So the only PT program I got accepted to would run me over 150K in debt. Should I try to get into a cheaper program during the next cycle? I applied to schools late last time, and I have some other ways that I can improve my application, such as diversifying my PT hours (I only have inpatient), so I feel like I might have a decent shot to get in somewhere else. I also didn't research schools at all last time and apparently applied to many schools that were out of my GPA range. The schools I'm looking at would only require me to take out about 80K in loans. Is the risk of not getting in worth reducing my debt?
Re-Apply to get into cheaper school?
- Thread starter RehabDude
- Start date
At 150k you're better off just working at McDonalds. At least you'll have money at the end of the week if you did that.
I'm assuming that is just tuition and doesn't even factor in your cost of living for 3 years.
If you have roughly 200k in loans at ~8%, then you're paying almost 20k a year just in interest. This is for a job that grosses ~60-65k as a starting average.
You're getting close to MD levels of debt at that point, except without the starting high base pay and upwards mobility.
Lets say you want to have a wedding, children, buy a house, a car, or even eat food that is not ramen. Where would you get the money for it?
You will be a debt slave for the rest of your life if you do this.
And no, I am not exaggerating this or being overly dramatic. Unless you're expecting a big inheritance, it's a bad idea.
~80k is about where it should be for a dpt degree, and that's still not counting the cost of living for 3 years.
Losing one year is definitely worth not paying double tuition.
I'm assuming that is just tuition and doesn't even factor in your cost of living for 3 years.
If you have roughly 200k in loans at ~8%, then you're paying almost 20k a year just in interest. This is for a job that grosses ~60-65k as a starting average.
You're getting close to MD levels of debt at that point, except without the starting high base pay and upwards mobility.
Lets say you want to have a wedding, children, buy a house, a car, or even eat food that is not ramen. Where would you get the money for it?
You will be a debt slave for the rest of your life if you do this.
And no, I am not exaggerating this or being overly dramatic. Unless you're expecting a big inheritance, it's a bad idea.
~80k is about where it should be for a dpt degree, and that's still not counting the cost of living for 3 years.
Losing one year is definitely worth not paying double tuition.
Depends. It is not a guarantee that you will get into your state school next cycle. As you know, it is getting competitive, now more than ever. Simply diversifying your hours may not be enough, especially if you gpa is only average. If you're paying 150k just for tuition, I'd say don't go to that school. If it's 150k for tuition and living expenses for three years, I'd say take your acceptance and move on with it. The sooner you become a dpt, the sooner you can make payments towards your debt. I didn't get into my state school, but I'm going to a private school 30 minutes away. I calculated I will be between 130-135k in debt. If my parents move to that side of town I will live with them in my second year, which = less debt. It doesn't scare me. I live within my means and prefer to live a simple life anyways. I would much rather be paying down a large student debt (investment 😀) doing something that I absolutely love rather than working some dead end **** job with no debt.
Yes, yes you are being a tad over dramatic. Do you really think that pt's don't have houses, cars, wives/husbands and children? It can be done and they're living proof. Now I'm definitely not an advocate of spending over 100k just for tuition, but in this day and age, the cost of a dpt + living expenses is more commonly north of 100k then it is under. Of course, if you have the choice you ALWAYS go with the cheaper school, but some of us didn't have that choice. Simply saying "reapply!!!" may not work with as competitive as it is now. If pt is something that you want, you will find a way to make it work.
I told him he would be a debt slave his entire life, and that is absolutely true. I never said anything about him not having a house, car, or family. I made it a point that the money for that doesn't just magically come out of thin air.
With student loan debt of 200k for tuition and living expense, he will be paying almost a third of his gross starting salary just in interest.
How much stress do you think that will put on him and his family? What are these students going to do when they realize they're 50 years old with virtually no savings and hundreds of thousands in various debt that they've only been paying the interest on for the past 20 years of their lives?
I completely agree with your points and also understand that sometimes people don't always have many options, but they still have options, even if they are not good options. His question was whether to wait and reapply next year for cheaper or to just go ahead with it. The smart answer to his specific question is to reapply for a cheaper school.
My heart truly hurts for people who are put into these situations and I wish the system didn't punish students the way it does, but this is a reality. Pretending it doesn't exist or rationalizing it doesn't make it better for us as a professional family or as individuals.
Last edited:
Where did the OP say that they were going to have 200k of debt?? Until op clarifies if the 150 figure is tuition only or tuition + living expenses, I'm assuming op means combined. I've never heard of a school that has 150 in tuition, but I could be wrong. There are ways to minimize debt after graduation. Hospitals offer tuition assistance, working for rural towns offer benefits and traveling pt generally pays more. I'm not so sure reapplying is the best advice. Like I said, it's getting super competitive. Why risk not getting in next cycle? Then what?? Look, op, bottom line, you have to sit down and think about if it's worth it to you to go with your acceptance now or reapply next year and risk not getting in. When I got rejected from my state school, I wanted to reapply. Then I remembered what the admissions counselor of the school said: "we received 1,200 applications, which is the most we've ever received and expect the same, if not more next year." That wasn't something I wanted to gamble with again. In you situation, Myosin's advice could be wrong and so could mine. It's totally a personal decision and you will always have people who have differing opinions on this matter. Good luck.
COMPLETELY agree with Myosin. It is truly absurd to go over 100,000 in debt for a job that averages 60,000. The rule of thumb is your loan should not exceed your first years salary pay. I love PT but if it came down to where my only option was to take on over 100,000 in debt, I'd be looking for another career I might enjoy just as much.
The forum could spend the whole day arguing this, but what she said above will always be the golden rule.
If you noticed op, both of us had to assume a lot of things in our replies, that makes giving specific advice very hard. We have no idea what schools you're applying to, what state you're in, what your stats are, or what kind of plans you have after graduation.
The op has now received two polar opposite, but still completely subjective sets of advice. It's now his job to sit down and find a middle ground between them and apply it to his specific situation.
The program is 150K just for tuition. It's also in NYC which means the cost of living is gonna be pretty steep. It's not impossible to pay off the loans, but with interest I feel like it's gonna take me around 20 years if I want things like a car, house, family. I love PT but I feel like >150K debt is too much sacrifice. But it's so hard to turn down acceptance to a DPT program these days. I'm not sure what to do, I'm just trying to get a feel for what you guys would do.
Run. 150K for tuition is not acceptable. If it was 150 for tuition and living expenses, then you have something to think about.
- Joined
- Nov 4, 2010
- Messages
- 1,328
- Reaction score
- 426
Reapply. If tuition and living expenses were $150k total, then maybe. Even then, I would hesitate. If you have a good job right now, and are comfortable with your living situation, then stay where you are for a year, and improve your application. Nicole is right that the process gets more and more competitive, but if your application is strong, then I wouldn't worry about it. You can retake some classes or gain some extra observation hours if you want.
This school is in New York, so living expenses will probably be outrageous, unless you want to commute.
If you never get in, at least you can say you weren't willing to pay $150-200k before earning your first paycheck.
Kevin
This school is in New York, so living expenses will probably be outrageous, unless you want to commute.
If you never get in, at least you can say you weren't willing to pay $150-200k before earning your first paycheck.
Kevin
Hey. I'm afraid you're wrong on your numbers. The average salary for a PT, based on the latest figures from the Bureau of Labor Statistics, is $81,110.00 🙂
I have to say though, a tuition of $150,000.00 is outrageous
A new grad will not make $81K. Most make $60-$65K; of course they can supplement that by working longer hours or doing PRN gigs.
Look at the new grad survey results here:
http://dptfinances.wordpress.com/2012/07/10/hello-world/
- Joined
- Apr 4, 2011
- Messages
- 724
- Reaction score
- 174
I can't imagine even remotely considering paying that much in tuition alone, especially while paying living expenses in NYC. In my opinion, it is absolutely worth doing your homework on schools and reapplying. You might check if your program would be willing to defer your acceptance for a year, so that you would still have that as a back up.
I can't even imagine applying to a school that charges that much for tuition lol.
No, I do not collect that info. I think there is no difference between male/female salaries in this field. The majority of PTs is females anyway.
