How to manage money before PT school.

[Aero SSX]

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Hello. I want your opinion on money management. I am eager to eliminate the loans I currently have ($5,500) and prevent having to take out anymore by working part time during school and full time in the summer.

However, I am wondering how this would translate to grad school. I'm not sure that I would have a decent sum of cash before grad school if I leave my 4 year degree debt free.

What are your thoughts on this balancing act? I will certainly be applying to as many scholarships as I can get my hands on, and some financial aid should help some, but I'm wondering if paying off my debt now could hurt more than it's worth if I have little in savings during grad school. Even if I take out loans on everything then, I'd need books, food, etc.

Let me know your thoughts. Thanks.

 

[jdaniels360]

depends on your program. I was debt free after undergrad but am looking at 130k from just PT school. I work part time too. Our program is tri-semester year round so we don't have summers off. Most programs don't. so working full time in the summer is not an option. Where will you be attending?

 

[Aero SSX]

I don't know where I'll be attending. It's a good three years before I get there. I am simply trying to plan ahead. I live in Minnesota and would prefer to stay around the Minnesota/Wisconsin area, and the University of Minnesota is my first school of choice.

I'm just thinking it may be smart, if POSSIBLE, to balance paying off the debt here and doing my very best to get my saved for PT school, see if I can do both. May I ask what school you are attending?

EDIT: Also, I should clarify what I said. I am still in undergrad, roughly 3 years left. I will be working year round while in undergrad. I realize that working during PT school isn't an option most of the time. This is why I'm in a pickle.

 

[22Applicant22]

Obviously there will be no summers to work full time. Some students get away with a part-time job (i.e. baristas, or servers) but most programs highly recommend against it.

Whether to save that money or pay off loans depends on the interest rate. If you spend the 5500 to pay off a low interest loan and then take out a higher interest one to pay for grad school you'll end up paying more in the long run. Just some thoughts.

 

[DesertPT]

Whether to save that money or pay off loans depends on the interest rate. If you spend the 5500 to pay off a low interest loan and then take out a higher interest one to pay for grad school you'll end up paying more in the long run. Just some thoughts.

Exactly. You just need to do the math and see which puts you in the best spot. If the $5500 is in Subsidized loans, you won't rack up any interest while you're still in school anyway, and they have a much lower interest rate than unsubsidized or grad plus.

 

[sss_pt]

I'm impressed that you are even considering this at your age. This leads me to believe that no matter what happens you will be perfectly fine, especially if you get in-state tuition. I'm 30, and the thought of loans is a bit more daunting, but in your situation you shouldn't be too concerned. Just work hard to get accepted to Minnesota and you'll be just fine!

 

[Aero SSX]

Well I'm not exactly your standard student with 3 years of undergrad left. I turn 25 in July. Spent a long time at community college chipping away at classes, just to get a taste of different areas that might interest me. I took roughly 90 credits there, getting an AA and then some. I'd say only a quarter of those credits really meshed with my Exercise Science major, so I have a long ways to go. But I'm OK with that because my transcript can be improved dramatically.

At any rate, my top priority is obviously getting into PT school. If I have to sacrifice taking out extra loans and being broke, it is what it is. I know once I become a PT I will do everything in my power to pay that puppy off in 5 years or less. I think it should be manageable with a consistent, disciplined plan.