Graduate school-worth return on investment?

[SLM621]

Hi everyone,

I have some questions for all the Au.D. students/practicing Au.D.s out there.

I am looking to return back to school to go for my Au.D. I completed my undergrad in Speech and Hearing about two years ago. I decided to take a little time off before applying to grad school. I know it is competitive to get in, but I feel that with my GPA, GRE scores (already taken), and experience I could get in SOMEWHERE.

My main question is about the return on investement for graduate school. I took a little more time off than I was planning on, because I actually found a job I was happy with, and made a decent starting salary of ~40k a year and increasing steadily. The thing is, I am ALRIGHT with doing this job for right now, but have not lost sight that I eventually wanted to become a clinical audiologist.

I have began to research schools, specifically tuition costs for both IS and OOS. IS is not too bad for many schools, but both OOS and private institutions look pretty expensive. I don't mind forking out the money (well, taking out loans) if I will have a decent professional salary. I am not looking to get rich, but seeing some of the earlier posts on Audiologist salaries got me a little nervous.

Is it realistic to think I can make between 70-80k eventually? I know the "average" salary has been said to be 67 (which is honestly not bad to me), but I would like to hear from people that actually have some insight on here as to what Au.D.s are making. Also, past OOS students, with your current salary, are you able to make your loan payments easily?

There are other great benefits to the job, too. Decent hours, minimal stress, and of course ENJOYING the profession. I just also want to be able to pay my loans back and live...comfortably.

---

Members don't see this ad.

 

[rEliseMe]

Is it realistic to think I can make between 70-80k eventually? I know the "average" salary has been said to be 67 (which is honestly not bad to me), but I would like to hear from people that actually have some insight on here as to what Au.D.s are making. Also, past OOS students, with your current salary, are you able to make your loan payments easily?

Hi SLM! I can't speak to realities post-graduate school since I'll just be a first-year in the fall, but I wanted to mention that for a motivated student who is highly qualified, an assistantship works wonders for being able to afford OOS tuition. Speak with the programs you're interested in regarding assistantship/scholarship availability. I snagged one and will end up paying much less for this OOS school than I would for my IS back-up plan! Good luck!

 

[BigAl]

Depending on the region, it not unheard of earning 65k-70k plus commission and benefits coming out of school. Hospitals maybe a bit less but you get great benefits. Also check out this link regarding compensation http://forums.studentdoctor.net/showthread.php?t=772658

 

[audaud]

It really depends on which school you go to and how much debt you will be in and if you are married and have someone else splitting costs with you for you house, food, if you have kids, the lifestlye you live in college, the city you live in. Lets take a simple example.

Suppose you have tuition that is just $10,000 a semester, this is average tuition for audiology in the USA. Lets also suppose you have to take out loans. Remember, this senario is if you go to a "cheap" college compared to the Big -Name schools.
-------------------------------

Student Budget Per Year (general estimate- if you live modestly and don't shop at Gucci...)


Tuition- $20,000 (10,000X2)

Housing- $15,000 (average price around a campus for a 12 month lease furnished)

Meal Plans- $7,000 (year of food /dining)

Transportation- 5,000 (you need to get to campus each day/car insurance etc.)

Personal Expenses- 2,000 (1000 per semester- you may need to see a doc/computer breaks down...)

Health Insurance- 6,500 (mandatory plans on most campuses)

Books and Lab/Supplies- 1,200 (the first semester you need more stuff for your 4 years)


TOTAL ( Average) COSTS PER YEAR= 56,700

FOUR YEARS OF School (if tuition does not raise) = 226,600

-------------------------------------------------------------------


Now lets assume that you need a loan, a low interest loan (if you have good credit already) will bring your cost up for a student loan.

Average loan interest Rate= 6.8 %, let say 6% just to make things easy, and maybe you find a better than average loan.



6% X 226,000= $13,560 new price on top of what you already own with interest



So now you have a grand total of $239,560




Lets hope you don't get married, have a boyfriend/girlfriend,, have a kid over the next four years...or anything else expensive.

-----------------------------------------------------------

One Last thing. OK, so once you finish school, you will need to pay for all your expenses and have extra to pay off your loan, right?

Lets suppose you do get a great job. Lets say, You make 40,000 a year being an audiologist in the beginning.

After your expenses from living, having an apartment/house, car, saving for things, you still need to find a way to pay you 239,560 debt back. Suppose you can save 15,000 a year from your 40,000$ salary and put it towards your debt.

Even if you just have a 210,000$ loan it will take you on average 14 years to pay off (15,000X 14 years). Don't forget that you will need money to invest in your new audiology career, a building for your business, inventory, audiometers, equipment....

Oh, and for those that want kids and a family...plan to save for you kids expenses too.
------------------------------------------------------------------------------------------------------

My suggestion, if you want to do this with an initial savings, get a good scholarship/grant money, use whatever savings you have, or cut costs by getting into a funded program AuD/PhD usually have funding.

 

[cidanu]

audaud - thanks for the awesome breakdown. it really puts things in perspective.

i think the take-home message is that the AuD is a huge investment. i think many of us grew up believing that education was the most important thing to being successful and would lead to a financially secure and fulfilling life. with the economy the way it is now and the soaring cost of higher education, i think it's wise that we are challenging that and really examining the cost/benefit of our educations. this is a time when people with PhD's are working for hourly wages in service industries. luckily there is a good employment outlook for audiologists but the cost of our education shouldn't be taken lightly.

i think that it's important to cut costs any way you can. i applied to 6 schools and went in with the attitude that whoever offered the most competitive financial package was the one i'd attend. in the end i got lucky that it happened to also be first choice. i live in an area where it's not necessary to have a car (although it would be nice) and i commute by bike so i'm not paying for public transportation either. i've been in the same apartment for 3 years that's not the nicest but is safe, clean, and i can't find anything cheaper that meets those criteria. i'd say my living costs are about 20,000 a year.

here's the flip side of the coin. like you i worked for several years after college before going back to school. being 29, living in a basement apartment, being totally broke, feeling guilty every time i go grocery shopping or even worse if i go out to eat, having to say no to happy hours etc. with working friends to save money, and feeling like a cheapozoid when i know my gifts at weddings are about half the going rate...... it sucks! oh i forgot to mention how hot it is in DC and i'm soaked in sweat by the time i get to where i'm going.

i was doubting it was worth it until this summer when i had my first off-campus internship and i found it be really rewarding and exciting.

 

[SoCalAud]

audaud - thanks for the awesome breakdown. it really puts things in perspective.

Ditto!

 

[Blue Suede Rain]

audaud - thanks for the awesome breakdown. it really puts things in perspective.

i think the take-home message is that the AuD is a huge investment. i think many of us grew up believing that education was the most important thing to being successful and would lead to a financially secure and fulfilling life. with the economy the way it is now and the soaring cost of higher education, i think it's wise that we are challenging that and really examining the cost/benefit of our educations. this is a time when people with PhD's are working for hourly wages in service industries. luckily there is a good employment outlook for audiologists but the cost of our education shouldn't be taken lightly.

i think that it's important to cut costs any way you can. i applied to 6 schools and went in with the attitude that whoever offered the most competitive financial package was the one i'd attend. in the end i got lucky that it happened to also be first choice. i live in an area where it's not necessary to have a car (although it would be nice) and i commute by bike so i'm not paying for public transportation either. i've been in the same apartment for 3 years that's not the nicest but is safe, clean, and i can't find anything cheaper that meets those criteria. i'd say my living costs are about 20,000 a year.

here's the flip side of the coin. like you i worked for several years after college before going back to school. being 29, living in a basement apartment, being totally broke, feeling guilty every time i go grocery shopping or even worse if i go out to eat, having to say no to happy hours etc. with working friends to save money, and feeling like a cheapozoid when i know my gifts at weddings are about half the going rate...... it sucks! oh i forgot to mention how hot it is in DC and i'm soaked in sweat by the time i get to where i'm going.

i was doubting it was worth it until this summer when i had my first off-campus internship and i found it be really rewarding and exciting.

My story was similar. I graduated with an undergraduate in Communication Disorders which didn't open many job opportunities. (My husband "the IT Guy" was supposed to make the big bucks for us, right?...and then the economy took a downward turn) Then, factor in a cross-country move, terrible economy and job market, and having a kid along the way...well, my low paying income just wasn't cutting it for our family of three.

I have calculated the costs of living on a student budget. It is a potential risk, however, depending on your current job situation/personal economic lookout, the bigger risk would be to stay put.

To me the potential outcome: job I love where I get to help others, growing job market for our field, and not too shabby of an income (much higher than where I'll ever be at without an advanced degree in my field) well, it's worth the risk. With plenty of advanced planning, support from friends/family, dedication, and hard work I know I will succeed. Not to mention that the love and passion for this area will fuel me through the tougher times.

I am excited about the new adventure ahead of me!

 

[Dustbug10]

To me the potential outcome: job I love where I get to help others, growing job market for our field, and not too shabby of an income (much higher than where I'll ever be at without an advanced degree in my field) well, it's worth the risk. With plenty of advanced planning, support from friends/family, dedication, and hard work I know I will succeed. Not to mention that the love and passion for this area will fuel me through the tougher times.

I am excited about the new adventure ahead of me!

This is what it boils down to IMO. I will have close to 100k in student loan debt, with a much lower starting salary barring a miracle. But ultimately, I'm in a profession that I love. I would say that a lesser lavish lifestyle is worth not being malcontent for 40+ hours per week. Even with a significant portion of my salary going towards student loans in order to pay them off quickly, our combined income will be plenty to live comfortably considering the cost of living in the states my wife and I are aiming to live in.

 

[PedAuD]

I've got to be honest. I love my job, but I see jobs out there that make more money than me with less education that I would also be happy with. You can be a PA with a masters and make 6 figures right out of school and work for a hospital with full benefits. If you want to do audiology because you love audiology than do it. But if you want to do audiology because you love helping people, you could make more money in less time in another profession. Audiology also isn't the easiest to find a job in unless you are in a larger city. Good luck with whatever path you go down!!

 

[DrAudio]

I've got to be honest. I love my job, but I see jobs out there that make more money than me with less education that I would also be happy with. You can be a PA with a masters and make 6 figures right out of school and work for a hospital with full benefits. If you want to do audiology because you love audiology than do it. But if you want to do audiology because you love helping people, you could make more money in less time in another profession.

Well said. 100% agreed. On the other hand, successfully treating patients in this field can be extremely rewarding and fullfilling.

There are other great benefits to the job, too. Decent hours, minimal stress, and of course ENJOYING the profession. I just also want to be able to pay my loans back and live...comfortably.

You're kidding right?! I generally work 12 hr days 6 days a week seeing patients and deal with paperwork after that.

-D

 

[cidanu]

You're kidding right?! I generally work 12 hr days 6 days a week seeing patients and deal with paperwork after that.

-D

i think there must be wide variability with this. at the hospital where i interned this summer, i was working 50 to 60 hours a week and i didn't even have a full case load. my preceptor was working 80 hours a week. i asked one guy who left at 5 pm every day how he managed it and he said he took reports home with him and worked on them until 9:30 every night.

some of my classmates told me that the audiologists were working long hours at their sites, but others told me that people really were working 8 hour days. it seems to me like it really depends on two things-report writing and support staff.

 

[DrAudio]

i think there must be wide variability with this. at the hospital where i interned this summer, i was working 50 to 60 hours a week and i didn't even have a full case load. my preceptor was working 80 hours a week. i asked one guy who left at 5 pm every day how he managed it and he said he took reports home with him and worked on them until 9:30 every night.

some of my classmates told me that the audiologists were working long hours at their sites, but others told me that people really were working 8 hour days. it seems to me like it really depends on two things-report writing and support staff.

3 things actually. Social life...

 

[quiteaud]

.

 

[TennaciousD]

There may be some offices, specifically private practices that run 40+ hours a week, but in general audiologists have banker's hours. M-F 9-5 with holidays off. People in private practices, just like owning any business, may have to work extra long hours due to the business side of it. I have been practicing (hospital and university settings) for 10 years and have never worked more than 40 hours per week on average.With the lower salaries than comparable fields (education wise) we had better have good hours. If you are working 80 hours a week your salary should be double the national average(i.e. 130,000 year). If you are not making 6 figures and you are working that many hours it is time to find a new job.