Public vs. Private?

[emmi91]

Hi! I am a current DPT applicant, and have been extremely fortunate to have been accepted to almost every school that I applied to/interviewed at! I'm struggling through the decision making process right now, and seeking advice of current PTs who are in the loan repayment process. I would ABSOLUTELY love to go out of state to a private university (I am from the south and never been out), and I've been accepted to Columbia University (my top choice) and also WashU-St. Louis, but the amount of debt I will be in upon graduating is going to be about double of what it would be if I stay home and go to my state school. Is it worth it to go to Columbia for the experience (NYC, awesome connections, great faculty, clinical affiliations, research opportunities, specialty tracks, electives, etc,) or at the end of the day will I be hating myself for the amount of debt I've acquired as a physical therapist? Thanks for your help!

Other acceptances I've gotten are MUSC, University of Maryland, and Drexel, and I have a few more interviews lined up for Febuary.. also applying for outside scholarships.

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[jblil]

One factor that could help you decide is the starting salary for new DPT grads:
http://forums.studentdoctor.net/showthread.php?t=931151

If I had to take out loans, I'd try to keep them to less than a year's salary. Like you, I was accepted at private schools but declined after I saw the tuition + living expenses bill. I couldn't find any scholarships, either.

 

[GTT4DPT]

I can't speak to clinical affiliations or connections.

But as someone who moved from NYC to return to his home state in the south in order to get a more affordable education as an in-state resident, I guess I have an opinion: New York isn't going anywhere, so save yourself some money and move there after school to really enjoy it.

If you double your loans, you'll likely more than double your monthly payments (because as you borrow more and more, it will likely be at a higher rate). This could seriously compromise your ability to enjoy life after school.

And if you want to experience NYC as a student, it's going to get expensive and painful. You'll either live in a relatively bland place in the outer boroughs (or New Jersey) and commute, or you'll be spending an ungodly amount of money to live in a hovel with two semi-sane people you met on Craigslist. Either way, you will be surrounded by the very well off and it will only serve to remind you of all the things you can't afford to have at this time in your life....like an apartment big enough for a kitchen table if you opt for the New York Lifestyle.

It's an amazing town and I treasure the time I spent there, but I was lucky (I had a decent paying job lined up when I moved....though it was a job I hated). I saw many people get chewed up by the financial realities of life in New York. It can be traumatic. Just my two cents...

 

[Azimuthal]

Most Columbia students live around the CUMC in Washington Heights. The rent isn't bad when compared to many other parts of New York. Finding roommates from your cohort should be easy when the Facebook group is formed.

Tuition is quite high, however. Good luck on your decision.

 

[jesspt]

I can't speak to clinical affiliations or connections.

But as someone who moved from NYC to return to his home state in the south in order to get a more affordable education as an in-state resident, I guess I have an opinion: New York isn't going anywhere, so save yourself some money and move there after school to really enjoy it. If you double your loans, you'll likely more than double your monthly payments (because as you borrow more and more, it will likely be at a higher rate). This could seriously compromise your ability to enjoy life after school.

And if you want to experience NYC as a student, it's going to get expensive and painful. You'll either live in a relatively bland place in the outer boroughs (or New Jersey) and commute, or you'll be spending an ungodly amount of money to live in a hovel with two semi-sane people you met on Craigslist. Either way, you will be surrounded by the very well off and it will only serve to remind you of all the things you can't afford to have at this time in your life....like an apartment big enough for a kitchen table if you opt for the New York Lifestyle.

It's an amazing town and I treasure the time I spent there, but I was lucky (I had a decent paying job lined up when I moved....though it was a job I hated). I saw many people get chewed up by the financial realities of life in New York. It can be traumatic. Just my two cents...

 

[NewTestament]

. Just my two cents...

That's all you'll have after living in NY.

emmi91: You can travel to NY whenever you want. Spend a week there, do what you want to do and then leave. You're not going to have time to do touristy things while you're in school. PT school is the same wherever you live. You study, go to school, study, take a shower, and then maybe have some drinks on Friday nights. Location shouldn't be a primary factor, unless you want to work in New York after you graduate. Don't choose a school because it's in a cool place. You're better off going to a PT school that isn't surrounded by distractions.

Kevin

 

[emmi91]

Everything that y'all are saying makes a lot of sense and I really appreciate your input! May I ask on average what most of you or other PTs you know are paying per month in loan repayment? Also, do you have friends or know PTs who made the decision to choose the private, Columbia-esque option and are hating themselves in the aftermath?

 

[PT Dad]

You will not have time to experience the attractions in NYC. PT school is a full time commitment with little time left for anything else. I would check the statistics for your state school as to the first time pass rate on the NPTE. As long as its at least in the mid 90s then you will know that you will be learning what you need to know in that school to practice PT when you graduate. As long as you pass the NPTE no one is going to care where you graduated from. A rough idea of your monthly payment on a 100K loan (which will probably be a minimum amount at a private school) would be around $1100/month.

 

[GTT4DPT]

Also, do you have friends or know PTs who made the decision to choose the private, Columbia-esque option and are hating themselves in the aftermath?

I'm pasting here something I posted earlier in a discussion on SDN that was related to this:

I remember randomly meeting a recent Columbia DPT grad at some social gathering earlier this year. I was excited and started asking him about the program, how he liked it, what he was up to.

He immediately went to the topic of money. I'm paraphrasing here, but the gist of it was this: "I'm sure I got a good education, and an education that was better than most schools, but I wonder if it was worth it."

Expensive to go there. Expensive to live there. And now starting to pay off loans on the starting salary of a PT, while still paying an NYC cost-of-living. I knew immediately what he was talking about and the tone of the conversation very quickly became sullen, before ending altogether.

 

[NewTestament]

You will not have time to experience the attractions in NYC. PT school is a full time commitment with little time left for anything else. I would check the statistics for your state school as to the first time pass rate on the NPTE. As long as its at least in the mid 90s then you will know that you will be learning what you need to know in that school to practice PT when you graduate. As long as you pass the NPTE no one is going to care where you graduated from. A rough idea of your monthly payment on a 100K loan (which will probably be a minimum amount at a private school) would be around $1100/month.

Great post, PT Dad. PT school is not a vacation. I think applicants put too much weight on location that they forget what they're going to PT school for. Go to a less expensive school and travel while on break.

If you go to a school in a desirable location such as New York, you'll just be angry that you never have the the time tour the city.

Kevin

 

[emmi91]

The more I research, it does seem to make the most sense to choose the cheapest option. However, as I have only heard back from about half the schools I've applied to and am still waiting to hear if I've been accepted to my state school, my deposit deadlines are coming up - three in particular within the next week or two. If you had to choose RIGHT NOW which schools to send in a $500 deposit to out of MUSC, Columbia, and University of Maryland-Baltimore, (MUSC cheaper out of the three, UM and Columbia pretty comparable cost-wise), what would you do?

 

[gray0620]

The cheaper option.

 

[DPTHopeful2012]

The cheaper option.

Yep, this.