DPT School Debt

[bmoore46]

I’m on the fence between two programs. The program I’d rather go to is $13,000 more expensive than the other program. Is it dumb to go to the more expensive school? Since it’s the same degree? Will I regret being $13,000 more in debt, or is debt just debt at that point?

Any thoughts or advice would be greatly appreciated! And these are both public schools, just one gave me a scholarship that’s where the money difference came from.

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[kdubz7w7]

I’m on the fence between two programs. The program I’d rather go to is $13,000 more expensive than the other program. Is it dumb to go to the more expensive school? Since it’s the same degree? Will I regret being $13,000 more in debt, or is debt just debt at that point?

Any thoughts or advice would be greatly appreciated! And these are both public schools, just one gave me a scholarship that’s where the money difference came from.

Grand scheme 13k isn't a *huge* difference but regardless, unless you really really really want to go to the more expensive school, I'd choose cheaper.
Take into account cost of living for both schools, sometimes that can cancel out tuition money you're saving.

 

[800shoes]

Consider what the tuition has been doing at both schools, and if tuition is locked in for 3 years. 13k now could become 0k, 13k, or 26k depending on changes in tuition at either place.

 

[wiseOldPT]

There are a lot of factors besides tuition that can determine overall cost/debt. Cost of living in the area, location of clinical internships. books/supplies, need to travel to see family, etc. 13k isn't nothing but not a gigantic difference in the scheme of things. What are the reasons you prefer one school to the other?

 

[deleted1131510]

Lmao at all these people saying 13K isn’t a “huge” difference. Factor in interest and your potential earnings, it can be the difference between you eating ramen every night and you eating ramen every night with an egg mixed in.

 

[bmoore46]

There are a lot of factors besides tuition that can determine overall cost/debt. Cost of living in the area, location of clinical internships. books/supplies, need to travel to see family, etc. 13k isn't nothing but not a gigantic difference in the scheme of things. What are the reasons you prefer one school to the other

Honestly, it just comes down to me thinking I would enjoy my time more at the expensive school. Its away from home, technically ranked higher than the other, and has nicer facilities and resources from what I could see. I'll take a look at cost of living

 

[deleted1131510]

Honestly, it just comes down to me thinking I would enjoy my time more at the expensive school. Its away from home, technically ranked higher than the other, and has nicer facilities and resources from what I could see. I'll take a look at cost of living

Rankings are arbitrary. It really is dependent on the student to pass boards their first time. 90% of what you learn in PT school is useless garbage. The real learning happens out there on your own

 

[homunculusus]

Lmao at all these people saying 13K isn’t a “huge” difference. Factor in interest and your potential earnings, it can be the difference between you eating ramen every night and you eating ramen every night with an egg mixed in.

It's not that simple. Assuming the $13k is the only difference between the two schools then that's virtually a rounding error in terms of monthly repayment. It's even more insignificant if OP will qualify for PSLF (I'm in med so idk how common PSLF-qualifying jobs are in PT)

For example, my school over-budgets for everything, and if one already has a reliable/paid off car with cheap insurance, they can "pocket" that money and live like a king. On the other hand, I know several schools (with tuition of 35-70k/yr) that squeeze every budget item that there's barely enough. Students at the latter schools will not have any extra spending money for misc expenses or emergencies

Anyways, $13k (even with interest) is a drop in the bucket if OP will be happier, more successful and less stressed at their preferred program. Every school will always budget enough to cover their tuition whether it's $30k or $90k/yr and some schools like to give more $ towards COL than others (regardless of what their tuition is). At my med school, everything from food, transportation, books, misc etc is overbudgeted (nobody buys books here), and I spend 70% of the food budget and 25% of the transportation budget, pocketing the difference in case of an emergency

 

[deleted1131510]

It's not that simple. Assuming the $13k is the only difference between the two schools then that's virtually a rounding error in terms of monthly repayment. It's even more insignificant if OP will qualify for PSLF (I'm in med so idk how common PSLF-qualifying jobs are in PT)

For example, my school over-budgets for everything, and if one already has a reliable/paid off car with cheap insurance, they can "pocket" that money and live like a king. On the other hand, I know several schools (with tuition of 35-70k/yr) that squeeze every budget item that there's barely enough. Students at the latter schools will not have any extra spending money for misc expenses or emergencies

Anyways, $13k (even with interest) is a drop in the bucket if OP will be happier, more successful and less stressed at their preferred program. Every school will always budget enough to cover their tuition whether it's $30k or $90k/yr and some schools like to give more $ towards COL than others (regardless of what their tuition is). At my med school, everything from food, transportation, books, misc etc is overbudgeted (nobody buys books here), and I spend 70% of the food budget and 25% of the transportation budget, pocketing the difference in case of an emergency

Med school? Physicians make wayyyy more money than any PT ever will. For our measly salaries, penny pinching when we can for education will go a loooong way.

There are PLSF programs for PT and some hospitals even offer loan forgiveness incentives. The only caveat is they pay you below market rate and lock you in with a contract.

 

[homunculusus]

Med school? Physicians make wayyyy more money than any PT ever will. For our measly salaries, penny pinching when we can for education will go a loooong way.

There are PLSF programs for PT and some hospitals even offer loan forgiveness incentives. The only caveat is they pay you below market rate and lock you in with a contract.

Still, most DPT schools are 2.5-3 years and a fraction of the tuition for a $100k/yr job. That income can manage an extra $13k over whatever number of years. If one finishes PT school by 25 and hustles like a resident physician (hours and effort) they could easily pay it off

Not all doctors make bank. Many of my classmates have a passion for things that won't make much ($150-$200k). This is a greater burden considering most people at my school will owe $200-$350k and work as residents for 3-7 years $60-70k. Idk OP's age but if they're 21-23 now then I say go for it. Many of my classmates that will end up in lower paying fields started at 26-30 and will be 40 by the time they're attendings

I have a dental school friend who owed $720k as a general dentist (would have been >$1m if they specialized) but they're working "like a resident" currently and making >$280k/yr - which is insane for a dentist. Debt doesn't matter much if one is willing to work

 

[deleted1131510]

Still, most DPT schools are 2.5-3 years and a fraction of the tuition for a $100k/yr job. That income can manage an extra $13k over whatever number of years. If one finishes PT school by 25 and hustles like a resident physician (hours and effort) they could easily pay it off

Not all doctors make bank. Many of my classmates have a passion for things that won't make much ($150-$200k). This is a greater burden considering most people at my school will owe $200-$350k and work as residents for 3-7 years $60-70k. Idk OP's age but if they're 21-23 now then I say go for it. Many of my classmates that will end up in lower paying fields started at 26-30 and will be 40 by the time they're attendings

I have a dental school friend who owed $720k as a general dentist (would have been >$1m if they specialized) but they're working "like a resident" currently and making >$280k/yr - which is insane for a dentist. Debt doesn't matter much if one is willing to work

Lol the only setting where PT remotely makes close to 100K is maybe home health, and even then it’s inconsistent due to the feast or famine nature of that setting.

As far as “hustling” by working resident / physician hours? LOL. If I wanted to work those hours then I’d have gone to med school ? What kind of masochist would want to work 50-60 hours and get paid less than a physician? I want to work to live, not live to work.

“Not making much” “150-200K”

Bruh PT’s make half that on average.

That’s also just asking for an early forced retirement due to injury, considering how debilitated our patient population is. Manual therapy destroys the joints over time as well.

It’s all about ROI. All those professions you just listed have an infinitely higher wage ceiling. PT caps out at barely 100K if you’re VERY lucky. Average salaries tend to be 65-80K but that remains uncertain if reimbursements continue to decline.

 

[homunculusus]

Lol the only setting where PT remotely makes close to 100K is maybe home health, and even then it’s inconsistent due to the feast or famine nature of that setting.

As far as “hustling” by working resident / physician hours? LOL. If I wanted to work those hours then I’d have gone to med school ? What kind of masochist would want to work 50-60 hours and get paid less than a physician? I want to work to live, not live to work.

“Not making much” “150-200K”

Bruh PT’s make half that on average.

That’s also just asking for an early forced retirement due to injury, considering how debilitated our patient population is. Manual therapy destroys the joints over time as well.

It’s all about ROI. All those professions you just listed have an infinitely higher wage ceiling. PT caps out at barely 100K if you’re VERY lucky. Average salaries tend to be 65-80K but that remains uncertain if reimbursements continue to decline.

Not to stray from the main point of the conversation which is that $13k is insignificant. I don't like hypotheticals but for example let's speculate that OP would have better dating prospects at their preferred city, or staying there after school. That alone could be more valuable than saving $13k up front.

There are many variables beyond our control. If I marry a doctor, finances are not a problem even if we have a combined $700k debt. If I marry a SAHM then it becomes harder in the beginning. If I marry a doctor with $300k debt who wants to work part time or take 6 months off or go half time during maternity, that's $100k+ right there.

We cannot try to control every variable. According to your logic, I should kick myself in the foot for taking a few gap years and doing an expensive SMP. Do I look at it as "setting me back $1m" or do I look at it as "it is what it is and make the best of it?" I chose the latter and I am as happy as can be.

As far as “hustling” by working resident / physician hours? LOL. If I wanted to work those hours then I’d have gone to med school ? What kind of masochist would want to work 50-60 hours and get paid less than a physician? I want to work to live, not live to work.

Everyone should be hustling while they're young. It means being efficient with your time. I knew a guy in undergrad who had better grades than me and switched from pre-med to pre-PT. He surely would have gotten into DO and maybe even MD like myself. I assume that you all chose PT over med because of passion/other reasons. Anyways. He built a side hustle (health related) that was bringing in $40k/yr while in college. It didn't feel like work for him because he enjoyed it. I don't keep in touch but I have no doubt he will do the same as a PT and make more than double the average.

Most people when they're not working are wasting their time watching tiktoks or TV (not even a show - just random things). Many "hustlers" are working the same hours but simply being more efficient with their time and thinking of ways to maximize their time when they're "on".

 

[deleted1131510]

Not to stray from the main point of the conversation which is that $13k is insignificant. I don't like hypotheticals but for example let's speculate that OP would have better dating prospects at their preferred city, or staying there after school. That alone could be more valuable than saving $13k up front.

There are many variables beyond our control. If I marry a doctor, finances are not a problem even if we have a combined $700k debt. If I marry a SAHM then it becomes harder in the beginning. If I marry a doctor with $300k debt who wants to work part time or take 6 months off or go half time during maternity, that's $100k+ right there.

We cannot try to control every variable. According to your logic, I should kick myself in the foot for taking a few gap years and doing an expensive SMP. Do I look at it as "setting me back $1m" or do I look at it as "it is what it is and make the best of it?" I chose the latter and I am as happy as can be.


Everyone should be hustling while they're young. It means being efficient with your time. I knew a guy in undergrad who had better grades than me and switched from pre-med to pre-PT. He surely would have gotten into DO and maybe even MD like myself. I assume that you all chose PT over med because of passion/other reasons. Anyways. He built a side hustle (health related) that was bringing in $40k/yr while in college. It didn't feel like work for him because he enjoyed it. I don't keep in touch but I have no doubt he will do the same as a PT and make more than double the average.

Most people when they're not working are wasting their time watching tiktoks or TV (not even a show - just random things). Many "hustlers" are working the same hours but simply being more efficient with their time and thinking of ways to maximize their time when they're "on".

Yea no, i don’t think working beyond 40 hours a week should ever be glamorized. Especially if one plans on having a family and kids. Busting your hump and sacrificing your social life just to make some fat cat above you richer? Hard pass. What’s the point of working yourself the the bone when you’re young? So you can have all this money but be too debilitated and old to enjoy it ?

I’m sure OP has the wherewithal to decide if the extra 13K is worth it or not at this point.

 

[dpt1029]

I’m on the fence between two programs. The program I’d rather go to is $13,000 more expensive than the other program. Is it dumb to go to the more expensive school? Since it’s the same degree? Will I regret being $13,000 more in debt, or is debt just debt at that point?

Any thoughts or advice would be greatly appreciated! And these are both public schools, just one gave me a scholarship that’s where the money difference came from.

definitely factor in cost of living. 13k is within a margin where COL and other expenses can tip the balance.

 

[AP191]

that won't make much ($150-$200k).

I wish I can make that as a PT or even come close to it. That would be a dream.

I did all the side hustles in different settings - HH, SNF, OT while working in OP. I'll tell ya, it wasn't that bad doing it for the first year after graduating, but then you really start to feel it. I started to realize how much I valued my free time. Plus I got married too, so that cuts into what I am able to do over the weekends. I still owe loans but I did not want to sacrifice my happiness so I can make a couple hundred bucks a month.

 

[ya1]

I’m on the fence between two programs. The program I’d rather go to is $13,000 more expensive than the other program. Is it dumb to go to the more expensive school? Since it’s the same degree? Will I regret being $13,000 more in debt, or is debt just debt at that point?

Any thoughts or advice would be greatly appreciated! And these are both public schools, just one gave me a scholarship that’s where the money difference came from.

Consider living cost and choose the cheapest school. Schools are all more or less the same. It does not matter much if tables or desks schools have 5 years older. Interest on $13K may bring the difference up to $20K by the time you pay it off.

 

[ya1]

Lol the only setting where PT remotely makes close to 100K is maybe home health, and even then it’s inconsistent due to the feast or famine nature of that setting.

Disagreed. Making about $110K and working a little less than 40h/wk. Full time job. Not home health or travelling PT. No stress. There are options out there.

 

[deleted1131510]

Disagreed. Making about $110K and working a little less than 40h/wk. Full time job. Not home health or travelling PT. No stress. There are options out there.

What state and setting?

 

[ya1]

What state and setting?

CA; geriatrics.

 

[deleted1131510]

CA; geriatrics.

That’s low by CA standards. Flexing low 100K in Cali isn’t even a flex because of the outrageous HCOL.