Paying for a DPT progam...SOS!

[PTtech0715]

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Hi!

I'm sure this isn't a new topic for anyone, but I would DEEPLY APPRECIATE any insight into how current students are paying for their tuition and living expenses through PT school.

I was fortunate enough to have a scholarship to cover the majority of my undergrad, and I worked part-time to cover the costs of living. I don't intend to work during my PT program, and I am pretty naive when it comes to the world of loans (I barely know how to complete my FAFSA- which I did last month).

What are you doing right now to pay? Do you have any suggestions/caveats about taking out certain loans?
ANY and ALL suggestions are welcome~!

 

[jdaniels360]

Loans. Bottom line. Stafford and grad PLUS. It is what it is.


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[PTtech0715]

Loans. Bottom line. Stafford and grad PLUS. It is what it is.


Sent from my iPad using SDN mobile app

I figured as much. I know that you have to somehow determine your total predicted expenses and report to FAFSA in order to be awarded loan $... but what if I don't know where I will be living yet (cost of rent, transportation costs)?

 

[redrose424]

I figured as much. I know that you have to somehow determine your total predicted expenses and report to FAFSA in order to be awarded loan $... but what if I don't know where I will be living yet (cost of rent, transportation costs)?

You don't do that. You report all of your assets (sources of income, savings, etc), your school estimates your cost of attendance and sends it to FAFSA.

 

[Kuhdaytee]

Yeah, each school estimates your cost of attendance, including cost of living, and you're sent a letter about the maximum dollar amount that you can take out, and then you report how much of that you actually want.

Using loans for 100% of school, although I may work part-time as a TA for my 2nd year.

 

[TravisDPT]

I am also using 100% loans to cover school costs. Grad PLUS from FAFSA and then private loans to cover anything left over if needed.

This includes tuition, books/class supplies, and my housing/utilities (off-campus). I do not work full-time, but I have been lucky enough to get a student position through our program working on research at a local hospital. It is only 10-20 hours per week, but it pays well and gives me some running around money for de-stressing on the weekends and covering miscellaneous expenses like gas and groceries.

From what I have heard from other PT friends, it seems that programs offer student positions like this often. I would say around 1/4 to 1/3 of my class (40 students total) are employed some how with our program and/or instructors working on research and stuff.

My 2 cents: Avoid private loans AT ALL COSTS. The interest rates are just insanely high, and so they grow fast. I used them to cover portions of my undergrad, but I really didn't have any other option, and now it's a little stressful. Also, once you graduate, you can't consolidate private loans with your federal loans in order to get a single monthly payment. You'll basically have two debts to pay off.

 

[Phyline]

The interest rates are just insanely high, and so they grow fast.

The fixed rates I was offered for private loans were comparable to Grad PLUS.

 

[DesertPT]

The fixed rates I was offered for private loans were comparable to Grad PLUS.

Yes but private lenders can be a lot less forgiving than the government if you are in a financial pinch down the road during repayment. Federal loans are the safer route.

 

[DesertPT]

And as for the OP's question: just go to the FAFSA website, fill out the application and wait to hear from your school's fin aid office. They should offer you a big enough loan to pay for everything and more.

 

[abynormal]

The fixed rates I was offered for private loans were comparable to Grad PLUS.

What numbers were they?

 

[Calbear009]

Starting DPT school in August. I'll be taking all of the unsubsidized 20,500 from FAFSA . My question is how much did you guys take from Grad PLUS loans for a given year? I'm doing a cost breakdown and I think I might need to take the maximum out..

 

[redrose424]

Starting DPT school in August. I'll be taking all of the unsubsidized 20,500 from FAFSA . My question is how much did you guys take from Grad PLUS loans for a given year? I'm doing a cost breakdown and I think I might need to take the maximum out..

You can only take out the difference between in unsubsidized loans you're offered and your schools estimated cost of attendance. That varies by school and location so no one can really answer this for you.

 

[Kuhdaytee]

Starting DPT school in August. I'll be taking all of the unsubsidized 20,500 from FAFSA . My question is how much did you guys take from Grad PLUS loans for a given year? I'm doing a cost breakdown and I think I might need to take the maximum out..

I took the maximum out for Unsubsidized and Grad PLUS. I'm attending school out of state so tuition is higher, and I also wanted to make sure I could afford any unforseen expenses that come from moving to a different state (my car was one of the bigger expenses). It's a ton of money, but I needed all of it.

 

[Calbear009]

I took the maximum out for Unsubsidized and Grad PLUS. I'm attending school out of state so tuition is higher, and I also wanted to make sure I could afford any unforseen expenses that come from moving to a different state (my car was one of the bigger expenses). It's a ton of money, but I needed all of it.

I'm in the same boat. I actually got accepted to an in-state school but wanted a change of scenery so decided to go out of state. Besides tuition, I'm trying to get a rough estimate of how much i'll be spending on other expenditures, and it looks like i'll need most of, if not all the Grad PLUS loan. I think what i'll do my 1st semester is track how much i'm actually spending on everything besides tuition.

 

[Phyline]

What numbers were they?

Discover Health Professions loan had something around 6.2% fixed and 3.5% variable - that's their minimum rate and with a cosigner. I think Citizen's offers as low as 4% fixed rates.

Yes but private lenders can be a lot less forgiving than the government if you are in a financial pinch down the road during repayment. Federal loans are the safer route.

Yeah I know, was just commenting on rates.

 

[abynormal]

If you decided to take out loans, I asked my financial aid office whether it was better to give back at the end of the semester or near the end of the graduate program in one lump sum. They said it would be better to give back money "Request to Return Loan" at the end of each semester as it would not accrue interest. I don't know if this is the same for each school, but you have 180 days to return loan.