Is NYU's OT program worth the $100k debt?

[AlmostThere01]

So I just joined this forum not too long ago simply because I felt the advice given here was very good for potential OT's.

I recently was accepted into NYU Steinhardt for OT. However, I'm not looking forward to the fact that I'll be elbow deep in $100k debt as soon as I graduate and will most likely have to spend the rest of my life paying it off.

My question is....is it worth it?

I've been told by some that it doesn't matter where one gets their OT degree these days. So I would like to know what kind of edge certain OT grads have over other OT grads? The job market in NY is literally chaotic right now, so I would hope that this would affect my chances of getting a good job.

I've got some family and friends that went to NYU and they seriously did not think the debt was worth it. Plus, my financial aid package seems like a joke what with it being in the following order:

Loans
Loans
Loans
Loans
Work study
Loans

I've applied for the DOE scholarship but I know that that doesn't have too high of an acceptance rate as well, as well as some other scholarships. If all fails and in the end, it's up to me to take out the necessary loans to pay off the tuition, then I'm seriously conflicted over whether or not the payoff will be worth the debt. Also, does it matter where one gets their OT degree? What edge does an NYU degree have over any other degree, other than the brand?

What say you?

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[lizzo76]

This answer is more general, not specific to NYU. I guess it depends on what you value. People usually say, regarding any field, and both undergrad and grad programs, that it really doesn't matter where you go, that any accredited program is fine, and ultimately it's how much work you put in (both in school and afterwards) that determines your success. There are definitely lots of successful people who went to low-ranked schools. Right now, I have an undergraduate degree from a top liberal arts college, and a masters degree from a top-ranked international university, and am pursuing another degree in OT. I'm married now and no longer mobile, and have lots of other loans, so I'm going with the cheapest option, which I hope will also be the one closest to me, my state university (which does happen to be ranked #24 or so, so it's not that terrible.) But I really value my previous experiences... there can be quite a dramatic difference in quality among accredited programs, in terms of curriculum, facilities, faculty, etc.. Alumni network is also important at times, as are on-campus recruiting programs, etc., and even the quality of the other students.

$100,000 is a lot of debt to have (no more than I'll end up with after completing yet another program, though.) Chances are you won't be paying it off for the rest of your life, though. And it is an investment in your future, and you'll be taking it out to go into a field which pays pretty well... you're not spending $100,000 on a masters in English or something like that. I think only you can decide if it's "worth it," based on what you value. I'm sure you'll find a job if you go to a less expensive and lower-ranked school, and you probably won't make much less money (if at all less) if you go somewhere other than NYU. From that standpoint, NYU might not be worth it... I guess it's about how much you want to borrow to have a certain educational experience, pride in having a degree from a certain school, etc..

 

[KatieC]

Hi,

I'm in the same boat as you. I got into NYU...with only loans, no assistance. Thats the biggest thing holding me back is the cost. I went to the info session and the students were saying it is worth it...but I'm not sure it is.

 

[lizzo76]

P.S. in contrast to undergraduate programs, it is largely the norm that schools do not provide grants for graduate programs. Some have some merit-based scholarships, but almost none have need-based outright grants, as are common in undergrad (particularly at wealthy institutions.) Most PhD programs are usually funded, masters degrees, law degrees, MBAs are usually not funded in any way, even at very wealthy schools which fund 100% of calculated need of undergrads.

Most people probably know this, but I am just pointing it out in case some people are surprised by it.

 

[AlmostThere01]

Thanks for the replies!

If there had been a doctoral option for OT in my neck of the woods, I would have totally gone for it. Alas, there isn't so I'm sticking to MS. You're right, I guess it's up to the individual to decide whether or not the payoff would be worth the risk. I'm trying to stay realistic here and not get caught up in the hype (like others around me are).

KatieC, they're always going to say it's worth it no matter which college it is. I went to the acceptance reception and they couldn't stop singing the program's praises. However, it truly made me wonder if the only edge an NYU grad has over any other grad is the name itself and that's it. Regarding the loans, when I saw my financial aid package, I was literally wondering if they WANTED their students to be in debt. This is a business after all. Anyways, best of luck! It's a crazy decision...

 

[OTROX]

You know what the 1% say, "if you have to ask, you can't afford it." And,so, I think it applies here, too. I mean, really, that's a lot of money and you can get a great education at another school and not have heavy debt chained to your leg.

 

[lizzo76]

I don't think doctoral programs in OT are usually funded. Many "professional" doctoral programs are not funded, even if the degree is actually a PhD... it's mainly the academic programs that are funded. Alas.

 

[superCOTA]

I work beside OT's from many different schools. I've been supervised by 2 NYU grads on and off for 10 years. Great therapists, but they wouldn't poo-poo on either SUNY in the area nor say they were given pearls of wisdom over another school.

It's important to remember that usually, schools are preparing you for the EXAM, and you are receiving a varied set of skills for all the settings OT's are allowed to work in. After anatomy, neuro, and pathology, you learn a boatload of cultural diversity, application of occupation into treatment, and then a ton of smaller things that will be asked on the EXAM.

So, does one place prepare you more than another? 100K more than another? Doubtful.

If you can swing it, wonderful. If it's a concern, go somewhere else and concern yourself no more, youre not missing anything.

 

[exrx]

If I were in your shoes I definitely would not pay 100K to go to any school. I'm sure NYU puts out great grads but it doesn't have the market cornered on the best therapists. Experience over time is more of a factor than just a generalist education. In any event, look at schools that have reasonable costs or those that have multiple scholarship funds. Save a 6figure debt for a mortgage!

 

[otgal]

Honestly, NYU would be a dream school because of the name and of the location but $100k is RIDIC! I would understand maybe it's worth the $100k if you are getting something more worth your money than any other schools, but really you are NOT. The only concern through the whole "schooling" process is really just about passing the exam, and NYU doesn't have that much of an impressive NBCOT pass rate considering the amount of debt that you will be in after graduating (the average for 4 years was only 88%); with all that being said you are not necessarily getting a better education or preparation by attending a big name-expensive school than other programs. I know a few people that went to NYU that actually regret the amount of debt they are in even though they liked the school. I'd rather go to a "not so expensive" school, because regardless where you go you are going to be taking the same classes and taught the same thing, but then again it's totally up to you; if you can afford it and don't mind paying off debt for YEARS - then great, go for it. However, you will enjoy life and actually working more if you didn't have all that debt to worry about...

 

[OT2Be2013]

Also keep in mind that cost of living in New York City is pretty high. Everything costs more- rent, utilities, groceries... everything. That would have to be factored into your budget as well.

I saw something interesting on the Huffington Post web site the other day called "Majoring in Debt":


http://www.huffingtonpost.com/2010/...71023.html#s73160&title=Jennifer_Dessinger_34

Given, a lot of them earned degrees that don't translate directly to employment opportunities like OT does, but still, it's food for thought. I think if NYU or a similarly expensive school were the only school I had been accepted to, I would go. However, given other less expensive and perfectly viable options to become an OT, I wouldn't put myself in such a deep financial hole so early on, but that's just me. With that kind of debt, it will be harder to achieve other goals later in life, like buying your own home or raising kids etc.

 

[gymnastau]

Also keep in mind that cost of living in New York City is pretty high. Everything costs more- rent, utilities, groceries... everything. That would have to be factored into your budget as well.

I saw something interesting on the Huffington Post web site the other day called "Majoring in Debt":


http://www.huffingtonpost.com/2010/...71023.html#s73160&title=Jennifer_Dessinger_34

Given, a lot of them earned degrees that don't translate directly to employment opportunities like OT does, but still, it's food for thought. I think if NYU or a similarly expensive school were the only school I had been accepted to, I would go. However, given other less expensive and perfectly viable options to become an OT, I wouldn't put myself in such a deep financial hole so early on, but that's just me. With that kind of debt, it will be harder to achieve other goals later in life, like buying your own home or raising kids etc.

Your reply has come at the right time for me. In my case I have only been extended interviews at doctorate programs. After a lot of thought I turned the 1st one down due to the $225,000 price tag. Even if the school could have given me grants, I would still be in insane debt.
The 2nd interview offer arrived and once again I knew there is no way I can afford the $14,250 per semester/ 7 semester program. I still dreamed about going and secretly hoped I'd fall into a mountain of $$$ soon. I know I probably should have never applied to these places in the 1st place but I applied to the programs I really loved. Reality sunk in later.

As you mentioned a person must also add in the costs like rent, clothing, food, cell phone bill, gas and other personal needs. I am in my 30's and I do want to chase other dreams in my future (family, home, travel). That sort of debt will never allow me to confidently go after those dreams . Even at 32, I will wait another year if I have to until I get in somewhere I can afford.

Thanks for that link as well. I've actually been reading news articles & stats all weekend trying to feel at peace about saying "no" to this interview.

 

[AlmostThere01]

Thanks to everyone for their replies!

Also keep in mind that cost of living in New York City is pretty high. Everything costs more- rent, utilities, groceries... everything. That would have to be factored into your budget as well.

Since I already live in NY and I'll be under my parents' roof (who surprisingly aren't charging me rent), I'll be fortunate not to have to deal with too many other expenses.

I think if NYU or a similarly expensive school were the only school I had been accepted to, I would go. However, given other less expensive and perfectly viable options to become an OT, I wouldn't put myself in such a deep financial hole so early on, but that's just me.

Actually, that's part of the issue. It IS the only school that I've been accepted to so far. It was difficult for me to really apply to a number of other programs since I work full-time. So I could only manage to apply to NYU and SUNY Downstate, of which the latter rejected me and the former accepted me. So it really is the only choice I have as of now. If I decide not to go, I'll have to apply to all the grad programs again for the following year.

So yeah, it's either live under a pile of debt or waste more time not knowing how the future's going to play out.

 

[OT2Be2013]

Your reply has come at the right time for me. In my case I have only been extended interviews at doctorate programs. After a lot of thought I turned the 1st one down due to the $225,000 price tag. Even if the school could have given me grants, I would still be in insane debt.
The 2nd interview offer arrived and once again I knew there is no way I can afford the $14,250 per semester/ 7 semester program. I still dreamed about going and secretly hoped I'd fall into a mountain of $$$ soon. I know I probably should have never applied to these places in the 1st place but I applied to the programs I really loved. Reality sunk in later.

As you mentioned a person must also add in the costs like rent, clothing, food, cell phone bill, gas and other personal needs. I am in my 30's and I do want to chase other dreams in my future (family, home, travel). That sort of debt will never allow me to confidently go after those dreams . Even at 32, I will wait another year if I have to until I get in somewhere I can afford.

Thanks for that link as well. I've actually been reading news articles & stats all weekend trying to feel at peace about saying "no" to this interview.

Aw, no problem. Glad I'm helpful I actually came upon that site and found that although I am definitely sympathetic to what those grads are dealing with, it makes me freak out a little less about the amount of loans I'm taking out for school myself, which don't even compare to what some of them owe.

$225,000 though? WOW! I'd say you made the right choice with that, as difficult as it must have been, especially since you say you really loved the program. There has to be a better way, and you will find it.

AlmostThere, that does change things a bit. Still, for that amount of money, I think it might be a good idea to wait that extra year and use it to look into other programs and make your application stronger for Downstate. I have a friend who had already earned a bachelor's degree and was accepted to NYU as well but decided to go to Stony Brook because even though the program was a semester longer, in the long run, it was less costly for her to go there. Maybe that is something worth considering- expand your options to Stony Brook, Buffalo and York (if they're not still having accreditation problems...).

 

[gialuan]

Thanks to everyone for their replies!



Since I already live in NY and I'll be under my parents' roof (who surprisingly aren't charging me rent), I'll be fortunate not to have to deal with too many other expenses.



Actually, that's part of the issue. It IS the only school that I've been accepted to so far. It was difficult for me to really apply to a number of other programs since I work full-time. So I could only manage to apply to NYU and SUNY Downstate, of which the latter rejected me and the former accepted me. So it really is the only choice I have as of now. If I decide not to go, I'll have to apply to all the grad programs again for the following year.

So yeah, it's either live under a pile of debt or waste more time not knowing how the future's going to play out.

If you work full-time and you plan to continue doing so while in the program, I would suggest that you apply to Mercy College. It's in Dobbs Ferry, NY. The program is a weekend program meant for people who work during the week. But you'd have to wait until next year to apply.

 

[lizzo76]

To throw in my two cents (again) - I'm 34 and already have one masters degree. I'm applying to a few schools this fall (for fall 2012 entry), but realistically, will only attend my state university. If I do NOT get into my state university, I will apply again the following fall. (I guess I'm applying to those other schools just so I get into SOME school, even if I won't attend, and don't get totally discouraged.) I've already explained my situation, with degrees from two prestigious schools (which I value and think were worth it), but now really no longer able to take on substantial extra debt. Even at my "advanced" age, it will be worth it to me to wait another year to save that much money.

But, if I were younger, without all the student loan debt I already have from my other degrees, I probably would not wait, if the expensive school were the only school I got into. Also, consider all factors, opportunity costs, etc.. Think about how much more you might make as an OT than what you make now (or will make if you're a new grad and don't yet have a job.) For some people, there might be little difference. For others, there could be like a $40K difference. Then, think about how much more you'll be paying NYU than you might pay a cheaper school... in the end, it could possibly be worth it to pay that much in order to start an OT job, with higher pay, that much sooner.

 

[BowlofSunshine]

I don't think it would be a good idea to go into debt for $100K for any type of OT program.....especially with the avg. starting salary being between $50K-$60K. That's doctor and lawyer debt and they will eventually make well into the 6 figures over time.... The concensus is that it does not matter where you go for OT as long as the program is accredited.

 

[FutureOT2013]

With tuition currently being at about 42,000 a year alone, your debt would be substantially higher than 100k unless you live with your parents or they are helping you out a LOT. Factor in books, room and board, food, travel costs, miscellaneous stuff and you are way above 100k. Tack on that 8% interest on the amount when the time comes to pay it back and you're close to double.

I did similar math when I was thinking of going to USC, I calculated borrowing 120k and that was being super frugal. I would end up owing 185k back in totality, about 1600 a month for 10 years...no thanks....

 

[nao]

almost there- I'm in the same boat as you I just found out I didn't receive the DOE scholarship, a long shot, I know but it was really my last resort if I don't want to be in crazy debt. Right now, I am living at home and don't really have any hardcore expenses but that can change any day! (i.e. ill get married and move out ). I really wish I would have had the sense to apply to a few more programs- only applied to NYU, Downstate, and Columbia and of course the only one i got into is the most expensive. I'm still young, only 22, so I'm thinking it may not be the worst thing to take a yr off and re-consider my options. Problem is the thought of going through application procedures all over again scares me almost as much as $100,000 i n debt.
Oh, and I should mention that none of my friends or family are being very helpful- everyone is very, very split in their advice and opinions.
​

 

[XCOT]

almost there- I'm in the same boat as you I just found out I didn't receive the DOE scholarship, a long shot, I know but it was really my last resort if I don't want to be in crazy debt. Right now, I am living at home and don't really have any hardcore expenses but that can change any day! (i.e. ill get married and move out ). I really wish I would have had the sense to apply to a few more programs- only applied to NYU, Downstate, and Columbia and of course the only one i got into is the most expensive. I'm still young, only 22, so I'm thinking it may not be the worst thing to take a yr off and re-consider my options. Problem is the thought of going through application procedures all over again scares me almost as much as $100,000 i n debt.
Oh, and I should mention that none of my friends or family are being very helpful- everyone is very, very split in their advice and opinions.
​

Nao - I feel for where you're at, there's a lot to consider. However, I can say you are not alone. There are many students in NYU's program who are taking out loans for school and some housing as well. Everyone's financial situation is different though so of course you'd have to consider that.

It's not easy to work during the program because there are a lot of group work assignments/papers/studying etc. but the first semester you have most Monday's off and and weekends, so if you needed to work then you probably could. My best advice would be to seriously evaluate your financial situation in these next weeks. If you're living at home and your parents are supportive of that, it will save you a ton of $. Some expenses that really add up are travel, books, and food. If you don't have to take out loans for those all the better. Plus you can reapply for the DOE scholarship next year.

If OT is what you want to pursue you'll do it, whether its this year or next or whenever. It's a 2 1/2 year program that will fly by and you'll start working by the time you're 24-25 (if you enter this Fall) so you definitely won't be paying loans off for your entire life. There are also many jobs that have sign on bonus' or/and tuition reimbursement as part of your contract when you become a licensed therapist.

Think about it, weigh out your pros and cons. I wish you the best of luck!

 

[dacat89]

almost there- I'm in the same boat as you I just found out I didn't receive the DOE scholarship, a long shot, I know but it was really my last resort if I don't want to be in crazy debt. Right now, I am living at home and don't really have any hardcore expenses but that can change any day! (i.e. ill get married and move out ). I really wish I would have had the sense to apply to a few more programs- only applied to NYU, Downstate, and Columbia and of course the only one i got into is the most expensive. I'm still young, only 22, so I'm thinking it may not be the worst thing to take a yr off and re-consider my options. Problem is the thought of going through application procedures all over again scares me almost as much as $100,000 i n debt.
Oh, and I should mention that none of my friends or family are being very helpful- everyone is very, very split in their advice and opinions.
​

Hey, I was just wondering if your letter from NYCDOE said you did not receive the scholarship or if you were put on the waiting list? Thanks

 

[nao]

Hey, I was just wondering if your letter from NYCDOE said you did not receive the scholarship or if you were put on the waiting list? Thanks

no waiting list, flat out rejection.

 

[AlmostThere01]

Nao, I feel like you and I are identical. Flat out rejection for me as well and it was also my last resort to avoid the crazy debt. I also live at home, am wishing I applied to more programs and DREAD the graduate application process, to the point where I'll take my chances with NYU just to avoid it.

Oh well.

Now I have to figure out all this nasty loan stuff. Ughh. So I'm totally not going towards the unsubsidized loans because I'm not big on paying interest. So, work study and the subsidized loan are on my list. However, that covers less than half of the tuition. This upcoming semester won't be a problem but the next one might. So I'll have to get a job and work on Mondays and possibly weekends.

I'm currently looking to see what other financial options there are. Other than the Stafford loan, I don't believe there are any other subsidized loans out there and so that's the only one I'll be taking out (I've looked into Sally Mae and am waiting to hear back to see if they have any).

But I'm learning to be optimistic. Like you indicated, anything can happen and constantly being negative about everything (despite the obvious bleakness) isn't going to help.

Good luck and know that you're in an extremely crowded boat lol

 

[nao]

Nao, I feel like you and I are identical. Flat out rejection for me as well and it was also my last resort to avoid the crazy debt. I also live at home, am wishing I applied to more programs and DREAD the graduate application process, to the point where I'll take my chances with NYU just to avoid it.

Oh well.

Now I have to figure out all this nasty loan stuff. Ughh. So I'm totally not going towards the unsubsidized loans because I'm not big on paying interest. So, work study and the subsidized loan are on my list. However, that covers less than half of the tuition. This upcoming semester won't be a problem but the next one might. So I'll have to get a job and work on Mondays and possibly weekends.

I'm currently looking to see what other financial options there are. Other than the Stafford loan, I don't believe there are any other subsidized loans out there and so that's the only one I'll be taking out (I've looked into Sally Mae and am waiting to hear back to see if they have any).

But I'm learning to be optimistic. Like you indicated, anything can happen and constantly being negative about everything (despite the obvious bleakness) isn't going to help.

Good luck and know that you're in an extremely crowded boat lol

Haha- chances are we met at the reception and we'll laugh about this later- (if I even end up going). I realize I am in an extremely crowded boat and the hardest thing to consider is if OT is really the right career for me to sell my soul for, in a sense. I know that sounds bad and I have researched OT enough to believe that it is very probably a good career choice for me, but the monstrous price tag is making me re-consider this. I wish I can say that being an OT is my lifelong dream and passion- obviously there are aspects about OT that can fulfill some of my passions- like working in the medical field, helping people overcome disabilities, and working with children. Everyone keeps telling me that if this is what I want to do, I'll find a way to do it and I'll enjoy it despite the debt. But how can I be sure, you know?

 

[AlmostThere01]

Yeah definitely.

Interesting, I want to work with children too lol. Funny thing is I'm now considering reapplying to Downstate simply because I'm starting to feel like there's a guillotine hanging over my head every time I think about what going to NYU will entail: debt in the form of student loans, having to work God knows how many jobs, using up all my savings just to cover HALF of the first semester. I mean when exactly am I going to get time to study? Grad school is already so difficult, you know?

I definitely know that OT is what I want to do with my life. But if I can focus on getting my degree without all the hassle it would be alot more helpful. At least I think.

Watch, tomorrow I'll be changing my mind again lol

 

[WinginIt]

I think that is way too much to be in debt. People getting out of med school have that kind of debt and they make 40-50K (on the low end) more than OTs. I would not recommend it.

 

[raquel]

I have heard more than one NYU OT student say they regretted choosing it because of the expense. I was very fortunate and was accepted to my first choice, which is much cheaper. I was waitlisted for NYU, but never sent updated transcripts and opted off the list a couple months later. I have asked myself what I would do if NYU would have been my only option. I can't say with 100% certainty, but I don't think I would have attended. The debt to me was just too enormous to justify. However, I feel a person has to go with their gut and do what is right for them.

nao- I completely understand where you are coming from. There are never any guarantees that a specific career path is the right one, OT or otherwise. The only way you'll really know for sure is when you are actually working in the field.

One bit of advice.. don't count on being able to work too much once you begin the program. It is very difficult to do that, especially the first year.

 

[Rebequita]

Please check out SUNY Downstate in Brooklyn. Also UAB online with Mary Warren specializing in LOW VISION.