Maxed out student loans, how will I pay for PA school?

[kep308]

Ok, so I already have a master's degree and borrowed a lot of money although most of what I owe is interest. I have borrowed quite a bit of money to finish all my prerequisites, too. I am maxed out I'm being told after fall semester. I am totally freaking out. I got on the wait list to one school last application cycle and I'm applying again this year. I'm also applying to accelerated BSN programs as a plan B with hopes of one day becoming an NP, if that's the route I have to go. We only have 2 public university PA programs in my state, the rest of private and expensive. Have I just wasted the last 4 years of my life and made mountains of sacrifices and experienced monumental stress for nothing? Will I have come this far only to fail because I won't be able to pay? My greatest fear coming to reality. 

[UGoLong]

Take a breath. You are where you are.

 

If you can't afford to pay for school or take out a loan, you may need to look at other approaches. A guy in my class went Army and then served his time as a PA to get all of his student loans (undergrad and PA school) forgiven. I don't know if they still do that, but it's an option. The Health Service Corps or maybe working in an underserved area after graduation might be an approach. Borrowing money from a relative with deep pockets. Taking a break for a year or two to make some money with your shiny new masters degree.

 

The point it, don't freak out. Just look around and stop ruling things out before you consider your options.

 

Good luck!

[kep308]

Funny you should say that because a PA I met recently who is writing me an awesome recommendation letter (UGH I feel like I'm almost there now THIS??!!!) but anyway, I digress, he's in the army and said he never in a million years saw himself in the army but that's how he paid. Well my shiny new master's is not shiny or new and it's in music. :) Someone in my family MIGHT co-sign a private loan but I don't know. My credit is NOT good. Poor musician and student kinda thing. Single mom. Woo hoo! But my stats are really really good and I could do this if only the money doesn't stop me. Maybe I need to look into this army thing. OMG. Seems SO crazy but maybe not?? 

[LT_Oneal_PAC]

Army has no scholarships for PAs. The navy doesn't even have a scholarship now. The navy still has the collegiate program where they give you a salary, a pretty nice one, during school. Only the Air Force now has a scholarship program for PAs

[UGoLong]

Oneal, you are probably right. My friend didn't get an Army scholarship; he first took out loans and became a PA, then he signed up -- in exchange for forgiveness of his loans. I don't know if that avenue is still open.

[LT_Oneal_PAC]

Oneal, you are probably right. My friend didn't get an Army scholarship; he first took out loads and became a PA, then he signed up -- in exchange for forgiveness of his loans. I don't know if that avenue is still open.

Loan repayment is still available through all branches, but army has the best. I wouldn't have bothered bringng it up, but I assume the OP needs the money up front. That's a tall order these days unfortunately.

[kep308]

Is true...need money upfront style. :(

[rev ronin]

Get a job, pay off your debts, and ideally by doing so with a good HCE job.  However... Masters' in music?  You, OP, are stuck in a hole.  You have chosen poorly, and are now REALLY behind the curve if you have indeed maxed out ALL possible student loans for graduate school.  Your money problem seems like it's going to be a big issue in your life. I'd suggest you sue your financial aid counselors for malpractice--and only half tongue-in-cheek.

[kep308]

Oh geez, well that was kinda harsh. I still play professionally if that helps at all and do make some money at it. I went to very prestigious schools and shouldn't have quit when I did but that's how it goes. And my HCE comes from CNA work so that doesn't help much. Yes, my money problems are a big reason I've gone back to school to be a PA but now I have to get there or it's only that much worse. Thank god for income sensitive repayment plans. I figure get in somewhere and worry about it then, hopefully the financial aid departments can work miracles. 

[kep308]

It seems you can borrow more for graduate health profession programs, like $100K more, but does that apply to PA programs? 

 

[rev ronin]

Oh geez, well that was kinda harsh.

You didn't get to where you are overnight.  If I read http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much-can-i-borrow right, you're pushing $200,000 in debt, only some of which is subsidized--the unsubsidized portion, which could be close to $100k, will be accruing interest throughout any future studies.  That's a pretty oppressive debt load to be under, even under the income-based repayment plans, which make no secret of the fact that you end up paying more in interest.

 

You're in a big financial pickle, and your offhand remarks don't indicate that you actually understand how much of a crushing AND enduring debt burden this will be.  You're not alone--many other students took out way more money than their degree programs would merit--but you're proposing to add to the problem, which should trigger some introspection.  I strongly recommend you use https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action to see what you're looking at paying in the future based on your current debt, and what you'll likely be paying in the future assuming you complete PA school and are making a PA salary.

 

Regardless, please don't take my observations as personal criticism; I wish you all the best in your future endeavors, and I hope your formal education will prove to be worth what you've invested in it.

[kep308]

Well the best thing I can do is to get a good paying job....hence borrowing yet more money. Repayment is still based on a percentage of your income...pay 20 or 25%, can't remember which, of your income for 25 years and the rest is forgiven. I can accept that. BUT, again, I need a good paying job to even come close to paying any of this off. What I need to know now is if PA programs qualify as a 'graduate health profession', I would think the ones that come with master's degrees do but how can I know for sure? I feel like if I contact the schools I'm interested in then I mark myself as a much less appealing candidate since I'll need financial aid miracles. Let me just say that there are a lot of people I went to music school with who are making good money in orchestras, believe it or not, although their futures are always uncertain, but I burned out taking orchestral auditions and got into sales for awhile. Now I can't take auditions because I couldn't move for a job because I have kids and their dad has a good job here, house, etc. So, anyway, if you're REALLY talented, like I am :) making it in music isn't really so impossible but I lost faith, something I can't do again. BUT now I gotta figure where I go from here.

[your mother]

OP, Have you ever looked at Heather Jarvis' website?  Just google 'Heather Jarvis student loans' and it will come up.  I have no affiliation with her, but she seems to give good advice.  A place to start...I think an account is free - just like on this forum. 

 

I don't know how private student loans work in terms of limits, but have you looked into them?  Do the same limits apply as the federal loans you list above?  Maybe give Sallie Mae a call and see what they say.  However, keep in mind that they can't be discharged in bankruptcy and also don't have the government repayment / forgiveness plans.  

 

Also, maybe talk to someone in your school financial aid office.  If you talk to someone and they don't seem like they know what they are talking about, call back and see if you get someone else that does.  Maybe there are other avenues for funding for students in the same situation as you.

[BruceBanner]

No offense OP but what you are saying is true---that you are at or near the $200k debt range---BEFORE PA school....you are pretty much f*cked. I'm not sure you understand the immensity and finality of this debt burden. 25 years is a long time. Oh and you have to pay taxes on that remaining balance that will be discharged.

 

Your only option is to join the military, which will pay back a PORTION of your loans, but not all. If you do your PA training through the Armed Services it will be paid for, but you will owe the military 6 years of active service i believe, which means being deployed to war zones. Check with the military forum here for more info.

 

Your rate-limiting step here is getting the financing for a $100k education, when you are already maxed out. So in a nutshell you can join the military, or forget about PA school and get work in the music industry. Private loans---if you can get them---would be the worst financial decision you could make. $300K+ in debt? Welcome to slavery.

[fyrelight74]

Some of the non-masters type programs may be less expensive (although most offer optional masters through a deal with another school).  Example:  http://www.mvc.edu/files/pa-fee-schedule.pdf

[bradtPA]

I was enlisted in the Air Force when I went to the NCO Academy with a lot of members from the Air Force band. Fantastic musicians, most with masters degrees, working for the same money I was getting paid as an E-6 (about $1800 a month base pay in 1996). They even had to audition for their jobs before enlisting, absolutely cutthroat competition.

 

To add $200k debt to that income would be nearly impossible to overcome.

[kep308]

Well thank god for income based repayment plans. Pay a not large percentage of your income for 25 years then the rest is forgiven. I'm planning on working in a rural area anyway so I will take advantage of loan forgiveness. I speak almost fluent Spanish from having lived in Mexico for a few years playing in an orchestra and I'm working to become fluent so working in a rural area gives me the opportunity to use it, we have a lot of migrant workers here in NC. I'm also applying to accelerated bachelor of science in nursing programs then I'll plan on becoming an NP. To tell you the truth I almost prefer that option as I've become weary on this journey and I am tired of being poor. I'll be making decent money sooner and I'll gain more experience. I've worked only as a CNA for two years and that doesn't give you much opportunity to learn much. I'm applying to both and we'll see what happens. Maybe I'll get off the wait list at the one PA school, but unlikely with 50 on it. But there's a very inexpensive ABSN program here, too, that with a scholarship or two I could probably not have to pay anything. 12-16 months and I'd have a BSN, depending on the program. I don't really want to be a nurse, well not at all, but an NP, definitely. I do want to train in the medical model but I can live without it. Duke has a program that combines the ABSN with medical Spanish AND their financial aid department has a promise; 

 

Since admission at Duke is need-blind for U.S. citizens and permanent residents, we never consider a student's ability to pay when making an admission decision. Once a student is admitted, Duke pledges to meet 100% of his or her financial need by providing aid for the costs not covered by the calculated family contribution.

 

I just realized the Rev comment was another post but he'll know which one I'm talking about: And to Rev, you know I hope you have better things to do than come on here and bash people. Yes, I've made mistakes, who hasn't, but it was in the name of something I loved, classical music and oboe, I was young and my parents paid a total of zero for my education. I had a dream so sue me. Now I want to make it all right and provide a better life for my daughters and the only I was going to do that was to go back to school. 

 

 

 

[rev ronin]

Again, I wish you nothing but the best in terms of developing financial responsibility, personal responsibility, and ethical reasoning.

 

Just curious, but with a 25 year loan repayment plan, are you planning on contributing anything to your own kids' education?

[pmed8]

I would RUN to the ABSN program. While you are in it , do your very best to get A's and upon graduating, find a job that pays well. Weekend option or whatever you can find to maximize your income. Next, start paying down the mountain of debt thats over your head. You may have to work a ton of OT or even a second job, but its manageable with hard work and determination.

 

Once the debt is under control, then you can start thinking about furthering your education.

 

Just my thoughts on the route i would go.

 

Mike

[dmdpac]

 

Just curious, but with a 25 year loan repayment plan, are you planning on contributing anything to your own kids' education?

 

 

Perhaps retirement savings might be a bigger concern with a 25 year loan repayment program.

[BruceBanner]

 

Well thank god for income based repayment plans. Pay a not large percentage of your income for 25 years then the rest is forgiven. I'm planning on working in a rural area anyway so I will take advantage of loan forgiveness. I speak almost fluent Spanish from having lived in Mexico for a few years playing in an orchestra and I'm working to become fluent so working in a rural area gives me the opportunity to use it, we have a lot of migrant workers here in NC. I'm also applying to accelerated bachelor of science in nursing programs then I'll plan on becoming an NP. To tell you the truth I almost prefer that option as I've become weary on this journey and I am tired of being poor. I'll be making decent money sooner and I'll gain more experience. I've worked only as a CNA for two years and that doesn't give you much opportunity to learn much. I'm applying to both and we'll see what happens. Maybe I'll get off the wait list at the one PA school, but unlikely with 50 on it. But there's a very inexpensive ABSN program here, too, that with a scholarship or two I could probably not have to pay anything. 12-16 months and I'd have a BSN, depending on the program. I don't really want to be a nurse, well not at all, but an NP, definitely. I do want to train in the medical model but I can live without it. Duke has a program that combines the ABSN with medical Spanish AND their financial aid department has a promise; 

 

A few thoughts on your reasoning OP:

 

1. You seem to think a 25 year loan repayment is "not a lot" of your income and "not a big deal since it will be forgiven." Let's do some cursory math: say you go the BSN/NP and when it's all said and done you have AT LEAST $300k in total debt. Paying the bare minimum over 25 years on an NP salary would maybe take the principal down to say, $150K? If you are fortunate. Can you save enough to pay 35% taxes on $150K? Or will you just worry about it then...and make payments on your taxes for the rest of your life? Never mind retirement savings, right? Or saving for your daughter's education...

 

2. If you don't want to be a nurse---not at ALL---then you are in for a long, miserable few years. 

 

3. If you really want to provide a better life for your daughters, well, consider that 4 more years of schooling not to mention the purgatory you will have to go through as a practicing RN before NP school, plus the colossal debt you are incurring....just MAY not be the best for your family life.

 

 

You strike me as the kind of person who "follows their dreams" without really rationally thinking them through and charting a course. You are about to do the same thing with RN/NP schooling. I'm definitely not trying to crap on your dreams, I just think there are far lass painful, debt-incurring, and stressful options for you and your family. Cardiac US techs, rad techs, Nuc med techs, and other para-medical professions have great lifestyles, decent salaries, and are generally 2-year technical programs that can be done locally for less money. Just food for thought. But by all means follow those dang ol' dreams.