General Admissions & OTCAS Is OT worth the debt?

[occupationaltherapist2018]

Hello,
I have always wanted to be an Occupational Therapist, since high school. I was unaware of the 3+2 year programs and regret not going, along with how student loans or debt really work (I'm a first generation college student and I didn't go to the best high school). I am currently in 36k debt from undergraduate with a degree in psychology (useless). I am looking at the prices of OT school and if I pursue this career I will be in 90-100k+ debt! I live in NJ/NYC area which I know pays a little more compared to other states. I am second questioning the career only because of the debt, not because it isn't something I dont wanna do. Does any one have any advice or have similar stories? Do you think the debt is worth it?

---

Members don't see this ad.

 

[OTcaligirl]

Apply to your instate public options which are usually the most cost effective. Most 3+2 programs are still pretty expensive so other than guaranteed admission to the graduate level you may not have given up much on that. Good luck.

 

[proapplicant]

nowadays, you'll be poor anyway, might as well do something you like.

 

[sngot]

Can you picture yourself doing anything that would make you happy without going into more debt? If you can, then I would compare and contrast with a table. What is the life style and goal you have for yourself in 1 year, 5 years, 10 years. If debt/ continuing education is likely, then I would go for OT knowing you like the profession.

I love OT but I am bias. You have to know what you like, what you don't like, and what you are willing to compromise.

 

[beestrng]

It is worth it if you don't pay 100k tuition.

 

[futureTNOT]

Since schools in your area are so expensive, you could move to another state, work for a year as an OT technician or something else, and apply in the other state so the tuition would be counted as in state. Do not go in that much debt, you will never get it payed off.

 

[neasf]

I'll be 100k+ in debt for an OT Master's (I'll be 30 when I graduate). Around $87k if my wife and I can keep up with interest payments while still in school.

State schools in my area start 8 months later than my program, and run 1-3 years longer, so that's close to 100k in missed income.
Moving would realistically add around 30k extra in costs for me since I currently live for free, so even for a cheap program it wouldn't be cheap enough to justify a move.

The way I look at it, with a 20 year plan my payments after graduating will be $800-$900 dollars a month, so roughly $10,250 a year. OT's in my area tend to start around $70k, so in the end I'll still be taking home more than enough to live comfortably on.

I also plan on living with the bare essentials for the first two years, possibly working two jobs, and putting as much towards the loans as possible. I think I can knock it down closer to 40-50k in a couple years.

So if you're someone that likes to spend, or has many expenses, that kind of debt could squeeze you a bit. If you don't mind living simply, you'll still take home enough to live better off than most people in this country. If you can live with roommates and cheap rent after graduating for a couple years, you can knock the debt down quite a bit. It's just another monthly payment.