Physical Therapy and MONEY $$$

[AlexFLA]

I'm starting my PT degree at the end of may at a school in South Florida. I love PT and I'm sure that this is the career for me.

However, in this thread I want people to be as real as possible!! I don't want to hear feel good stories about helping people and changing lives, because I already have done hundreds of hours of volunteer work and have a good idea already about that side of physical therapy that I have come to love so much. I know what the internet says about average salary and projected growth.

I want to know from practicing PT's, what its like when you go home at night? When your cashing your checks. Are you worried about money? Are you able to keep up with the high loan repayments? Do you own a home and/or a car? Can you take care of your family/kids? Are you in the strip club making it rain? lol kidding

What are your financial struggles? Please be as vain and gritty as possible

Thanks

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[huntermare]

Not a PT but married to one. I'm a pharmacist.

The good thing I can see to being a PT is that there are various ways to make extra money besides your regular 40 hour job. Currently my husband works twice a month at a SNF/Rehab place which gives us an extra ~$600/month to pay off loans with. Also he's been getting mad overtime at his regular job, sometimes working 50 hours a week there plus 6-8 hours as the SNF. It's tiring for him, but worth it for the money. As a pharmacist, it is harder to get a easy PRN job like that. We could get by without him working extra, but it's nice to have the extra loan money because we want to kill our loans asap.

Also, I feel that outpatient PTs have a nearly ideal work environment. Some sitting, some standing lots of movement, very few distractions compared to other healthcare jobs (ie not constantly having to answer the phones, no alarms/paging over PA systems to distract you.) Much healthier than an 8 hour desk job or the 8-10 hours a pharmacist spends on their feet mostly stationary. Most PTs I'm friends with (and my husband) love their jobs.

With both of our student loans our minimum payment is around $2300. My $200k in student loans is on the 25 year repayment plan and his $150k is currently income-contingent. Our goal is to pay them off much much quicker than what the plans have, but I wanted the option to have payments lower if needed. Loans really really really suck but try not to get too down about them. There are a variety of repayment options and with work you can get them paid off. Even with our high minimum we still manage to pay nearly 1k over per month or even more depending on our expenses for the month.

We both drive older cars (2000 Jetta Tdi and 2004 Rav4) that are paid off. We try to keep $4000 in emergency funds at all time. (Trust me, you'll need it when both cars decide they need 1-2k in work in the same month). We make a budget and stick to it that allows for fun stuff such as eating out, small vacations, ect. (Mint.com is great for managing a budget fyi) We use credit cards to get points, but we pay them off every month. Also we rent instead of own.
The only time I've felt that our loans have gotten in the way is when the condo next door to the one we rent went on the market. It would have been a perfect purchase: great location, nice price for the area, slightly larger and more light than our (rented) unit. However there was no way to swing that mortgage and HOA dues with the loan payments. It was eye opening seeing that we could have afforded a 15 year mortgage plus extra on a 360k place if we didn't have the loans. Oh well, home buying will just be later for us. Other young PTs and Pharmacists I know with school loan debt have managed to buy houses, so it's not impossible or a bad idea, but for the area where we want to live it's not doable at the moment.

Something I wish we had known more about before we graduated was interest rates. Well I knew the student loans were 6-8.5% but it was eye opening to see that translated to nearly 2,000 in interest a month on our combined loans. Also I wish we had understood more about income taxes. Since we are both high earners we get a lot taken out. Also, we don't get to deduct our student loan interest off our taxes since the cutoff for that is 140k married filing jointly. When you are working, make sure you calculate your withholdings on the IRS calculator. Try to manage it so you don't get a big tax refund. That's just loaning the government money all year interest free. Better have it yourself to do what you want.

Overall it's very doable to be financially stable as a PT with student loans, it just requires planning and budgeting and putting off buying an expensive home or new cars.

 

[AlexFLA]

Great Post! Thank you so much

 

[hawk777]

I too would love to read more responses on this topic.

 

[markelmarcel]

I'm a new grad, so I don't have a ton of experience yet, but I am very comfortable thus far. My boyfriend and I own our home and I have more than enough money to pay for my portion of our home bills, my student loans and I can almost save 1 entire paycheck in my savings (I get paid bimonthly). We have a small home, normal bills, so nothing crazy. I do have an old car, but with my income I could easily afford a car payment, although I am looking to buy in the next year and hope to get an inexpensive car (something around $20k). I get a base pay at my job and then we do have an incentive/bonus built in based on number of visits per month... Not sure how that will pan out over the course of the year, but allegedly it's supposed to give me around 4-7k more... But, I'm surprised at how comfortable I am this year... Definitely working on saving as much as possible-- I don't have a lot of my retirement funds set up (which will eat some cash flow), but I do have my benefits being taken out, so there's just some small adjusting that's yet to occur.

 

[jdaniels360]

What's your total debt right now markel?

 

[AlexFLA]

I'm a new grad, so I don't have a ton of experience yet, but I am very comfortable thus far. My boyfriend and I own our home and I have more than enough money to pay for my portion of our home bills, my student loans and I can almost save 1 entire paycheck in my savings (I get paid bimonthly). We have a small home, normal bills, so nothing crazy. I do have an old car, but with my income I could easily afford a car payment, although I am looking to buy in the next year and hope to get an inexpensive car (something around $20k). I get a base pay at my job and then we do have an incentive/bonus built in based on number of visits per month... Not sure how that will pan out over the course of the year, but allegedly it's supposed to give me around 4-7k more... But, I'm surprised at how comfortable I am this year... Definitely working on saving as much as possible-- I don't have a lot of my retirement funds set up (which will eat some cash flow), but I do have my benefits being taken out, so there's just some small adjusting that's yet to occur.

Thanks for the post markel, what is your boyfriends profession if you dont mind me asking?

 

[markelmarcel]

.

 

[markelmarcel]

What's your total debt right now markel?

Total debt is $74k- just PT school. No debt from undergrad, credit cards, car, etc.

Thanks for the post markel, what is your boyfriends profession if you dont mind me asking?

He's a computer software engineer for an international company. I'd say my salary is in the lower end of a starting PT, but it's higher than most other OP clinics in the surrounding area (Pittsburgh, PA), but he does make probably 20k more than me.

 

[DPTinFL]

I'm starting my PT degree at the end of may at a school in South Florida. I love PT and I'm sure that this is the career for me.

However, in this thread I want people to be as real as possible!! I don't want to hear feel good stories about helping people and changing lives, because I already have done hundreds of hours of volunteer work and have a good idea already about that side of physical therapy that I have come to love so much. I know what the internet says about average salary and projected growth.

I want to know from practicing PT's, what its like when you go home at night? When your cashing your checks. Are you worried about money? Are you able to keep up with the high loan repayments? Do you own a home and/or a car? Can you take care of your family/kids? Are you in the strip club making it rain? lol kidding

What are your financial struggles? Please be as vain and gritty as possible

Thanks

Alright, I'll give you some real numbers. You have a good future ahead of you unless you rack up mad student loans.

I'm early 30s. Married, 1 child. Live in FL.

Joint income after taxes, 401k, health insurance: $9000

House bills, own: -$2000
2 cars (Acura, BMW)/insurance.: -$1000
Child care/expenses: -$1000
Student loan: -$800
Savings acct: -$1200

We are left with about $3000 for food, gas, going out, etc....
We blow about $2500 on a good vacation yearly.

Hope this helps.

 

[jdaniels360]

Markel, how'd you get out of PT school with only 74k?! Must be nice! DPTinFL, how much did you come out with?

 

[jdaniels360]

DPTinFL, what would you classify as "mad student debt"? I'm looking at about 130k max after all is said and done. Also, I'm looking at geriatrics in soflo and plan on working PRN weekends to pay off those loans quickly.

 

[SBanks]

I'm not a PT yet, my wife will be a PA in August. $100k+ in addition to undergraduate debt is ALOT of money, and it absolutely will be a hindrance. I know I'm probably more on the conservative side financially compared to others, but there are other options. It looks like you've made your decision already, but for anyone else there are physical therapy schools that don't cost 100k. There are some schools that offer GA positions. You can join the military. You can work really hard for a few years after undergrad to save up some money, but to just take on a huge load of debt without considering the future is a mistake.

Here are some numbers to think about:

Instead of paying 1000k per month for loans, you invest in a good mutual fund. Let's say you earn just 6%. In 10 years it would be $167,600 dollars. If the interest rate was 10% it would be worth $210,300.

Now, lets say you finally pay off your student loans and you are 35. You start at $0, and you invest for 30 years so you can retire at 65. Just for this example lets take that $1000 dollar payment and save that for 30 years. Earning 6% in 30 years it would be worth about one million dollars. Now, on the other hand, take that $167,000 you started with, and continue investing that $1000/month and earning 6%. In 30 years it would be worth 2 million dollars. If you earn 10% on the starting value of $210,000 for 30 years those monthly investments will equal almost 6 million dollars. One million or six million? not a hard decision.

Love your car?

Avg. car payment is around $450. If you get a new car every 10 years, and have a 4 year payoff each time which equals 12 years of car payments, those payments invested into a good mutual fund earning 6% would equal $275,600 in 30 years. If you earned 10% it would be worth $700,000. Cars are not an investment, they go down in value.

The point of this is that debt is the main thing that keeps people from winning with money. No debt payments will allow a family or individual to save for emergencies, pay off their house early, buy a nice car with cash, save for college, have ALOT of fun. You should definitely think about the future before piling on the debt!

 

[jdaniels360]

Well some of us just don't have a choice. Average DPT tuition now is 28-30k a year. It's extremely competitive to get into a state school, so ultimately, what are the other viable options for people who are finishing undergrad and are already accepted to successful (but evidently expensive) programs....? It's an investment.

My situation for example.... After all is said and done, as I've previously mentioned, with the school I'm starting at in May, I'm looking at about 120-130k total. Let's say I make 70-75k out of school (working PRN or whatever, but let's use that figure). If it's just myself to support, is it unrealistic to think that I could pay that off in 6-7 years living on a tight budget?

 

[Sheldon]

There are many ways to look at this but here are my views, my experience, and my opinions:

No debt is good debt. But if you have debt, minimize your overall risk by keeping your debt to a mortgage, student loans, and a car payment. Don't buy the biggest house, don't max out your student loans, and don't buy the most expensive luxury import or top of the line domestic vehicle. I learned the above after having a house built with my SO (having never lived with her prior), going to a private school for PT (b/c I thought I'd have a better pedigree), and I still had my car from HS and UG. How'd things work out for me: I moved out of the house I had built after calling it off with my SO after we realized we were different people. 5.5 years later and paying half of a $2400/month mortgage, I was able to sell the house last August. My friends who chose a state PT edu earn a comparable salary to me. I still have the same car. So, two things right there to learn from.

What have I done since? While I did enjoy the complexity of LTAC and geriatric patients in the SNF I hired on to, the fight against RUGs and being told how and for how long to tx patients was enough for me. My other love, and in retrospect, my first love in PT is ortho. So, I changed jobs. I moved to a rural area, negotiated a good salary, student loan repayment, and amazing con edu benefits in exchange for guaranteed time. Now, I married an amazing woman, bought a house after living with each other for a year, have a newborn son. My employer pays my student loans each month, I put 15% of salary in a 401k and the employer matches it at 6%. Just some examples.

If able, live in a rural and/or under served area, negotiate loan repayment and/or look at VA or military options. Consider PRN jobs on the side. Live within your means. My best year I made $123,000 working 40 hours/week, doing PRN 2-3x/week. I still took 4 weeks off that year too. It's possible to make amazing money if you position yourself correctly.

Good luck! Think ahead.

 

[Cwill22]

I'm not a PT yet, my wife will be a PA in August. $100k+ in addition to undergraduate debt is ALOT of money, and it absolutely will be a hindrance. I know I'm probably more on the conservative side financially compared to others, but there are other options. It looks like you've made your decision already, but for anyone else there are physical therapy schools that don't cost 100k. There are some schools that offer GA positions. You can join the military. You can work really hard for a few years after undergrad to save up some money, but to just take on a huge load of debt without considering the future is a mistake.

Here are some numbers to think about:

Instead of paying 1000k per month for loans, you invest in a good mutual fund. Let's say you earn just 6%. In 10 years it would be $167,600 dollars. If the interest rate was 10% it would be worth $210,300.

Now, lets say you finally pay off your student loans and you are 35. You start at $0, and you invest for 30 years so you can retire at 65. Just for this example lets take that $1000 dollar payment and save that for 30 years. Earning 6% in 30 years it would be worth about one million dollars. Now, on the other hand, take that $167,000 you started with, and continue investing that $1000/month and earning 6%. In 30 years it would be worth 2 million dollars. If you earn 10% on the starting value of $210,000 for 30 years those monthly investments will equal almost 6 million dollars. One million or six million? not a hard decision.

Love your car?

Avg. car payment is around $450. If you get a new car every 10 years, and have a 4 year payoff each time which equals 12 years of car payments, those payments invested into a good mutual fund earning 6% would equal $275,600 in 30 years. If you earned 10% it would be worth $700,000. Cars are not an investment, they go down in value.

The point of this is that debt is the main thing that keeps people from winning with money. No debt payments will allow a family or individual to save for emergencies, pay off their house early, buy a nice car with cash, save for college, have ALOT of fun. You should definitely think about the future before piling on the debt!

nice post. this is a great dilemma for me right now being accepted to an expensive private school as well. If i go through the program my post-undergraduate savings with be gone within 4-5 months then I'll be looking at 90K in loans to be repaid. I think about that money being a solid down payment on a home and being invested for retirement purposes.

 

[MSPT]

This is an awesome thread. I was wondering if you guys who responded could be a little more specific about what you make and what you pay in loans a month. I see you responded with what both you and your spouse make, but I have no idea what your spouse earns or what they do.

 

[MSPT]

I'd really just like to know how much just you make a month and what you pay in loans, to help clarify.

 

[jdaniels360]

Sheldon, what part of the country are you in? I have a million questions and am about to start my DPT program in May. Some of which I'm able to do nothing about at this moment, but I'd like to know what I'm getting in to. I'm fully committed to this program and tuition is 28k/yr. So add living in there for three years and that's that roughly 120-130k I was talking about.

How long would it take to repay that (obviously it depends on the situation), but from your experience could you give me a rough number if I lived simply for that time?

 

[DPTinFL]

DPTinFL, what would you classify as "mad student debt"? I'm looking at about 130k max after all is said and done. Also, I'm looking at geriatrics in soflo and plan on working PRN weekends to pay off those loans quickly.

I came out with 65k in debt. Anything over 100k is too much debt but it might be the only way to become a PT for many people. Like Sheldon said, working in under served areas will pay more but I was not willing to do that. You can do some travel PT: Go to Alaska, make $100k in 9 months, take winters off down in FL doing PRN work, should be student debt free in 5 yrs.

My point is that you will be fine if you are flexible with the type of PT work after graduation. If you stay in a metro area saturated with PTs then you might struggle if you have big student debt.

 

[jdaniels360]

That's all I needed to hear. I have no problem working extra or working in rural areas for a short term sacrifice to get that loan burden off my chest. Thumbs up!

 

[Bailej01]

I'm a new grad about 140k in PT school debt. I tried traveling but it didn't work out. However I moved to a big city and started working for a home health company. I was skeptical at first, but it has been AWESOME! My starting salary is 90,000 (full medical and dental) with a renegotiation in of 100,000. So now I'm set to make 95,000 in one year.

More importantly as stated post have mentioned PRN is where you're going to help yourself out a lot. My rate that I charge is $50 per hour and my goal is to work 40hrs per month.

If you add the 2 incomes I'm doing well for a single guy in his twenties living in a big city. The biggest thing I've learned as a new grad is don't sell yourself short. You're an evaluating therapist, these companies need you more than you think.

In my opinion PT's who complain about not making enough money and ooooh so much loans, just aren't thinking outside the box. I once spoke to an ortho surgeon, he had 500,000 in loans after residency and fellowship. So we're not the only ones who pay for a great profession.

Good luck!

 

[jdaniels360]

What big city are you in and where did you go to school?

 

[natmasc86]

I'm a new grad about 140k in PT school debt. I tried traveling but it didn't work out. However I moved to a big city and started working for a home health company. I was skeptical at first, but it has been AWESOME! My starting salary is 90,000 (full medical and dental) with a renegotiation in of 100,000. So now I'm set to make 95,000 in one year.

More importantly as stated post have mentioned PRN is where you're going to help yourself out a lot. My rate that I charge is $50 per hour and my goal is to work 40hrs per month.

If you add the 2 incomes I'm doing well for a single guy in his twenties living in a big city. The biggest thing I've learned as a new grad is don't sell yourself short. You're an evaluating therapist, these companies need you more than you think.

In my opinion PT's who complain about not making enough money and ooooh so much loans, just aren't thinking outside the box. I once spoke to an ortho surgeon, he had 500,000 in loans after residency and fellowship. So we're not the only ones who pay for a great profession.

Good luck!

Thanks for the post! It was very encouraging.

 

[markelmarcel]

Markel, how'd you get out of PT school with only 74k?! Must be nice! DPTinFL, how much did you come out with?

Went to a school that was roughly $10k per semester for 7 semesters lol.

 

[jdaniels360]

What about PT school marcel?

 

[markelmarcel]

What about PT school marcel?

that was my PT school. (I was "non-trad"... I finished my undergrad in 2007 and it was paid off previous to me starting PT school.)

 

[jdaniels360]

Wow. Must be nice. Prices are ridiculous now. Why? Because they can.

 

[FLDPT]

I'm a new grad about 140k in PT school debt. I tried traveling but it didn't work out. However I moved to a big city and started working for a home health company. I was skeptical at first, but it has been AWESOME! My starting salary is 90,000 (full medical and dental) with a renegotiation in of 100,000. So now I'm set to make 95,000 in one year.

More importantly as stated post have mentioned PRN is where you're going to help yourself out a lot. My rate that I charge is $50 per hour and my goal is to work 40hrs per month.

If you add the 2 incomes I'm doing well for a single guy in his twenties living in a big city. The biggest thing I've learned as a new grad is don't sell yourself short. You're an evaluating therapist, these companies need you more than you think.

In my opinion PT's who complain about not making enough money and ooooh so much loans, just aren't thinking outside the box. I once spoke to an ortho surgeon, he had 500,000 in loans after residency and fellowship. So we're not the only ones who pay for a great profession.

Good luck!

Thank you for posting this! I am currently looking into home health companies and was wondering if you had any recommendations for ones you find more reputable/good to work for. Also, what are some questions to ask them when interviewing?

I know many home health jobs are in rural areas and I want to live in a big city. Is it worth it to work in the rural area outside of a big city, or should I hold out for jobs right in the city?

Thank you in advance for your advice if you see this!

 

[bnwj89]

I'm a new grad about 140k in PT school debt. I tried traveling but it didn't work out. However I moved to a big city and started working for a home health company. I was skeptical at first, but it has been AWESOME! My starting salary is 90,000 (full medical and dental) with a renegotiation in of 100,000. So now I'm set to make 95,000 in one year.

More importantly as stated post have mentioned PRN is where you're going to help yourself out a lot. My rate that I charge is $50 per hour and my goal is to work 40hrs per month.

If you add the 2 incomes I'm doing well for a single guy in his twenties living in a big city. The biggest thing I've learned as a new grad is don't sell yourself short. You're an evaluating therapist, these companies need you more than you think.

In my opinion PT's who complain about not making enough money and ooooh so much loans, just aren't thinking outside the box. I once spoke to an ortho surgeon, he had 500,000 in loans after residency and fellowship. So we're not the only ones who pay for a great profession.

Good luck!

This one of several posts I have read on this forum about home health paying very well. At the most recent CSM in Vegas, I was chatting with a PT at the home health section booth. I told him that I had heard/read that home health can pay substantially more than other areas of PT, and asked him if he thought that was accurate. Surprisingly, he said no, and said that if PTs are making near 100K doing home health, then they might not be spending enough time with patients, or potentially doing something unethical to squeeze more patients into their day. What do you think of this? Are you working more than 40 hours? How many patients do you see per day?

 

[Bailej01]

Thank you for posting this! I am currently looking into home health companies and was wondering if you had any recommendations for ones you find more reputable/good to work for. Also, what are some questions to ask them when interviewing?

I know many home health jobs are in rural areas and I want to live in a big city. Is it worth it to work in the rural area outside of a big city, or should I hold out for jobs right in the city?

Thank you in advance for your advice if you see this!

Hey, no problem. I'm new to this as well so I'm learning as I go. So as far as companies, I think they are different depending on where you live. I work for an agency who contracts from the nursing home health agency. So my boss is an actual therapist who owns the company. It's nice because he understands the meaning of patient care before making money. But everyone wants some money at the end of the day too.

Move to a big city if you want to be there. I live in Texas and I have heard of plenty home health agencies looking to hire. I'm sure the market would be about the same elsewhere. Remember if you don't like home health you can always quit and work in another setting.

Trust me you're needed as an evaluating physical therapist more than you probably think! At least that's how it was for me. Make sure you ask for the salary you want and set a renegotiation period (3 or 6 months). As well as the amount of patients you want to see a week (30-35, 40 max with over time pay). If you do prn figure out your taxes so you don't owe a lot come tax season. Remember I'm new at this so any suggestions anyone else has please feel free to share.

Good luck!

 

[Bailej01]

This one of several posts I have read on this forum about home health paying very well. At the most recent CSM in Vegas, I was chatting with a PT at the home health section booth. I told him that I had heard/read that home health can pay substantially more than other areas of PT, and asked him if he thought that was accurate. Surprisingly, he said no, and said that if PTs are making near 100K doing home health, then they might not be spending enough time with patients, or potentially doing something unethical to squeeze more patients into their day. What do you think of this? Are you working more than 40 hours? How many patients do you see per day?

Good question, however I disagree. You make substantially more with home health because there's practically zero overhead. Therefore the majority of reimbursement goes to the therapist and not the facility.

As far as being unethical, that's a personal choice. I've seen individuals being unethical in OP ortho, SNF, Inpatient, ect... And I've seen it in all kinds of professions.

At the end of the day you don't have to work for the company if you feel uncomfortable. Avg HH PT sees about 25-35 per week.

Majority of therapist make 100k from what I've heard in all different parts of the country

Hope this helps to clarify things

 

[bnwj89]

Good question, however I disagree. You make substantially more with home health because there's practically zero overhead. Therefore the majority of reimbursement goes to the therapist and not the facility.

As far as being unethical, that's a personal choice. I've seen individuals being unethical in OP ortho, SNF, Inpatient, ect... And I've seen it in all kinds of professions.

At the end of the day you don't have to work for the company if you feel uncomfortable. Avg HH PT sees about 25-35 per week.

Majority of therapist make 100k from what I've heard in all different parts of the country

Hope this helps to clarify things

Thanks for the insight!

 

[The Buff OP]

I'm asking on behalf of my brother. How much does a sport's physical therapist and orthopedics PT make a year? I heard it's about 100k-120k. Is it true?

 

[The Buff OP]

Bump
Can any of yo guys answer my question above?

 

[jesspt]

Bump
Can any of yo guys answer my question above?

As a new graduate PT, working a typical 40 hour week, it is highly unlikely he would make that salary in that setting.

 

[The Buff OP]

As a new graduate PT, working a typical 40 hour week, it is highly unlikely he would make that salary in that setting.

I gotta stop posting in the AM I get a lot of typos. lol Anyways, so you are specialize in ortho or sports? I was thinking if I were to go into orthopedic surgery I would hire my lil bro for my practice.

 

[DPTinFL]

I gotta stop posting in the AM I get a lot of typos. lol Anyways, so you are specialize in ortho or sports? I was thinking if I were to go into orthopedic surgery I would hire my lil bro for my practice.

Yes, if you become an orthopedic surgeon and have your lil bro be the physical therapist at your own practice then he can make $100-120k with no problem. Most of his income will depend on how busy you will be as an orthopedist. Patients will come see you and then you either send them to rehab or perform surgery and then send them to rehab.

A regular ortho PT makes around $75k and goes up with experience.

 

[The Buff OP]

Yes, if you become an orthopedic surgeon and have your lil bro be the physical therapist at your own practice then he can make $100-120k with no problem. Most of his income will depend on how busy you will be as an orthopedist. Patients will come see you and then you either send them to rehab or perform surgery and then send them to rehab.

A regular ortho PT makes around $75k and goes up with experience.

Ah, okay. I'll make sure to tell him it was a lie about the 100k salary. LOL

 

[GK217]

Thanks for all the insight on loans and debt. I start my DPT program in January and received my financial aid/ loan information. I was wondering if anyone has recommendations before committing to a loan? I didn't have any loans for undergrad and I am unfamiliar with the interest rates and repayment information. Do most people do federal loans or personal loans from banks? Any advise would be great!

 

[jdaniels360]

Most federal.... Stafford, then Grad PLUS to cover whatever stafford doesn't cover.

 

[sportsrehab]

I went to state school as part of the last Masters class and got an MPT. Graduated 2013. Tuition was 4000/semester for 5 semesters. Grants in California covered $3500 per semester so I ended up paying around 2500-3000 for tuition total. Total loans after grad was around 35K just for living expenses and didn't wanna work during school etc..
To me, even 35k is alot. I started my first job making 75k per year and still get bothered by paying student loans back. My minimum payment is around$410 on the crazy 10 year plan. I actually pay around 1300-1500 per month bc I want the loan gone in 2 years, not 10. I cannot imagine having over 100k in student debt. I would not do PT if a DPT Is the only route. You don't wanna get stuck in the grind of working over 40 hours a week just to make minimal payments on ur student loan that keeps growing by the day due to interest. FYI, my "tiny" student loan grows by $5.41 every day due to interest. So you start to see where having 100k in debt with a 6.5% Apr would cause you to feel like ur hardly able to keep up with interest... When the debt grows by around 15 bucks every day. Let's just say ur probably not easily able to buy a house anytime soon... At least not in the bay.

Don't get me wrong, I love the job. So many opportunities, good pay, satisfying autonomy, patient contact is great. But if ur grinding for a paycheck to pay ur debt, I don't think it would be as satisfying.
If I was looking at PT school now as a potential applicant I would actually consider physicians assistant, nursing, or tech job profession... especially in the bay area. You will still get the patient interaction but, say nursing, is a 2 year community college program... PAs get paid more etc..

So think long and hard about the day graduation comes and 6 months later your first minimum payment of around $1000 is due on $150,000 of debt.... for the next 10 years of ur professional life.

 

[NewTestament]

If I was looking at PT school now as a potential applicant I would actually consider physicians assistant, nursing, or tech job profession... especially in the bay area. You will still get the patient interaction but, say nursing, is a 2 year community college program... PAs get paid more etc..

Yes. If I were an undergraduate student right now, I would become either a ARNP or a PA. They make more and have more autonomy. Physical therapy is a great profession, but education is too expensive and our scope of practice doesn't warrant the designation of doctor.

 

[jblil]

Physical therapy is a great profession, but education is too expensive and our scope of practice doesn't warrant the designation of doctor.

I fully agree with the above. If you are thinking of applying to PT school in the future, keep an eye on South College's accreditation request, to be examined by CAPTE in 3/2015. If South College's accelerated and online DPT program passes muster, other for-profit institutions will jump into the fray and I predict you will see even more such programs being offered. I shudder to think of the MDs' reaction when they deal with another "doctor" who got his/her degree through an accelerated online program... This will do nothing but further discredit the "D" in DPT.

 

[CH2014]

So pardon me if this post seems naive. I'm starting pt school in the fall so more experienced posters can definitely correct me. From the sound of it, most people find it hard to sacrifice so much per month on student loans, but it does not seem like it has been a hindrance to living fairly comfortably. Between undergrad and grad I'm looking at about 140k at the end of pt school and from previous posts it sounds like I should expect to pay around 1500-2000 per month for the next 10 years. Is the sacrifice really that bad for those 10 years to make it not worth it, keeping in mind that the next 20-25 years after would be debt free?

 

[hawkeyePT]

I am a new grad working at an SNF (Iowa) making $36/hr plus 7k sign on and relocation bonus. After taxes, medical, dental, and 10% of income to 401k my bimonthly wages are around $1900. I also work PRN through a different SNF making $45/hr, but only about 6 hs/Mo. I went to public undergrad with little to no debt, but private PT school racked me up about $72k (would have been more if my parents didn't help). I signed up for 10 yr repayment plan (~$750/mo auto payment) but usually put an extra $1000/mo down to overpay. My husband has a moderate to low paying job and even so, we are comfortable with house and car payment. We live within our means so we can pay down debt and travel!!

I am extremely happy with my job as it is very rewarding and laid back! I have enjoyed the skilled nursing setting even though many people are skeptical.

I'm starting my PT degree at the end of may at a school in South Florida. I love PT and I'm sure that this is the career for me.

However, in this thread I want people to be as real as possible!! I don't want to hear feel good stories about helping people and changing lives, because I already have done hundreds of hours of volunteer work and have a good idea already about that side of physical therapy that I have come to love so much. I know what the internet says about average salary and projected growth.

I want to know from practicing PT's, what its like when you go home at night? When your cashing your checks. Are you worried about money? Are you able to keep up with the high loan repayments? Do you own a home and/or a car? Can you take care of your family/kids? Are you in the strip club making it rain? lol kidding

What are your financial struggles? Please be as vain and gritty as possible

Thanks

 

[engmedpt]

I am a new grad working at an SNF (Iowa) making $36/hr plus 7k sign on and relocation bonus. After taxes, medical, dental, and 10% of income to 401k my bimonthly wages are around $1900. I also work PRN through a different SNF making $45/hr, but only about 6 hs/Mo. I went to public undergrad with little to no debt, but private PT school racked me up about $72k (would have been more if my parents didn't help). I signed up for 10 yr repayment plan (~$750/mo auto payment) but usually put an extra $1000/mo down to overpay. My husband has a moderate to low paying job and even so, we are comfortable with house and car payment. We live within our means so we can pay down debt and travel!!

I am extremely happy with my job as it is very rewarding and laid back! I have enjoyed the skilled
nursing setting even though many people are skeptical.

I will have a similar situation as you. After interest....$78k total. with tuition increase, maybe 82. After lifestyle, savings for future down payments in my early 30s, and necessity calculation, I saw that I could pay this off in roughly 5-7 years living in an apartment in my area. I did this starting with a realistic OP 60k projected salary and prn work. From your experience, do you know if your peers received jobs equal to or above this amount? I specifically want a varied outpatient environment (doesn't have to be strictly ortho at all) with prn HH or SNF. I don't think any DPT's should be settling for anything less than 60k min worst case scenario......with the extra education there should be a significant increase ethically, of course that increase is prevalent for the geriatric population where the need is greatest now, so there's that.

Last thing: Anyone here have an understanding of PAYE and PSLF and the specific environments, income levels, and time commitments required?

 

[jjjDPT]

I am a new grad working at an SNF (Iowa) making $36/hr plus 7k sign on and relocation bonus. After taxes, medical, dental, and 10% of income to 401k my bimonthly wages are around $1900. I also work PRN through a different SNF making $45/hr, but only about 6 hs/Mo. I went to public undergrad with little to no debt, but private PT school racked me up about $72k (would have been more if my parents didn't help). I signed up for 10 yr repayment plan (~$750/mo auto payment) but usually put an extra $1000/mo down to overpay. My husband has a moderate to low paying job and even so, we are comfortable with house and car payment. We live within our means so we can pay down debt and travel!!

I am extremely happy with my job as it is very rewarding and laid back! I have enjoyed the skilled nursing setting even though many people are skeptical.

If you don't mind me asking, about how much do you pay monthly for mortgage (assuming you bought a house) and car payments? I'm curious because I expect to have about the same finances between me and my wife as you and your husband. And it sounds like you have it all under control!

 

[ktachiba]

I believe that the PT profession will increase in salary now that all schools are doctorates. My physiology professor said something about how PT salaries decreased in the 90's because there was a lack of evidence based practice (I believe he said Hilary Clinton had something to do with it). But now with a emphasis in evidence based practice in most PT programs, and the move toward a doctorate degree, it feels that PT salaries will increase and be more reflective of the amount of hard work it takes to become a PT. Also, wasn't it just 5 years ago the average PT salary was around $65,000, and now its already up to $80,000?

Not that it's all about money, but it's difficult to understand the logic of PA's and NP's getting paid so much more .

 

[jblil]

Your professor is a perfect example of the ivory-tower academic who is out of touch with reality. Salaries reflect supply and demand. PT schools are sprouting up like mushrooms after a big rain. Online schools are also vying for accreditation. So the supply of PTs is going to increase, and salaries will drift down. Of course, schools will paint a rosy picture of the profession - they only survive if there are students willing to pay tuition costs.

As for the 80K average PT salary figure you mentioned, are you talking new-grad salary, or experienced-PT salary?