One question I don't see answered much on here is about paying for PT school and the debt that comes with the journey of becoming a PT. I have no student loans from undergrad, but the schools that I could potentially attend next year are all expensive private schools. I know I want to be a PT, but I also want to be financially stable. For 3 years of school, some programs may end up costing me 125k-150k. I know there are forgiveness programs, grants, and scholarships that I can find, but a significant portion of this money will have to be from loans. Anyone have an idea of how much debt is to much for PT school?
How much is to much?
- Thread starter Mayomi
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Your total cost is going to be tuition + living minus whatever help you get from parents if any. If you take a loan for all this, you will need to add 4-6% per year interest depending on what kind of rate you get. A rule of thumb is to not take any more loans than total salary in your career field. My best advice is go to the cheapest in state school you can if possible. I picked an in state school over well known unis for this specific reason. If you take over 130k, interest on top of that, it will probably take 10-15 years to break even, you can set up a spread sheet and do the calculations if you like, but I wouldn't advise taking over 70k
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I'm having the same issue as you @Mayomi since I have private or school offers. A lot of people say go to the state schools but there are only so many openings in state schools and that usually goes to the very top candidates so when I see the advice given to attend a state school that's not very feasible to everyone. The vast majority of other students now a days go to expensive private schools and they all find a way to manage and live great lives. Yes we may have more loans to pay off but PTs normally have health and dental benefits that a lot of careers don't provide at such a young age. When I look at it from that perspective I think that the best move for myself is to deal with the loans and know that I just to be aware of it once I begin to pay it off. We won't starve while trying to pay off these loans I'm assuming because we still are making 65K a year starting out which is very high when you compare to many other entry level careers. We also get a stable job that you also don't normally have as an entry level position which is an issue for many young workers today. For example my brother just got laid off from his job as a graphic designer after only a year and doing a great job since he was a newer employer. I doubt we'll be in debt for 30 years. There is no other career that we can go into with so many benefits and knowing that your job is so vastly important every day to every Paitent. so in conclusion I say that it's worth it 
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I"m graduating in the midwest this year and the reality is that some of my classmates are starting to get offers....at 55K. And no, I don't particularly think that is a good starting level or a reasonable salary for the schooling and debt load. Just for a comparison, in my town average public teacher salary is 50K. Hmmmmm. Oh and they are off in the summers. I think we need to stop deluding ourselves that 55K (or even 65K as an earlier poster suggested)is "very high". No, it's low.
That said, if you love the field and are willing to work for a lower salary, great. But don't get in the poor house to do it. My personal limit is 80K. I calculated that when I was getting ready to go to school and assumed I could make 80K. I just think there are jobs you can get with a bachelor's that put you in the 50-60K range without more debt.
That said, if you love the field and are willing to work for a lower salary, great. But don't get in the poor house to do it. My personal limit is 80K. I calculated that when I was getting ready to go to school and assumed I could make 80K. I just think there are jobs you can get with a bachelor's that put you in the 50-60K range without more debt.
The 2 main hospital systems in the NC Triangle area (UNC & Duke) also start PT new-grads at around $55K. I think one of the reasons for this lowish pay is that we have at least 3 (soon to be 4) DPT programs within a 30-mi radius so there's always a fresh supply of new PTs. I don't know the COL where you're at, starrsgirl, but ours is relatively high.
Approximate COL comparison calculator at: http://money.cnn.com/calculator/pf/cost-of-living/
Approximate COL comparison calculator at: http://money.cnn.com/calculator/pf/cost-of-living/
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Hey, former teacher here. Average teacher salary is 50k only because of older generations getting longevity pay on top of base pay. Most teachers are making between 35-45k. Also, summers off is a joke with most school systems. Some get lucky and actually get to take their summers but most have unpaid training during the summer or have to take an extra job to make ends meet. I know you didn't mean anything by it, but for most PT jobs, the workload is much better compared to what I dealt with as a teacher. I do, however, agree with you that it's best to keep debt low, or else it may not be worth it. I am going to a state school for that very reason. I also agree with you that PT pay is not super high. I just wanted to dispel any misconceptions about the field of education.
I'm having the same issue as you @Mayomi since I have private or school offers. A lot of people say go to the state schools but there are only so many openings in state schools and that usually goes to the very top candidates so when I see the advice given to attend a state school that's not very feasible to everyone. The vast majority of other students now a days go to expensive private schools and they all find a way to manage and live great lives. Yes we may have more loans to pay off but PTs normally have health and dental benefits that a lot of careers don't provide at such a young age. When I look at it from that perspective I think that the best move for myself is to deal with the loans and know that I just to be aware of it once I begin to pay it off. We won't starve while trying to pay off these loans I'm assuming because we still are making 65K a year starting out which is very high when you compare to many other entry level careers. We also get a stable job that you also don't normally have as an entry level position which is an issue for many young workers today. For example my brother just got laid off from his job as a graphic designer after only a year and doing a great job since he was a newer employer. I doubt we'll be in debt for 30 years. There is no other career that we can go into with so many benefits and knowing that your job is so vastly important every day to every Paitent. so in conclusion I say that it's worth it
I couldn't agree more. I applied to the state schools in which I am located. (NC) but as you said they are usually more competitive, and I would bet its because of the drastic difference in cost. Were talking 60k-80k for a state school, and 100-150k depending on the private school. My application is right on the bubble, the state schools said that 3.5 GPA usually is good enough to solidify an interview, if all other pieces of the application check out. if I retake the GRE and do better, and perhaps take an additional prereq over, that should put me in a better standing for next application cycle.
Do I take the offer? Or do I spend a little extra money now on a GRE prep course, the GRE, and all the application fees and take my chances at getting into a more affordable state school. Spending an extra 2-3k now, and saving 60k in the long run sounds pretty obvious, but what happens if I reject an acceptance to a program only to get turned down a second time by state schools. Now I'm in the hole, waiting another year, and I am already 24 years old. I would like to start my career before I am 30. I am gonna have some tough decisions to make if I do get accepted to a private school.
Also from NC, and you bring up a good point. With so many PT schools in NC you wonder when the market becomes oversaturated, and the income PTs are willing to work for drops because of the over supply.
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I think you answered your own question. Since you want to start your career before 30 you should take what you can. And by delaying another year we would give up a year's worth of PT salary which a good portion could have been going to loans anyway and that 60K difference is smaller that much quicker. I thought about trying to do better with my GRE this year but there are other factors such as reverifying your offers and getting new recommendation letters and observation hours. The choice is yours though
I'm having the same issue as you @Mayomi since I have private or school offers. A lot of people say go to the state schools but there are only so many openings in state schools and that usually goes to the very top candidates so when I see the advice given to attend a state school that's not very feasible to everyone. The vast majority of other students now a days go to expensive private schools and they all find a way to manage and live great lives. Yes we may have more loans to pay off but PTs normally have health and dental benefits that a lot of careers don't provide at such a young age. When I look at it from that perspective I think that the best move for myself is to deal with the loans and know that I just to be aware of it once I begin to pay it off. We won't starve while trying to pay off these loans I'm assuming because we still are making 65K a year starting out which is very high when you compare to many other entry level careers. We also get a stable job that you also don't normally have as an entry level position which is an issue for many young workers today. For example my brother just got laid off from his job as a graphic designer after only a year and doing a great job since he was a newer employer. I doubt we'll be in debt for 30 years. There is no other career that we can go into with so many benefits and knowing that your job is so vastly important every day to every Paitent. so in conclusion I say that it's worth it
Thank you for this.
Yes I have heard of the FELS forgivable-loan. I will definitely look into this when and if I get accepted to an in state program. One of the schools I could potentially go to is in VA. Any idea if the loan is available in VA or if this loan can be taken by a student in another state that wishes to work in NC after graduation?
You don't have to go to a state school to get the FELS. As long as the school is in NC and the program is accredited, you can apply. Of course, the $14K/year (not sure if it has gone up/down since my days) covers all of ECU's tuition, almost all of UNC's, and makes a very small dent in Duke's or Elon's. You can't get it if you go to school outside of NC.
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Great points! And i do know that most teachers in my area are masters educated BUT, the big difference i feel is that generally you have less debt when you start working as a teacher with a bachelors degree (vs debt of a PT) AND most of the teachers I know worked and paid for the masters in cash so they did not incur additional debt. I'm not sure the extra 3 years of education at $150-200K (some of my classmate's debt loads) is worth it to justify roughly a 10K-20K difference in annual salary. I think PT students are particularly bad at trying to justify that the salary is worth the extravagant debt.
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I've seen a few threads about how much debt too much (mostly in the pre-dental forum). I was always under the impression that the rule of thumb is one's total student debt should not exceed your expected 1st year income in the field...you have to also consider the interest rates. To give you some numbers, I graduated from a state med school with about 160K in debt at about 3% interest. This translates into about $900/month for 30 years...
Thank you for insight. I have heard that too, but it just didn't seem possible in my state. ECU is the cheapest, but with cost of living included I could
Yeah I knew it didn't have to be a state school, I was referring to a school outside of NC, but agreeing to moving and working in NC when I completed my degree because I am still a NC resident technically. It was a long shot..but I thought I would ask. And yes, last I checked it comes out to 44k if you use the loan all 3 years.
