Loans! Ahhh!!!

[AUDwannaBE]

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Is anyone else worried about being in debt when they graduate? None of the schools I was accepted to offer financial aid. Plus their all private and all around the same price (roughly $18000-20000). I'm worried i will rack up $80,000 in student loans plus my $45000 in undergrad loans, that doesn't include the money I will need for cost of living. UGH! I'm starting to wonder if this will be worth it if I come out with a $1000+ student loan payment and a job that only pays around $50,000. Does anyone else feel the same 🙁?

 

[eardocsavvy]

Is anyone else worried about being in debt when they graduate? None of the schools I was accepted to offer financial aid. Plus their all private and all around the same price (roughly $18000-20000). I'm worried i will rack up $80,000 in student loans plus my $45000 in undergrad loans, that doesn't include the money I will need for cost of living. UGH! I'm starting to wonder if this will be worth it if I come out with a $1000+ student loan payment and a job that only pays around $50,000. Does anyone else feel the same 🙁?

Yes, I feel the same... As of right now I did not get offered any financial aid either. Although I do not have loans from undergrad, it is still frightening to think tuition alone is going to be about $75,000. Audiology is not a money making profession, if you wanted to make a lot of money go to dental school. Audiology is a profession where the people do it for a good salary but its mainly for the love of the profession. It is still a young profession and its sad but we will not be making "bank" unless you are wise with your path. Private practice is great but can be daunting to some. There are other programs for loan forgiveness.. Do some research, you may find that some employers will help pay back your loans. Look into a paid 4th year to minimize loans for that year. There are some tricks to the trade that will help you minimize your costs, if you do your research. Everyone takes out loans, almost everyone. To not feel frightened would be a very odd thing, but just remind yourself that you have already been accepted...just take the loans out and make the payment. The audiologist I work with says that her loan payment is like a car payment, but she doesnt have a new car for that exact reason. So.. think of it that way..
Hope this calms some nerves!!

-good luck!

 

[Integralpix]

I'm starting to wonder if this will be worth it if I come out with a $1000+ student loan payment and a job that only pays around $50,000.

Expecting to earn $50k right out the gate could be considered a bit presumptious as well.

 

[AUDwannaBE]

Expecting to earn $50k right out the gate could be considered a bit presumptious as well.

Well, maybe, i was going off of ASHA salary report. According to what is reported for 1-3 years experience the average salary was around $60,000. Don't know how accurate that number is but I'm interested to find out. Hopefully someone will chime in on my other thread.Thanks to everyone who has answered thus far.

 

[AUDwannaBE]

Yes, I feel the same... As of right now I did not get offered any financial aid either. Although I do not have loans from undergrad, it is still frightening to think tuition alone is going to be about $75,000. Audiology is not a money making profession, if you wanted to make a lot of money go to dental school. Audiology is a profession where the people do it for a good salary but its mainly for the love of the profession. It is still a young profession and its sad but we will not be making "bank" unless you are wise with your path. Private practice is great but can be daunting to some. There are other programs for loan forgiveness.. Do some research, you may find that some employers will help pay back your loans. Look into a paid 4th year to minimize loans for that year. There are some tricks to the trade that will help you minimize your costs, if you do your research. Everyone takes out loans, almost everyone. To not feel frightened would be a very odd thing, but just remind yourself that you have already been accepted...just take the loans out and make the payment. The audiologist I work with says that her loan payment is like a car payment, but she doesnt have a new car for that exact reason. So.. think of it that way..
Hope this calms some nerves!!

-good luck!

I'm definitely not going into it hoping to get rich. I applied to both SLP and Audiology programs. I prefer audiology 100% over speech but 2 years less would be about $40,000 less of loans which is a big difference in my pockets. I have been researching some loan payment options such as the IBR plan which caps your payments at no more than 15% of your income. I hope to find out more about it when i go to meet with my financial aid counselor because if this could be a possible option for me i will no doubt pursue Audiology 👍. Looking for employers that would offer is a loan repayment option is another good idea, i will research this, I have seen many SLP jobs that offer this but never considered it for Audiology.

BTW, saw you will be attending AT STILL congrats!

 

[cidanu]

Expecting to earn $50k right out the gate could be considered a bit presumptious as well.

i think that might depend on your region. starting salary for an audiologist with no experience in some of the school districts near me is close to 50 grand. then again 50 grand doesn't get you very far here either.

 

[eardocsavvy]

BTW, saw you will be attending AT STILL congrats![/QUOTE]

Yes, thank you! I am very excited to start in the Fall. Have you made up your mind-- audiology or SLP? They are very different, but no matter which way you choose.. good luck!!

-😀

 

[AUDwannaBE]

BTW, saw you will be attending AT STILL congrats!

Yes, thank you! I am very excited to start in the Fall. Have you made up your mind-- audiology or SLP? They are very different, but no matter which way you choose.. good luck!!

-😀[/QUOTE]
No, still on the fence but I'll have to reach a decision soon .