Is it worth it? 100k tuition for DPT

[Abudara]

Over the last 3-4 years I’ve always thought I’d do and pay almost whatever needed to become a PT. Now that I have been offered a spot in a private school DPT program, I’m just absolutely stressed that I may be 100k in debt when I get out of school.

If it makes it any better, I have been working for the last 5 years while living at home and have saved a decent amount of money, obviously not close to 100k, but it’ll pay for my living expenses for the first year and a half.

I also qualify for 4K per year in scholarship money (12k total).

I truly do want to be a physical therapist, human movement is a passion of mine and there’s no other career I want to pursue more. But is it really worth the 100k in debt you accumulate after? Is the cost worth the salary I’ll be offered after?

If it makes any difference, I live in California and I’m 22 years old. I’m a kinesiology major and financially I feel like I don’t have any better options anyways.

Sorry if this thread is very cliche, I’m just super stressed and hoping anyone that was in my shoes in the past could offer objective advice.

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[jblil]

Use Excel and make 2 budgets: 1 for when you're in school, and 1 for when you have graduated. For this second one, don't forget to take into account loan repayments and taxes. If you think you can live with both budgets, then go ahead with the private school option. You are the best judge of what you can put up with: are you ok with eating ramen, having roommates, not going out much, etc, for several years, if that's what it takes? Asking us for our opinions is not very useful, because we each have our own "pain tolerance".

As far as "... a passion of mine...", it won't be a very pleasant passion if loan repayments don't allow you to live the lifestyle you want. I had a couple of "passions" when I was younger, scuba-diving and skydiving. I did a fair amount of both and even entertained thoughts of becoming an instructor. But when I ran the cold, hard numbers, I realized it was nothing but a pipe dream.

 

[NewTestament]

Following your passion is somewhat selfish if you think about it. What does the world need you to do? What skill can you learn right now that would benefit society? If you go to PT school, you'll be out of commission for several years and you'll take jobs you don't want simply to pay off loans faster. Is there any other field where you can excel?

 

[amlope03]

I've also been accepted to a few programs and have contemplated this idea thoroughly.

Is it worth 100k debt? Probably not, but it looks like the debt to salary ratio will not be fair to us going into physical therapy (now or in the future). However, if you're willing to live poor after graduating for a few years, it is possible to pay off the loans. Personally, I'd rather have a career I love with a lower salary than a career I absolutely hate that pays 100,000+. As jblil said, we all have our own "pain tolerance" and I'm willing to hold off on a lot of things others would deem essential like getting a house, having children, etc.

Regardless, I wish you the best in making the best decision for yourself!

 

[Abudara]

I've also been accepted to a few programs and have contemplated this idea thoroughly.

Is it worth 100k debt? Probably not, but it looks like the debt to salary ratio will not be fair to us going into physical therapy (now or in the future). However, if you're willing to live poor after graduating for a few years, it is possible to pay off the loans. Personally, I'd rather have a career I love with a lower salary than a career I absolutely hate that pays 100,000+. As jblil said, we all have our own "pain tolerance" and I'm willing to hold off on a lot of things others would deem essential like getting a house, having children, etc.

Regardless, I wish you the best in making the best decision for yourself!

This is kind of the mindset I’m in as well, thanks for your reply.

How much does living comfortably matter if I hate what I do in my career, maybe for the rest of my life? I’m 22, don’t have any kids or any responsibility and I’m completely okay with holding that off for a few years so I can pursue a career that I love.

 

[Abudara]

Following your passion is somewhat selfish if you think about it. What does the world need you to do? What skill can you learn right now that would benefit society? If you go to PT school, you'll be out of commission for several years and you'll take jobs you don't want simply to pay off loans faster. Is there any other field where you can excel?

Maybe.
On the other hand, I know it’s cliche, but PT revolves around helping others, maybe that’s my eventual contribution to society.

I’m currently working as a PT aide for 14 dollars an hour, I’m not sure that this is a much better alternative lol

Appreciate your guys replies and giving me a realistic and unbiased opinion

 

[scrawnyguy]

Personally I wouldn't have paid north of 100k for PT school. I was fortunate enough to get into Army-Baylor so not only is my schooling paid for, but I collect a heavy salary while I'm in the program.It sounds like I'm in a different stage of my life though, so my perspective is going to be different. I started PT school in my mid 30s with a wife and plans to start a family. As much as I like the field of physical therapy, there are other professions that I could have pursued that could give me close to the same amount of fulfillment and allow me to make a positive impact on the world around me without going into massive debt. Honestly, I believe doing so at this stage my life wouldn't be in the best interest of my family.

 

[amlope03]

On another note, you could try to apply to some state schools! I was accepted to one and it'll cost me ~75,000 (~50,000 if I can gain residency), which is definitely not bad compared to private schools that cost 100,000+.

 

[Abudara]

On another note, you could try to apply to some state schools! I was accepted to one and it'll cost me ~75,000 (~50,000 if I can gain residency), which is definitely not bad compared to private schools that cost 100,000+.

I have, still waiting to hear back!

 

[Schland]

I would not recommend this profession with $100K+ debt (don’t forget the accumulated interest which capitalizes once you enter repayment). The way the government seems to want to cut payment for everything I don’t see the salary going up much over the years. Good luck with your decision!

 

[amlope03]

I would not recommend this profession with $100K+ debt (don’t forget the accumulated interest which capitalizes once you enter repayment). The way the government seems to want to cut payment for everything I don’t see the salary going up much over the years. Good luck with your decision!

What’s the maximum you would recommend?

 

[NewTestament]

What’s the maximum you would recommend?

$50k, which is about what you make after tax at an outpatient clinic as a new therapist. $75k if you intend to travel for a few years. You need to consider the cost of 7 years of education.

 

[noyceguy]

Under no circumstances should you pay $100,000 for this degree. Apply next year and go to a public school.

 

[Schland]

$50k, which is about what you make after tax at an outpatient clinic as a new therapist. $75k if you intend to travel for a few years. You need to consider the cost of 7 years of education.

$50K is the number I have tossed in my mind as well

 

[occupationalguy]

OT here. I've had some moments of jealousy when I talk to my nurse friend. He's doing his masters degree will be a NP and will clear 100-130k or so... his RN was next to free, and BSN was paid for by his hospital. SO jealous.

Nurses have so much job mobility with regards to salary that you just won't find with PT and OT. Same with PA and pharmacists.

 

[Schland]

I love when the nurses at my hospital complain how PTs make more money. Entry level pay for us is not all that much more but the debt to get there IS that much more. The pay just doesn’t match the cost of schooling.

 

[PTpursuit]

By no means do I recommend attending a program that costs upwards of $100,000, but sometimes that is the only choice. If you wait a year to reapply, there is no guarantee that you will get in-state or cheaper school acceptances. It also will be another year of lost wages, the sooner you start.. the sooner you graduate and work. I regret going to an expensive university, but I was waitlisted by my in-state option and most schools neighboring my home state are not affordable like schools in the midwest and the south, where I did not apply (too far). Ultimately, there are many ways to deal with the loans after it is all said and done. A lot of people in my program work to offset any cost of living things. I know it sucks, I know it isn’t right that universities charge exorbitant tuition for a degree that will maybe land us a 70-90k job afterwards. If PT is your dream job, you will be happy to go to work most days unlike a lot of people who do jobs for $$$. Better to be comfortable and middle-class than rich and miserable.

 

[utahpt1]

Right now my only acceptance is a private school which will be around 100k. In my mind, one of the smartest ways to deal with all that debt is to go the PSLF route. I know many PT's who are working in public hospitals right now and are utilizing this program. If you haven't heard of it you may want to study up. There has been talk of capping the amount of debt that will be forgiven but nothing that I'm aware of has passed yet. But I will agree with others, it is terrifying to think about the amount of debt that I may go into at a private school. I'm not one of these people who will say wait and apply next year, if my only acceptance is a private school I will 100% take my seat and be extremely stoked. It's getting more and more competitive every year and I don't want to be an old man when I start working.

 

[NewTestament]

I know it isn’t right that universities charge exorbitant tuition for a degree that will maybe land us a 70-90k job afterwards. If PT is your dream job, you will be happy to go to work most days unlike a lot of people who do jobs for $$$. Better to be comfortable and middle-class than rich and miserable.

The problem isn't they're charging $100k+, it's that there are too many suckers willing to pay that price. I would hardly consider most entry-level positions "dream jobs." You get a dream job because you've developed sufficient expertise, not because you paid $100k to go to school. There are better ways to earn a living in this world. I see internet entrepreneurs (online coaches, dropshipping, e-commerce, SEO, social media marketing, etc.) making six or seven figures a year and they paid a fraction of PT school to get started.

Sorry if I sound caustic but people really do need to know the reality of PT school and the profession.

 

[NewTestament]

OT here. I've had some moments of jealousy when I talk to my nurse friend. He's doing his masters degree will be a NP and will clear 100-130k or so... his RN was next to free, and BSN was paid for by his hospital. SO jealous.

So his incomeebt ratio is 100-130. Not bad. In PT the incomeebt ratio is about .5.

Nurses have so much job mobility with regards to salary that you just won't find with PT and OT. Same with PA and pharmacists.

Do you mean that they have a higher earning potential? What could an NP make is she opened her own practice?

 

[Schland]

Right now my only acceptance is a private school which will be around 100k. In my mind, one of the smartest ways to deal with all that debt is to go the PSLF route. I know many PT's who are working in public hospitals right now and are utilizing this program. If you haven't heard of it you may want to study up. There has been talk of capping the amount of debt that will be forgiven but nothing that I'm aware of has passed yet. But I will agree with others, it is terrifying to think about the amount of debt that I may go into at a private school. I'm not one of these people who will say wait and apply next year, if my only acceptance is a private school I will 100% take my seat and be extremely stoked. It's getting more and more competitive every year and I don't want to be an old man when I start working.

I would not bank on PSLF. It appears those already in the program will be grandfathered in but the program will likely be ending soon. It is not something I would rely on if not yet even in PT school. That is way too far down the line. I would not trust the government with any type of forgiveness at this point.

 

[PTpursuit]

The problem isn't they're charging $100k+, it's that there are too many suckers willing to pay that price. I would hardly consider most entry-level positions "dream jobs." You get a dream job because you've developed sufficient expertise, not because you paid $100k to go to school. There are better ways to earn a living in this world. I see internet entrepreneurs (online coaches, dropshipping, e-commerce, SEO, social media marketing, etc.) making six or seven figures a year and they paid a fraction of PT school to get started.

Sorry if I sound caustic but people really do need to know the reality of PT school and the profession.

I see what you are saying but at the end of the day, people want to do PT because they enjoy the nature of the job and getting to know their patients and most importantly helping them... that to me is my definition of a dream. We both share different opinions on what entails a “dream job”. That’s ok by me. Just figured I would add some salient points for the OP to consider.

 

[occupationalguy]

I would not bank on PSLF. It appears those already in the program will be grandfathered in but the program will likely be ending soon. It is not something I would rely on if not yet even in PT school. That is way too far down the line. I would not trust the government with any type of forgiveness at this point.

I wouldn't count on it for new borrowers, but it appears that the consensus is that those who have signed their promissory notes are grandfathered into the option of the program. That ruling also stated that changes can happen through congressional action: aka a new budget. Budgets hardly ever get passed these days, the last one was passed 6 years ago I believe. What congress wants to be responsible for axing this? They've proposed limiting the program to 60k of loans.

 

[starrsgirl]

New PT here...I wouldn't take that much in debt. Although there are some scattered "success stories" of PT earning a decent salary, it is highly dependent on the area you can move to and work in and the setting. My classmates and I found the job market to be pretty flat and salaries depressed. The current therapists I work with who have 12+ years of experience don't earn much more and have already maximally capped out their pay in the medical system. Some of them still have huge amounts of debt that are now difficult to attack with growing families.

When I was going to school, I put my total acceptable debt number as $80K (which I thought was approximately 1 year of salary). I would now put that number slightly lower and only accept $65K. I don't mind the field, but I would not choose this field again with all things considered (amount of education, cost of education, earning potential).

 

[Shaun.B.PT]

SPT here. i am at a pricey university (115k for 3 years). If it helps any here was my thought process when deciding to go or not. I saw myself having 3 options
1. I could keep going on the path I was on (getting a teaching credential paid for) and work in special education.
2. Go get my PTA license after going to a community college for 2 years.
3. apply to Med School after retaking my chemistry (I hated chem, slacked off, and did not get the A's i needed)

The debt im going to be in is ridiculous. but I didnt waste a year retaking chem, and i'll make more than enough to offset a teachers salary (and job stability). many jobs will give you 5k/yr towards your student loans (which will equal 4 monthly payments approximately), there is PSSLF at the moment as long as it is not trashed (how it is currently written you must get into school before end of 2019 to qualify). My biggest reasoning is doing this for my future kids. school teachers come home beat up from their day of dealing with kids who dont want to be there (both my parents were school teachers), Physicians dont come home (joke but also true). The PT I worked for always finished his notes within half an hour after seeing the last patient, made a decent salary, and had a good work-life balance.

I'm passionate about the profession, but understand that it'll come with some sacrifices. every profession does. Just gotta ask what you are willing to sacrifice.

 

[Abudara]

SPT here. i am at a pricey university (115k for 3 years). If it helps any here was my thought process when deciding to go or not. I saw myself having 3 options
1. I could keep going on the path I was on (getting a teaching credential paid for) and work in special education.
2. Go get my PTA license after going to a community college for 2 years.
3. apply to Med School after retaking my chemistry (I hated chem, slacked off, and did not get the A's i needed)

The debt im going to be in is ridiculous. but I didnt waste a year retaking chem, and i'll make more than enough to offset a teachers salary (and job stability). many jobs will give you 5k/yr towards your student loans (which will equal 4 monthly payments approximately), there is PSSLF at the moment as long as it is not trashed (how it is currently written you must get into school before end of 2019 to qualify). My biggest reasoning is doing this for my future kids. school teachers come home beat up from their day of dealing with kids who dont want to be there (both my parents were school teachers), Physicians dont come home (joke but also true). The PT I worked for always finished his notes within half an hour after seeing the last patient, made a decent salary, and had a good work-life balance.

I'm passionate about the profession, but understand that it'll come with some sacrifices. every profession does. Just gotta ask what you are willing to sacrifice.

I appreciate your response.

I chose to attend a school with a 6 figure tuition. I started my first trimester about a month ago and I’m enjoying it more and more as the trimester goes on. Everything I’m studying so far is extremely interesting to me and so far I’m doing well, so I’m pretty happy.

Like I said earlier, I’ve saved almost every dollar that I made while working over the last 5 years by living at home during my undergrad studies, so not being in debt yet made his decision a little easier as I have classmates who were already in debt after undergrad.

I just keep telling myself it’ll all be worth it and this was the best option for me, and I truly believe that.