year ahead of the class behind you.

 

[markelmarcel]

It's a hard decision, I'm a nontraditional student as well and the same thing happened to me- I was able to land a job last September after finishing my pre-reqs/during the application cycle. I'm now accepted to start in the fall, so I've had a year to save.

Now, I wouldn't say I have saved a lot of money, but I have a few thousand dollars in the bank that will be able to help me towards my living expenses (I'm also moving in with my SO and he's agreed to support me for these next 2.5 years) so I feel like I've done what I can and it's just time to actually DO it.

Also, maybe you feel like I do at times... Sometimes I think "Is this really what I want to do?" -- not because I love the job I'm at (menial office work) but because it's been an entire year since I was emersed in my pre-reqs where school was on my brain all the time. I've now had a year of relaxation and next to no stress and it feels GREAT.

But, I also know that once I'm back in it, I'm going to love it! But, still I have hesitations every once in awhile... I even made a post about it here on SDN awhile back and was surprised that I got really kind responses from other nontrads that were having the same struggle. Maybe reading through that thread will help, (or not!): http://forums.studentdoctor.net/showthread.php?t=796272&referrerid=300209

 

[hawks811]

Another way to look at it is: would you make more money that one year before school, or would you make more money that earlier first year of employment as a PT? It may actually save you money in long run if you took the extra money in loans if you made that much more as a PT than the finance position.

Just food for thought.

Edit: Just saw your second post and it seems you're thinking along these lines. If in the end the money's either a wash on both ends, or if you'd make a little more as a "frugal PT" that first year after graduating, then I'd go to school sooner rather than later. It's getting more competitive by the year to get accepted, and you'd likely have more employment options a year ahead of the class behind you.

Yeah, that's what I'm starting to think. I know that going to PT school is always going to be in my mind, and that unless I give it a shot, I'll always just be thinking about he what if's, etc.

I'm currently making 56,000 a year at the firm I am currently employed. I've read some figures about starting salaries, but what do you think the trend will be three years from now when I'm entering the job force.

If I can make 60-65k starting out, then I should be able to afford to pay a pretty large amount toward my loans and still live pretty comfortably. I think the biggest problem for me is that I'll be 29 going on 30 when I graduate. The next 4 to 5 years out of PT school is about the time that I expect to be thinking about a family, house, kids, etc... and I am really, really hesitant about the debt weighing me down and preventing me from partaking in that.

At the same time, I don't really know any PTs that live less than comfortable lives, but I have talked to many older physical therapists that have told me that if they had to pursue the DPT degree with the amount of debt that it entails, then they would most likely not go that route.

 

[TheOx777]

Yeah, that's what I'm starting to think. I know that going to PT school is always going to be in my mind, and that unless I give it a shot, I'll always just be thinking about he what if's, etc.

I'm currently making 56,000 a year at the firm I am currently employed. I've read some figures about starting salaries, but what do you think the trend will be three years from now when I'm entering the job force.

If I can make 60-65k starting out, then I should be able to afford to pay a pretty large amount toward my loans and still live pretty comfortably. I think the biggest problem for me is that I'll be 29 going on 30 when I graduate. The next 4 to 5 years out of PT school is about the time that I expect to be thinking about a family, house, kids, etc... and I am really, really hesitant about the debt weighing me down and preventing me from partaking in that.

At the same time, I don't really know any PTs that live less than comfortable lives, but I have talked to many older physical therapists that have told me that if they had to pursue the DPT degree with the amount of debt that it entails, then they would most likely not go that route.

We seem to be in similar situations. I will be 28 going on 29 when I graduate. The HUGE difference is that I am not making 56k, because I was a full-time grad student. I honestly do not think anyone can predict where salaries will go. Reimbursement is so sketchy, and with this economy we will not know how the landscape is going to look for a while. I keep hearing salaries for new grads are somewhere between 60-80K depending on setting, location, work hours, etc. If you opt to work in home care and SNFs you may make more than your classmates who choose to work in the "popular" PT settings like ortho or inpatient/neuro.

Of the mid-levels(I always roll my eyes b/c someone on a high perch in a dark room came up with that BS connotation.), PT seems to be a questionable investment as it relates to compensation. It bothers me, because I am certain that no one at that level is/should be as much of an expert in musculoskeletal and neuromuscular Anatomy, physiology, biomechanical, and clinical knowledge as a well-trained DPT. That said, we as the next generation on DPTs have to turn that knowledge into actionable treatments and professional development. If knowledge was the only pre-requisite to financial freedom then the world would be flipped on its head!

So going into PT may not be the greatest investment right now, especially if your program costs an arm and a leg.The same is true for Pharm and even some medicine specialties. On another very positive note, the government has enacted programs that may allay some of the burden of the financial debt you take on in PT school in the way of IBR. If we cant get some new legislation passed that will allow PTs to be a part of loan forgiveness programs then that will be even better! So time will ultimately tell!

 

[hawks811]

We seem to be in similar situations. I will be 28 going on 29 when I graduate. The HUGE difference is that I am not making 56k, because I was a full-time grad student. I honestly do not think anyone can predict where salaries will go. Reimbursement is so sketchy, and with this economy we will not know how the landscape is going to look for a while. I keep hearing salaries for new grads are somewhere between 60-80K depending on setting, location, work hours, etc. If you opt to work in home care and SNFs you may make more than your classmates who choose to work in the "popular" PT settings like ortho or inpatient/neuro.

Of the mid-levels(I always roll my eyes b/c someone on a high perch in a dark room came up with that BS connotation.), PT seems to be a questionable investment as it relates to compensation. It bothers me, because I am certain that no one at that level is/should be as much of an expert in musculoskeletal and neuromuscular Anatomy, physiology, biomechanical, and clinical knowledge as a well-trained DPT. That said, we as the next generation on DPTs have to turn that knowledge into actionable treatments and professional development. If knowledge was the only pre-requisite to financial freedom then the world would be flipped on its head!

So going into PT may not be the greatest investment right now, especially if your program costs an arm and a leg.The same is true for Pharm and even some medicine specialties. On another very positive note, the government has enacted programs that may allay some of the burden of the financial debt you take on in PT school in the way of IBR. If we cant get some new legislation passed that will allow PTs to be a part of loan forgiveness programs then that will be even better! So time will ultimately tell!

Ox, if you don't mind me asking, what are you expecting in terms of loans coming out of PT school?

I'm expecting about 80-90k total (including expenses other than tuition, etc.) It seems daunting to me, but at the same time, I feel like my first year working I could devote to paying off as much as possible, and in my next year as a PT my debt to income ratio would be close if not at 1:1, and the payments will be much more manageable after that.

Thoughts?

 

[TheOx777]

Ox, if you don't mind me asking, what are you expecting in terms of loans coming out of PT school?

I'm expecting about 80-90k total (including expenses other than tuition, etc.) It seems daunting to me, but at the same time, I feel like my first year working I could devote to paying off as much as possible, and in my next year as a PT my debt to income ratio would be close if not at 1:1, and the payments will be much more manageable after that.

Thoughts?

Shot you a PM, so check your inbox when you get a chance!

 

[hawks811]

Shot you a PM, so check your inbox when you get a chance!

Appreciate the input, shot you one back.

 

[BiznessSense]

This is a situation that I, myself, have put some heavyyy thought into. I am looking at leaving PT school with approx. 110k worth of debt (including tuition, COL, etc.). Very scary thought to be graduating with such a heavy debt load!

In your situation, I would just run the numbers to see if it would be more beneficial to earn your current income for a year and apply that up front to your tuition costs, or to just (like you had mentioned) make it up in PT salary on the back-end. If you are able to save a good chunk of that 56k and delay your need to rely on student loans, I think that it would most likely suit you to save for the upcoming year. With careful saving you could potentially alleviate the need for borrowing a whole year of tuition and the COL for a year. This would save you a lot of interest accumulation down the line. Keep in mind, there are a lot of factors that you need to weigh into the equation though, and be sure to not just soley look at the financial aspect. Often, we put a socially "acceptable" time frame on things like marriage, children, and buying a home, that cause us to feel like we need to complete those things before we turn a certain age. When in reality, delaying things 1 year really will not be significant repercussions on your life (other than lessening your amount of debt lol). It seems as though you have landed a pretty decent job, so I think that if you don't mind working for another year and reapplying then it may be worth it.

Did you get accepted into your choice school? If not, that could be another motivating factor to perhaps retake a course or two and reapply. Whatever you ultimately decide, good luck! I hope by the time we both graduate there will be more methods to help with the overwhelming debt payback!

 

[hawks811]

This is a situation that I, myself, have put some heavyyy thought into. I am looking at leaving PT school with approx. 110k worth of debt (including tuition, COL, etc.). Very scary thought to be graduating with such a heavy debt load!

In your situation, I would just run the numbers to see if it would be more beneficial to earn your current income for a year and apply that up front to your tuition costs, or to just (like you had mentioned) make it up in PT salary on the back-end. If you are able to save a good chunk of that 56k and delay your need to rely on student loans, I think that it would most likely suit you to save for the upcoming year. With careful saving you could potentially alleviate the need for borrowing a whole year of tuition and the COL for a year. This would save you a lot of interest accumulation down the line. Keep in mind, there are a lot of factors that you need to weigh into the equation though, and be sure to not just soley look at the financial aspect. Often, we put a socially "acceptable" time frame on things like marriage, children, and buying a home, that cause us to feel like we need to complete those things before we turn a certain age. When in reality, delaying things 1 year really will not be significant repercussions on your life (other than lessening your amount of debt lol). It seems as though you have landed a pretty decent job, so I think that if you don't mind working for another year and reapplying then it may be worth it.

Did you get accepted into your choice school? If not, that could be another motivating factor to perhaps retake a course or two and reapply. Whatever you ultimately decide, good luck! I hope by the time we both graduate there will be more methods to help with the overwhelming debt payback!

Great post Biz. I agree with a lot of the things you have to say in there.

I guess my hesitation with staying at my current position another year is thinking...OK, at this time next year, why not wait another year and save even more to apply toward tuition. I guess part of me is just nervous that if I keep putting off starting a DPT program, that I may not make the plunge and then regret it.

 

[pumpkinpatch]

These are just my two cents, so take them as you will!

If it were me, I would want to start right away. As others have mentioned, finances are not the only factor. Our situations are definitely different, but here's where I'm coming from. I decided I wanted to do PT about three weeks before my senior year started, with only one or two prereqs already completed. I seriously scrambled to finish all the prereqs, I squeezed in as much as possible during my last year, I took summer classes and I took on a full schedule at a community college the next fall. I was able apply to schools right after I graduated and thank God, I was accepted and I'm starting classes this fall.

I could have taken it easier on myself, I could have waited until now to start applying, I could have taken on a lighter course load and spread it out. But these were the deciding factors for me:

1. Everyone I know who decided to "take a year off" after undergrad before applying to graduate school actually took 2-3 years, or just didn't do it. I didn't want to lose steam and take a different route that I might regret.

2. I do want to get married and have kids. Personally, I want this to happen sooner rather than later, and the sooner I get my DPT and establish my career and my finances, the sooner this can happen. I have a serious SO now and he just secured a full time job in accounting for this fall, so I'm kind of the delaying factor now, so I really just want to get started.

3. I want to get started ASAP... so that I can start ASAP! I'm so excited that I get to be a PT someday, and I don't want to wait any longer than I have to.


So, if I were you, I would sit down and do some serious number crunching, make yourself a 5- and 10-year plan and see how the two difference scenarios play out. If you find that it will make a significant difference, think also about the difference it will make in your life being able to start practicing as a PT one year earlier.

This is your decision, and if you still don't feel like you can justify starting earlier, then don't stress yourself out! Take the year to save up, live frugally and maybe try to brush up on anatomy when you can to keep the information fresh in your mind.


Either way, congratulations on your acceptance!

 

[hawks811]

Hi Everyone,

Thanks a lot for all of the responses in this thread. It's nice to see people that legitimately care about others in this profession and offer their two cents to truly help someone out. Most of what I have found on this thread has been positive, and as a 26 year old with several years experience in the real world, it's very easy to filter and ignore the people that are negative and don't offer any true input.

I spoke with the the University I was accepted to, and they offered to defer my acceptance to next August. My current firm has also agreed to move me to a better location which helps me out girlfriend and family wise. I have the opportunity to figure if this career is what I really want while saving money at the same time for tuition.

Just an FYI, I spoke to several PT's that I have worked with over the past couple years, and they both advised me to take the extra year to work and save money/figure out if this is what I want, because so many students don't have the opportunity.

I submit this response for two reasons. 1) I appreciate the caring input that many submitted in this thread, and 2) I encourage anyone in this field, especially those looking at this as a second career to explore their options they might have available to them before diving into the DPT program.

At the same time, I'm excited to (wait) to begin next year, and again, I appreciate the input. I won't be a stranger to these forums for the next year!

 

[pumpkinpatch]

hawks,

Good for you. That's awesome! Will you be observing various pt's while working?