Student loans

[Andsilentb0b]

---

Members do not see this ad.

Hi guys. My name is Jordan and I'm new to this thread. I'm currently finishing my kinesiology degree and will then apply to PT school. It took me awhile to find out exactly what field I wanted to go into but I have finally decided on physical therapy. I already have taken out 20,000 in undergrad loans and haven't even started PT school. I was just wondering if anyone else was in the same boat and how much their payments are a month after graduation. I know this is what I want to do but it's hard to be completely excited considering in the back of my head I am nervous about the cost of becoming a PT. I know money shouldn't matter, and I agree, I am just being practical and trying to prepare for my future. Also, are there alot of PT employers who offer loan repayment? I don't trust what I read on google. Thanks guys 🙂

 

[Andsilentb0b]

Thanks so much for helping, wow the people on this forum are just SO nice and helpful! Ha

 

[fejin757]

No need to be a diva, people are busy with their lives. Btw, A lot of your concerns can be researched by using the search function.

I have about 6,000 in student loans after undergrad. My loan repayments are close to a 100 month, but I recommend you consolidate your undergrad loans into your grad school loans.

There are employers who offer some forms of tuition repayment, but I'm not sure how prominent they are. I've seen hospitals offer 5-20k for however many years they force you to commit to them. You could look into the Public Service Forgiveness Loan as well.

Finally, money is very important and it's smart to figure out if you are comfortable with the fact that the DPT is a poor financial investment if you attend an expensive program. Consider attending the cheapest program available that has a good pass rate for the Boards.

 

[NewDPT31]

No need to be a diva, people are busy with their lives. Btw, A lot of your concerns can be researched by using the search function.

HAHAHA-I agree. Pardon the lack of replies from Friday-Sunday.

GO TO THE CHEAPEST PLACE WITH BEST PASS RATE
I went to a private school, and racked up 230k in debt. That is why I am living cheap and focusing 2500 per month right now to try and pay as much down as I can. PT school is all federal loans now, which is good because it caps payment at 15% of income and forgives the rest after 10 yrs if u work non profit and 25 years if u do private sector. My problem is not the fed loans, its the 90k of variable interest private loans. Right now the rates are low, but I'm too scared they will skyrocket and am just working on paying those guys. This is a downfall of entry level programs. I stupidly made the decision as an 18 year old without realizing just how much all the stuff would cost and tuition increases, extra summers, just killed.
Think before you sign. PTA isn't a bad route to go-2 yrs at community college.

 

[leon24]

I have never heard of this loan forgiviness after 10 years, how does this work? So one would only pay 15% of their income for 10 years and what ever isn't payed after those 10 years is forgiven and one wouldn't have to pay the rest (if they work non-profit)? And what exactly is a non-profit PT job?

 

[fejin757]

Leon,

I think Public Service Loan Forgivness is relatively new, meaning that no one has qualified for it yet. Nonprofits include: Government, Military, etc.

I wouldn't rely on the Loan Forgiveness as the sole means of paying off your debt, as I'm sure it will irk taxpayers as soon as people start getting 100k off their loans forgiven.