ksdj89 Posted January 23, 2011 Share Posted January 23, 2011 It hurts me just to think about taking out 200K in loans to get PA education. It would be one thing if there was no interest. But its a heartbreaker to realize that there is an interest. Those of you who had to take out loans, how much was your interest rate and how much a year it came up to? Link to comment Share on other sites More sharing options...
bradtPA Posted January 24, 2011 Share Posted January 24, 2011 Interest on a standard loan was 6.8%, grad plus was 8.5%. not sure what the monthly interest amount is, but yearly total last year was about $4500 in interest. My current balance owed is around $40,000 to put it in perspective.... Link to comment Share on other sites More sharing options...
ksdj89 Posted January 24, 2011 Author Share Posted January 24, 2011 wow I cant believe this. I would have to multiply that number by at least 4 Link to comment Share on other sites More sharing options...
klb48 Posted January 24, 2011 Share Posted January 24, 2011 I ended up taking out about 100K for PA school and on the standard repayment schedule I would end up paying back 200K with all the interest. Which is just ridiculous. But you do it if you want to be a PA. When you apply look really hard at all the schools you are interested in. Higher tuition does NOT mean its a better program. If I could go back and do it all over again I would have gone to a MUCH cheaper school. You will get out of it what YOU put into it so in the end you might as well go to the cheaper school. Link to comment Share on other sites More sharing options...
medic25 Posted January 24, 2011 Share Posted January 24, 2011 Higher tuition does NOT mean its a better program. If I could go back and do it all over again I would have gone to a MUCH cheaper school. You will get out of it what YOU put into it so in the end you might as well go to the cheaper school. I will second that. I came out of PA school only owing around $25-30k; god bless the SUNY system! Be sure to check out any state university options you might have. Link to comment Share on other sites More sharing options...
Moderator ventana Posted January 24, 2011 Moderator Share Posted January 24, 2011 look into military service for loan replay and the good old USA gov't for scholarships - I had 80k for PA and MBA (thanks to GI bill for most of MBA and some of PA) now down to about 20k 10 yrs later - early on I kept putting extra $$ towards the loans.... Link to comment Share on other sites More sharing options...
dhageremtp Posted January 24, 2011 Share Posted January 24, 2011 100k in loans, all to the state bank. Repayment plan of 10 years, 1400 a month.........it sucks! Link to comment Share on other sites More sharing options...
cervantes21 Posted January 24, 2011 Share Posted January 24, 2011 Yeah, it's expensive. I'm seriously considering NHSC. $60K within the first two months of your employment, no tax, applied directly to your loans. I'd do it in a second if I wasn't married with kids. Link to comment Share on other sites More sharing options...
ToppDog Posted January 25, 2011 Share Posted January 25, 2011 First of all, how did you guys get loans for that big an amount? Because, if I could do that, I would. The one & only thing holding me back from going to PA school is that I don't want my kid to ever see the inside of a daycare... which means if I were to get into school, I would either have to move away from my family for two years, or have my wife & kid move with me & have my wife be a stay at home mom. Option one is never gonna happen, & option two means I need a loan large enough to cover our combined income for two years. I'd work anywhere once I got out to pay off the loan, but the problem has always been finding a source to provide that size of a loan upfront. Link to comment Share on other sites More sharing options...
cinntsp Posted January 25, 2011 Share Posted January 25, 2011 First of all, how did you guys get loans for that big an amount? Because, if I could do that, I would. The one & only thing holding me back from going to PA school is that I don't want my kid to ever see the inside of a daycare... which means if I were to get into school, I would either have to move away from my family for two years, or have my wife & kid move with me & have my wife be a stay at home mom. Option one is never gonna happen, & option two means I need a loan large enough to cover our combined income for two years. I'd work anywhere once I got out to pay off the loan, but the problem has always been finding a source to provide that size of a loan upfront. Federal government + private education loans. You will need a cosigner for the private loans if your credit isn't good enough. Link to comment Share on other sites More sharing options...
familygal Posted January 25, 2011 Share Posted January 25, 2011 Do whatever you have in your power to take out less, less, less! I lived with a family member my first year and had help from family for some tuition and living expenses, only took out $18,500 the first year. The next year was a different story, when I was completely on my own and I took out the full amount (somewhere near $50,000). These loan rates vary, some are fixed at 6.8%, and the variable ones are a bit higher and lower. I'm basically paying $950/month for the first 10 years out of school for the standard repayment. :-/ Thankfully PAs usually make decent salaries to make up for this, and if I get the chance to make extra payments down the road, you bet I'll be doing that! Overall I am doing okay though on a month to month basis, it has just been more difficult for me to save up anything to put down for a home payment anytime soon, which is what most of my other (non-PA) friends are doing right now in our late 20s. Link to comment Share on other sites More sharing options...
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