panic about tuition...

[HorseGirl12]

I am panicking about the amount of loans I will have to take out for the private DPT program that I was accepted to. I did not have to take out loans for undergrad, so the 150k ish in loans is really scary to me. (I did not apply in state- long story)

I'm almost wondering if I should wait... and reapply and see if I can get into an in state school, where I could go for less than 40k.

The risks I would take are that:
1) I may not be able to get into the instate school
2) I may not be able to get back into the private school (where I am already accepted and like the program and the location, but the loans scare me). Would the fact that I turn them down hurt me if I decide to reapply after giving in state tuition a chance?

Any advice is appreciated. I have read the forums and read about debt/tuition costs/whether its worth it to go into debt that much vs. staying out of school one more year.... etc. Thanks in advance. . .

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[Nailey13]

Debt is definitely not something to take lightly. Do you think that, if you waited a year and applied again, you could improve several elements of your application, thus making you more competitive for your in-state school(s)? Do you have the time/resources to improve your prerequisite GPA/GRE scores/number and location of observation hours? There's always more we can do to make our applications better and you stand a much better chance of being admitted at your top (cheaper) choice if you make some or all of those improvements.

 

[DPTHopeful2012]

You can ask the school you've been accepted to if you can defer til 2014. That'll give you a year to make your application better for in-state schools. If you don't get accepted to an in-state school, then at least you have the private school as a back up.

 

[NewTestament]

It depends on your circumstances. What would you do for the next year? Do you have a stable job that you could keep to earn money? Where are you living now? Age is another factor. If you're only 23 or 24, there's no rush, but you're in your late 20's or early 30's and want to get on with life, you might want to take the acceptance you have now and get started. That way you can start earning income ASAP.

What's the tuition difference between this private school and the state school? You're always going to have living expenses. Going to a state school in the city might cost you more than a private school in a rural setting, offsetting some of the money you would save in tuition.

Kevin

 

[HorseGirl12]

Hey- Thanks for the responses...

I have a job right now that I LOVE and have been developing skills for it since I was a freshman in undergrad, however, I do not make much at all. The tuition difference is about 138k vs. about 37k for the in state school. I am also not in my early 20s anymore...

 

[schnell8]

I am definitely in this boat...this is my first year applying and so far I only got accepted to a private college in Michigan. I have only one school to hear from (UM - Flint). They told me I am competitive so there is a chance I could get in which would mean half the price of tuition costs. However, if I don't get into UM - Flint, I have decided that I will attend the private school... Yeah, its going to cost ALOT...it scares me to death...but PT schools are getting more and more competitive each year...I am 25, going to be 26 this year which for some may still be young. But I am ready to get married and would like to start having kids by the time I graduate PT school.

For me personally, I think I would just accept the high costs because if you don't get in anywhere next year, your going to regret it. And if you only get accepted to that private school next year, thats a whole year wasted plus more money in retaking classes (if you were to do that). Everybody's situation is different though and everyone wants different things. I am just explaining the other side of this situation so hopefully you will be able to make the right decision for you!

I don't know if there is any truth to this, but during undergrad, we had pre-physical therapy meetings with guest PTs every now and then...a few of them stated that there are PT clinics here in Michigan that offer to pay for your student loans (or at least a portion of it..) but usually it comes with a contract that you will work with them so many years (their example was 5 year contracts usually). If this really has any truth behind it, and as long as I get a decent salary with benefits, sign me up. However, I won't get my hopes up until I start hearing offers...if anyone has heard of any offers to pay for students loans, can you second this to please let us know that they really do exist? haha

 

[ChickenLiver]

I'm in the same boat as well, starting PT school in the fall and my only acceptance was to a private school that will end up running me about 85K. I check out the APTA job boards every once in a while just to get an idea of what is out there and what types of offers different settings are throwing out there. Although most facilities that post on these job boards do not post their salary information, some do and they always have tuition reimbursement listed as a benefit. Some even post the amount of tuition they're willing to pay back (I've seen upwards of 40K on there). It seems there are a couple caveats to the tuition reimbursement. They do make you sign a contract that requires you to stay for a certain length of time. The second is that the places that are willing to offer a large amount of tuition reimbursement seem to be in very rural areas, where the most help is needed. I'm from a small town in southern illinois so going to a rural area that pays a good chunk of my tuition as well as a good salary in exchange for a couple years of service sounds very enticing to me.

 

[schnell8]

I'm in the same boat as well, starting PT school in the fall and my only acceptance was to a private school that will end up running me about 85K. I check out the APTA job boards every once in a while just to get an idea of what is out there and what types of offers different settings are throwing out there. Although most facilities that post on these job boards do not post their salary information, some do and they always have tuition reimbursement listed as a benefit. Some even post the amount of tuition they're willing to pay back (I've seen upwards of 40K on there). It seems there are a couple caveats to the tuition reimbursement. They do make you sign a contract that requires you to stay for a certain length of time. The second is that the places that are willing to offer a large amount of tuition reimbursement seem to be in very rural areas, where the most help is needed. I'm from a small town in southern illinois so going to a rural area that pays a good chunk of my tuition as well as a good salary in exchange for a couple years of service sounds very enticing to me.

Thank you for this information! I, too, have always been kind of a rural guy so give me that contract in a few years!! haha

 

[HorseGirl12]

Glad to hear from those who are in similar situations. I know most hospitals will offer to pay approx 5k a year towards your loans for a commitment. I am sure it differs from place to place though.