Other OT-Related Information Life After OT Grad School

[deleted728766]

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Hello all,

I’m looking to get some information on the financial side of attending an entry-level MA program, specifically USC.

If anyone is comfortable sharing information, it would be greatly helpful to me. Finances are a huge factor in whether I'm able to attend or not, and getting a realistic sense of what life after graduate school with loans actually looks like would be incredibly helpful.

My questions are:

1. For those who attended USC’s entry-level MA program and are currently employed as an OT, what was the total amount taken out in loans, monthly loan repayment (i.e. $1775/month for 15 years, etc.), and net take-home?

2. If you attended USC, were they generous in financial aid for students in the entry-level MA program? Were many scholarships available through USC or elsewhere?

3. In your opinion, was USC's program worth it cost-wise?

Many thanks to everyone in advance for your openness!

 

[bhansen2]

Bump. I think these are good questions that all potential OT students should be asking.

 

[hhOT]

I agree! I would love any feedback on this.

 

[2015 Applicant]

All the questions in my head right here! Anyone? I didn't apply to USC but would love input from any program graduates.

 

[deleted517237]

I apologize I can't speak for USC, but here's my situation.

My total loans are about $80,000. My salary is around $70-75,000 (after taxes around $2100-2200 bimonthly) working ~40 hrs per week at a nursing home. The default loan repayment time frame for my federal loans is 10 years, so it starts at around $500 per month and then gradually goes up to closer to $1000 per month. I'm still considering spreading the loans out over a longer period of time so I can, you know, have a life. I could probably swing the payments but would have to live frugally and push off buying a house or new car,etc. I'm also interviewing for an PRN ("as needed") part time job picking up extra hours over the weekend. Since I wouldn't be full time at this job, I wouldn't get any benefits but would get a higher hourly rate (~$50/hr compared to my other job of $36.50/hr). PRN jobs are what a lot of therapists do on the side to make money and it can be very lucrative. The salary is very dependent on where you work with nursing homes and home health paying the most for new grads. I think if you don't mind working a lot starting out, you can pay a good chunk of your loans back quickly. Hope this helps a little!

 

[halfbreed858]

We've had major discussions on loans and salary, ad infinitum here; I hope those people are paying attention. It is my established position that you should go to the cheapest possible program you can find with the lowest cost of living and highest NBCOT pass rates. I will have 40k in debt from my program, not 80.

Just as there have been those discussions ad infinitum, I think in every thread you have made your position known ad infinitum. School choices, and thus tuition choices, are very location dependent; not everyone will have the option of attending a $40k program, and attending a cheaper school out of state may not be the cheapest option in the end. And lastly, choice of school based solely on tuition and NBCOT pass rates is an argument for another thread.

We all know USC is expensive, and I am sure OP knows it too, hence their thoughtful questions about the matter. I think they are good questions and many (myself included) would be interested in the answers. Detailed answers like Werdna's, although anecdotal, are helpful to me.

 

[cb31]

I agree these are VERY good questions!! Im all for going to the cheapest OT program, but I think 80k will be about what most people will graduate with... not everyone will be as lucky as you @MOT4ME to only have 40k. I chose the cheapest possible school that i got into and my tuition ALONE is 50-55k for my two years which is already more than your 40k. So when u add cost of living (yes i have a roommate and yes I live as frugal as possible) but thats still another 18-20k (for two years) that i have to take out. I dont have the luxary of being able to live at home with my parents so commuting to save money is out of the question. My total debt will be about 70k maybe a little more. Your 40k of debt for everyone is totally unrealistic as even if we ALL tried to get into your school or one similarily as cheap NOT everyone will get in as its not like 2000 spots are available there, so some will have to go to other schools (and take out a variety of different amount of loans) thus getting a current OT perspective is nice and helpful!!

 

[cb31]

Higher education is a business these days sadly, and all the people going to programs (which I won't call out by name) which are not even ranked so great and cost 6 figures could have gone elsewhere if they put the effort in to make it happen. I did.

When we attend schools that total out into the 6 figures for an OT degree we keep them in business. It's absurd. As for me, I applied to a list of schools, and there are countless programs that are under 50k total.

I would avoid spending a penny more on an OT degree after I factor in the cost of the degree and the NBCOT pass rates. You should all know I have nothing but immense respect for USC (it's the #1 program in the country for a reason). That said, even if I did get in there, I can't afford to have that debt from going there. My starting salary will be 50k. How can I handle a GRADUATE student loan debt of 100k+? Not to mention undergrad debt others are carrying. How can you have 150-200k in loans for a degree that makes 75k on average when you are midcareer?

If I sound like a broken record it's because I am. I think the AOTA and ACOTE should think about more than just accreditation. Students going into that kind of massive debt for a degree which makes a fraction of the salary is unethical if you ask me. Students should think twice about it; I think someone should make a list of programs by TOTAL TUITION and NBCOT pass rates and list them in a big doc on here. I might do it.

Not saying that anyone should go to a school that has tuition that cost six figures. Not saying that people shouldnt try to find and go to the cheapest possible school. I am saying that not EVERYONE will be as lucky as you and graduate with ONLY 40k in debt. And that the questions that the intially poster asked were good questions and hopefully more OTs reply.

And NO not everyone could have gone elsewhere because there are limited spots (in schools) sooo im not sure as to why you think that... nonetheless you have your opinion so that's cool.

 

[kgprospot]

I also worry about the cost of OT school. I have $36k in debt from undergrad, and the thought of racking up more freaks me out.

Is it realistic to think I might get tuition reimbursement after school, or is that a rare thing these days? Or, what about sign on bonuses? That could go towards debt. I just don't know how common that is.

 

[bhansen2]

Rule of thumb when making a decision that involves incurring debt; tuition reimbursement and sign on bonuses are never guaranteed.

 

[kgprospot]

Of course, they aren't guaranteed. But, how common are they in OT?

 

[bhansen2]

Of course, they aren't guaranteed. But, how common are they in OT?

I'm not sure. I've seen all kinds of advertisements for sign on bonuses and tuition reimbursements. But what are the stipulations? Ya know? There are hospitals that give scholarships to OT students in return for a work agreement. I'm pretty sure that these programs are typically located in rural areas.

 

[beestrng]

I saw a 5k sign on for school systems in OT PRACTICE mag. Its been there forever. But salary is 60K in schoolsytems with 3 months off or something like that.

If your school has a job fair you can give them your email and have your email spammed for jobs.

Werdna post is very correct to me. It is how much they are paying in my area. Per diem in SNF a couple yrs ago was ~$45.

 

[bhansen2]

If you could work per diem during the summer and didn't work for the school district, you could land some decent cash.

 

[bhansen2]

School OT is among the worst paying - but you sometimes get that break in the summer as your own. Often times the school system will have you work during the summer.

I think the school districts in my town, (probably like this everywhere) will pay off around 10k of student loans after working x amount of years.

 

[kgprospot]

Thanks for the replies about loan forgiveness and bonuses. Lots to consider for us future OTs.

 

[LeggOT]

Bump