Does anybody else thing they are crazy?

[Kdog]

Sometimes I think I must be crazy to still be pursuing PT. I am finally done with my Prereqs and am applying to DPT programs but when I look at tuition and fees and an expected salary of 50-60k for the first 5 or so years of practice, I just sometimes wonder...why?

I am planning on attending an instate college, SUNY Upstate Medical University for anyone interested, which has 16k tuition per year. With the cost of housing, food, books, and payment of loans that I carry from undergrad, I should be out with approximately 100-130k of debt. Although I am very much interested in the field of PT and and what the job consists, it is getting to a point where I wonder if it financially viable to pursue the field.

PAs complete their degrees paying about 1/2 as much as PTs and getting paid around 70-80 starting out. Same goes for pharmacists except they get paid even more. Even MDs can come out of school owing around what DPTs owe (if they are smart about it) and normally make double or triple the amount PTs make. I enjoy PT, I am passionate about it, and I am excited about the job prospects, but it is starting to look like a scam.

Does anyone else feel the same way? I have just been very nervous lately especially since I am finally applying for the programs. The stories that I hear from PTs on a daily basis does not help either. Decreased reimbursement, higher copays, more education and loans, no gain in scope of practice after the DPT, relatively modest pay compared to other health professionals. I just don't know what to think anymore!

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[CherokeeWahine]

The stories that I hear from PTs on a daily basis does not help either. Decreased reimbursement, higher copays, more education and loans, no gain in scope of practice after the DPT, relatively modest pay compared to other health professionals. I just don't know what to think anymore!

That's why I'm interested in doing cash-based PT after I graduate. Forget about dealing with insurance! I don't want any insurance company dictating how I treat my patients.

 

[thekman]

If you truly believe that physical therapy is what you want to do in life, then it is worth it. I am a career-changer, and am a strong proponent in the cliche "money isn't everything." There are plenty of people stuck in financially-stable jobs that hate their careers -- I was one of them.

It's not like PTs are getting paid poorly like teachers; if you manage your money (like everyone should), nothing is stopping you from living a quality life.

You may not get the immediate return on investment that some other professional medical degrees will give you. But if you're just looking for a terminal degree in healthcare that will pay higher than PT, there are plenty out there.

Good luck in your decision.

 

[NeophyteParkour]

Most of the schools I've looked at have ~20k average debt with undergrad. To my knowledge, the average person isn't leaving with 130k in debt after grad school and making 50k their first year.
Half of undergrad can be done at a CC for very little money, and the next 2 years can be done at a state school. If you do all this while living at home costs can stay low (although I realize not everyone has this option). With grad school you may be forced to go out of state, but still there are ways to get money back, such as assistantships.
Starting pay also varies depending on what part of the country you're living in.
On the other hand, if you do end up with 130k in debt, don't forget about interest rates..If I was on track to spend that much I may have second thoughts too.

Lastly, I don't know about MD's, but a couple chiropractors have told me it's not uncommon to spend $300-400k on education.

 

[RizDPT]

Yeah the debt is awful, but on the plus side you will always be employed which is more than what most people can say. Is the debt worth it? Eventually it will be.

 

[Maya2015]

Yes! I am terrified!!!

I'm looking at $80,000 in debt and I'm so scared. It seems like so much money. Thanks for being brave and sharing.

Sometimes I think I must be crazy to still be pursuing PT. I am finally done with my Prereqs and am applying to DPT programs but when I look at tuition and fees and an expected salary of 50-60k for the first 5 or so years of practice, I just sometimes wonder...why?

I am planning on attending an instate college, SUNY Upstate Medical University for anyone interested, which has 16k tuition per year. With the cost of housing, food, books, and payment of loans that I carry from undergrad, I should be out with approximately 100-130k of debt. Although I am very much interested in the field of PT and and what the job consists, it is getting to a point where I wonder if it financially viable to pursue the field.

PAs complete their degrees paying about 1/2 as much as PTs and getting paid around 70-80 starting out. Same goes for pharmacists except they get paid even more. Even MDs can come out of school owing around what DPTs owe (if they are smart about it) and normally make double or triple the amount PTs make. I enjoy PT, I am passionate about it, and I am excited about the job prospects, but it is starting to look like a scam.

Does anyone else feel the same way? I have just been very nervous lately especially since I am finally applying for the programs. The stories that I hear from PTs on a daily basis does not help either. Decreased reimbursement, higher copays, more education and loans, no gain in scope of practice after the DPT, relatively modest pay compared to other health professionals. I just don't know what to think anymore!

 

[Ngozi Onyema]

I must be missing something. I'm under the assumption that PT's make $100,000+ salary. I'm only a Physical Therapist Assistant and even I was making close to $50,000 to start. The PTs I work with were making around $100,000 salary so I am confused where this talk of a $50,000 - $60,000 PT salary is coming from. I'm expecting a $100,000+ salary when I finish PT school and get my license. No way I'm doing all these extra years of schooling to only be making $10,000 more than I make now.

I'm in New Jersey FYI.

Also besides the money Physical Therapy is very rewarding.

 

[djb051]

If you a truly passionate about PT, then it will be worth it afterwards.
If finances are a huge concern, there are cheaper schools with just as good of an education that you can go to. Look into other state colleges if you want. I have seen other state colleges that are only 20 to 30,000 for all three years, which is equivalent to the cost of many other graduate school programs. I have also seen dpt programs that will cost 100,000 for all 3 years. You just have to look around.
Not to mention, since more and more PTs will be needed for the aging population, some places offer a 5000 sign on bonus, others can help with tuition reimbursement. Some states and areas pay more on average starting out. I hear rural areas pay really well, and cost of living in rural areas is often cheaper. I am just trying to say that you could apply to even cheaper schools, and look for jobs that offer great benefits and assistance with repayment. Or, if you want, you could delay going to PT school and save up some money first and pay off some undergrad debt. I have known a lot of people that have done this before going to grad school.

 

[Kdog]

Thank you for all the answers.

You are all right! if you are passionate about a field then it is worth it but the costs just seem outrageous to me. It almost seems like the schools are punishing you for following something you are passionate about. Unfortunately the high cost of education in NY does not help much either. I will look into out of state programs but I think I have missed most of the deadlines so I would have to wait a year. I suppose then I would have some time to pay back some undergrad debt.

Ngozi those amounts seems rather generous compared to the national average. Is the cost of living high where you live? Around my area PTs would be lucky to start out making 60k and I thought that held true for most of US states. But yes you are right, money is not everything and PT is very rewarding. I do think it is currently at a point where the investment-return ratio is worry some though. I have had PTs tell me that they feel lucky that when they graduated only a Bachelors or Masters degree was required or they may not have followed through with it.

Maya thanks for sharing as well. It's nice to see I am not alone although it's not nice to see that debt amount.

 

[NeophyteParkour]

I must be missing something. I'm under the assumption that PT's make $100,000+ salary. I'm only a Physical Therapist Assistant and even I was making close to $50,000 to start. The PTs I work with were making around $100,000 salary so I am confused where this talk of a $50,000 - $60,000 PT salary is coming from. I'm expecting a $100,000+ salary when I finish PT school and get my license. No way I'm doing all these extra years of schooling to only be making $10,000 more than I make now.

I'm in New Jersey FYI.

Also besides the money Physical Therapy is very rewarding.

Where I live (New England), the salaries vary a whole lot, but it's certainly possible to get up to that $100k region. There are also a few opportunities to earn significantly more, as well. The hospital salaries here are the ones that match the national ones ($50-60k).

 

[greco13]

national mean wage about 1.5 years ago was $37.50/hr or $78k annually

 

[Litlwarrior08]

It would be a perfect world if we could get into the program at our in-state university. We need more State programs!! or the they need to have larger programs. Some state schools don't even have a PT program.
Money??? I'll just worry about that later............and then there is the unknown factor w/ the future of our health care system, billing, etc. There will always be something. Just do what you gotta do... and make sure you love doing it.

 

[AbbaZabba]

I have some colleagues here in Chicago (I'm a PT Aide-trying to get into school, and know a lot of PTs personally), where I reside, that make upwards of 80 grand.

I know that the PT managers in the hospital and clinic in which I work most likely make 100+.

As with any job, there is a spectrum, and depending on your innate talent, dedication, and luck, you could be anywhere along that spectrum.

 

[DPT21]

That was finely stated AbbaZabba!!!!! Thank you for that comment.

 

[NiCal]

Just do what you gotta do... and make sure you love doing it.

THANK YOU! I have been reading this thread, calling my parents, and having minor panic attacks all day about choosing a private school. My mom told me this, "no matter what you do in life, buying a house, a car, going to school, you will incur debt because debt is a part of life. Just be happy you have finally found something that you absolutely love."

Look here is the deal, I have friends who graduated from law school making 180,000 k a year and they hate their lives. WE (at least I hope you guys are) are choosing PT not because of the money, but because every single day when that alarm clock goes off you are HAPPY to go to work. And seriously, PT's make decent money! Maybe not like lawyers, but our lives I would imagine are a hell of a lot more fulfilling.

So PLEASE PLEASE PLEASE stop with this negativity! Do what is best for you, maybe that is going to a state school, maybe that is going to a private school because that is where you fit. And remember, THERE IS A REASON why physical therapy ends up on top ten lists of best careers to have every year. And yes, we are all frustrated with the current state of health care and reimbursement, but how about instead of freaking out about it, we all vow to do our part as physical therapists and advocate for ourselves. Yes, we probably do deserve more money with the direction this field is going, but WE HAVE TO FIGHT FOR IT!

 

[rangardrum]

THANK YOU! I have been reading this thread, calling my parents, and having minor panic attacks all day about choosing a private school. My mom told me this, "no matter what you do in life, buying a house, a car, going to school, you will incur debt because debt is a part of life. Just be happy you have finally found something that you absolutely love."

Look here is the deal, I have friends who graduated from law school making 180,000 k a year and they hate their lives. WE (at least I hope you guys are) are choosing PT not because of the money, but because every single day when that alarm clock goes off you are HAPPY to go to work. And seriously, PT's make decent money! Maybe not like lawyers, but our lives I would imagine are a hell of a lot more fulfilling.

So PLEASE PLEASE PLEASE stop with this negativity! Do what is best for you, maybe that is going to a state school, maybe that is going to a private school because that is where you fit. And remember, THERE IS A REASON why physical therapy ends up on top ten lists of best careers to have every year. And yes, we are all frustrated with the current state of health care and reimbursement, but how about instead of freaking out about it, we all vow to do our part as physical therapists and advocate for ourselves. Yes, we probably do deserve more money with the direction this field is going, but WE HAVE TO FIGHT FOR IT!

I used to work at a law firm. Money is among the very worst reasons to enter any field!

 

[Kdog]

Sorry if I have caused any panic attacks or have come off negative.That definitely was not my intention. I was just very frustrated when I made the thread and a bit panicked myself. Once again everyone has good points.

greco - that is higher than I thought. Thank you for the information.

Litlwarrior - Yes it would be nice to have more instate programs or at least more seats at the universities that offer PT.

AbbaZabba - That is a great point and could also be a good argument for why everyone should try to follow their passions.

And finally Nical - That is good advice from your mom. I also know a couple of law school graduates making a high income but displeased with their work. I would think most PTs do not choose the field for the money and really have a passion for it. Maybe that's why the PTs I have met have been amazing people (except for one of them! but that's a different story).

I wish everyone the best of luck.

 

[CherokeeWahine]

THANK YOU! I have been reading this thread, calling my parents, and having minor panic attacks all day about choosing a private school. My mom told me this, "no matter what you do in life, buying a house, a car, going to school, you will incur debt because debt is a part of life. Just be happy you have finally found something that you absolutely love."

Look here is the deal, I have friends who graduated from law school making 180,000 k a year and they hate their lives. WE (at least I hope you guys are) are choosing PT not because of the money, but because every single day when that alarm clock goes off you are HAPPY to go to work. And seriously, PT's make decent money! Maybe not like lawyers, but our lives I would imagine are a hell of a lot more fulfilling.

So PLEASE PLEASE PLEASE stop with this negativity! Do what is best for you, maybe that is going to a state school, maybe that is going to a private school because that is where you fit. And remember, THERE IS A REASON why physical therapy ends up on top ten lists of best careers to have every year. And yes, we are all frustrated with the current state of health care and reimbursement, but how about instead of freaking out about it, we all vow to do our part as physical therapists and advocate for ourselves. Yes, we probably do deserve more money with the direction this field is going, but WE HAVE TO FIGHT FOR IT!

 

[fallingreason]

THANK YOU! I have been reading this thread, calling my parents, and having minor panic attacks all day about choosing a private school. My mom told me this, "no matter what you do in life, buying a house, a car, going to school, you will incur debt because debt is a part of life. Just be happy you have finally found something that you absolutely love."

Look here is the deal, I have friends who graduated from law school making 180,000 k a year and they hate their lives. WE (at least I hope you guys are) are choosing PT not because of the money, but because every single day when that alarm clock goes off you are HAPPY to go to work. And seriously, PT's make decent money! Maybe not like lawyers, but our lives I would imagine are a hell of a lot more fulfilling.

So PLEASE PLEASE PLEASE stop with this negativity! Do what is best for you, maybe that is going to a state school, maybe that is going to a private school because that is where you fit. And remember, THERE IS A REASON why physical therapy ends up on top ten lists of best careers to have every year. And yes, we are all frustrated with the current state of health care and reimbursement, but how about instead of freaking out about it, we all vow to do our part as physical therapists and advocate for ourselves. Yes, we probably do deserve more money with the direction this field is going, but WE HAVE TO FIGHT FOR IT!

Great post.

In my opinion, if you are having second thoughts because you think PT might not pay enough, maybe you really should reconsider your career choice.

 

[Wonderwoman6]

I sometimes think the same thing. But then I see so many people that wasted money for college and are not doing anything with their degrees at all.

Im scared to death about even getting excepted to PT school, the costs and job outlook. Do I still want to do this? Is it worth it? Yes, it is! I'm learning things that have finally sparked my interest. And if I can use this knowledge to help others, no matter how much they pay, then it is absolutely worth it!