high school senior, please advise!!

[pthopefulmom]

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Hello everyone, good luck on your PT applications and grad school searches!! My daughter is a senior in high school, and wants to be a Physical therapist. She has been accepted into St. Louis University Direct Admit 6 year DPT program, with a 14K/yr scholarship. I do not think the scholarship extends into the final 2 years.

My question is, is it better to take the "bird in the hand" option, even though it is expensive to go to SLU, or should she take a less expensive route, major in Exercise Science, and then apply to grad schools? The 2nd route would be less expensive (I think) if it all worked out OK. But she is not good at standardized tests and from what I can read, it is difficult to get accepted in a program.

Thanks in advance for your comments. She needs to make a decision soon.

 

[NeophyteParkour]

A 6 year program may be less expensive than a 7 and a half year program, just due to the fact that you're not paying for as many years.
Also, I probably spent around $700 for grad school apps, GRE, and other things in the application process. Then there's waiting (a lot of people don't get in their first year).
If she can be a good student in those 6 years, in my opinion, that's the way to go.

edit: Ok I just looked at the price of St Louis, $33,000/year (plus more if she's living there) is going to add up 😱. That changes things. If she can find the financial aid, then that's okay...Otherwise that's a huge amount of money, and way more debt than I would have during 7 and a half years. Personally that pricetag would scare me away.

 

[jchen707]

I would say that if she really wants to be a PT, then stick with the 6 year program. 33K for tuition at a private school isn't all that bad. And you're only paying for 6 years (with that scholarship and prob some fin aid). It's just less of a hassle for your daughter later on because she doens't need to worry about applying again, GREs, etc....

 

[kttdancer]

If she is 100% certain, or at least close to 100% certain, that she wants to go into PT, I think the 6-year is a better option. If I had known off the bat that I wanted to go into PT, I would most certainly have chosen the more direct option. It saves time, stress, and possibly money since you don't know what grad school she'd end up at if she went with a traditional undergrad.

Something to think about: has she done enough observation in one or more PT settings to ascertain that this is the career for her?

 

[Seatown87]

Another thing to consider is that she will graduate one year earlier... That is 70k of salary she will make in a year that she would otherwise be attending school...

 

[rangardrum]

I'll just run some numbers. There will probably be some things I'm not considering, but hopefully this helps to some extent.

Year 1: $33,470
Year 2: $34,808
Year 3: $36,201
Year 4: $37,649
Year 5: $39,155
Year 6: $40,721
_______

$222,004

I assumed 4% annual tuition increases since it says "rates are subject to change" here: http://www.slu.edu/x5224.xml

"Fees" would add another few thousand dollars to the final tally when you consider all six years (listed at over $500/yr on that link).

...minus scholarship for four of the six years (14000*4 = $56,000)

_______

$166,004

...minus costs associated with applying to 5-10 schools (application fees, non-refundable deposits on schools you're accepted to, transcript fees, traveling/interview expenses, etc.) and the hassle of wondering whether you will get accepted (assuming she does well enough in school). It's hard to put a certain figure on that since it can vary widely from person to person, but this could be deducted from the total cost.

With the administrative fees and any other miscellaneous expenses added in, let's just say it adds up to a round $170k. Someone else rightly mentioned that she'd be finished one year earlier, so you could consider that one year, after-tax PT salary as well (but not the portion going to living expenses since that cost exists either way that year) if you want to compare this to a 7 year plan. Depending on how aggressively she would then pay off debt, she could deduct from that final tally to some extent.

Personally, I still think that's a LOT of debt to carry with a PT salary. Then again, she could shoot for other kinds of financial aid/scholarships as well to further reduce the total cost. I'm not making any specific recommendation either way, but hopefully the above provides some food for thought. It's hard to predict the rate of tuition increases too, so that's yet another variable that could be unstable and hard to predict. Good luck to your daughter and her decision!

 

[NeophyteParkour]

I think everyone above stated good opinions for both sides, I just wanted to point out something else:

Tuition and fees: $33,986
Room and board: $9,432
Combined: $43,418 first year
After scholarship: $27,418 (Yearly scholarships range from $3,000 to $16,000)

The numbers I got are from collegeboard.org. I may be on track to do 7 years of schooling, but through my first 4 hours I only spent ~$7,000. It's true that a PT salary will be one year quicker, but it's also true interest on a much greater sum will also be much greater. Why pay so much for something that you can get for a lot cheaper?

 

[rangardrum]

I think everyone above stated good opinions for both sides, I just wanted to point out something else:

Tuition and fees: $33,986
Room and board: $9,432
Combined: $43,418 freshman year

The numbers I got are from collegeboard.org. I may be on track to do 7 years of schooling, but through my first 4 hours I only spent ~$7,000. It's true that a PT salary will be one year quicker, but it's also true interest on a much greater sum will also be much greater.

Yikes, yeah it seems the link I used has estimated room/board on another link (therefore not included in the $33k+).

 

[Mattcoker]

If you're absolutely sure that she's sure about PT then I would go with the offer she has now. I'm a non traditional student and have been in and out of school and the military and have changed my mind at least a half dozen times as to what I wanted to do when "I grew up". I'm dead set on PT now and I can honestly say that 15 years ago I was a completely different person and probably would've not followed through in a 6 year setting like that. But you know her better than anyone else and like I said if she really wants to go PT I'd jump at the opportunity. My wife is waiting to hear back from grad school and the waiting game is miserable so if you have a sure thing I'd take it. A bird in the hand is better than two in the bush from what I understand.

 

[pthopefulmom]

thanks everyone for weighing in. As you can see, it is VERY EXPENSIVE!! But I'm not sure I can make it all that much cheaper for her, even at a state or less expensive private school. After Scholarships at SLU, tuition and room and board are somewhere around $28,000. OUr state school (Illinois) would be about $24,000 for Kinesiology. If she switched to Biology, it would be more like $28K or $29K a year. Schools like Bradley or Iowa State are offering around 20K or 21K a year, and that would be the least expensive, but it would be 1 more year of schooling, as they don't offer the 6 year route. How did you do it for 7K Neophyte??

 

[NeophyteParkour]

thanks everyone for weighing in. As you can see, it is VERY EXPENSIVE!! But I'm not sure I can make it all that much cheaper for her, even at a state or less expensive private school. After Scholarships at SLU, tuition and room and board are somewhere around $28,000. OUr state school (Illinois) would be about $24,000 for Kinesiology. If she switched to Biology, it would be more like $28K or $29K a year. Schools like Bradley or Iowa State are offering around 20K or 21K a year, and that would be the least expensive, but it would be 1 more year of schooling, as they don't offer the 6 year route. How did you do it for 7K Neophyte??

My first 2 years were at a community college, and the next 2 were at a state university. I lived with my mom the entire time, so no room fees. My state school was only ~$11,000/year, and I was fortunate with financial aid.
I realize not everyone has the option to spend as little as I did, but there are a lot of students who can (or at least have options that aren't 40k/year). In your daughter's situation, it seems like even the state schools are expensive.

 

[Mattcoker]

I did my first 56 hours at a community college as well. It's a great environment to launch your college career considering the ratio of teachers to students is typically much better than at university, and it is also considerably less expensive. My first two years set me back about $5,000. The smaller class size was a lot less intimidating and making A's was a lot easier as compared to a university where class sizes may number 350+. That being said, I still feel that if your daughter has a green light to go, and is set on PT that she should take it and not look back.

 

[pthopefulmom]

Hi everyone. I have to say that since the last time I was on this board, not a whole lot has changed EXCEPT I am even more appalled at the cost of SLU. I learned the $34,000 price tage per year DOES NOT include summer sessions or housing, so TUITION ALONE for the professional phase is

Yr 1: 34,000 (less 14,000) Scholarship
Summer yr 1: 10,000
Yr 2: 34,000
Summer 10,000
Yr 3: 34,000

For a total of tuition alone (WITHOUT THE DEFINITIVE INCREASES THAT WILL FOLLOW) of $108.000. Adding Room & Board, another $36,000

So in todays dollars, without any increases, it will be $144,000.

Add in the $90,000 for 3 years of undergrad (in todays dollars), and we've spent $234,000 to become a DPT.

I think its crazy, no??? I'm wondering if we should roll the dice, do the undergrad (4 years elsewhere will be roughly equivalent to 3 yrs at SLU) and then hope to get into a less expensive school.

But I suppose any savings will be quickly eaten up by the 1 year less salary, the costs of applying, and stress.....

 

[ammonihah99]

I will finish my first two years of community college this May and will transfer to a 4 year university in the fall. It's been an awesome experience. The classes are smaller, you get to know your teachers better, and I contest that there is no loss in educational value, at least at my CC. Plus you can't beat $75/credit vs. $650/credit. My total CC cost was about $4,500 - $5,000. It will cost me that much per semester at the university!

PT school is expensive enough as it is, if you have a CC nearby, have her stay at home and go there.

 

[Mattcoker]

Yikers!! $234,000 is a heap of cash. My wife will be staring down about $120,000 total for DPT (5 years undergrad and 3 years, plus summers post grad). I would keep researching and asking questions. The more you know the better off you will be and the better you will feel about your final decision. At $234,000 your daughter better pony up and be your long term care provider 🙂.

 

[Litlwarrior08]

I will finish my first two years of community college this May and will transfer to a 4 year university in the fall. It's been an awesome experience. The classes are smaller, you get to know your teachers better, and I contest that there is no loss in educational value, at least at my CC. Plus you can't beat $75/credit vs. $650/credit. My total CC cost was about $4,500 - $5,000. It will cost me that much per semester at the university!

PT school is expensive enough as it is, if you have a CC nearby, have her stay at home and go there.

DITTO......community college......agressively attack scholarships NOW......keep grades up.......pad the resume......4 yr undergrad... somewhere close to home..... apply to PT. save lots of money!!!! Loans will be her prob. then.

 

[NeophyteParkour]

But I suppose any savings will be quickly eaten up by the 1 year less salary, the costs of applying, and stress.....

I believe you already know my opinion pretty well, but if the reasons are 1 year less salary, costs of applying, and stress:
1 year salary = ~$78k average. Though she's spending over $100,000 more than it seems to me most people do.
Costs of applying = ~$700 for me. Again, not even a comparison to the $234,000.
Stress = For me, a $243,000 bill over several years would bring more stress than signing up for the GRE and waiting for schools to respond for a few months.

I don't know what the school has for assistantships, or TA positions, but if they are available they definitely should be looked into (for her final 3 years). It may reduce the tuition by half.

 

[rangardrum]

I believe you already know my opinion pretty well, but if the reasons are 1 year less salary, costs of applying, and stress:
1 year salary = ~$78k average. Though she's spending over $100,000 more than it seems to me most people do.
Costs of applying = ~$700 for me. Again, not even a comparison to the $234,000.
Stress = For me, a $243,000 bill over several years would bring more stress than signing up for the GRE and waiting for schools to respond for a few months.

I don't know what the school has for assistantships, or TA positions, but if they are available they definitely should be looked into (for her final 3 years). It may reduce the tuition by half.

In addition, you have to take out taxes and living expenses in that extra year of salary (which might not be as high as $78k too). It's not as though the salary is a 100% profit. Whatever amount would actually be used to pay down debt wouldn't exactly put a huge dent into it. At 6.8%, $234,000 of debt requires $15,912 to be paid out JUST in interest for a year...that wouldn't even touch the principle to reduce that figure!!!

Paying nearly a quarter of a million dollars seems extremely overpriced to me. If it were me, I wouldn't hesitate for a second to go the cheaper route. There's nothing to be afraid of in regards to not getting accepted to a PT school so long as she does well enough in school (ideally, >3.5gpa I'd say if competition keeps increasing in upcoming years).

Loan payments on $234k of debt would be pretty crippling even for the most thrifty lifestyles (>$2500 monthly payments, or over $30,000 a year in payments, for 10 years...yikes). It's pretty hard to put in those vital, early retirement investments with this hanging over your head too.

 

[myzougrad]

It's costing me $25,000 a year to go to the PT program at Mizzou with living expenses. Just saying.

 

[pthopefulmom]

Yeah Mizzou Grad.... Thats where she might end up for undergrad....and work toward becoming in-state. And I did ask SLU about assistantships and TA positions. I was told there are a few but they are very competitive to get. Can't count on that.