What is your student debt level line?

[GypsyHummus]

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After lurking in the dental and pharmacy forums, the posts got me thinking: What total debt would you be willing to go to Podiatry schools for? 300K? 400K? When does it not become financially worth it? When would you start looking for other professions?

Me personally, anything above a 300K total price tag for the DPM would be a no go. That is just for the degree with room and board, not total debt from undergrad/masters. Looks like more and more DPM schools are heading that way.

At least its not dental level yet...

 

[ftdoc11]

I didn't check all 9, but most schools have an estimated cost of attendance of around $60k per year, which means your total debt should be no more than $240-250k, plus accumulated interest while in school, assuming you get no scholarship money and borrow the maximum amount allowed. I think it's also fair to say that a good amount of students get some type of scholarship money, at least in the 1st year. I believe my yearly tuition raises have been somewhere in the 2-3% range so although $300k is not unrealistic in the near future, no one should be graduating with anything above that in the next few years (not accounting for any undergrad/masters debt).

Any medical profession that requires doctoral level training is going to come with a huge price tag and no guarantee of an astronomically high income, be it MD, DO, DPM, etc. However, you will make enough to pay back the debt as long as you don't live beyond your means. Deciding whether something is financially worth it, depends on your career goals and definition of a good lifestyle. If you're willing to live a comfortable but not extravagant lifestyle while getting to treat patients and do the doctoring thing, then I'd argue the debt will always be worth it for enough students that the supply of expensive medical school seats will never outpace the demand for them. However, if someone is looking to get the best ROI on their educational debt they'd be best advised to start applying to finance and consulting firms as soon as they get handed their bachelors degree (assuming it doesn't say computer science on it).

 

[DexterMorganSK]

My limit will also be anything above 300K. But agree with what Dimundo said above, there is a cost to any professional degree.
I was lucky not to have any undergrad loans going into this, some of my friends are not so, but I'm still looking close to 200K in debt by end of 4th year.

 

[MidnightSun32]

My other half and I sat down and discussed what would be worth it in terms of taking out student loans. I am a non-trad student and when I was looking to apply many years ago, I was ready to take out $300K in loans. At this point, I want to take out only what is absolutely necessary (to cover tuition only). Paying back student loans for the last nine years really opened my eyes; when I was younger it didn’t seem quite as real. Sucks to have to take out so much debt but overall, it feels worth it to me (and my spouse).

 

[GypsyHummus]

I agree. People when they are in their early 20s dont know how much 10K really is, let alone 300K with compounding intrest.

What is your figure you wont cross? For me, its 350K, any professional degree just isnt worth it at that point.

My other half and I sat down and discussed what would be worth it in terms of taking out student loans. I am a non-trad student and when I was looking to apply many years ago, I was ready to take out $300K in loans. At this point, I want to take out only what is absolutely necessary (to cover tuition only). Paying back student loans for the last nine years really opened my eyes; when I was younger it didn’t seem quite as real. Sucks to have to take out so much debt but overall, it feels worth it to me (and my spouse).

 

[MidnightSun32]

I agree. People when they are in their early 20s dont know how much 10K really is, let alone 300K with compounding intrest.

What is your figure you wont cross? For me, its 350K, any professional degree just isnt worth it at that point.

Ultimately, I would want to keep it at or under $300K; it would still likely be worth it to me. I am trying to keep it at about $160K or less with paying some out of pocket and borrow the majority in student loans. My spouse works in medicine currently and is able to support me emotionally and financially during school/residency so I am fortunate.

 

[de Ribas]

. I am trying to keep it at about $160K or less with paying some out of pocket and borrow the majority in student loans.

That's my goal as well. I think it is realistic. DMU average borrowed amount is ~160K.

 

[GypsyHummus]

I was looking at AZPOD, the most expensive pod school by tuition. They estimate the "thrifty" option cost of attendance after 4 years of just under 300K.

 

[Robin-jay]

Yep. The regular ones are like 330-350K.

But it doesn't make any sense. Tuition is 44Kish. Health insurance is 3K. Tech fee is 700. So call it about 48K per year in tuition and fees/insurance (although the tech fee is only once). One can live for 15K EASILY in AZ. Rooms in houses are cheap. 20K max if you want your own apartment for like 800-1200 per month (with utilities included). Neither of those numbers adds up to 300K. Let alone 340K. I don't know who does AZPOD's projected COA but the discrepancy is ridiculous.

It makes all the sense in the world. Many of these Pod. schools are placed in cities.

When I went to interviews, some of the students in these cities were paying over 2.2k a month for their apartments. On top of that, many people in the cities spend a lot on having fun there (food, attractions, bars, etc.).

It's mostly people who spend horribly that have 300k+ debt in pod. school.

You really shouldn't go over 250k. Having less than 200k is a realistic goal.

Having 150k is the ideal target.

 

[GypsyHummus]

Might be a lot of fees, like equipment fees, computer lab fees, technology fees, etc.

The total COA budgets that the schools in big cities put out are LOWER than AZPOD's, not higher. So it does not make sense. Glendale is not Chicago, or Philly, or Southern Cali, or NYC. lol
An entire 4 bedroom house with a pool doesn't even break 2K in AZ, let alone an apartment.

 

[footpainhealer]

Might be a lot of fees, like equipment fees, computer lab fees, technology fees, etc.

Naw. COA includes fees. That's why it's COA, and not tuition. lol

 

[GypsyHummus]

Thats also not including undergrad debt. I know people 80K in debt from their undergrad alone, going to a state school.

I could see people, if they dont pay anything during residency, to be 500K when its all said and done when intrest at 7% is factored in.

Naw. COA includes fees. That's why it's COA, and not tuition. lol