Okay maybe $100k in student loans is not that bad...Is this really the starting pay??

[PNKGIRL25]

So I'm doing some research on student loans (didn't know about the PLUS loan so it makes it totally doable now) anyways, based on my calculations, PA school will cost me about $120k which works out to about $980 a month in student loan repayment but I'm also seeing that new grad PA's start out at about $60-$75/hr...is this true?

 

If this is the case this is a risk I am more then willing to consider especially seeing as though there are options for loan forgiveness and grants.

[EMEDPA]

new grad pay is more like 38-45/hr for most specialties. most PA jobs top out around 100k-125k.

75/hr is 150 k. I know very few senior PAs making that.

[Maverick87]

So I'm doing some research on student loans (didn't know about the PLUS loan so it makes it totally doable now) anyways, based on my calculations, PA school will cost me about $120k which works out to about $980 a month in student loan repayment but I'm also seeing that new grad PA's start out at about $60-$75/hr...is this true?

 

If this is the case this is a risk I am more then willing to consider especially seeing as though there are options for loan forgiveness and grants.

 

Personally, I would either join the military (which I did) or do NHSC. No way I would ever shoulder THAT much debt.

[PNKGIRL25]

Wow really? well that blows. I know RN's who are making $38 an hour...without a BA degree :( I keep seeing jobs on indeed saying PA's $60/hr new grads welcome. Are these headhunters just trying to get you to call?

[PNKGIRL25]

Personally, I would either join the military (which I did) or do NHSC. No way I would ever shoulder THAT much debt.

 

Yeah I will be looking into NHSC for sure but I hear you have a better chance of winning the lotto then being picked. I considered the military but being 32 and a single mom kinda to a 4 year old kinda tanks that idea.

[Maverick87]

Yeah I will be looking into NHSC for sure but I hear you have a better chance of winning the lotto then being picked. I considered the military but being 32 and a single mom kinda to a 4 year old kinda tanks that idea.

 

Really? I've read on here that a lot of people get NHSC. It's worth looking into. I was competing with A LOT of people for my military scholarship and was told that it was unlikely that I would get it. I tried anyway and here I am. :)

 

As far as the military, there aren't a ton of military HPSP winners so I can't really say about that, but there were certainly people in my Officer Training School that were in their 30s-40s with kids. One woman I knew was 42ish with 2 kids and was a single mom. It's worth looking into, imo.

[DogLovingPA]

I am graduating in May with ~130K in loans (this is all from PA school, I was debt free when I started). Loan repayments will be more like $1600/month with the standard 10 year repayment plan (not sure where you got $980 from). This is with stafford and grad plus loans. As far as new grads, my friends and I have gotten offers anywhere from $34-45/hr. It has definitely been an eye opener for me. If you are looking at schools, don't scrimp on quality of the education just to have less loans but definitely take cost into consideration. I went to a private PA school and while I got a great education.... average pay in my area (SE Virginia - and I did consider leaving the geographic area) is lower than average nationally.

[PNKGIRL25]

One woman I knew was 42ish with 2 kids and was a single mom. It's worth looking into, imo.

 

Wow really? I didn't think this was possible. When I looked into it I was told I would have to sign over my parental rights to my ex husband because I could not take my daughter with my while I was deployed. I will have to look into this again.

[Maverick87]

Wow really? I didn't think this was possible. When I looked into it I was told I would have to sign over my parental rights to my ex husband because I could not take my daughter with my while I was deployed. I will have to look into this again.

 

She definitely didn't sign over her parental rights (wtf??). Who told you that?

[PNKGIRL25]

I am graduating in May with ~130K in loans (this is all from PA school, I was debt free when I started). Loan repayments will be more like $1600/month with the standard 10 year repayment plan (not sure where you got $980 from). This is with stafford and grad plus loans. As far as new grads, my friends and I have gotten offers anywhere from $34-45/hr. It has definitely been an eye opener for me. If you are looking at schools, don't scrimp on quality of the education just to have less loans but definitely take cost into consideration. I went to a private PA school and while I got a great education.... average pay in my area (SE Virginia - and I did consider leaving the geographic area) is lower than average nationally.

 

yeah I can believe $34-45 in SE Virginia (I know it's that in Chicago...have a friend out there who just graduated) But I was thinking CA would be much higher simply because of the cost of living. If PA's are only making $50 an hour in CA then the best thing for me to do is just continue on to my BSN where I know for a fact I can make $34-$45/hr with 1/3 of the student loans.

 

$45/h in CA after taxes is like 61k a year or $5k a month after student loans of $1600 a month that would leave me about $3400 a month...I would starve to death in Los Angeles with a child, daycare, rent, car lol. How the heck are people doing it.

[PNKGIRL25]

She definitely didn't sign over her parental rights (wtf??). Who told you that?

I spoke to someone who was kind of in the same situation but was looking at joining as a nurse. She was looking to enlist full time...so maybe it's a little different as a PA and only as a reserve. I will look into it more because it is something I would seriously consider but when she told me they told her she would have to sign over her right...Yeah it would be a frosty day in hell before I did that lol.

[Maverick87]

I spoke to someone who was kind of in the same situation but was looking at joining as a nurse. She was looking to enlist full time...so maybe it's a little different as a PA and only as a reserve. I will look into it more because it is something I would seriously consider but when she told me they told her she would have to sign over her right...Yeah it would be a frosty day in hell before I did that lol.

 

I'd say talk to a recruiter. The experience of the person that you talked to does not match what I've seen (of course, I don't know the details. Being a young, single guy, I've never looked into it. :p ).

[Maverick87]

yeah I can believe $34-45 in SE Virginia (I know it's that in Chicago...have a friend out there who just graduated) But I was thinking CA would be much higher simply because of the cost of living. If PA's are only making $50 an hour in CA then the best thing for me to do is just continue on to my BSN where I know for a fact I can make $34-$45/hr with 1/3 of the student loans.

 

$45/h in CA after taxes is like 61k a year or $5k a month after student loans of $1600 a month that would leave me about $3400 a month...I would starve to death in Los Angeles with a child, daycare, rent, car lol. How the heck are people doing it.

 

I think you're underestimating how difficult it is to get a job as a new grad nurse. It's pretty widespread (I'm from NY and currently live in CA.....every new grad nurse that I know in each state has struggled to get a job...sometimes being unemployed for almost a year, then having to take a crappy one).

[greenmood]

I am graduating in May with ~130K in loans (this is all from PA school, I was debt free when I started). Loan repayments will be more like $1600/month with the standard 10 year repayment plan (not sure where you got $980 from). This is with stafford and grad plus loans. As far as new grads, my friends and I have gotten offers anywhere from $34-45/hr. It has definitely been an eye opener for me. If you are looking at schools, don't scrimp on quality of the education just to have less loans but definitely take cost into consideration. I went to a private PA school and while I got a great education.... average pay in my area (SE Virginia - and I did consider leaving the geographic area) is lower than average nationally.

This is much more accurate. The jobs I'm looking at are hovering around $39/hour base pay... I calculated this based on the lowest potential $$/pay period divided by an 80 hour work week. I am graduating with about $170,000 in debt and can expect to pay around $1900/month on the ten-year repayment plan. However, cost of living in the area where I'm searching is low, so this is completely and totally doable for me.

[PNKGIRL25]

Can you combine the 10 year repayment plan with the NHSC program? If I can get 1/2 of the 100k loan forgiven by working 2 years then spread then do the 10 year deal it might possible but the thought of paying $1600 on a 70k a year salary (BEFORE TAXES) is kinda scary...no VERY VERY scary

[EMEDPA]

Wow really? well that blows. I know RN's who are making $38 an hour...without a BA degree :( I keep seeing jobs on indeed saying PA's $60/hr new grads welcome. Are these headhunters just trying to get you to call?

that might be 60/hr with no benefits...when you figure what your bennies cost you are down to 38-45/hr in actual salary.

[Will352ns]

I spoke to someone who was kind of in the same situation but was looking at joining as a nurse. She was looking to enlist full time...so maybe it's a little different as a PA and only as a reserve. I will look into it more because it is something I would seriously consider but when she told me they told her she would have to sign over her right...Yeah it would be a frosty day in hell before I did that lol.

 

Complete nonsense. You would simply need a written plan of care (family care plan) for the child. This would be for the times that you are away for training and deployment. You have to designate who you will place your child with while you are gone and make sure you have all the appropriate paperwork for the person looking after your kid.

 

I have 20 years in the service, 6 of those on and off as a First Sgt. Believe me, I know about the family care plans and how they work. There is no "giving up custody".

[Neurosurg PA-C]

I do not know any PA's who started at $60.00-$75.00 a hour out of school. In the right area, $75.00 a hour is attainable but only probable in a couple subspecialties and with years experience. If you get a offer close to $75.00 a hour out of school.... TAKE IT!! Many of these per hour jobs online are from head hunters who have a lot of Locum Tenems which typically pay a little more but are only temp positions. It is hard for me to understand how one can attain 120K-170K in debt for a profession which they did know there future expected salary.

[GatorRRT]

With the various different terms the government offers for repayment (10% income based with 25 yr forgiveness, 30 year loan terms) it's possible to afford a substantial loan debt without loan repayment via the NHSC or military. If being a PA is something youre passionate about, go for it.

[LT_Oneal_PAC]

I'm always surprised in these conversations that no one mentions Public Service Loan Forgiveness (PSLF). With this, you work for any non-profit, you make payments of 15% of your discretionary income for 120 payments (10 years) and the rest of your debt is forgiven, TAX FREE!

 

To calculate your payment, take 150% poverty level for a family your size. This is 29k for a 3 person family this year. Subtract this from your taxable income. We'll say you only make 75k. Thus your discretionary income is 75k-29k = 46k. Take 15% of that and it will equal your annual payment. 46k*.15 = 6.9k/year. Then divide that by twelve and you have your monthly payment = $575. Make 120 payments of that, 120*575=69K that you paid on your 120k debt. A savings of 51k!

 

It's even better for those in the military, as you only use your taxable income in the calculation, which does NOT include housing allowance or subsistence allowance.

 

Note that you must work for government or some non-profit for 10 years, but these do not have to be consecutive.

 

http://www.studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

[discogenic]

I do not know any PA's who started at $60.00-$75.00 a hour out of school. In the right area, $75.00 a hour is attainable but only probable in a couple subspecialties and with years experience. If you get a offer close to $75.00 a hour out of school.... TAKE IT!! Many of these per hour jobs online are from head hunters who have a lot of Locum Tenems which typically pay a little more but are only temp positions. It is hard for me to understand how one can attain 120K-170K in debt for a profession which they did know there future expected salary.

 

Unfortunately, it's not that hard to rack up this kind of debt to pay for a PA education these days (170k is certainly on the very high side though). If future salaries are going to drop due to changes in healthcare, cost of PA education could become more of an issue.

[akdEM]

I'm always surprised in these conversations that no one mentions Public Service Loan Forgiveness (PSLF). With this, you work for any non-profit, you make payments of 15% of your discretionary income for 120 payments (10 years) and the rest of your debt is forgiven, TAX FREE!

 

To calculate your payment, take 150% poverty level for a family your size. This is 29k for a 3 person family this year. Subtract this from your taxable income. We'll say you only make 75k. Thus your discretionary income is 75k-29k = 46k. Take 15% of that and it will equal your annual payment. 46k*.15 = 6.9k/year. Then divide that by twelve and you have your monthly payment = $575. Make 120 payments of that, 120*575=69K that you paid on your 120k debt. A savings of 51k!

 

It's even better for those in the military, as you only use your taxable income in the calculation, which does NOT include housing allowance or subsistence allowance.

 

Note that you must work for government or some non-profit for 10 years, but these do not have to be consecutive.

 

http://www.studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

 

You beat me to it. Great advice. Working for a non-profit is not very difficult. I'm pretty sure the majority of hospitals have non-profit status.

[GatorRRT]

I'm always surprised in these conversations that no one mentions Public Service Loan Forgiveness (PSLF). With this, you work for any non-profit, you make payments of 15% of your discretionary income for 120 payments (10 years) and the rest of your debt is forgiven, TAX FREE!

 

To calculate your payment, take 150% poverty level for a family your size. This is 29k for a 3 person family this year. Subtract this from your taxable income. We'll say you only make 75k. Thus your discretionary income is 75k-29k = 46k. Take 15% of that and it will equal your annual payment. 46k*.15 = 6.9k/year. Then divide that by twelve and you have your monthly payment = $575. Make 120 payments of that, 120*575=69K that you paid on your 120k debt. A savings of 51k!

 

It's even better for those in the military, as you only use your taxable income in the calculation, which does NOT include housing allowance or subsistence allowance.

 

Note that you must work for government or some non-profit for 10 years, but these do not have to be consecutive.

 

http://www.studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service

 

Except for the fact that there is no contract or guarantee this will be honored 10 years down the road . . .

[LT_Oneal_PAC]

Except for the fact that there is no contract or guarantee this will be honored 10 years down the road . . .

 

No reason it wouldn't be. The way it's written it doesn't even add to the budget, so wouldn't likely be cut. Since your loans are through the federally gov't, they just erase the debt instead of "paying" it. Even it were to be cut, it's unlikely they would honor those in it already.

[LT_Oneal_PAC]

There are reasons to be hopeful that PSLF will survive the current (and future) budget cuts. First, unlike many government programs, it is not subject to appropriations or the budgetary process. When a borrower qualifies, the federal government simply writes off the debt owed and the United States Department of Treasury does not expend revenue.

Second, PSLF brings loan revenue into the Federal Direct lending program because many borrowers will still need to consolidate into Federal Direct to qualify.

Third, if a future Congress does abolish PSLF, we believe there is a good chance that borrowers who are already well along the path to forgiveness will be permitted to complete the forgiveness process.

Of course, there are few guarantees in life. But since you have to pay back your student loans anyway, it seems sensible to hedge your bets and do so in a way that will ensure you qualify for forgiveness if it is available.