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Paying off debts
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Paying off debts - May 26, 2004 10:24:00 PM
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LearningPT
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Joined: May 26, 2004
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I have been accepted to some PT schools and will be pursuing a career as a PT but I'm a little concerned about the large debts I'm going to accumulate. Even if I go to one of the less expensive schools I got accepted to I think I'll probably owe 80-100k after graduation. I'm not concerned with making lots of money in a career, I chose PT because I love it and it's really what I want to do but the thought of owing that much money freaks me out as well.
I know some of you people must have went through a similar situation. Can anyone give me their thoughts? Will I be living paycheck to paycheck for the next 10 years? Was paying back the loans not that bad? Were you able to live comfortably?
If anyone can let me know from a personal experience what to expect, that would be very helpful.
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Re: Paying off debts - May 27, 2004 4:26:00 AM
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Dr.Wagner
Posts: 1242
Joined: January 24, 2003
From: Indianapolis
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Shool is that expensive now?! Holy crap.
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Dr. Wagner DO
Moderator of Medical Complexity Forum
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Re: Paying off debts - May 27, 2004 8:04:00 AM
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LearningPT
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Joined: May 26, 2004
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That is the total of Undergrad and Graduate tuition as well as room and board for those 7 years. But yes, it is that expensive.
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Re: Paying off debts - May 27, 2004 1:21:00 PM
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Shill
Posts: 1097
Joined: February 13, 2003
From: Madison WI USA
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Schools are becoming more expensive, and numbers enrolled are dropping. Hmmmm....A correlation here? Maybe the typical person seeking a PT degree was previously seeking it because it wasnt that much more expensive than others, and made an excellent career. Being unable to dig out from the debt is now a potential deterrent. Are we digging our own grave?
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Steve Hill PT
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Re: Paying off debts - May 27, 2004 3:03:00 PM
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FLAOrthoPT
Posts: 1011
Joined: May 8, 2004
From: West Palm Beach
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I owe the gov't just about 100K as well. However, I own a house, a nice car, and have some property investments. The interest rates are at such a low that you can hold on to that debt for 30 years, pay it off very slowly, and deduct a good chunk of that interest off your taxes. So it is almost free money....use it wisely. So instead of buying a car and borrowing 10K at 9%, you'll have more cash on hand and only need to borrow half of that, so you end up not borrowing money at higher interest. Pay off all of your high debt first, credit cards, cars, etc. Then put a big down payment on a place, now if one day you have a huge chunk of money, sure pay it off, but until then, keep it, invest it, and you'll be the wiser. PT school is rather expensive considering you'll only make like 45 coming out of school. however, it is a profession, so you'll never be out of work, you can always be autonomous, and you can really earn potentially as much as you want. So overall I think school is a bit too expensive, but not many other jobs can give you such a sure future ahead of you-
Good luck
Low interest debt rules
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Re: Paying off debts - May 27, 2004 5:55:00 PM
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LearningPT
Posts: 3
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FLAOrthoPT, thanks for your story. It's nice to hear about someone who has as much debts as I'm going to have and is still doing well. Makes me feel better about my situation, especially since I'm about to enter my first semester of PT grad school.
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Re: Paying off debts - May 27, 2004 9:15:00 PM
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Dr.Wagner
Posts: 1242
Joined: January 24, 2003
From: Indianapolis
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While I find those thoughts nice and fluffy...100k is 100k and with only mid level income, it must be a bit depressing. Crapola man...you can only get certain loans if your Debt to Income ratios are topped out.
Go to a state school...that is what I did, and I had zero debt prior to medical school. My debt is 140k (expensive private school)but my income is pretty **** good.
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Dr. Wagner DO
Moderator of Medical Complexity Forum
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Re: Paying off debts - June 2, 2004 1:23:00 AM
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Alex Brenner PT MPT OCS
Posts: 1057
Joined: February 29, 2004
From: Kentucky
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Hi. Have you considered a job in the armed forces? The Army-Baylor University program is rated in the top ten among all PT schools. The tuition is free, they give you a nice stipend for books and they even pay you lieutenant salary while you go to school (about $35,000 a year). Basically the Army/Navy/Public Health services pay you to go to school. Upon graduation, you owe them 4 years active duty to repay the schooling costs. In four years, you are able to stay in the military or leave, debt free. As far as physical therapy in the Armed forces, it has pros and cons but I like it very much. Something to think about.
Army
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Alex Brenner, PT, MPT, OCS
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Re: Paying off debts - June 2, 2004 12:37:00 PM
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jma
Posts: 2414
Joined: August 24, 2000
From: NY
Status: offline
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Hello,
Now that is an interesting idea!! Do you think they will one day have a t-DPT programthat would work the same way? I would definitely consider it if it was.
JMA
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