Im attending DPT school. Now that im finally involved people are opening up about salary and the school actually provided me with cost of living #s. My loans are now calculated at $120,000. With accrued interest over:
30 yr repayment plan= $305,000~ $850mo
10 year repayment plan= $165,000~ $1,380mo
I've been told by numerous therapists (now theyll tell me since im in school) I should expect between 55-70 for my first 10 years of work.
lets say its $65,000
Fed tax: 25%. $65,000x .75 = $48,750
State tax: 7.5% x $65,000= $4,875 $48,750-$4,875= $43,875
Average cost of living: rent ($600x 12mo= $7,200)+ cable+internet ($80x12mo= $960)+ govt estimated cost of living- w 100$ extra for more food. ($665x12mo= $7,980) total= $16,140.
$43,875-$16,140= $27,735
Transportation+ insurance: car: nat'l ave according to edmunds~ $450 ($450x12mo= $5400) + insurance ($1,500) = $6,900
$27,735- $6,900- $20,835
Final #s
Option 1- 30 yr repayment. $850x12mo= $10,200
$20,835-$10,200= $10,365
Option 2- 10 yr repayment. $1,380x 12mo= $16,560
$20,835- $16,560= $4,275
Imagine if I wanted to buy a house... subtract atleast $5,000 more from each one.
What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.
However I could enjoy just about any job. For example even being a car salesman or waiter or bartender in a city for a few years would net me close to the same salary, without loan repayments would allow me to save and open up a business and STAND a chance to oneday get ahead.
Maybe I'm missing something, but it looks like I'll never stand a chance.
But before I make a rash decision to suspend my enrollment I was interested in advice.
Thanks!
30 yr repayment plan= $305,000~ $850mo
10 year repayment plan= $165,000~ $1,380mo
I've been told by numerous therapists (now theyll tell me since im in school) I should expect between 55-70 for my first 10 years of work.
lets say its $65,000
Fed tax: 25%. $65,000x .75 = $48,750
State tax: 7.5% x $65,000= $4,875 $48,750-$4,875= $43,875
Average cost of living: rent ($600x 12mo= $7,200)+ cable+internet ($80x12mo= $960)+ govt estimated cost of living- w 100$ extra for more food. ($665x12mo= $7,980) total= $16,140.
$43,875-$16,140= $27,735
Transportation+ insurance: car: nat'l ave according to edmunds~ $450 ($450x12mo= $5400) + insurance ($1,500) = $6,900
$27,735- $6,900- $20,835
Final #s
Option 1- 30 yr repayment. $850x12mo= $10,200
$20,835-$10,200= $10,365
Option 2- 10 yr repayment. $1,380x 12mo= $16,560
$20,835- $16,560= $4,275
Imagine if I wanted to buy a house... subtract atleast $5,000 more from each one.
What I seek is insight to whether or not people in the field feel this situation is worth it to them? PT is not a job im in love with and 'just cant live without'. its a job that involves things im interested in and I feel its a job I wouldnt hate.
However I could enjoy just about any job. For example even being a car salesman or waiter or bartender in a city for a few years would net me close to the same salary, without loan repayments would allow me to save and open up a business and STAND a chance to oneday get ahead.
Maybe I'm missing something, but it looks like I'll never stand a chance.
But before I make a rash decision to suspend my enrollment I was interested in advice.
Thanks!