Tuition increase

[ajames]

My school that I've been accepted to and will begin in June 2018 has increased their tuition from 47k to 50k with a new equipment fee of 500 making tuition 51k for the first year. It used to be estimated that tuition would be about 108k total but now the budget sheet says 117k with the new adjustments.

I'm sickened and saddened and worried. I guess I'm not alone, right? 

[MT2PA]

It's pretty common for programs (and universities) to increase tuition annually so it's not UNCOMMON that the estimates you had when you applied aren't applicable upon matriculation.

That's life.  And the equipment fee is basically them factoring it in to COA so that you can buy the required equipment.  If you don't need to use loans for that, don't.

You should also find out if you have a locked in rate (i.e is the tuition you pay for the entire program the same when you start as when you finish) or can they increase it from year 1 to year 2 - either is possible.

[Anachronist]

Indeed, increases are common, my undergrad university raised tuition by about 3% every single year. 

If it makes you feel better a 10k increase for the total isn't that significant given the base salary of most PAs. The 10k alone over 5 years with a 5% interest rate is about $110 a month. At 7% it is about $120.

For long term planning, at least for me, I intend to spend my first 2 or 3 years following graduation living very megerly and hopefully becoming completely debt free, my undergrad and PA loans will be about $120k.

You can also consider contacting a financial advisor once you start generating an income, depending on your interest rates, you may be able to earn more from investments than the interest of your loans. Managing wealth via taxes and interest rates can relieve significant perceived/real financial burden, but can also be immensely complicated and require a professional. There may be a balance between paying loans and investing, the % of one vs. the other would depend on your personal situation. 

[gbrothers98]

The cost of entry has only been going in one direction for some time now, accelerated by the move to a masters degree and will be further accelerated by a move to a doctorate. The only solution for those set on the path is to either save preceding or live frugally after. Alternatively, for those still considering, think long and hard about the numbers you likely will face upon graduation. There is lost opportunity in the 2+ years of training and during the financial hole to be dug out of to get back to $zero. At the same time, the entry to the trades, IT and entrepreneurship seems to be minimally considered. After 20 years of this, being a healthcare provider has been a rough row to hoe, not one I would recommend to my own kids.

Good luck.

George