Hi futureOT1085! When I read your post, it exactly summed up the thoughts that have been going through my mind recently. Congratulations on your acceptances, and yay for having options! It's super wise to be considering affordability as you choose your program.
I also received acceptances from out-of-state programs and in-state schools (all with high NBCOT pass rates). After making a bunch of pros and cons lists, I've decided to attend an in-state MSOT program. Affordability is a significant pro for me. My parents are generously allowing me to live at home and commute to school, which also decreases cost. The total cost of attending the in-state school (~30k living at home and ~60k living away from home) will be less than the
tuition of an out-of-state private program (~70k for MSOT or ~92k for OTD). The tuition costs don't even begin to include the costs of moving to and living in a new place.
I also read a lot about student debt — and while anonymous forums like Reddit often only represent the most extreme experiences, the number of people burdened by large student debts did raise concern. Interest accrued through loans is also something to consider —the amount you will pay back may be more than a school's sticker-price. It seems like especially for OT, education costs are high but clinicians are not always compensated well relative to the amount of loans they have had to take out. Prospective students like us often willingly take on debt expecting to soon be earning the 80k median salary that is often promoted by schools but are shocked by lower new grad salaries. See
OTsalary.com to get an idea of new grad salaries in different areas.
For me, taking out more loans than what I expect to earn as my new grad salary (~60k) seemed like too much.
This article and so many others convinced me that having less debt will be worth it in the future. Choosing a cheaper program is also a gift to future me — in 3 years when I'm searching for a job, having less debt will mean I may have more freedom in comfortably choosing a lower-paying position in the setting I'm more passionate about (ex. mental health/community/schools instead of a SNF).
Another pro is that I am close to my family and may eventually want to work in the area where they are based, so attending school nearby might help me network with employers in the area.
The major con of choosing the in-state school is definitely not getting the experience of moving some place new and still living with my parents. Especially after feeling stuck in one place after these 9 months of quarantine, I'm eager to move some place new and meet new people. However, I'm hopeful that there will be other opportunities to explore new places, whether it be by requesting a fieldwork placement in another region/state or finding a travel therapy job later on. Also, cheaper school now means more funds for future travel.
Ultimately, you're choosing between great programs, and so you can think about how willing you are to take on debt. Think about what would best position you and your finances in 3-5 years. Future employers care most about you being licensed, not the brand name of the school you attend. If a program has an 100% NBCOT pass rate, that means it's capable of training you to be a competent practitioner and making you competitive for jobs.
Hope this helps! Feel free to message me if you'd like further elaboration haha
