How did you/are you financially support(ing) yourself through OT school?

[ANK25057]

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I'm a single 25-year-old applying to MOT programs. I'm really curious how many of you are able to financially make it through your program. I currently support myself with a dead-end but flexible job.

It seems like students fall into one of 3 camps -
1. Able to live at home and under the support of Mom and Dad despite being a fully grown adult (I'm not this privileged).
2. Married to a well-off spouse and able to live off a single income plus tuition bills (I'm not under this camp, either).
3. Taking out huge loans that will take years or even decades to pay off. Even loans to cover rent, utilities and other needs.

Were any of you able to work through your MOT program? I've noticed most MOT programs seem to be full-time and during the day. I'm curious how many of you were able to make ends meet for 2-3 plus years without income.

Thanks!

 

[kp24]

I'm a single 25-year-old applying to MOT programs. I'm really curious how many of you are able to financially make it through your program. I currently support myself with a dead-end but flexible job.

It seems like students fall into one of 3 camps -
1. Able to live at home and under the support of Mom and Dad despite being a fully grown adult (I'm not this privileged).
2. Married to a well-off spouse and able to live off a single income plus tuition bills (I'm not under this camp, either).
3. Taking out huge loans that will take years or even decades to pay off. Even loans to cover rent, utilities and other needs.

Were any of you able to work through your MOT program? I've noticed most MOT programs seem to be full-time and during the day. I'm curious how many of you were able to make ends meet for 2-3 plus years without income.

Thanks!

Im starting a program this coming spring so I cant say Ive been through it but I did turn down a school because money was a factor last year. There are programs out there that are affordable (namely state universities) that you can look into. True, your still going to have to take out some loans, but it will be much better then taking loans to go to a private school. Also, there are many scholarships that you can apply for and it may help pay for some of the tuition/living expenses. In addition, I also know there are hospitals/facilities that will pay for your education if you agree to work for them after graduation. I can't give you definite names, but I know they exist--so some research may help you with that.

 

[veggieswirl]

I made it through undergrad in suburban Socal without a car. If I were going to, say USC, I would be about 40K in debt at the end of the two years, which is not much. Here's how I would do it in the unlikely event I finish my application and get accepted: live in my parents house, but I earn my keep by mowing the lawn, doing dishes, doing laundry and caring for the dogs. I would ditch my car so I wouldn't have to pay for gas or insurance, hello again to getting up at 5 AM to take the bus, but this time I'd take the bus to the train station. I would ditch my smart phone as well, who needs a phone with GPS when you don't drive? I would also take 12K a year from the family trust. I have 38K saved up for a house, a Ferrari or USC. So here's the math, the 24K from the family trust plus the 38K of my hard earned cash equals about 60K, USC would cost about 100K. If you ditch luxuries and live frugally you can afford grad school, but I'm probably not even going to finish my USC application. When I interviewed at some school the financial aid person told us some stories about people spending like wild while taking out 200K in loans, so it's important to live very cheaply. It's important not to drive a beamer, have an I Phone, while living in an ocean front mansion and be taking out 200K in loans to put yourself through school.

 

[ANK25057]

Veggie, you are incredibly privileged to have a family trust to live off on and and to be able to live with your parents rent-free.

Seems like, sadly, grad school is for the privileged these days. 🙁

 

[veggieswirl]

I may just do a COTA program at a community college, so that's hardly something just the privileged do, the only reason i even applied for Master's is the fact there's a 3 year wait list for the COTA program.

 

[ANK25057]

Veggie, best wishes on your academic pursuits. No insult intended.

But living off a trust fund and living rent-free with your parents is certainly a privileged position to be in. Most adults don't have those options.

Is anyone out there unable to live off their parents or a signicant other while doing a MOT program? How are you making ends meet?

 

[Liztor]

Veggie, best wishes on your academic pursuits. No insult intended.

But living off a trust fund and living rent-free with your parents is certainly a privileged position to be in. Most adults don't have those options.

Is anyone out there unable to live off their parents or a signicant other while doing a MOT program? How are you making ends meet?

Loans. A student loan isn't a bad thing. If you are responsible about it and only take what you need. I am estimating around 30 to 40 thousand, and it I get a job making 50 to 60 thousand, I can handle that.

 

[ANK25057]

Liztor, how are you estimating borrowing $30-$40 thousand to complete MOT school? That would not even cover living expenses for two full years.

 

[Liztor]

Liztor, how are you estimating borrowing $30-$40 thousand to complete MOT school? That would not even cover living expenses for two full years.

That is the estimated amount for the schools I am applying to: TWU, UTMB and UTHSCSA. All schools in Texas. I believe you get what you get out of the program and do not feel the need to go to a "popular" school like NYU. We all have to pass the same exam and therefore I feel confident I will get the same experience and knowledge from the schools I am applying to. What schools are you applying to?

P.s where would you be living? My expenses aren't that high right now!

 

[ANK25057]

Liztor, I'm in the same boat.. I'm in Dallas and planning to apply to schools in Texas. I definitely agree that the cheapest school is the best route. True, cost of living is much cheaper here than other places. Not the cheapest, though. And no matter where you live, you have to pay for your car, insurance, gas, food, e-mail access, etc.

Even a crappy studio apartment will run you up to $500 in Dallas. And having a car in Dallas is a must, as you probably know. I'm curious how people are able to make it through a 2-3 year, full-time MOT program without a spouse or parents supporting them.

I'm thinking for a single person without any financial help... to complete a program (even at an affordable, public institution) would require up to six figures in loans to cover living expenses, books, rent, food, utilities, etc.

Thoughts?

 

[resot]

I am also a single individual without any financial help. However, I will be attending a state school in CA. The estimated financial need for one semester is about 12,000 dollars. That's including rent, books, car, tuition, everything the school estimates you will need. And that is keeping in mind that the school is in los angeles, where rent for a crappy studio is almost double rent in Dallas.

Extrapolate that financial estimate across 7 total semesters (and two of those semesters are shorter summer sessions, so the financial need would be less). The total is less than 6 figures. So even if you need loans for the entire total, it is doable.

There are schools out there that are affordable. And then there are also ways to cut costs. Don't rent your own place, rent a room in someone elses house. Rent your textbooks. Public transportation. or you can just wait a few years, save up some money and then apply.

Grad school is not just for the privileged. Just be smart about where you choose to go and How to save your money.

 

[Liztor]

Liztor, I'm in the same boat.. I'm in Dallas and planning to apply to schools in Texas. I definitely agree that the cheapest school is the best route. True, cost of living is much cheaper here than other places. Not the cheapest, though. And no matter where you live, you have to pay for your car, insurance, gas, food, e-mail access, etc.

Even a crappy studio apartment will run you up to $500 in Dallas. And having a car in Dallas is a must, as you probably know. I'm curious how people are able to make it through a 2-3 year, full-time MOT program without a spouse or parents supporting them.

I'm thinking for a single person without any financial help... to complete a program (even at an affordable, public institution) would require up to six figures in loans to cover living expenses, books, rent, food, utilities, etc.

Thoughts?

It shouldn't take 6 figures at TWU or any state school in Texas. I believe the TWU estimate includes housing and food costs, books, etc. So therefor 30 or 40 thousand should cover those expenses. The others like insurance, etc just take out a little bit each semester to cover. I will not have any help from family or friends. I hope I can get a few scholarships too, that would be nice.

 

[ANK25057]

Resot, you estimate that you can live in Los Angeles for two semesters AND pay tuition, books, lab fees, etc for under $24,000??? That's amazing to me.. isn't tuition at least half that amount??

 

[tx take2]

Liztor is correct, it shouldn't take six figures for any Texas school. I work in an artsy field and I've lived in Dallas, on much less, for years. It's all about priorities, expectations, and budgeting. I'm recently married, but even prior - I've always lived (with roommates) in a very safe area in north Dallas. It can be done if you're resourceful. Bonus, being resourceful is a great addition to your OT skill set! 😉

 

[OTROX]

You also have to consider that the rate of tuition will go up. Check each program you are interested in and ask when their last tuition rate increase was and at what percent. Likely, most will experience an increase during your time there. Also, the loan(s) you take out also will have interest. When you say $30,000-$40,000 debt after the program are you considering interest with that and how long it takes to pay that off? Do you have debt rolling in from undergrad? OTs make decent money but when you do the math--assuming you are like most and have an average of $24,000 debt after undergrad;plus, the $40,000 (at least) from an MOT program--the OT salary doesn't net much of a gain.

Those monetary figures are conservative for most; however, if you are deemed privilege by either having housing and/or tuition covered then most likely you are only stressed about the admission process and from there just paper and test due dates. Everyone else should strongly consider what it means to take on such a large loan in order to pay for the programs. Living expense ought to be strongly considered. The cost of food and other everyday products are going up...as well as tuition and, of course, the NEW edition of much-needed textbooks!

A COTA program isn't a bad alternative. Now, if the program really is a three year wait I would suggest looking for another one in your state. Even paying out-of-district or out-of-state is cheaper than an MOT program. You would be okay with being a COTA, right? Research where most work, what most are getting paid entering TODAY's market. DO NOT look at past numbers because with Medicare cuts in recent years and more to come, you need to realize the current state of being gainfully employed.

 

[resot]

Tuition at a state school in ca for grad school is approximately 3,300 ish at the moment. They also included a 400ish dollar fee increase in their estimate as well.

 

[resot]

And that amount is per semester.

 

[OTROX]

-ish? Not to be rude, but I think right there proves you or anyone that used "-ish" has not planned something out thoroughly. When someone says they'll meet you around 4-ish one of the two parties inevitably becomes frustrated with that unpunctual time-frame set. However, in this case the big mistake doesn't inconvenience someone else ( unless you have a family), it inconvenience you when borrowing money which has interest and can not be forgiven should one declare bankruptcy. That's the main concern I was explaining...because if you have student loans, if you have seen the headlines or heard personal accounts, then you know there are serious issues financing your education responsibly. Many a students have been caught off guard at the complexity of taking out a large sum of money and the terms of the loan. It affects everything you want to do with your life. This is a national crisis. Student loans have exceeded credit card debt only there is no escaping this debt. Having a mortgage price-tag as your student loan but no house is no joke, yet it is the reality for a lot of students and graduates. So one should be asking how to support yourself through OT school and afterwards as well.

 

[resot]

Hmm the only reason I put down "ish" is because I do not feel comfortable airing out all of my financial aid info on a public forum down to the last penny. So thank for assuming that I am an irresponsible individual who cannot manage her finances even though You know nothing about me.

I was merely posting in the forum to demonstrate that it is possible to attend grad school without going six figures in debt. To help illustrate the situation, I wanted to give a range of the current educational costs at my school. I know how people feel about money, and actual ranges of numbers can help ease people's anxieties as opposed to me just saying "I won't need 100,000 in loans". The "ish" was just for me so that I didn't need to go down to the last penny. Of course the numbers I am describing are available at my schools website, if people would like to know it in that much detail.

 

[OTROX]

I only meant to imply that using "-ish" when talking about financing your education is an indication that you have not though it through thorough. I stand by that. I did not say you were irresponsible. I do not know you. You may have a winning scratch off with no concerns.

I posted a legitimate side to the subject and maybe went beyond but within topic. Because it doesn't matter if you have a $60,000 salary but have that same amount or greater in student loans. That type of debt is consuming. For most, they take on these loans without a co-signer, without parents or a spouse to help. Its a real concern, not an attack on you.

It's exciting to apply to graduate school but it also requires stepping back and taking the emotion out of it and saying, "okay, what are the implications beyond the acceptance, the coursework, the license, the rewarding career; how do finances affect my ability to live the life I want."

 

[resot]

I wholeheartedly agree that students need to be careful with how they finance school. I have a friend who is 60,000 under from attending a private school for her undergrad. And it's only that low since her parents paid for 2 out of the 4 years.

It sounds like you are experienced in this matter. How did u handle ur finances? Did u need loans?

 

[ANK25057]

Student loan debt should not be taken on lightly. Debt is debt. I think if you're paying rent and groceries with borrowed money, you're over the edge. Taking out small loans for tuition is one thing. Making a car payment with private, high-interest student loans is another.

Even debt in the double digits will significantly alter your lifestyle and accumulate significant interest.

I disagree with the commonly used phrase - "student loan debt is good debt." NOT!

 

[tati1435]

Student loan debt should not be taken on lightly. Debt is debt. I think if you're paying rent and groceries with borrowed money, you're over the edge. Taking out small loans for tuition is one thing. Making a car payment with private, high-interest student loans is another.

Even debt in the double digits will significantly alter your lifestyle and accumulate significant interest.

I disagree with the commonly used phrase - "student loan debt is good debt." NOT!

I agree. And I too am so worried about the debt I will have to accumulate if and when I will be admitted into a program. But, you kind of have to look at it this way...if you truly want to get into the field no matter what...its going to have to be done. In a perfect world we all would have enough for everything...bills, tuition, food, rent etc...Unfortunately the reality of the situation is if you truly cannot fathom taking on a large amount of debt then may be it would be best to hold off for a few years save as much money as possible (or at least enough money to live on while taking out loans just for tuition only). Either way, you are going to school because its an investment. An investment towards something that (hopefully)you truly believe in and want to do. That's why most people will take out loans because its a return on your investment (supposedly a positive return but that of course is always arguable), which is a little different than viewing it like a mortgage to a house you don't have (considering real estate or owning anything in the form of a house is just as worthless). there is no easy answer...and only you will have to make that decision...

 

[Shelby029]

I'm planning on taking out around $10,000 "ish" each year for the 3 years I'll be attending. I say ish because the numbers are NOT finalized, though I have spent time crunching numbers and researching. I have a few scholarships, parents are helping with some living expenses (phone, insurance), and I'll be working at least part time. I'm going to a cheaper state school and know how to live "like a college student." So about $30,000 for the three years not including interest and what not.

 

[veggieswirl]

I've researched being a COTA, and worked with and observed COTAs. There is not a 3 year wait for me, but that is the wait for people applying to the program now. I start in August 2012. All the program's May 2011 grads got jobs already as OTAs and their avg. starting salary was $23-something an hour. Most had job offers at graduation and many got jobs at their field work sites. The school district I attended has had a COTA position open for awhile, and they haven't found someone yet! There are three COTA programs in California, and only one in Nevada, and CSN's accreditation is on the rocks apparently. I'm ok with everything about being a COTA instead and will likely not work full time even if I get a Master's instead of going the COTA route.

 

[OT2Be2013]

Student loan debt should not be taken on lightly. Debt is debt. I think if you're paying rent and groceries with borrowed money, you're over the edge. Taking out small loans for tuition is one thing. Making a car payment with private, high-interest student loans is another.

Even debt in the double digits will significantly alter your lifestyle and accumulate significant interest.

I disagree with the commonly used phrase - "student loan debt is good debt." NOT!

Agreed. It is possible to work a little, though. I am about a year and a half into a three year program. I was working as a unit secretary prior to entering the program, working a lot and putting in as much overtime as possible to save for the upcoming year- which didn't make a large dent in my expenses, but helped a little. I stayed on for weekends for a few months in the beginning of my program until it became too much to handle. Then, in the summer, while I was taking phys-dis, I was offered a summer employment opportunity through networking with one of my professors, so I worked this last summer, too. A lot of my classmates have been working on and off. What I find is that although the program isn't easy, we have peaks where we're under a lot of pressure and then it might calm for a month or two and allow for time to work. I even know someone on a level two right now who has four 10 hour days and then works a job another 2 days/week.

It's definitely tough. I attend a state school, and I am still alarmed when I think of how much debt I'm going to be in- and I didn't start out with as much as some of my classmates did because I had been mostly working and going to school part-time. I have some support from my parents, fortunately, but as other people were saying here, you have to eliminate some luxuries. When I go out with friends, say, we go for pizza whereas when I was working we might have gone to a sit-down restaurant, I haven't bought new clothes in quite some time, my phone doesn't have internet service etc, I strategize my errands and such to save money on gas... but I'm not exactly hurting.

You won't get rich becoming an OT, but you'll be comfortable I think and you'll be part of a great profession.

 

[veggieswirl]

Loans, savings, living cheaply. I'm commuting to a state school from the house i grew up in.

 

[OTclassof2014]

Do you think the cost for school/ overall costs (living, finding a part time job etc.) are more economical in Texas even for out of state students? As opposed to going to a private school in another part of the country?

Thanks.

 

[OTclassof2014]

Are you an in state or out of state Texas Student?

 

[OTclassof2014]

That is the estimated amount for the schools I am applying to: TWU, UTMB and UTHSCSA. All schools in Texas. I believe you get what you get out of the program and do not feel the need to go to a "popular" school like NYU. We all have to pass the same exam and therefore I feel confident I will get the same experience and knowledge from the schools I am applying to. What schools are you applying to?

P.s where would you be living? My expenses aren't that high right now!

Are you an in state or out of state Texas Student?

 

[anonymous07]

I agree with some of the stuff said above- work as much as possible now to save so you have some kind of cushion for living expenses! Also, the obvious choice to live meagerly (with roommates, etc). Some tips I learned recently:

-If you qualify for "work study" through the fafsa and can prove that you're using it, you qualify for food stamps. This is according to Oregon students- not sure how this works in other states or if its a federal thing. This would save a bit on groceries.

- Work 10-20 hours a week, even though this isn't ideal. A lot of people say you shouldn't, but if it's your only option I think you could make it work. It means longer days than your cohorts and maybe not much rest on weekends, but I think it's possible! I would also look into any kind of possible freelance work you would qualify for as you can do it on your own time and it tends to pay well.

- If finances are a really, really serious constraint, you could always spend an extra year saving and re-apply next year. If you've already gotten accepted to an out of state school, you could defer a year and move there now to gain residency.

Good luck!!!

 

[osato19]

I have read on this forum site of recent OT graduates who work where they can have tuition reimbursement, so that could be an option to alleviate some of the student loans.

 

[ginaw623]

Is tuition reimbursement only for people who work for a company and go back to school while they work there...or do companies refund you money to pay back your loans after school too? Also, does anyone know if private loans count too or if it is just federal loans they help you pay back?

 

[Liztor]

Are you an in state or out of state Texas Student?

In state