General Admissions & OTCAS Shorter program, more debt vs longer program, less debt

[occupationaltherapist2018]

Hello, I just needed some advice! I was accepted into 2 programs, one is a full time program that is 2 years and will leave me in about 85k debt, so I will graduate ate age 26, and the other program is a part time 3 year program, that will leave me in about 60k debt, and I will graduate at age 27. Also, with the second program, I will only need to take out government loans vs the first program, where I will need to take out private loans. I have 27k debt from undergrad. What would be the better option? I figure with that extra year of work, I can pay off the extra debt regardless.

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[FINGERS_CROSSED]

I would look at websites that calculate loan repayment based on the loan amount and interest rate. That may help you decide from a financial standpoint.

 

[NYOT18]

I suggest looking at the course load as well. I'm currently in a 3 year program and chose it because it was the cheapest (and unfortunately longest) program I got into. The nice part is I get my first summer off which allows me to work full time during the summer and part time during the school year because the course load isn't as intense as some other shorter programs.

 

[old noob]

IMO, avoid debt as much as possible.

Even without exact numbers like loan interest rate, income after graduation, etc, using 85K+ as total debt (assuming no other costs... which is generous considering life is often quite unpredictable) you'll be looking at around $800-$1200 monthly payment towards debt to eliminate it within 7-15 years. Certainly, you can opt to marry your debt and pay on it for 30 years, but that'll still cost you around $600-700 a month. Numbers are highly variable depending on interest and loan payments.

Simple calculator: How Long Will It Take To Pay Off My Student Loan?

Beyond a career, there are other goals to consider: marriage/children/house, retirement, experiences, etc. While tacking on an extra 20K doesn't seem much when you are already in the hole, every dollar counts over the long haul especially retirement savings.

I can tell you from personal experience, even if you are making bank, when the tax man and his buddy student loan shark come for their half (not piece) of the pie, they are like Dementors from Harry Potter... a longterm burden that can affect all aspects of life, even your relationships. You should make financial decisions like you are dealing with unscrupulous mobsters like those in Godfather or the drug cartel in Breaking Bad.

/IMO