Paying Back Student Loans

[bnwj89]

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Current Physical Therapists,

I am currently awaiting Interviews to several Physical Therapy programs. Between living expenses and tuition I figure that my debt after school will be between 70,000 and 105,000.

What sort of monthly payments do you guys make, when compared to your salary? Are you on 20 year plans? 30 year plans? What sort of interest is accumulating?

Any input is greatly appreciated 🙂

I have grown up without much money, and I feel that between finding a cheap apartment/inexpensive car/living frugally in general, I can live off of 30k very easily. Therefore, if I am making 60k a year, I can spend the other 30k a year towards paying off my loans quickly.

Is this unrealistic? Is there some factor that I am not seeing? Or will I really be able to pay off my student debt in 5 years, if I really set it as my goal.

Thanks

 

[jblil]

Don't forget taxes. If you make 60K/yr, and depending on your individual circumstances (married or not, have kids or not, making a mortgage payment or not, etc), Uncle Sam will want his share of your salary. So your take-home pay can be quite a bit less than 60K.

 

[_FNG_]

I think I had 55k and in the 10 year plan it comes out to 573/month. I wish I could go back and live a little more frugal. Now every person that comes to my clinic for observation hours gets the PSA about public schools and staying away from private schools/cost!

 

[bnwj89]

I think I had 55k and in the 10 year plan it comes out to 573/month. I wish I could go back and live a little more frugal. Now every person that comes to my clinic for observation hours gets the PSA about public schools and staying away from private schools/cost!

So to you, and any other PTs that have an opinion on the subject, here's my next question.

Say I get into a 100k private school, and NOT the 55k state school that I want. Would you say in your opinion that it is financially a better idea to retake a couple courses, beef up my application in general, and try again for the state school the next cycle?

 

[_FNG_]

So to you, and any other PTs that have an opinion on the subject, here's my next question.

Say I get into a 100k private school, and NOT the 55k state school that I want. Would you say in your opinion that it is financially a better idea to retake a couple courses, beef up my application in general, and try again for the state school the next cycle?

It all comes down to finances and your situation. Personally, I would weigh costs of staying out of school a year (retaking classes, getting temporary job, etc) vs getting into school right away (increased costs, no lost time, interest over time, etc. Good luck with your situation.

 

[gray0620]

I understand that side of the story. However, after talking to the admissions department at UIC, I was told to just go to that program if I were to get in due to PT school getting more and more competitive. At the same time, I wouldn't want to spend another year floating through the cracks and not really doing anything meaningful. This is why I have decided to leave in May.