Heavy Expenses for Graduate School

[Electronfying]

For those who have been, are, or will be in a similar situation as me, where you're worrying about copious expenses for graduate school: Please, help!

This is my current situation:

I just got accepted into the DPT program at Bond University in Australia and am trying to figure out how I am going to pay for my yearly expenses. Here is an itemized report of those most concerning yearly expenses:

- Tuition - $50k
- Dorm - $9k
- Meal Plan - $5k
- Travel - $3K
TOTAL: $67k ---> Let's round that to $70k

I can probably get $20k in loans from the U.S. government. As for the remaining balance - $50k - I have no idea how I'm going to secure that amount. I do not have any rich relatives or family members who can loan me $50k. I'd be lucky if I can even get $5k from my family. I have yet to visit the bank to see how much in loan I can get, but let's just say I'm approved for a $10k loan; that leaves me with $40k to worry about now.

Of course, I have been applying for scholarships. However, most of these scholarship can only do so much as cover my meals. And, from my research thus far, I do not see any scholarships available for PT students at Bond.

I'll take any advice anybody can spare. I want to somehow secure $70k, or at least $60k, by the end of February, just two months before the semester begins.... Come 2019, I'll have to worry about another $70k.

P.S. For those who will be in the PT program at Bond come 2018, please message me. I'd like to hear of your preparatory activities for the journey.

Thanks

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[jblil]

Are you a US person, and thinking of going to school in Australia? I hope you plan on staying there and practice after you get out. If you want to return to the US and work as a PT, expect some more hoops to jump through.

Banks do not make personal loans unless you have a collateral to offer, i.e., something they can "repo" in case you default.

Why not stay in the US and go to a state (and inexpensive) school?

I re-read your post and saw that the expenses are ~ $70K yearly. It'd be insane to borrow $200K for a DPT degree. That level of debt is in MD/DO/DDS territory.

 

[Azimuthal]

Don’t do it.

 

[NewTestament]

What Azimuthal said.

I wouldn't incur >$70k debt for PT school, including interest. It's not worth it. Stay out of debt and find other skills to acquire. Go to Skillshare.com. For $99/year you can learn really useful skills that you can leverage today. No board exam required. You could work at Jack in the Box and still afford it.

 

[Electronfying]

Are you a US person, and thinking of going to school in Australia? I hope you plan on staying there and practice after you get out. If you want to return to the US and work as a PT, expect some more hoops to jump through.

Banks do not make personal loans unless you have a collateral to offer, i.e., something they can "repo" in case you default.

Why not stay in the US and go to a state (and inexpensive) school?

I re-read your post and saw that the expenses are ~ $70K yearly. It'd be insane to borrow $200K for a DPT degree. That level of debt is in MD/DO/DDS territory.

Yes, I am a U.S. citizen hoping to study in Australia. And I know it sounds ridiculous to pay such amount for PT school, but that's about the same many would have to pay to enroll in a PT program at a private school here in the U.S.

I can't help but to overlook the cost of going to PT school in Australia if that means I'll be happy with a career I love.

75% of those I know tell me not to go... And part of me tells me not to go as well. However, I feel I may have more regret not going than to go and accrue such large debt.

 

[jblil]

I've heard of a U.S. government work program where one could qualify for up to $20k in school loan assistance a year.

Please post the details of this program as I am sure a lot of folks would be interested. I have not heard of such a thing myself at the national level; and if it existed, it's likely that you would incur some obligation in return. For ex., some states have a "forgivable loan" offer where they give you a certain amount ($14K/yr in NC, I was a recipient) in exchange for working in an underserved area for x years after graduation.

I would advise you not to go to Australia unless you can secure all 3 years' worth of tuition + living expenses. To be stranded there and not be able to continue because you have run out of money after 1 year or 2 would not be a good thing.

 

[starrsgirl]

It's hard for me to tell you to go...I know you say this is a career you love, but is it still one you will love if finances are tight? I think burnout comes much quicker when your case load is high AND you are stressed about finances and drowning in debt. PT salary is not great right now. I know there is a ton of talk about negotiating and demanding higher pay...and I speak only for myself as a 1 year out grad....my classmates and I just didn't find it. Most of my classmates took jobs making just about $32/hour. I personally don't see a lot of upward growth nor expect to make substantially more than that over the years. $32/hour with NO debt is a medium level income. It's an income you certainly could earn without a doctorate degree, but it's very livable. $32/hour with crushing debt....well, in my mind you might as well have skipped all the school stress and skip the daily paperwork stress and just live happily on a basic job out of college. I had shadows of doubt when I was applying to school, but like you, my courses were "running out" and I could get into PT right NOW versus taking more courses. In retrospect, I wish I had more broadly considered PA and med school options. For just about the same amount of base schooling, my practice scope and earning potential would have been stronger.