Is DPT worth the debt?? Can I pay it off??

[rmp47]

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Hey all,

So all of us who plan on going into a DPT program are definitely worried about the dept of student loans.. I am starting my DPT program in august and the total program costs are going to be ~$120,000 and I already have around 30,000 in loans from undergrad.. Does anyone know if I will be able to manage paying debt off and live happily after school??

 

[nicolej5]

Not another one of these threads again

 

[Myosin]

I highly suggest you read this thread, where the op breaks down math for debt/salary

http://forums.studentdoctor.net/showthread.php?t=997753

To answer your question, if you are not drop dead in love with physical therapy, don't have a significant amount of money already saved up, or are not expecting a large inheritance at some point in your life, then PT is a bad profession for you.

Just for giggles, assume you'll have ~50k in living expenses for 3 years. Add that to your existing 150k and then see how much you'll be paying in interest each year if you assume your loan is at 8%. Then assume your take home pay is roughly ~50k your first year. Now subtract the interest from your gross pay.

 

[lineoffire1175]

Let's be perfectly honest, if you plan on going into physical therapy and working a regular 40 hour/week schedule at an OP clinic/hospital/SNF for the rest of your life then don't expect to live a glamorous life with the income you will be making while paying off your loans. However, and I know I am going to get some eye rolls for this one, PTs can make 100k/year starting and well into their career if they are just willing to work for it.

Working 4 10s at a hopsital or outpatient clinic would technically be a full time schedule and would be your full time job. That frees up 3 other days of the week to at least do some traveling or per diem contracted work with either another OP clinic or hospital. Per diem hourly rates can be extremely nice and can really help contribute to increasing your overall salary. I work with a PT fresh out of school who works 4 10s at our OP clinic and trains crossfit private clients on the side and makes 100k easy in Southern California. Granted she is working 6 days a week which isn't ideal for everyone but its where the money's at.

Another option is potentially opening your own clinic. If done correctly, and assuming health care reform doesn't mess everything up, there is no limit to how high your salary can be if you run your own clinic. Sure, you can expect to put in 60+ hours of work/week and constantly bring work home with you, but you can't beat being your own boss.

The point is, if you want to make a lot of money in this profession, its definitely possible you just have to be willing to work for it. So with that being said, knowing that you can potentially be making close to 100k right out of grad school if you really work hard, then having over 100k in debt doesn't seem quite as daunting.

 

[NewTestament]

To keep expenses low:

-Go to a state school
-Live with a room mate
-Go to community college to get as many credits as possible

To make the most money:

-Work in an undesirable location (middle of nowhere)
-Work in a SNF
-Don't live in saturated markets (you might have to do your research on this)
-Work one full time job, and then PRN two days a week (like lineoffire suggested)
-Try to run your own clinic
-Marry someone with no debt an live as DINK for 5-10 years

Not everyone is prepared to run a clinic. You'll probably go six months without a paycheck after you pay for overload and salaries. You'll be working 60 hours a week. You also need experience in the field before you can do it. If you have significant debt, then obtaining another loan to open a clinic is not an option.

It's possible to make a decent salary in this profession, but the debt/income ratio is high. You have to decide how much you want to become a PT. If you want to be a clinician but want better pay, then I suggest you become a PA.

Kevin

 

[excitedPT]

why is PT school so expensive anyway? california state schools used to be just 30k for masters, but now its 25k a year for doctorate.

 

[Myosin]

why is PT school so expensive anyway? california state schools used to be just 30k for masters, but now its 25k a year for doctorate.

Why wouldn't they charge more?

At some point the schools realized how profitable "education" is.

They realized they could charge whatever they want, and raise the price every year, and people will still fall over each other to get in.

PT school prices have gone up every year and so has competition. If you don't want to pay it, someone else will gladly take your spot.

 

[Outdoors]

If you don't want to pay it, someone else will gladly take your spot.

This FTW

 

[bnwj89]

I highly suggest you read this thread, where the op breaks down math for debt/salary

http://forums.studentdoctor.net/showthread.php?t=997753

To answer your question, if you are not drop dead in love with physical therapy, don't have a significant amount of money already saved up, or are not expecting a large inheritance at some point in your life, then PT is a bad profession for you.

Just for giggles, assume you'll have ~50k in living expenses for 3 years. Add that to your existing 150k and then see how much you'll be paying in interest each year if you assume your loan is at 8%. Then assume your take home pay is roughly ~50k your first year. Now subtract the interest from your gross pay.

🙂 that was my repayment breakdown, I am happy others are finding it useful!!

For my repayment, I feel like I will be fine, but it is pretty borderline. I calculated that I will have 156K in loans. I plan on making at least 80K, no matter what it takes.

For PT, it really seems that how much you make depends on you. Some work 40 hrs a week making 55K/yr, While some work in less desirable environments 60 hours a week and make over 100K. It really seems like if you want the extra, high-paying PRN work, it is there for the taking.

Also, it is important to research loan-repayment and loan forgiveness systems. Income Based Repayment plans grant loan forgiveness after 20 years, or even 10 years if you work for a public service organization. Some employers offer loan repayment. In addition, I plan on eventually looking into joining some branch of the military, as they also offer some loan repayment plans.

There is no way around the debt. You have to face it head on with careful planning and researching programs that can help you.