PA school debt- worth it?

[padude32]

Hello everyone,

 

One of the programs I'm applying to will cost around $90K for the entire program. This excludes the cost of living. If I get accepted and complete the program, I feel like I'll be in debt for many years to come.

 

I was hoping someone could give me some insight as to whether or not attending a program of this nature is a wise idea in the grand scheme of things.

 

I appreciate any feedback!

[Walkoffshot]

I think this is pretty standard. Education is getting more and more expensive every year, but as education gets more expensive, salaries are seemingly on the same trend. You have to realize that in a program of this nature, working is almost out of the question with a few exceptions. So your taking on a lot of debt due to cost of living (upwards of 30k for 2 years). Assuming this is the case, 60k for graduate school is not too bad. The lowest I have seen is 50k and that is not very common. I wouldn't worry so much about it if this is the path you have chosen for yourself. The debt will get paid off sooner than you think.

[cinntsp]

Let's say you finish school and make 80k/year. You decide to be frugal and live on a 30k/year budget for a while. Your loans will be paid off in a few years. Alternatively, you can apply for a loan repayment program(NHSC/IHS/etc.) and have the government pay it back instead.

[briepm]

90k seems like it is on the extreme upper end.. I'll be paying 60k total for 2 years and that's at a private school. Check out his article and you can compare some of the average costs (keep in mind that it includes certificate, bachelors AND masters programs, so don't be fooled by the very low numbers).

http://www.physicianassistantprogramsinfo.com/how-much-do-physician-assistant-programs-cost.html

 

I chose my school for several reasons, including location, so I didn't mind paying private school tuition. If I were you, however, I wouldn't choose to pay so much more than the average unless that school is across the street from your house,has the only exactly-what-you-want-to-do-specialty-rotation or you have connections there and don't think you'll get into other programs.

[flyingsquirrel]

Where are you getting the $90K figure from? If you got it from the school, check to see if it had a "room and board" and/or textbook allowance figured in.

My program's tuition is on the higher end, but INCLUDING rent, food, utilites, health insurance, gas, car insurance, textbooks, and equipment, I expect to pay just under $90K for the whole two years.

[rmathews619]

90k for 2 years? That seems a lot. I am gonna end up paying 90k for 3 years and I live at home. Hopefully your getting a masters degree.

[Timon]

It's possible that their program costs $90K. I know Touro-Mares Island & USC cost roughly $132k in tuition alone.

 

Regarding the OP, it's all about what specialty you'll be choosing, cost / standard of living, and total accumulated debt once you've graduated.

 

That being said make a quick analysis to figure out your break even point and project your return on invenstment. So the take home message is make your own scenario break down, figure out what the costs are, find your break even point, and then see if the scenario works for you. I'll make a sample break down for you below.

 

In order to do this we'll take debt in $15k incriments with a repayment schedule of 15 years including projected expenses @ 6% interest:

 

- Replayment per $15K ~ $127

- 90K tuition + 30k living expenses ~ 120k total debt

- Total repayment over 15 years ~ $1,012 per month.

- Projected income @ $90-110k annually broken down to monthly income less taxes (varies but let's use a 28% tax rate to be conservitive) ~ $5,400 - $6,600 monthly

 

So here's a grossly rough break down:

 

Monthly expenses (will vary)

$ 800 - $2200 Mortgage / Rent estimated (taxes, PMI, ins included if purchase @ $300k)

$1,012 Student Loan Repayment (includes cost of living + tuition)

$ 400 - $ 600 Commuting / Transportation costs

$ 80 - $ 250 utilities seasonal (annual avg, includes trash, water, electric, gas)

$ 0 - $1200 Childcare / School (depends on your plan / situation / location)

$ 200 - $ 600 Food & Entertainment

$ ___ - $ ___ (Insert previous credit card / student loan debt here)

$ 100 - $ 240 (Other exp like Cell phone, cable / satilite, internet, etc)

$ 40 - $ 120 Auto Insurance (regional / car type / driving hx)

$ 0 - $ 200 (Misc other expenses: oil changes, auto repairs, birthdays, etc)

$2,632 - $6,422 Monthly Expenses

$5,400 - $6,600 Projected Monthly Net Income

 

Difference

$2,768.00 - $178.00 Remaining balance.

 

 

So ask yourself, will you be able to contain your spending habbits / patterns and make it worth it?

[Sparkles9708]

My tuition is approximately $80,000 without living expenses and honestly like they said above I think its pretty doable as long as you live frugally after you graduate. Yes it is a large amount of debt, but I know from my experiences this is definately what I want to do and if you can save some before you head off for school, then try to do that also. Some areas in desparate need of help will offer loan repayment even if they are not part of NHSC. I had a choice between 2 schools and I ended up choosing the more expensive one to attend because things that mattered such as being closer to my family, the atmosphere of the school, and a shadowing/mentoring part of the didactic curriculum are things that I was willing to pay the extra money for.

[rev ronin]

I'm going to be paying off my entire loan during my grace period, without loan repayment assistance. Mind you, I minimized expenses, maximized income during school, and had saved up a lot of money both in cash and retirement accounts that could be rolled into an IRA. I only took the subsidized loans, though, so mine aren't that extensive, even though my tuition was $70k...

[MC99]

I think it is worth it but here are some tips for saving.

1. USe the bus service to get to school and back. UF has a great transportation system and it saves on parking decals too along with gas

2. Rent an apartment cheap. There are nice apts by UCF for around 400 bucks (also consider a roomate)

3. Try to work extra before the program starts to save up

4. Cut coupons

5. Try to find an apartment that pays for some utilities like trash, water, cable, a free gym there, ect

6. Do free entertainment stuff/or cheap stuff. IF you go shopping, look for sales. See if there is a dolar theatre in the area (you get the point)

[Guest]

Sounds pretty average to me. Would you prefer to be no one/not fulfill your dreams and be debt-free? Of course it's worth it! I'll take loans with good career any day.

[Sparkles9708]

Plus try and look for scholarships, I just received one from a local hospital that will at least cover my books and equipment. I actually work at the hospital across town and did not think I would get it, but I did. Worst case scenario you try for a scholarship and don't get it, so you use your loans. Like purples said I would much rather have a job I enjoy and have some debt then be miserable and be debt free and stuck in that position.

[briepm]

The OP could choose between the very expensive school and ANOTHER PA school, no? I didn't read it as "90k or not being a PA," I read the post as "is 90k a reasonable amount of tuition to pay?" Personally, I think - yikes! - but I would pay it if was my only or by far first choice option.