8404PA Posted August 23, 2016 Share Posted August 23, 2016 I'm preparing my loan numbers (just in case Voc-Rehab doesn't go through). By doing extensive calculations, assessments and predictions - I'm looking at ~170k for the 27 months to include everything. Is this a terrible number or an okay number? I know as a PA i'll make good money, so you saltier gals and gents out there, with this be terribly difficult to pay off? I did my undergrad with the GI-Bill so I've never dealt with student loans before. The estimated ~170k is 150k in federal loans and 20k in private. Link to comment Share on other sites More sharing options...
UGoLong Posted August 23, 2016 Share Posted August 23, 2016 Seems expensive. You should know the tuition at your schools of interest and be able to build a spreadsheet of your other costs. It's been 12 years since I started PA school and my total costs (back in those days) was $84K, including living expenses. Link to comment Share on other sites More sharing options...
8404PA Posted August 23, 2016 Author Share Posted August 23, 2016 Seems expensive. You should know the tuition at your schools of interest and be able to build a spreadsheet of your other costs. It's been 12 years since I started PA school and my total costs (back in those days) was $84K, including living expenses. This is exactly what I've done. I got my financial aid award letter today and i'm calculating it out. $84k is 10k short of the tuition + fee's, books and equipment Link to comment Share on other sites More sharing options...
TheFatMan Posted August 23, 2016 Share Posted August 23, 2016 Does yellow ribbon help out at all if you aren't using the GI bill? Link to comment Share on other sites More sharing options...
IDCtoPA Posted August 23, 2016 Share Posted August 23, 2016 This site has a good repayment calculator: https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action Link to comment Share on other sites More sharing options...
UGoLong Posted August 23, 2016 Share Posted August 23, 2016 So you need 94K or so for the school. Your living expenses are another 76K? Link to comment Share on other sites More sharing options...
MT2PA Posted August 23, 2016 Share Posted August 23, 2016 Your school/program should have a pretty detailed cost of attendance somewhere on their site. This will also include estimated living expenses. Granted this assumes a single student with no dependents (and I don't know your situation) but you should be able to request loans (all federal) up to the COA. Not sure if there's a reason for that extra $20k from private but it's likely better to keep it all federal. Easier to consolidate and they are usually more forgiving, literally and figuratively, should you qualify for special repayment situations or need to go into forbearance or whatnot. Plus, the rates looks pretty good for this upcoming year - they've been creeping down the past few years. Yes, $170k is pricey but this wholly depends on what your school is charging tuition (~$90k for 2 years is not unrealistic for many programs) and where the program is located (my school estimates another $80k for 2 years - $40k/yr and considering rent prices here as well as COL, it's a necessary number). So you're in good company. Yes, it's high. Yes, it's not what it used to be. Yes, you could have gone to a cheaper program/lower COL area. (insert eye roll, sorry folks, these are the numbers we deal with today). I use the studentloans.gov website to estimate repayment - it's...doable. It won't be fun but I fully plan on being able to invest in myself (hello retirement!) as well as pay down my loans without needing to live in a cardboard box. You can do it. Link to comment Share on other sites More sharing options...
8404PA Posted August 23, 2016 Author Share Posted August 23, 2016 So you need 94K or so for the school. Your living expenses are another 76K? Yea, 2,800/month x 27 months. Link to comment Share on other sites More sharing options...
8404PA Posted August 23, 2016 Author Share Posted August 23, 2016 Your school/program should have a pretty detailed cost of attendance somewhere on their site. This will also include estimated living expenses. Granted this assumes a single student with no dependents (and I don't know your situation) but you should be able to request loans (all federal) up to the COA. Not sure if there's a reason for that extra $20k from private but it's likely better to keep it all federal. Easier to consolidate and they are usually more forgiving, literally and figuratively, should you qualify for special repayment situations or need to go into forbearance or whatnot. Plus, the rates looks pretty good for this upcoming year - they've been creeping down the past few years. Yes, $170k is pricey but this wholly depends on what your school is charging tuition (~$90k for 2 years is not unrealistic for many programs) and where the program is located (my school estimates another $80k for 2 years - $40k/yr and considering rent prices here as well as COL, it's a necessary number). So you're in good company. Yes, it's high. Yes, it's not what it used to be. Yes, you could have gone to a cheaper program/lower COL area. (insert eye roll, sorry folks, these are the numbers we deal with today). I use the studentloans.gov website to estimate repayment - it's...doable. It won't be fun but I fully plan on being able to invest in myself (hello retirement!) as well as pay down my loans without needing to live in a cardboard box. You can do it. Thank you for your reply! Link to comment Share on other sites More sharing options...
cop to pa Posted August 23, 2016 Share Posted August 23, 2016 It seems pretty realistic, actually. The COA that schools put out aren't random figures and should be close to reliable. COA has also drastically increased since a decade ago. Link to comment Share on other sites More sharing options...
NEB1985 Posted August 24, 2016 Share Posted August 24, 2016 Yea, 2,800/month x 27 months. $2800 a month seems like an absurdly large amount of money to appropriate for living expenses when your entire income is high interest loans. I would suggest trying to find ways to get that number down closer to at least $2000. Link to comment Share on other sites More sharing options...
loliz Posted August 25, 2016 Share Posted August 25, 2016 $2800 a month seems like an absurdly large amount of money to appropriate for living expenses when your entire income is high interest loans. I would suggest trying to find ways to get that number down closer to at least $2000. Agreed. Also, keep in mind that grad school loans are not subsidized... from the day you get the check, you start accruing interest. So your $170K loan is really about $180-$185K. Link to comment Share on other sites More sharing options...
8404PA Posted August 25, 2016 Author Share Posted August 25, 2016 Now I feel more stressed lol. I've finagled it down to ~2,100 . The biggest mistake i made was not fighting the women more on an ~$8-900 apartment instead of an $1080 apartment. Here it's 700 for a crappy place in a bad area and 900 for a decent place and 1000 for safety and quite. She works part time while in school so hopefully we can drive cost further down. Link to comment Share on other sites More sharing options...
Moderator LT_Oneal_PAC Posted August 25, 2016 Moderator Share Posted August 25, 2016 I believe your expenses. It's not exactly a cheap place to be. If you and your wife work and you get a decent paying job, you should be able to pay this off. You won't be living the high life for a while, but doable. Just live off one of your incomes and use the other to pour everything into it. I would cross my fingers for that voc-rehab though! Since I know your area, you could also commute just a little by living up in fountain city. I had a 2 bedroom duplex there in a decent neighborhood, fenced yard, 1.5 car garage, and wood floors for $850. You're note going to find any deals in Farragut. Might also consider renting a bigger house with someone else. I know a couple that did this with a female classmate and it really helped keep down costs. Link to comment Share on other sites More sharing options...
8404PA Posted August 26, 2016 Author Share Posted August 26, 2016 I believe your expenses. It's not exactly a cheap place to be. If you and your wife work and you get a decent paying job, you should be able to pay this off. You won't be living the high life for a while, but doable. Just live off one of your incomes and use the other to pour everything into it. I would cross my fingers for that voc-rehab though! Since I know your area, you could also commute just a little by living up in fountain city. I had a 2 bedroom duplex there in a decent neighborhood, fenced yard, 1.5 car garage, and wood floors for $850. You're note going to find any deals in Farragut. Might also consider renting a bigger house with someone else. I know a couple that did this with a female classmate and it really helped keep down costs. Thank you sir. I'm entitled to voc-rehab but just waiting for the final sign off. I didnt know about fountain city so thank you for that as well. I'm working with a USAA financial councilor and I think every might be okay even if VR doesn't pan out. You know us military guys, we have to plan for everything and have backups for our backups :) Link to comment Share on other sites More sharing options...
NEB1985 Posted August 26, 2016 Share Posted August 26, 2016 Now I feel more stressed lol. I've finagled it down to ~2,100 . The biggest mistake i made was not fighting the women more on an ~$8-900 apartment instead of an $1080 apartment. Here it's 700 for a crappy place in a bad area and 900 for a decent place and 1000 for safety and quite. She works part time while in school so hopefully we can drive cost further down. That sounds a lot better. You don't want to get it so low that you're stressing over food, keeping your internet on, etc., but definitely try to minimize as many unnecessary expenses as possible. I'm paying $700 for rent in a decent location, and I'm living off around $1600 a month. One thing I've done, and I would suggest doing, is whenever you get your refund check at the beginning of each semester, go ahead and pay your rent for the whole semester, and pay ahead on your bills. That way, at least for me, you'll have a better idea of exactly how much money you have to live on day-to-day once all your bills are taken care of. Link to comment Share on other sites More sharing options...
8404PA Posted August 27, 2016 Author Share Posted August 27, 2016 That sounds a lot better. You don't want to get it so low that you're stressing over food, keeping your internet on, etc., but definitely try to minimize as many unnecessary expenses as possible. I'm paying $700 for rent in a decent location, and I'm living off around $1600 a month. One thing I've done, and I would suggest doing, is whenever you get your refund check at the beginning of each semester, go ahead and pay your rent for the whole semester, and pay ahead on your bills. That way, at least for me, you'll have a better idea of exactly how much money you have to live on day-to-day once all your bills are taken care of. That's a great idea. Thank you Link to comment Share on other sites More sharing options...
MT2PA Posted August 27, 2016 Share Posted August 27, 2016 $2800 a month seems like an absurdly large amount of money to appropriate for living expenses when your entire income is high interest loans. I would suggest trying to find ways to get that number down closer to at least $2000. This varies drastically by location. In my area to pay anything less than $1200/month requires roommates in a less than desirable area and studios in safe areas are easily $1600-$1800. By the time you add utilities, groceries, and any other bills you may have, $2000 is unrealistic. I don't spend $2800, but $2000.....would make for a stressful situation. Link to comment Share on other sites More sharing options...
Katera Posted August 28, 2016 Share Posted August 28, 2016 $170k.......... It took me 10 years to pay off $65k. I can not fathom how long and hard it is going to be to pay off that sum of money +interest. I really hope you love medicine, your going to have to for a long long loooong time. Link to comment Share on other sites More sharing options...
stellahead Posted August 28, 2016 Share Posted August 28, 2016 As a second-career adult who managed to pay off my original student loans, the grad plus loans that I qualified for PA school were huge. I let them throw the money at me and stashed it in an account, only taking out what I could justify for living expenses. The rest I sat on in case I couldn't get a job right away. As soon as I was hired, I threw 40,000 back at them before interest started to accrue. Try keeping any extra to the side, so you can plot giving some of it back. Link to comment Share on other sites More sharing options...
loliz Posted August 28, 2016 Share Posted August 28, 2016 As a second-career adult who managed to pay off my original student loans, the grad plus loans that I qualified for PA school were huge. I let them throw the money at me and stashed it in an account, only taking out what I could justify for living expenses. The rest I sat on in case I couldn't get a job right away. As soon as I was hired, I threw 40,000 back at them before interest started to accrue. Try keeping any extra to the side, so you can plot giving some of it back. No one "throws money at " you without a price these days... grad plus are some of the highest interest loans that are out there. And things have changed.... interest starts NOW. Not after a grace period (nothing is subsidized anymore). Link to comment Share on other sites More sharing options...
8404PA Posted August 29, 2016 Author Share Posted August 29, 2016 $170k.......... It took me 10 years to pay off $65k. I can not fathom how long and hard it is going to be to pay off that sum of money +interest. I really hope you love medicine, your going to have to for a long long loooong time. The "new" number is 148k. That said, it's for 27 months of school. Two of my friends are 1st year Med school students and they're estimating 350k each. I know an MD makes more but all I'm saying is it's not that terrible but I have 30-40 years to pay it off (that's when I'll retire). After grad I'll work underserved and perhaps Prn at urgent care or Somthing Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Lauren R Posted August 31, 2016 Share Posted August 31, 2016 The amount for your education is pretty typical, but the amount you are projecting to need for cost of living/extra expenses is definitely greater than average. Definitely try to trim down those expenses. You should look into the nonprofit loan forgiveness program. Basically, you work 10 years full time for a nonprofit and the remainder of your loans are forgiven. With the cost of your loans, you may really benefit from this. Link to comment Share on other sites More sharing options...
Acebecker Posted August 31, 2016 Share Posted August 31, 2016 This is almost exactly what we paid for PA school and living expenses. We bit the bullet a little and took out a few extra loans so my wife could be home with our (then) 2 kids while I was in school. It has been hard, but very worth it. After almost exactly 5 years in the workforce we have paid off about 40% of it. That means we have along way to go, but we are making dents. I did get loan repayment and I work full time and part time (total of 175-180hrs/month). It's doable, but it's tough. The good thing is that I love my job and I would not do anything differently. It was a sacrifice I had to make in order to do what I get to do every day and it is totally worth it. Link to comment Share on other sites More sharing options...
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