truffles Posted December 15, 2014 Share Posted December 15, 2014 Well there are pros and cons to refinancing your loans, most of these banks/companies also allow forbearance and deferment and lessening your interest rate which is a very great thing.I used Sofi which answered me very quickly and took my loans from 8.95 to 3.3% to say i was in shock would be a lie.I am paying that thing down like a maniac.Feel free to sign up with them and see what they can do for your interest rate.Not every one will qualify, but it sure doesn't hurt to try.Here is my referral link for anyone to use and you get $100 off if your loans are transferred to them. Sofi Referral link. http://friends.sofi.com/3bmbL Link to comment Share on other sites More sharing options...
DejaBlu Posted July 9, 2015 Share Posted July 9, 2015 I believe the amount of debt is worth it. If you plan accordingly, and live like a poor college student as other posts have suggested, you should be able to manage your other expenses while in school. When you get done with school, you'll get a decent salary which will vary based upon specialty and location. But look at it this way...you'll be employable in every state in the country (once you obtain a license in that state) so you will have wonderful job security. And you also have the ability to change specialties down the line if your interests change. It's a personal choice. It just depends on how badly you want it. Link to comment Share on other sites More sharing options...
Maddie82 Posted February 21, 2016 Share Posted February 21, 2016 I think it is hard to generalize and say if it is worth it for every student. If PA is your passion and if you know that it is the only thing you want to do in your future, then it is worth it. Of course, it requires careful planing and a lot of sacrifices to make it work but at the end of the day, if this is what makes you happy then there is always a way to pay back the debt. Link to comment Share on other sites More sharing options...
PA-S LP Posted March 2, 2016 Share Posted March 2, 2016 The debt is certainly not nice. But I think a factor larger than the debt is one's ability to relocate. As others have said, being limited to one geographical area really ties your hands. Students that are willing/able to move anywhere after graduation can pick areas with lower costs of living, but relatively higher pay. That's my plan at least, and how I justify the debt. What are common places where the cost of living is low, and the pay is relatively high? Been living in California for the past 10 years. Is it time for me to relocate? Link to comment Share on other sites More sharing options...
DiggySRNA Posted March 2, 2016 Share Posted March 2, 2016 Just had a talk with an NP literally 20 seconds ago. If you plan on working in an under served area with a clinic HPSA score above 14, the debt is completely worth it. Have loan repayment pay for your service while you earn a separate check from your employer. It's a win win situation. Link to comment Share on other sites More sharing options...
SirScottric Posted March 7, 2016 Share Posted March 7, 2016 What are common places where the cost of living is low, and the pay is relatively high? Been living in California for the past 10 years. Is it time for me to relocate? Flint, Michigan! I moved in about a month ago (I'm from the area originally). Flint has one of the highest salaries vs cost of living for PA's in the country. This website shows that Flint's hourly mean wage is the highest in the state: http://www.physicianassistantedu.org/michigan-salary.html To piggyback off Diggy, I would guess any under served area with a lower cost of living would be a great place to make some good money without paying too much for housing. Link to comment Share on other sites More sharing options...
lov2xlr8 Posted March 8, 2016 Share Posted March 8, 2016 Will your loans be federal? I graduated with about $150k in debt, mostly federal which means I qualified for income based repayment saying I only need repay 15% of my salary a year back to loans (now it's 10% IIRC for new grads). On top of that, I work at a not for profit so those loans are all forgiven after 10 years (and not looked at as income when they are so I won't be taxed on it). In 5 years, I'll be debt free. Kinda limits you to only not-for-profits, but I'm fine with that. Since graduating, I've lived a good life, still travel a ton and this with living in the highest cost of living area in the country (I think, maybe 2nd), disclaimer however, not married and no kids. Link to comment Share on other sites More sharing options...
fakingpatience Posted March 8, 2016 Share Posted March 8, 2016 Flint, Michigan! I moved in about a month ago (I'm from the area originally). Flint has one of the highest salaries vs cost of living for PA's in the country. This website shows that Flint's hourly mean wage is the highest in the state: http://www.physicianassistantedu.org/michigan-salary.html To piggyback off Diggy, I would guess any under served area with a lower cost of living would be a great place to make some good money without paying too much for housing. On an unrelated note, after looking at that link... whats up with Battle Creek, that there is a median hourly wage of $23.06? I know paramedics making more than that. That's an embarrassment to our profession Link to comment Share on other sites More sharing options...
DiggySRNA Posted March 8, 2016 Share Posted March 8, 2016 whats up with Battle Creek, that there is a median hourly wage of $23.06? I know paramedics making more than that. That's an embarrassment to our profession That's gross...I got that as a CNA with OT and differentials....LPNs make that in Massachusetts. Link to comment Share on other sites More sharing options...
cjosephsmith Posted March 22, 2016 Share Posted March 22, 2016 That's gross...I got that as a CNA with OT and differentials....LPNs make that in Massachusetts.That's sad..[emoji20] [emoji19] Sent from my LG-H901 using Tapatalk Link to comment Share on other sites More sharing options...
ItRainsItPours Posted March 23, 2016 Share Posted March 23, 2016 I'm glad this is being discussed. The debt to income ratio is a serious problem once you start owing six figures to the banks before you bought a house. I am starting paramedic school with the intention of eventually going to PA school. My local fire department (which is at a critical shortage of paramedics) is starting medics at 50K a year with full benefits. The first promotion beyond that is almost $70k. This program only costs me $8,000. If I continue to PA school it's out of a passion for medicine, not for the money. Caveat emptor undergrads! Link to comment Share on other sites More sharing options...
Spoe Posted January 13, 2017 Share Posted January 13, 2017 PA school is not for everyone and thats ok. I am currently in PA school and I am an older non traditional student with a family. Its important to consider other factors like time away from family and lost income. While the tuition cost is a lot, it costs more than that. I am in my first year of PA school and do very little with my family besides for some planned time each week. School is very intense. But its more than that. I not only have I given up my hobbies and family time but I gave up a salary making $55k per year for this. $110k (lost salary not to mention benefits) + 150+k in loans + interest is a huge amount of money will ultimately be >$300k. With that said, my family was on board with the decision to go back to PA school. We knew it would only be for 2 years and I would eventually be able to able to spend more time with them. I fully expect to make >$100k when I graduate and I am willing to move for opportunities. I believe the average pay is around $100k now but some areas like ER paying significantly higher. When I graduate, my family will live well under below our means and will aggressively pay toward our loans. In the end I'll be doing what I love and eventually the financial investment will be worth it. However, most PA students appear to be single and much younger than myself. If you are single and have multiple roommates, rarely eat out, have a little savings, apply for scholarships etc... you can reduce your loans significantly. Link to comment Share on other sites More sharing options...
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