Managing Debt

[dpt06eas]

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Just wondered if anyone had any advice on managing debt once out of school. I attend a private university and will come out with a large amout of debt. I know there are a few PT's in here that are going on to med school - how are you planning on managing that? Also, I'd like to hear from any PT's practicing now who currently have a lot of debt - if there are any out there. 😕

 

[MSHARO]

I graduated from WashU a few years ago and I feel your pain about the debt! It really doesn't hit you about how much indebt you are until your last semester when someone from the financial aid department comes in and pretty much gives you your bill and how much your monthly payments are going to be! Ouch! Luckily, interest rates are pretty low right now, so if you consolidate, it is much more managable. I had taken out a hefty chunk of change while there, but I am getting along okay now and still able to save some money. Just hope that they are still low when you finish.

As for going to med school....defferments here I come! It will still accrue interest (which you can pay on if you wish to) but what's another $100,000 when you are already $60,000 in the hole! Luckily I'll be going to a state school so tuition won't be as bad. Definately cheaper than PT school! How do you like the program so far? I know it's changed a little with the DPT versus the MSPT that I received. How much is Shirley teaching these days? I heard a rumor that she wasn't going to be teaching as much. Mostly just doing PPDPT and MSB courses?

 

[dpt06eas]

Thanks for the advice MSHARO. I figured I would hear things along those lines. Our 3rd year class that just graduated had some inspiring things to say about their job search. One in particular was offered more for having the doctorate, so that was good news for us to hear. But I really enjoy the program, it's real tough, but I like everything so far.
Shirley is still working in the clinic, teaching MSB, and I think PPDPT. We had her for neuro last year, but she isn't teaching students anymore this year. She lost 40 lbs and looks great...perky and hilarious as ever. 🙂

 

[MSHARO]

THat kinda sucks that you don't get to spend much time with Shirley. She is brilliant and hillarious. But the rest of the faculty are awesome as well. Who is primarily teaching the MSB stuff then? Suzy C, Mary Kate, and Nancy Bloom?

 

[dpt06eas]

The MSB stuff is mostly taught by Nancy, Cheryl, Suzy C, etc. Shirley does a few lectures like the intro and stuff like that. SHe's real awesome to be around and listen to. I'll be sad when she goes too. But she always says "I'm not going anywhere, don't worry." SO who knows! 👍

 

[delicatefade]

1. You can work PRN at many acute care and rehab facilities. The going rate in Richmond, Virginia is $35/hr.
2. Look into teaching anatomy/physiology for a massage therapy program or something similar. One of the programs here in Richmond hired me and pays $30/hr.

 

[MSHARO]

dpt06eas,

Yeah, I am trying to get as many of my colleagues to try and get into one of Shirley's courses or into the PPDPT before she retires. Not that the rest of the faculty again aren't awesome, but Shirley is something else! I would ask you what classes you are in, but I know that they have changed all the names. It gets a lot harder, but it is a ton of fun! Tell Mary Kate, Marcie, Suzy C, Susie D, and Cheryl that Marc Haro said hi. Good luck this semester!

 

[freddydpt]

Debt is the new four-letter word for me. I just finished PT school and I'm significant debt and now I'm going to med school which significanter debt... NO SCHOLARSHIP from the med program and at 60K a year, its a hard hit. I'm going to manage the debt by deferring while in med school and residency. I won't be paying off the interest even though, I wish I could. I just have no resources to do so.

I turned down two state schools and BU where I had an RA position to go to GW. I think/hope it'll be worth it. I really don't think I would have been happy anywhere else. I'm not sure about primary care which is why I didn't apply for the NHSC and I don't want to pursue military medicine (nor do I qualify because I have asthma).

So, all in all, I'm looking to be highly specialized, and highly paid when I get out. Or else, it'll be debt-city for me... living without a family, in a small apartment, eating ramen, for the rest of my life.

I think if I were starting off as a PT right now, it wouldn't be as unmanageable. My debt is about 60K right now... and if I start at 50K, payments are maybe about 7-8K a year, which leaves 42K to live off of. Which starting out isn't all that bad, I think. Pretty much what I'll make as a resident when I get out in four years.