I created a survey to gather data on DPT's debt and how they are managing it

[YouAndMePT]

Please feel free to link to your peers!

The survey link: https://www.surveymonkey.com/s/3NNFJXV

The spreadsheet being compiled as I gather data:

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[jblil]

I think some folks are not writing down their "take-home" salary: row #5 shows a freshly-minted PT with a take-home pay of 85K. If so, his/her gross salary would have to be around 110K-120K, which is unlikely.

I suggest you change the heading of column E to "gross salary" since the take-home pay depends on several personal choices such as how many exemptions claimed, participation in a 401k, etc.

 

[YouAndMePT]

I think you're right about the question not being answered correctly by all participants, though my intention of formatting it in such a way was to try and extrapolate how much money people put in their pocket after adjustments. On average it's probably safe to assume 15-20% will be taken out, but that varies by state to state as well as by what personal choices people decide to make when given salary options (income taxes, 401K, Benefits, etc). My hope was that people would be given a more representative sample of how much a person has to spend towards personal finances and loans after those adjustments were made.

I speculate as well that that particular survey taker maybe didn't understand the question or just thought to put down their net income without really considering doing the math.

 

[Kuhdaytee]

Can you explain the QOL column? Also maybe it would help if those answering would include their general location and in what setting they work.

 

[Apollo#1585...]

Can you explain the QOL column? Also maybe it would help if those answering would include their general location and in what setting they work.

If you click on the link to the survey itself, the QOL section is "How much has your debt repayment affected your QOL?" Or something to that nature. QOL = Quality of Life = Are you a balla, shot calla, with 20" blades on the Impala, or nah?

 

[jquitt]

Sigh... I'll need to check the '140-150k' unfortunately once I graduate in three years. This a good survey and spreadsheet to show the reality that PTs are facing. PSLF seems like the way to go for lots of people I guess!?

 

[Apollo#1585...]

Sigh... I'll need to check the '140-150k' unfortunately once I graduate in three years. This a good survey and spreadsheet to show the reality that PTs are facing. PSLF seems like the way to go for lots of people I guess!?

If its any consolidation, its not just PTs. Undergrads are graduating with close to that much. What's even worse, is People with Art, Creative Writing, Philosophy, and English Degrees are graduating with that much debt. I'm in my "senior" year (with one more to go thanks to changing majors 3 times) and I'm at about $70K, and thats just SallieMae. I have approx $6-10K more from the government. Hooray for being middle class who's parents "make too much" to receive free aid.

 

[jquitt]

If its any consolidation, its not just PTs. Undergrads are graduating with close to that much. What's even worse, is People with Art, Creative Writing, Philosophy, and English Degrees are graduating with that much debt. I'm in my "senior" year (with one more to go thanks to changing majors 3 times) and I'm at about $70K, and thats just SallieMae. I have approx $6-10K more from the government. Hooray for being middle class who's parents "make too much" to receive free aid.

Yea that's unfortunately the case! My plan is definitely to use to public service loan forgiveness program. Once I graduate.

I currently work for the dept of ed so I went ahead and put the loans that I already have on the program so that they are 'grandfathered' in before I start pt school. I just hate to think that they may cancel the program one day.

 

[engmedpt]

Sigh... I'll need to check the '140-150k' unfortunately once I graduate in three years. This a good survey and spreadsheet to show the reality that PTs are facing. PSLF seems like the way to go for lots of people I guess!?

We're in a national student debt crisis. It's everywhere. Some cities are starting to try and make deals with students sine it's affecting home ownership etc. The fed is most likely going to have to do drastic programs to fix the mess they created.

If the Take Home was just changed to 'after taxes' then people would post it correctly

 

[TravisDPT]

If its any consolidation, its not just PTs. Undergrads are graduating with close to that much. What's even worse, is People with Art, Creative Writing, Philosophy, and English Degrees are graduating with that much debt. I'm in my "senior" year (with one more to go thanks to changing majors 3 times) and I'm at about $70K, and thats just SallieMae. I have approx $6-10K more from the government. Hooray for being middle class who's parents "make too much" to receive free aid.

I am in the exact same boat. You have no idea how good it feels to hear someone else in the same situation, even if it is a ****ty one haha. Cheers to us

 

[Apollo#1585...]

I am in the exact same boat. You have no idea how good it feels to hear someone else in the same situation, even if it is a ****ty one haha. Cheers to us

Look into Travel PT with PRN work. Possibility of big bucks if you're willing to travel or a few years. Thats my plan. I had a Fraternity brother messages me on here and said that with 3 PRN jobs + fulltime he pulled about ~$120,000. Although it might be miserable, doing this for 4-6 years of living minimally to pay off loans instead of paying loans till I die for 30 years. There's a video on here somewhere of a recent grad Travel PT who was giving a presentation on it and he made gross ~$95,000 but because he was in Travel PT, he was only taxed as if he made ~$54,000

 

[Apollo#1585...]

here it is:
http://forums.studentdoctor.net/threads/traveling-pt-perks-and-salary.1062762/

 

[TravisDPT]

here it is:
http://forums.studentdoctor.net/threads/traveling-pt-perks-and-salary.1062762/

wow. excellent video! I was interested in traveling PT but had no idea how it all worked so I was put off.. this changed my perspective completely. I didn't expect it to be so tempting, but it is! thanks for sharing.

 

[Apollo#1585...]

wow. excellent video! I was interested in traveling PT but had no idea how it all worked so I was put off.. this changed my perspective completely. I didn't expect it to be so tempting, but it is! thanks for sharing.

I almost feel like there should be a catch. Other than the amount of driving you have to do (which I'm not a huge fan of) it seems like the money and benefits are too good to be true

 

[TravisDPT]

I almost feel like there should be a catch. Other than the amount of driving you have to do (which I'm not a huge fan of) it seems like the money and benefits are too good to be true

I felt the same way. I've spent most of the morning looking into other traveling medical professions to see how PTs fair in comparison... they're all very rewarding programs. It makes sense to me. They have to be or else it would be a job no one would want to do.

 

[a7rcana]

I almost feel like there should be a catch. Other than the amount of driving you have to do (which I'm not a huge fan of) it seems like the money and benefits are too good to be true

You should speak to more travel PTs. The video in that thread is supposed to make it seem appealing. I've met a couple on my rotation out in the middle of nowhere - very rural town and they speak more candidly about the pros and cons. You don't always get to choose where you're sent to, the type of PT you're doing, their company did not pay for relocation fees, everything is new and usually busy (that's why they need a traveler), and once you get in your groove you have to uproot and move again. I know that traveling is a great option but it's definitely not some dream job paradise of choosing cool cities to go work in and having a great time raking in the money. After completing my first rotation I realize it can get really stressful and difficult to get used to a new system of documentation, new patients, new gym, new protocols, new referring doctors, etc. I would hate to be constantly doing this every 3 months and I know that if I do traveling it will be later when I feel more confident with my skills and not right out of school.

 

[jblil]

If someone is willing to pay you lots of $, you can be sure there will be lots of stress. There's always a catch somewhere.

 

[Bones26]

Agree with the above poster. It's a cliche for good reason: if a job sounds too good to be true, it is. Walk away.

 

[Apollo#1585...]

You should speak to more travel PTs. The video in that thread is supposed to make it seem appealing. I've met a couple on my rotation out in the middle of nowhere - very rural town and they speak more candidly about the pros and cons. You don't always get to choose where you're sent to, the type of PT you're doing, their company did not pay for relocation fees, everything is new and usually busy (that's why they need a traveler), and once you get in your groove you have to uproot and move again. I know that traveling is a great option but it's definitely not some dream job paradise of choosing cool cities to go work in and having a great time raking in the money. After completing my first rotation I realize it can get really stressful and difficult to get used to a new system of documentation, new patients, new gym, new protocols, new referring doctors, etc. I would hate to be constantly doing this every 3 months and I know that if I do traveling it will be later when I feel more confident with my skills and not right out of school.

If someone is willing to pay you lots of $, you can be sure there will be lots of stress. There's always a catch somewhere.

Agree with the above poster. It's a cliche for good reason: if a job sounds too good to be true, it is. Walk away.

Each travel company is different, the guy says that in the video in the video I think. I probably came off as a star-y eyed undergrad who believes this is the greatest thing since the 1967 Mustang fast back. "Get paid ~$100,000K as a new grad with "no" catch? Awesome!" I was watching "Untold Stories of the ER" (Exciting right?) and there was one with a Travel Physician who was in a small town where everyone knew each other and everything was completely unorganized.
With most good things in life theres a catch. I also realize that going to "cool cities" isn't always an option. Theres another thread on here that points that out, and the pay decrease you'll get for it. (How much enticement does someone need to work in Long Beach, CA vs Abilene TX?) I prefer the latter pretty much solely due to pay. I'm going to be drowing in debt, my parents "make too much money" to get real financial aid, but dont make enough to pay for my schooling. As alot of people are. (The crisis our Government has yet to fix. How they can campaign as 'One of us' and not have a son $70,000+ in debt at 21 is beside me) My loan repayments are going to be the bane of my existence for quite a while. But personally, I'm about those checks. I would rather be miserable for 5-8 years doing travel PT, (theoretically of course I won't know until I do it) networking, and paying off loans ASAP than have those loans linger for the rest of my life. (Or at least pay off a good chunk and then hope and pray I marry rich. haha) Theoretically, you can take multiple contracts in the same location (pending need of course) so thats an option too. Nothing's perfect but ~$95K as a new grad wouldn't be too shabby.
I would love to talk to Travel PTs, if you know of any that are on here, please let me know! I actually ran into a Fraternity brother on here and he's giving me great info on his schooling and the job itself, etc.

 

[pegasuscvc]

Nice survey. Suggestion: Put two rows at the bottom, one for the median of all these values and the other for the average of all these values.

 

[jjjDPT]

Each travel company is different, the guy says that in the video in the video I think. I probably came off as a star-y eyed undergrad who believes this is the greatest thing since the 1967 Mustang fast back. "Get paid ~$100,000K as a new grad with "no" catch? Awesome!" I was watching "Untold Stories of the ER" (Exciting right?) and there was one with a Travel Physician who was in a small town where everyone knew each other and everything was completely unorganized.
With most good things in life theres a catch. I also realize that going to "cool cities" isn't always an option. Theres another thread on here that points that out, and the pay decrease you'll get for it. (How much enticement does someone need to work in Long Beach, CA vs Abilene TX?) I prefer the latter pretty much solely due to pay. I'm going to be drowing in debt, my parents "make too much money" to get real financial aid, but dont make enough to pay for my schooling. As alot of people are. (The crisis our Government has yet to fix. How they can campaign as 'One of us' and not have a son $70,000+ in debt at 21 is beside me) My loan repayments are going to be the bane of my existence for quite a while. But personally, I'm about those checks. I would rather be miserable for 5-8 years doing travel PT, (theoretically of course I won't know until I do it) networking, and paying off loans ASAP than have those loans linger for the rest of my life. (Or at least pay off a good chunk and then hope and pray I marry rich. haha) Theoretically, you can take multiple contracts in the same location (pending need of course) so thats an option too. Nothing's perfect but ~$95K as a new grad wouldn't be too shabby.
I would love to talk to Travel PTs, if you know of any that are on here, please let me know! I actually ran into a Fraternity brother on here and he's giving me great info on his schooling and the job itself, etc.

You can make 1600-1800/week TAKE HOME pay as a traveler.