Career change Question In late 20's with undergrad debt

[beachbum2000]

Hi guys. I work in an office job now. I am starting to really dislike my job and have been looking into physical therapy. I am single and live alone but I have undergrad debt from my bachelors degree. Is it too late to try and pursue a degree in physical therapy? I am unsure how I would support myself for 3 years without working (rent bills etc.) I have a decent paying job but live in high cost of living area ( salary around low 70k) and in my late 20s. I don't want to have insane debt when I graduate.

reasons why I want to switch are

not satisfied at my job/extremely boring frustrating

feel like I would love helping people and would enjoy more interaction with people on a daily basis

Originally wanted to go for Physical Therapy in college but ended up going to business school

How do people that are older able to survive do they take out loans to cover cost of living? Thanks in advance!

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[dcscott325]

I'm in a similar boat. I'm in my late 20's as well and am applying for PT school as a second career. I got my BS in Public Admin and have spent the last 6 years sitting behind a desk and hating every minute of it! When I decided to make the switch, I had to really think long and hard... I too am still paying off my undergrad and PT school isn't cheap! But there are ways to do it if its what you really want. I would look into scholarships/financial aid that you would qualify for. You can take out loans if needed to help cover the cost-of-living stuff too. You'll accrue more debt but you'll probably have a better career that will make it much more worth it : )

First though, I would start working on getting your observation hours. You're going to need them anyway, and actually experiencing the job will really help you decide if its worth you making such a big change in your life. And, if you plan on working in the same state you graduated from, some states even have loan forgiveness if you agree to work in they state for some pre-determined amount of time after you graduate.

I know it's a lot to think about since I'm going through the same thing. You just have to weigh out how important it is to you to have a career you can really enjoy and be proud of. Good luck!!

 

[qtran]

student loans, unsubs, but school will give you enough to survive. so yolo

 

[questionmark32]

Also, look at schools that offer tuition waivers (like a GA position). That will definitely limit the amount of money you ask for a loan.

 

[TopShelf85]

If you are going to be in debt from going to school do NOT play into the ponzi. Your loans will be there for a long time especially as interest rates rise you will owe more on top of your principal.

Ask yourself is it worth it?

 

[Azimuthal]

If you are going to be in debt from going to school do NOT play into the ponzi. Your loans will be there for a long time especially as interest rates rise you will owe more on top of your principal.

Ask yourself is it worth it?

Must be nice to be able to pay cash up front for tuition.

 

[DPTinUTAH]

I would say you should go a smarter route since you already have undergrad loan debt and are in your late 20s. The cost of the PT education is astronomical based on the financial return. It really is a poor investment IMO. I suggest looking at other options, or other health careers if you are set on healthcare.

 

[TopShelf85]

Why in the world would I or anyone think about taking out tens of thousands of dollars of student loans? The value of education is only so much that it gives you the ability to make a modest living wage. AT the end of 3 years of DPT school and factoring in living expenses, you will easily be out at least 100k. There is job security and from all I've read earnings are FLAT and there is growing pressure on insurance, Medicare, and other payers as the depression we're trapped in rages on and our purchasing power declines from all of the currency devaluation.

How is earning a 70k salary for several years post graduation going to be able to off-set the student loans?

 

[TrailBlazer]

I agree with what you're saying. 100k worth of loans will be at least a $1000 a month loan payment.

From finaid.org: A good rule of thumb is that your total education debt should be less than your expected starting salary. If you borrow more than your expected starting salary, you will probably still be in debt when your children enroll in college. If you borrow more than twice your expected starting salary you will find it extremely difficult to repay the debt.

You can always bank on programs like IBR and PSLF but that's risky. With IBR you can extend the term to 20 years and have everything forgiven afterwards (after paying 1/3rd in taxes). PSLF allows you to forgive any debt after 10 years of 'public service' (120 monthly payments) with no tax penalty, but so far not a single dime has been forgiven since the program has not existed for 10 years yet.