Hello members,
I seem to be paralyzed in making my decision on pursuing PT...
I went on a detour after I completed UG as a pre-PT; will turn 26 next month.
I have an acceptance to a PT program starting Fall 2019.
However, the debt-to-income ratio is driving me insane.
I got my tuition down to 91K (with scholarship).
Potential Starting Income 65K --> after 30% tax (prob more if working in city/philadelphia) = $45,500
Monthly income = ~$3,800
Quick Breakdown Post-Grad payment: (per month)
1. DPT loan + UG loan = $1500 x 10years (fed loans 10 year repayment plan)
- Currently 50K UG debt, paying around $500/month x 10 years
- Adding around 100K to DPT debt will add another $1000/month x 10year
2. membership (amazon, gym, Spotify, etc) = $100
3. Car Gas = $100
4. Grocery / Food = $500
5. House/Apmt Rent = $800
6. Internet/Phone = ?
7. Insurance = ?
8. others = ?
If this breakdown proves to be somewhat true, I will essentially be living paycheck-to-paycheck for 10 years.
Potential Relief:
Sure you can do income driven payment plan, but I want to avoid accruing massive interest in my school loans.
Sure, my income will steadily rise up to 80-85K with several years under my belt. But more income = more tax . And that would still leave me with little to save.
And yes, having a spouse that makes +50K-70K would also alleviate finance burden on providing for family needs.
Yes I can pick up per diem shifts. But stacking 50-60 work week would counteract the great attraction of work-life balance of PT.
Regardless of all these, this breakdown and potential lifestyle post-grad is very daunting.
Can anyone shed some light onto your financial conditions post-grad?
Other Option:
I completed a post-bac and could reapply to medical school (2nd cycle). But the reality of medicine and its associated lifestyle turns me away.
I can apply to PA school. I have all the Pre-Reqs & +1500hrs of patient contact hours.
I am currently an EMT. I found equal fulfillment as a Rehab Aid in rehab science as well as my time as an EMT with life support, interventions, pharmacology, etc.
I would hope that you won't jump to the conclusion of "typical millennial who do not want to work". I know myself and see more to life than work and am confident admitting that. I have other great interests (music, photography, travel, etc) and am deeply involved in a worship band in church. I also consider myself a family-man, for I will highly prioritize my family time.
Therefore, I am strongly leaning on opting out of PT and adjusting my course to PA school. The proportion to cost of education & income is optimal.
Hopefully you all can meet this post with an understanding attitude.
Thank you so much for your time.
I seem to be paralyzed in making my decision on pursuing PT...
I went on a detour after I completed UG as a pre-PT; will turn 26 next month.
I have an acceptance to a PT program starting Fall 2019.
However, the debt-to-income ratio is driving me insane.
I got my tuition down to 91K (with scholarship).
Potential Starting Income 65K --> after 30% tax (prob more if working in city/philadelphia) = $45,500
Monthly income = ~$3,800
Quick Breakdown Post-Grad payment: (per month)
1. DPT loan + UG loan = $1500 x 10years (fed loans 10 year repayment plan)
- Currently 50K UG debt, paying around $500/month x 10 years
- Adding around 100K to DPT debt will add another $1000/month x 10year
2. membership (amazon, gym, Spotify, etc) = $100
3. Car Gas = $100
4. Grocery / Food = $500
5. House/Apmt Rent = $800
6. Internet/Phone = ?
7. Insurance = ?
8. others = ?
If this breakdown proves to be somewhat true, I will essentially be living paycheck-to-paycheck for 10 years.
Potential Relief:
Sure you can do income driven payment plan, but I want to avoid accruing massive interest in my school loans.
Sure, my income will steadily rise up to 80-85K with several years under my belt. But more income = more tax . And that would still leave me with little to save.
And yes, having a spouse that makes +50K-70K would also alleviate finance burden on providing for family needs.
Yes I can pick up per diem shifts. But stacking 50-60 work week would counteract the great attraction of work-life balance of PT.
Regardless of all these, this breakdown and potential lifestyle post-grad is very daunting.
Can anyone shed some light onto your financial conditions post-grad?
Other Option:
I completed a post-bac and could reapply to medical school (2nd cycle). But the reality of medicine and its associated lifestyle turns me away.
I can apply to PA school. I have all the Pre-Reqs & +1500hrs of patient contact hours.
I am currently an EMT. I found equal fulfillment as a Rehab Aid in rehab science as well as my time as an EMT with life support, interventions, pharmacology, etc.
I would hope that you won't jump to the conclusion of "typical millennial who do not want to work". I know myself and see more to life than work and am confident admitting that. I have other great interests (music, photography, travel, etc) and am deeply involved in a worship band in church. I also consider myself a family-man, for I will highly prioritize my family time.
Therefore, I am strongly leaning on opting out of PT and adjusting my course to PA school. The proportion to cost of education & income is optimal.
Hopefully you all can meet this post with an understanding attitude.
Thank you so much for your time.