PAandPsych Posted May 13, 2020 Share Posted May 13, 2020 Hi All, I was recently accepted to PA school and am set to begin in the fall of 2020. I have been preparing for this for some time now and am really excited. That is, until I realized I will be at about $100,000 in debt once I graduate. Being 40 right now, and walking away from a salary of $65,000 yearly, is it really worth it for me to be in my mid-forties and starting over with 100k of debt? And on top of that I have 2 kids who will start college in 2 yrs as well. Any thoughts would be greatly appreciated! 1 Quote Link to comment Share on other sites More sharing options...
hustleforthePAC Posted May 13, 2020 Share Posted May 13, 2020 (edited) interest rates for student loans at an all time low 2.75 starting july 1st https://www.forbes.com/sites/zackfriedman/2020/05/11/student-loans-rates-lowest-ever/ With your reduced income as a student your kids might qualify for more financial aid for college with a lower efc i’ll be near 40 once i’m done with PA school, career changer that left good 5 figures. dave ramsey has good financial content Edited May 13, 2020 by hustleforthePAC Quote Link to comment Share on other sites More sharing options...
MT2PA Posted May 14, 2020 Share Posted May 14, 2020 If you're only doing it for the money? Nah. But if you're only doing it for the money, that's the wrong reason anyway. If you want to BE a PA and practice medicine for the next few decades, then yea, better than any alternative. Ultimately only you can decide if it's worth it. 4 Quote Link to comment Share on other sites More sharing options...
UGoLong Posted May 14, 2020 Share Posted May 14, 2020 On 5/13/2020 at 6:18 PM, PAandPsych said: Hi All, I was recently accepted to PA school and am set to begin in the fall of 2020. I have been preparing for this for some time now and am really excited. That is, until I realized I will be at about $100,000 in debt once I graduate. Being 40 right now, and walking away from a salary of $65,000 yearly, is it really worth it for me to be in my mid-forties and starting over with 100k of debt? And on top of that I have 2 kids who will start college in 2 yrs as well. Any thoughts would be greatly appreciated! As an even later in life career changer, I echo some of the other comments above about that a change needs to be for something more than just money, especially if you're already secure in another career field. I went to PA school in my late 50s. I was making quite a bit more money then that I've ever made as a PA, but I wasn't really satisfied with the job. It wasn't as meaningful to me as I wanted. And I couldn't see how I could keep doing it until I was Social Security-eligible (66 for my age group.) So I took the plunge, I like the profession (no: it's not perfect either!), and somehow I'm still working in my mid-70s because I like the job. For now, I'm not clinical (kind of a life-threat for older people these days), but I'm still teaching for a PA program and hope to go back one of these days. I've learned that a meaningful job is meaningful often enough that it motivates you to keep going. Along the way, I've done things that I never thought I would get to do, seen things I thought that I'd never see, and felt -- a moment at a time -- that I've had opportunities to make a difference in someone else's life. And my wife and I are living comfortably. Sure: I could have made more money, but -- at least to me -- that's not necessarily the definition of a life well-lived. So, please: do what you want to do. If you're not sure, try to find small ways to put yourself in a new environment, if only to see how it makes you feel. I was like that much of the way through school; overcoming each obstacle with the sole objective of seeing what tomorrow would bring. I loved it. Good luck. 1 Quote Link to comment Share on other sites More sharing options...
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