loan repayment/debt question

[emmi91]

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Hi! I am a current DPT applicant, and have been extremely fortunate to have been accepted to almost every school that I applied to/interviewed at! I'm struggling through the decision making process right now, and seeking advice of current PTs who are in the loan repayment process. I would ABSOLUTELY love to go out of state to a private university (I am from the south and never been out), and I've been accepted to Columbia University (my top choice) and also WashU-St. Louis, but the amount of debt I will be in upon graduating is going to be about double of what it would be if I stay home and go to my state school. Is it worth it to go to Columbia for the experience (NYC, awesome connections, great faculty, clinical affiliations, research opportunities, specialty tracks, electives, etc,) or at the end of the day will I be hating myself for the amount of debt I've acquired as a physical therapist? Thanks for your help!

Other acceptances I've gotten are MUSC, University of Maryland, and Drexel, and I have a few more interviews lined up for Febuary.. also applying for outside scholarships.

 

[DPTHopeful2012]

Go to a state school that costs less. You will be a DPT regardless of which school you go to, but the difference is how much debt you'll have. Going to an out of state school might cost you $120K whereas a state school might cost $60K. To owe an extra $60K just because you wanted to experience a new area is insane to me. Just take a vacation after you get your DPT or move to a different area after you get it. I doubt you'll be spending $60K on a vacation/relocation. That's just my opinion though.

If you're looking to attend a school in NC, look up FELS. Just google loan forgiveness and whatever state and info will come up. Also, some companies offer to pay for your loans/tuition if you work for a certain amount of years. Hope this helped, good luck!

 

[jblil]

If you're looking to attend a school in NC, look up FELS.

Or try to get into East Carolina Univ in Greenville, NC. Its DPT tuition for in-state students is $6K/year, probably the best deal in the world outside of a full-ride scholarship.

 

[nismo13]

I'm in the same boat. But the state school I got accepted to in Illinois are not as reputable as the private school I got into. Its going to be a tough decision.

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[nomattic]

I was told today that I'd "most likely" be invited to interview if I supplied some missing recommendation they wanted. I'm thinking of just not sending and thus withdrawing myself from consideration. I can't see how the cost could be justified. After tuition and cost of living you'd be going a quarter of a million dollars into debt. I vote for state schools. I guess hindsight is 20/20.

 

[bythebay]

I'm going to play devils advocate here because while I agree that you should closely watch your debt while getting a DPT, I am not one of those people that only factors that into my decision. Yes, everyone that goes to PT school will get a DPT and a job, but what do you want to be exposed to while you are there.

You mention that you've never lived anywhere other then the South and want to experience something else. I say go for it. You will be exposed to new things, places, and people and that can be important for personal development which I just as important (to me) as getting a DPT. I have lived in CA all my life and applied to a lot of out of state schools because I would like to live somewhere else before eventually coming back here to live.

I also think that there is something to be said for the opportunities afforded to you at a big school. Better connections, bigger research etc. You just have to decide what is the most important for you and compromise. Maybe not Columbia, but maybe not the cheapest state school. There is a lot to think of. I have a whole pro and con list for each school I have an interview for and price is on it but so are other things like locations, faculty, opportunities abroad, and where they send there students for their clinical internships.

Congrats on getting into those great schools, see how many you can get into and make the choice that's right for you.

 

[emmi91]

Thank y'all for all of your advice! - particularly ByTheBay because you are telling me exactly what I WANT to here haha. May I ask what schools you are considering for next year?

 

[bythebay]

LOL, I'm good at that 🙂 I applied to Samuel Merritt, Western U, Northern Arizona, U Washington, U Montana, U Miami, Emory, Arcadia, BU, Virginia Commonwealth, U Vermont, GW, and U Kentucky. Some are expensive ( I think Samuel Merritt is my most expensive at over $120K for the degree) And some are middle (NAU might be by cheapest at like $70K)

I didn't apply to any state schools because there weren't any in CA I wanted to go to so I know I'll be paying a little more for my education. Hopefully not $120 though!

 

[allidpt]

I agree with bythebay! I am in a similar situation (just opposite locations).. I am from NY but am planning on going to school in Florida. I got into a state school by me which would be my most inexpensive option but I prefer to move away to experience something new for the next few years. Just do what you feel would be best for you!

 

[1109]

Such a good problem to have! congrats!

I went through a similar debate last year with cheaper out of state schools versus more expensive private schools. For me it came down to what I was willing to pay for my happiness. I didn't want to spend the next 3 years of my life thinking "what if I went to my top choice?" I think there is something to say for "name" schools. I know I can go anywhere in the world with my DPT and get a job because people will recognize my program, and that to me is really important.

 

[Nailey13]

1109, while people may recognize the name of your school abroad, you'll have no ability to have a semblance of the career you'd have in the US. "Physiotherapists" are some of the most poorly compensated professions internationally, barely scraping together enough to get by. You should thank your lucky stars that you live and will be able to (or already do) practice in the US, regardless of where your degree came from.

 

[jesspt]

Such a good problem to have! congrats!

I went through a similar debate last year with cheaper out of state schools versus more expensive private schools. For me it came down to what I was willing to pay for my happiness. I didn't want to spend the next 3 years of my life thinking "what if I went to my top choice?" I think there is something to say for "name" schools. I know I can go anywhere in the world with my DPT and get a job because people will recognize my program, and that to me is really important.

The problem isn't that you'll think that for the next three years. It's that you'll think"What if I had attended a more reasonably priced school and didn't have these massive loan payments that are not commisurate with my earnings?" for the next 20 years.

 

[GMA2013]

The problem isn't that you'll think that for the next three years. It's that you'll think"What if I had attended a more reasonably priced school and didn't have these massive loan payments that are not commisurate with my earnings?" for the next 20 years.

Yep ^ this

 

[Catch]

There are alot of people going into healthcare right including people who would have never considered it before. Many programs that requires a 2-3 yr commitment are having their job markets saturated. I can only see the same thing happening in the future of physical therapy. I will be graduating from school in 2 years but I am considering getting another degree afterwards. Don't trap yourself in so much debt that you can not consider other options. I just read of an OT school that is expanding its class size to 80 from 35 people. It is happening all over.

 

[DPTHopeful2012]

The problem isn't that you'll think that for the next three years. It's that you'll think"What if I had attended a more reasonably priced school and didn't have these massive loan payments that are not commisurate with my earnings?" for the next 20 years.

Yes, exactly!

 

[nismo13]

Excellent thread.

After attending the Northwestern open house, I was very impressed by their curriculum, facilities, etc.

But today I sat down and looked at the debt I would incur. Paying 1500+ a month to repay my loans does not seem fair to me considering the salary.

So at the moment I have accepted at an in state school, Governors State University. I have been waitlisted at NIU which is a cheaper option so I am definitely still considering them.

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[NewTestament]

What would be your loan repayment if you went to a school in Illinois? If it's only marginally cheaper, than you shoulder consider Northeastern. Apparently CA schools are almost as expensive as private schools, which negates any advantage of in-state schools. In Virginia, you'll have an extra $40-50k to go to a public school, which isn't pocket change.

Kevin

 

[nismo13]

Well I have talked to a student that graduated from Northwestern last year and she has 165,000 in debt including interest. She is on a 10 year repayment plan and pays 2k a month. I am assuming my debt will be higher since the tuition has gone up since she graduated. It is around 36,000 a year now, and living expenses in Chicago would bump up the total cost as well. I would have a roommate but rent in or around Northwestern isn't cheap.

Governors State University is around 68,000. I would also be able to live at home and save money that way.

NIU is 40,000 for tuition. But I would have to live in DeKalb. I have a roommate in mind so it might be cheaper than Governors State, but I still have to look into housing in the area. I figure it would be doable considering I have a roommate.

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[nismo13]

This decision is tougher than I thought 😕

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[Ngozi Onyema]

Either way you're golden with those low tuition rates of those two schools.

Is it safe to say that the average total tuition of DPT schools in the US is like $90,000? I've been searching and it's hard to find cheap schools like the ones you found nismo for around $40,000 - $70,000.

 

[nismo13]

Either way you're golden with those low tuition rates of those two schools.

Is it safe to say that the average total tuition of DPT schools in the US is like $90,000? I've been searching and it's hard to find cheap schools like the ones you found nismo for around $40,000 - $70,000.

It really depends on the state you are in. Some states have schools with tuition rates on par with private institutions.

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