My PT Debt dilemma

[208PT]

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I have always been the over achieving student all through undergrad. I posted a 3.9 GPA and planned the whole time to stay in-state to pay the lowest tuition possible. PT has been my dream for 6 years and running. When it came time for admissions decisions, I was flat out denied by 3 state schools, accepted by one private, and wait listed at the only in-state school in my state. I put down my deposit for the private program but am pretty distraught about the price. Tuition is $10,969 per semester which comes out to $87,700 for the program. I worked two PT jobs through undergrad to pay for my first four years. I have no debt going into PT school. At the student loan interest rate, I'm freaking myself out about how much I would owe upon graduating. Living costs on top of that huge tuition bill could have me owing 100k +. Talking to a PT I work for, he believes I can pay it off in 3-5 years, being single and living frugally. This program starts May 11th. I have moved from 35th to 18th on the state school wait-list whose program starts at the end of August. It is unfortunate that our only in-state program has 24 seats. Should I bite the bullet and attend this private program? If I come off the wait list, would it be worth it to drop out and attend in-state? This has been a couple of the most stressful months of my life.

 

[jblil]

Some concerns similar to yours were discussed here:
http://forums.studentdoctor.net/thr...ge-loans-for-pt-school-need-feedback.1105645/

Also, have a realistic expectation of your salary as a PT:
http://forums.studentdoctor.net/threads/starting-salary-for-dpt-new-grads.931151/

 

[noyceguy]

http://www.finaid.org/calculators/loanpayments.phtml

 

[AlanWattsBlues]

This is such a complex question. I put together an EXTREMELY simplified comparison of two scenarios in the attached workbook to try to get a sense of some of the trade offs involved. Here are some important questions to ask yourself:

• If you don't attend school this year, what will you do instead? Will you be able to save money after expenses?
• What will be the actual price of the "cheaper school"?
• What standard of living can you hold yourself to during and after school?
• How aggressively could you pay back loans?
• Are you willing to work longer hours in order to earn enough to pay down loans quickly.

You could try fiddling with the numbers to get a sense of the scale of the difference between these scenarios. Regardless, here's to hoping that you get off that wait list and don't have to worry about this decision any longer.

 

[DesertPT]

I would go this year. $87k tuition and fees is way on the low end of private schools and you have no undergrad debt, so they amount of debt you will have upon graduation won't be that far off from the average that PTs are coming out with these days. I'm not saying it's a comfortable situation to be in, but if you try to reapply again next year your results may very well be no better and you will have just wasted a year. Some may not agree with me but personally that big of a gamble would make me more uncomfortable than the debt level you are talking about.

 

[starrsgirl]

Do you know why you got so many rejections? Your GPA is very good, so I'm wondering if there is another glaring "weakness". If you have no clue, I would start by calling all those schools and seeing if you can find some answers. Or post more of your stats on here somewhere and see what the crowd thinks. IF there is one obvious thing you didn't do (say you missed a required pre req or didn't get the right LORs), then I might consider reapplying next year to go to a state school. You could work like crazy, get some savings this year, not have to do any more classes. If you're "weakness" is something more abstract or harder to change (maybe you don't test well, interview well or whatever), then I would absolutely go to school this year and bite that bullet.

 

[engmedpt]

You are legitimately me. with 10k less projected approximately. FWIW I'm going to a strong public in state school. Your cost is cheap for private

 

[engmedpt]

I would go.

 

[208PT]

Thank you all for your viewpoints. As for my application, I was 156,156 and 4.5 on the GRE. My LORs were all very positive as my therapists and instructors shared them with me. I have over 4000 hours as an aide in a variety of PT settings. It's difficult when 700 qualified applicants apply for 24 seats. I have chalked it up to the fact that I was not the top 4% or whatever that comes out to.

My current situation is that I am single, barely 22 and very independent. I have been researching travel PT and the more I can see myself doing that, the more easily I can justify taking on 88k in debt. I am and always will be a hard worker. I am used to living on $450/month including rent split between roommates. That being said, I would be very aggressive in repaying debt (60-80% of my income monthly).

Ultimately what has been recommended by a close friend and physical therapist, is that I should go to the private program this summer. If I get off the state school wait-list, drop out and attend there. If not, I will graduate december 2017 and will be in the workforce earlier. This viewpoint has made the decision a little less stressful for me and it's one I think I can buy.

 

[208PT]

This is such a complex question. I put together an EXTREMELY simplified comparison of two scenarios in the attached workbook to try to get a sense of some of the trade offs involved. Here are some important questions to ask yourself:

• If you don't attend school this year, what will you do instead? Will you be able to save money after expenses?
• What will be the actual price of the "cheaper school"?
• What standard of living can you hold yourself to during and after school?
• How aggressively could you pay back loans?
• Are you willing to work longer hours in order to earn enough to pay down loans quickly.

You could try fiddling with the numbers to get a sense of the scale of the difference between these scenarios. Regardless, here's to hoping that you get off that wait list and don't have to worry about this decision any longer.

I appreciate this, thank you so much.

 

[engmedpt]

Thank you all for your viewpoints. As for my application, I was 156,156 and 4.5 on the GRE. My LORs were all very positive as my therapists and instructors shared them with me. I have over 4000 hours as an aide in a variety of PT settings. It's difficult when 700 qualified applicants apply for 24 seats. I have chalked it up to the fact that I was not the top 4% or whatever that comes out to.

My current situation is that I am single, barely 22 and very independent. I have been researching travel PT and the more I can see myself doing that, the more easily I can justify taking on 88k in debt. I am and always will be a hard worker. I am used to living on $450/month including rent split between roommates. That being said, I would be very aggressive in repaying debt (60-80% of my income monthly).

Ultimately what has been recommended by a close friend and physical therapist, is that I should go to the private program this summer. If I get off the state school wait-list, drop out and attend there. If not, I will graduate december 2017 and will be in the workforce earlier. This viewpoint has made the decision a little less stressful for me and it's one I think I can buy.

Just so you know. If you're five figs in debt......you really don't need to be doing travel pt to kill it. Keep that in mind and don't phase out your options. I'm curious about that lifestyle too, but really, its manageable. If you're serious about dropping that much of your income on your debt without dropping things in a 401k, savings, or a car down payment, then honestly you could hit a standard 60k OP job and kill your debt in 3-4 years. I projected 5-7 for me while dropping in for savings, 401k, insurance, etc. at some goal locations....at 1k per month estimated rent. Every location is different with col but don't get consumed in the debt. If you get out in December 2017 as well, keep in mind that you might have a better time with offers than the rest of the crew all graduating in may starting jobs at the same time.

Best of luck!

 

[engmedpt]

I have over 4000 hours as an aide in a variety of PT settings

......keep this on your resume.

 

[jdaniels360]

Attend and switch if you get off the wait list before summer is up. If not, then its WAY WORTH it to do what you LOVE the rest of your life. You're also only 22 and will be done at 25-26. Enjoy day by day, don't stress over what you can't control, and i promise you'll have no regrets. I was in the same situation you were but got accepted after the summer was over. Its not always about money just remember that.

 

[jdaniels360]

PS i'm looking at 130k w/ no undergrad debt. Tuition for my school is 82k if it doesn't change too much.

 

[208PT]

I appreciate all the support. Hearing about all of your experiences has helped me see my situation in a new, more favorable light.