ksahlberg Posted February 10, 2010 Share Posted February 10, 2010 Hi, I realize when I finish PA school I will be over 90k in debt to student loans. My question(s) for those of you in my boat are: 1) What factors did you take into consideration before taking out the loans & how much was it and/or how did it fraction out? (i.e. __ per month for tuition, ___ per month housing, __/week transportation, __/month groceries, etc) and how did you estimate the costs? are there any good online calculators? 2) who did you speak to, to try and figure out your finances (if anyone)? 3) if you are currently practicing as a PA, are you able to handle the debt? able to buy a house, etc? Also, does school debt look bad on a credit report when or if you do attempt to buy a house during the process of PA school or afterwards? Basically, I want the any dirty details before I make a huge financial commitment. I want to establish a budget now and stick to it before I enter school, and I want to know how much to allot myself. Link to comment Share on other sites More sharing options...
Evan Posted February 10, 2010 Share Posted February 10, 2010 Wow... Those are really good questions and I could spend all afternoon writing a response... So I will try to address your 3 main points briefly (if possible). #1: This is going to be pretty individual and will depend a lot on your personal and family situation. My wife and I sat down and made a plan and stuck to it (basically). A good friend of mine actually went out and spoke to a financial planner. If you're having a hard time with budgets now that would be the way to go. #2: See above. #3: I'm not proud of this but I send the student loan folks the equivelent about 2 car payments a month. It sucks in ways I can't begin to tell you... But someday the loans will be gone... I look forward with great anticipation. We did buy a home following PA school and at the time student loans were not counted against us but I hear that has changed. You'll have to talk to a mortgage broker to be sure what the rules are now. You certainly want to go into any debt with your eyes wide open. Getting all the facts is a great idea. Don't be discouraged though, PA is a great career and is fulfilling in a lot of ways. Good Luck! Link to comment Share on other sites More sharing options...
Iain1028 Posted February 10, 2010 Share Posted February 10, 2010 Let Sallie Mae be your new Slave Master.... Link to comment Share on other sites More sharing options...
AlmostDone2011 Posted February 11, 2010 Share Posted February 11, 2010 I dont know if this works for you but take your rent, utilities, expenses, etc per month and add a third. Thats how it has been working out for me. Link to comment Share on other sites More sharing options...
Iain1028 Posted February 12, 2010 Share Posted February 12, 2010 Sallie Mae is alluring yet unforgiving temptress. She will lure you in and you will be her lover, but once you graduate, there is no more tender love-making, just cold, outsourced, correspondences and monthly e-bills. Link to comment Share on other sites More sharing options...
BubbaGump10 Posted February 12, 2010 Share Posted February 12, 2010 Sallie Mae is alluring yet unforgiving temptress. She will lure you in and you will be her lover, but once you graduate, there is no more tender love-making, just cold, outsourced, correspondences and monthly e-bills. Just curious Iain...Why Sallie Mae and not federal loans? Are there people who won't qualify for the federal loans (Grad Plus etc) to cover all expenses in PA school? I just filled out FAFSA and I will be starting PA school this summer. Link to comment Share on other sites More sharing options...
icthus13 Posted February 12, 2010 Share Posted February 12, 2010 Just curious Iain...Why Sallie Mae and not federal loans? Are there people who won't qualify for the federal loans (Grad Plus etc) to cover all expenses in PA school? I just filled out FAFSA and I will be starting PA school this summer. I got all of my stafford and plus loans through Sallie Mae...it all depends on what your school offers for fin aid choices. Link to comment Share on other sites More sharing options...
BubbaGump10 Posted February 12, 2010 Share Posted February 12, 2010 I got all of my stafford and plus loans through Sallie Mae...it all depends on what your school offers for fin aid choices. Cool thanks, I guess I was just confused as to who was the provider of these loans. Link to comment Share on other sites More sharing options...
Iain1028 Posted February 12, 2010 Share Posted February 12, 2010 Because Bubba Gump, chances are very good that you will need the max in fed loans in addition to Private Loans just to cover tuition and living expenses. Link to comment Share on other sites More sharing options...
AlmostDone2011 Posted February 12, 2010 Share Posted February 12, 2010 I dont know about anyone else but, Grad Plus and Stafford oked me for 55k per year, and did so for I believe everyone in my class.. sallie mae is federal. Link to comment Share on other sites More sharing options...
ksahlberg Posted February 13, 2010 Author Share Posted February 13, 2010 that's pretty scary but reassuring, thanks guys! As long as my expenses will be covered, I'll be fine paying it off later :) I just want to make sure I've got a good plan beforehand. Link to comment Share on other sites More sharing options...
sbellin Posted February 14, 2010 Share Posted February 14, 2010 One question is what you intend to do after PA school. That may seem like forever away but the thing that is better then loans is scholarships. In my state (Washington) if you plan on practicing in a designated underserved area for 3 years after school you may be elegible for free money. This may not be what you want but can ease the huge debt load. It might be worth checking out in your state. Link to comment Share on other sites More sharing options...
ksahlberg Posted October 19, 2010 Author Share Posted October 19, 2010 Do you have the site sbellin for practicing in underserved areas? Link to comment Share on other sites More sharing options...
ozzyflash Posted October 19, 2010 Share Posted October 19, 2010 National Health Service Corps - HRSA Yay!! for loan forgiveness Link to comment Share on other sites More sharing options...
sbellin Posted October 25, 2010 Share Posted October 25, 2010 This should get you what you want. When I went through PA school (15 years ago) the scholarship essentially covered tuition. It requires practicing in a designated underserved location for a mnimum of three years. When I went back for my Masters three years ago I applied again and was accepted although I did not use it. Other states should have similar programs. Good luck. Loan Repayment Program - Washington State Dept of Health Link to comment Share on other sites More sharing options...
Goosefraba1 Posted January 6, 2011 Share Posted January 6, 2011 Heck ya... I'm definitely banking on some loan forgiveness! Heck, I already live in an underprivelaged/underserved area. Just have to get accepted somewhere, anywhere when I'm finished with my pre-reqs. Link to comment Share on other sites More sharing options...
Guest Joline12 Posted January 7, 2011 Share Posted January 7, 2011 Wow 90k is a lot to owe on your student loans. You might want to look at some of the information on http://www.studentloans.net to help you figure out what to do. It's got loads of information and that's what I used last year when I was trying to get my life back in order (read: get out of massive debt) Good luck with everything though, hope things work out for you! Link to comment Share on other sites More sharing options...
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