brianprepa Posted May 28, 2010 Share Posted May 28, 2010 For all those who are now practicing PAs that went into huge debt, was it worth it? Are you able to repay your loans? Do the monthly payments cause so much stress that you regret taking them out? Link to comment Share on other sites More sharing options...
lightbearer06 Posted August 14, 2010 Share Posted August 14, 2010 yes, yes, and yes. I enjoy being a PA but I hate to see so much hard earned money going to school loans. There are ways to repay loans faster (NHSC, military). Link to comment Share on other sites More sharing options...
jwells78 Posted August 20, 2010 Share Posted August 20, 2010 I have 120K in debt because I was a dipsh*t and didn't take my family with me when I went to school. We lived apart and had the bills of two housholds. Do I regret going to school? No. Do I hate the silverback gorilla sitting on my back picking out fleas? Yes. Would I do it again? Yes, though this time I might take the dipsh*t out of the equation and be thrifty. That would be my parting advice- think: thrifty. The job is worth the bills... Link to comment Share on other sites More sharing options...
andersenpa Posted August 20, 2010 Share Posted August 20, 2010 Agree that the job is worth it. A thread all prePAs should read, make sure you know what you're getting into and not perhaps jumping to medschool or something else b/c its not for you. The debt is serious, you WILL be able to pay it off as long as you keep your expenses in check, but it's a great job and pay for the investment. Link to comment Share on other sites More sharing options...
Evan Posted August 20, 2010 Share Posted August 20, 2010 Agree X 2... 1 - it would be best to keep the expenses in check during school to limit debt later on... and then keep that habit once you leave school... that will help get rid of the debt even faster... 2 - Yes, it was worth it. If not for the debt I'd wouldn't be here today and I like what I do. The view from here isn't too bad... Link to comment Share on other sites More sharing options...
WishIDidnt Posted September 20, 2010 Share Posted September 20, 2010 I am in my third clinical rotation and I hate being a PA student and I really regret starting PA school. The only reason I haven't quit yet is because of all the debt I have acquired from the last year and a half of school. Is it worth it for me to finish school and do a job that I hate just to pay off loans?? But then again, what other options do I have? What else can I possibly do with a PA degree than to be a PA? Link to comment Share on other sites More sharing options...
cinntsp Posted September 20, 2010 Share Posted September 20, 2010 I am in my third clinical rotation and I hate being a PA student and I really regret starting PA school. The only reason I haven't quit yet is because of all the debt I have acquired from the last year and a half of school. Is it worth it for me to finish school and do a job that I hate just to pay off loans?? But then again, what other options do I have? What else can I possibly do with a PA degree than to be a PA? How did the tide turn so quickly? I'm sure you had an idea of what being a PA-S and PA-C is like prior to applying. Link to comment Share on other sites More sharing options...
just_me Posted September 20, 2010 Share Posted September 20, 2010 How do you know you will hate the job without doing it? I will say if you truly hate it dont do it....no one wants to be treated by someone that hates their job---people like that make mistakes and in medicine those simple mistakes could turn out to be huge ones Link to comment Share on other sites More sharing options...
macadamia813 Posted September 21, 2010 Share Posted September 21, 2010 I just graduated and haven't started work yet. But I'll say the debt is a huge burden. Trying not to think about it too much. My tuition was rather pricey ($75k total) and I had to take out loans for living expenses. I wish I had been more thrifty and taken out less than the budgeted amount for each disbursement. I did pay the interest for the first 7 months during school but I still owe so so much. It doesn't help that the interest rates for my loans are 6.8 and 8.5%. I think the interest rates are insane. A few years ago, school loan interest rates were on the order of 1-2%. I didn't look into private loans because the grace periods I believe are not as generous as the federal loans. However, at these interest rates, I think it is worth a try to look in to other options. Link to comment Share on other sites More sharing options...
Gofastturnleft Posted September 22, 2010 Share Posted September 22, 2010 A few points commenting on the various things that have come up in the above posts.... 1) Yes, it was worth it, but it's rapidly getting to the point of diminishing return. I went to school as a non-traditional student (age 40), pulled a total of $105k in loans for tuition and living expenses (at 8%+), and am now faced with the burden of paying that much off (as well as saving for retirement) at a later stage. Having said that, I figure I can do it in 4 yrs but it'll require NHSC loan repayment and continuing to live like a student to do it. It won't be as fun as it could be.... Tuition and fees, especially at private institutions, are rising way faster than inflation, and the return on your investment isn't increasing proportionally. My program has increased both tuition and class size (class size by over 25%) in the last 3 years, with no corresponding increase in staff or faculty. This means more scrambling to find clinical sites, less individual attention in class, etc. And for an interesting sidenote on how PA tuition costs can impact our effectiveness as a profession, see Michael Halasy's JAAPA article titled "PA's and 'disruptive innovation' " at PAs and "disruptive innovation" - JAAPA. 2) I wouldn't do it the same way. There are some great public PA programs out there offering educations that will prepare you perfectly well, for significantly less money. As a prospective student, I'd look at PANCE pass rate, class size, clinical rotation sites, and alumni reports. Personally, I'd consider a community college program. For example, though I have no personal knowledge of the program itself Red Rocks CC in Lakewood CO appears to be an attractive option, with a 5-yr PANCE pass rate exceeding the national average, a total tuition bill 40% less than what I paid, a class size of about 30, and a master's option if that's important to you. If you're concerned that the education may leave you unprepared upon graduation, consider this: first - you're NEVER fully prepared upon graduation, and second - the most important, relevant, and permanent learning will come the first year AFTER graduation! 3) Re the ridiculous interest rates on federal loans (yes, they are 8-8.5% and yes, they did used to be 1-2% only a few years ago)… Over a loan repayment period of 10+ years, the difference in interest is huge. Prior to entering PA school I didn’t give the interest rate a second thought, but at 8% you’d be foolish not to at least investigate other options (are there any?). However, for those of you looking at NHSC loan repayment, do take into account that private loans don’t qualify! Even consolidation of your federal loans with ANY amount of private loans can render them ineligible for loan repayment, according to what I was told in a phone conversation with an NHSC rep. Hope this info is of use to someone... Good luck to you all! Link to comment Share on other sites More sharing options...
Gofastturnleft Posted September 22, 2010 Share Posted September 22, 2010 A few clarifying comments on my above post on the NHSC... The NHSC has pretty stringent guidelines as to what qualifies. I'm considering applying for loan repayment for next year, and this is what I found on their website at National Health Service Corps : What types of loans do Not Qualify for repayment?Loans for which the associated documentation does not identify the loan as applicable to undergraduate or graduate education. Loans not obtained from a Government entity or commercial lending institution. Most loans made by private foundations to individuals are not eligible for repayment. Loans or a portion of a loan, obtained for educational or living expenses, which exceed the school's estimated standard student budget in the year the loan was made. If the applicant is able to substantiate that the excess educational and/or living expenses were reasonable, the NHSC LRP may reconsider. Loans that have been repaid in full. PLUS loans (made to parents). Personal lines of credit. Residency relocation loans. What isn't clear is what is meant by "commercial lending institution", and how that might differ from a private foundation offering a loan through a commercial bank, for example. It would be well worth a phone call to clarify before accepting any loans, and especially before consolidating them! See next from the same web page... Consolidated/Refinanced Loans The consolidated/refinanced loan must be from a Government (Federal, State, or local) or commercial lender and must be for the applicant's qualifying educational loans only. If an eligible educational loan is consolidated/refinanced with any debt other than another eligible educational loan of the applicant, no portion of the consolidated/refinanced loan will be eligible for loan repayment. Hope this is of some help... Link to comment Share on other sites More sharing options...
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