Recent grads - How much student loan debt do you have after optometry school? How much is too much?

[London22]

(I'm sure this question has probably been asked before but I can't find anything specific to recent grads. Please link me if I'm mistaken)

With your undergrad + optometry how much in loans did you graduate with? What year did you graduate?
I have 46k undergrad loans...and plan on taking out ~200k+ additional for optometry school. Honestly, I am terrified of this. That would come out to 250k+ without the interest.

I may take out less than this...probably around 180k. But for now if I assume the worst and include cost of living I am estimating ~50k per year x 4 = 200k + 46k undergrad = ~250k+

Is this too much and how do people manage this type of debt? Can ~110k/year salary manage paying off 300k in loans?
I do not have kids and do not mind living frugal for a bit after grad school. However, I do not want to be living paycheck to paycheck.

Please vote in the poll if you would like in order to help others.

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[percyeye]

You will be over $250K and probably into the $300's. If you have to take out loans for undergrad and for Optometry you will be close to $250-$300 and that is the case with most people nowadays. Something they don't tell you is that your grad school loans accumulate interest while you are in school, which is pretty much like the government stealing from college students. You will get monthly or quarterly reports of your interest compounding on itself and it is enough to make you sick.

Almost no one I know can afford the 10 year plan which is around $3,000 per month if not more. So most do the 30 year plan. That's right, if you graduate around age 26-27 you won't be done paying loans until you are almost 60 years old if you never get off the 30 year income based plan. Which about 90% of my class is probably doing.

Good luck

 

[London22]

You will be over $250K and probably into the $300's. If you have to take out loans for undergrad and for Optometry you will be close to $250-$300 and that is the case with most people nowadays. Something they don't tell you is that your grad school loans accumulate interest while you are in school, which is pretty much like the government stealing from college students. You will get monthly or quarterly reports of your interest compounding on itself and it is enough to make you sick.

Almost no one I know can afford the 10 year plan which is around $3,000 per month if not more. So most do the 30 year plan. That's right, if you graduate around age 26-27 you won't be done paying loans until you are almost 60 years old if you never get off the 30 year income based plan. Which about 90% of my class is probably doing.

Good luck

Wow that's insane. I didn't realize that most people end up in the same boat around 300k. What are they suggesting for you and your class to deal with that type of burden? Do you think it's worth it?
I happen to know doctors who pay off ~3k a month for loans on the 10 yr plan and they live a middle class lifestyle. They don't have a house but they definitely do well.

 

[Optogal]

I have a Q as well. At what amount of debt is optometry school no longer worth it?

 

[percyeye]

Wow that's insane. I didn't realize that most people end up in the same boat around 300k. What are they suggesting for you and your class to deal with that type of burden? Do you think it's worth it?
I happen to know doctors who pay off ~3k a month for loans on the 10 yr plan and they live a middle class lifestyle. They don't have a house but they definitely do well.

Who is they? If you mean the Optometry school I'm sure they don't feel bad as they are the ones charging around $30K per year just in tuition.

I don't consider not owning a house to be middle class, unless you are living somewhere like New York where you pretty much have to rent. You kind of have two options. Live like a hobo for 10 years paying down your debt hard but by age 40 you are debt free but have nothing to show for yourself. Or pay as little as possible and spend it different like investing and enjoying your life.

Not sure what the answer is, it is a pretty new for these type of debt loads but very common.

 

[London22]

Who is they? If you mean the Optometry school I'm sure they don't feel bad as they are the ones charging around $30K per year just in tuition.

I don't consider not owning a house to be middle class, unless you are living somewhere like New York where you pretty much have to rent. You kind of have two options. Live like a hobo for 10 years paying down your debt hard but by age 40 you are debt free but have nothing to show for yourself. Or pay as little as possible and spend it different like investing and enjoying your life.

Not sure what the answer is, it is a pretty new for these type of debt loads but very common.

Thanks! I hope I'll be able to figure a solution.
As in "they" I meant the doctors I previously worked with that pay 3k a month in student loans. These doctors, from what I've witnessed, seemed to be doing fine. They had over 200k in loans each from what I remember.

 

[GypsyHummus]

300K+ in student loan debt making 110K/year (more like 75k after taxes) is not a place I would like to be.

If it were me and I woke up in your shoes, I would reconsider going to OD school.

If not, and being an OD is something you really want to do (its a great profession) lets do a little math.

Lets say you stay around the 110K-120K range on average for your entire career. So you will make around 70-80K take home, depending on where you live. If you live off of 30K/year, which can be done, you can throw 40K at loans. after 10 years, that would equal 400K, which should cover the loan.

If your boyfriend makes a good living, he can also help pay off the debt.

Biggest thing to do once you are out is LIVE CHEAP! Rent, do not buy a house, find something for around 500$/month. Moonlight as much as you can. Go on cheap cell phone plans, if you shop around, you can snag some for as low as 30-40$/month, which will give you mobile hotspot so you dont have to buy internet. Cheap Cheap Cheap. It should be so cheap you start hearing baby chickens in your head!

 

[percyeye]

300K+ in student loan debt making 110K/year (more like 75k after taxes) is not a place I would like to be.

If it were me and I woke up in your shoes, I would reconsider going to OD school.

If not, and being an OD is something you really want to do (its a great profession) lets do a little math.

Lets say you stay around the 110K-120K range on average for your entire career. So you will make around 70-80K take home, depending on where you live. If you live off of 30K/year, which can be done, you can throw 40K at loans. after 10 years, that would equal 400K, which should cover the loan.

If your boyfriend makes a good living, he can also help pay off the debt.

Biggest thing to do once you are out is LIVE CHEAP! Rent, do not buy a house, find something for around 500$/month. Moonlight as much as you can. Go on cheap cell phone plans, if you shop around, you can snag some for as low as 30-40$/month, which will give you mobile hotspot so you dont have to buy internet. Cheap Cheap Cheap. It should be so cheap you start hearing baby chickens in your head!

Sounds fun. Go to school for about a decade to become an Optometrist.

And then live like a hobo for a decade about be around 40 years old with no money in the bank.

 

[GypsyHummus]

But then u have your 40s making good money.

All about choices. You can choose to give up comfort for a short time and live free or be a debtor for the remainder of your life. I will choose Financial freedom.

Sounds fun. Go to school for about a decade to become an Optometrist.

And then live like a hobo for a decade about be around 40 years old with no money in the bank.

 

[GypsyHummus]

Yup, welcome to the real world. A bio degree is worthless, everyone with one would have been better off just working after high school. That’s ok, we were all lied to about college.

If you can be committed to paying off the student loan debt and keeping your head down and living frugally, I’d say it’s worth it. Because if you are not committed to living the next ten years frugally, your gonna be stuck with that debt for the rest of your life.

Since you live on the east coast, I’d be a bit worried about OD job prospects. OD profession is pretty saturated right now. I would think about other places in more rural areas that need primary eye care where you would want to live, like the Midwest or south. If you have to stay on the east coast, it’s also gonna be a rocky ride, but doesn’t mean you can’t find something. I think there was a doc on the forums who lived in Maine and was offering a full time associate position for 130k. Look through the forums.

Before committing to the path, do your market research. Is my area saturated? If I were to live here, how much do the bottom 25-50 percentile ODs make? (Look at salary.com, I find they have the best estimates because it’s based on salaries and not nessecarily all ODs like BSL.gov) which areas are in need of ODs. Things like that.

Thanks lol this actually helps me figure out my priorities. At the rate I'm going currently-- honestly I don't make a lot of money. I make less than 45k a year and still manage to have a savings account built up, buy things I would like to buy, 2016 car, and live comfortably in my apartment in Boston. Granted I've split half of my rent with my boyfriend for the past 2+ years which definitely helps us both out but still. As long as I'm splitting rent with people things seem fine.
Right now I have ~45k in undergrad loans left. Honestly I have a biology degree which doesn't go too far unless you get into something medical/continue education or start working in a lab, research, etc. (lab being the path I didn't take and didn't want to take tbh)
When I look at myself right now I really don't feel like I'm happy with my job situation. I am comfortable money wise but dread my job stability. I can't stand working in a cubicle and sitting all day in a quiet office..with miserable people who also hate their jobs at my current company. I hate the thoughts of layoffs and companies going under, which I've already seen happen. I work in medical device corporate setting...and I miss working in practice and not having to worry about corporate political banter. However, I had a hard time affording life as a technician with all my loans which is why I'm at where I'm at now.
So tbh, I would feel like if I don't go to optometry school my biology degree might become wasted as terrible as that sounds. Wasted in the sense that I wouldn't be happy with the job outcome of my degree. The whole point in even having a degree.
If I go to optometry school I believe I will be not only proud of myself but happy with my job outcome. Granted I will have 250k in loans but at least I will have a stable job compared to what I'm doing now on top of feeling personally fulfilled. Seeing as I'm not loading in riches now and still feel financially comfortable, I think I will be fine after school paying off loans as well.

At the end of the day there's 2 scenarios for me:
45k in undergrad loans and hate your job + less job stability? Think about what could have been and kick yourself in the ass for not becoming an optometrist like you wanted?
OR
250k in loans, be an OD, be fulfilled by what you do, have job stability, hopefully move where you would like/have the option to, and be stuck in about the same debt vs income situation anyways as the above situation

 

[Opticalfuture]

Yup, welcome to the real world. A bio degree is worthless, everyone with one would have been better off just working after high school. That’s ok, we were all lied to about college.

If you can be committed to paying off the student loan debt and keeping your head down and living frugally, I’d say it’s worth it. Because if you are not committed to living the next ten years frugally, your gonna be stuck with that debt for the rest of your life.

Since you live on the east coast, I’d be a bit worried about OD job prospects. OD profession is pretty saturated right now. I would think about other places in more rural areas that need primary eye care where you would want to live, like the Midwest or south. If you have to stay on the east coast, it’s also gonna be a rocky ride, but doesn’t mean you can’t find something. I think there was a doc on the forums who lived in Maine and was offering a full time associate position for 130k. Look through the forums.

Before committing to the path, do your market research. Is my area saturated? If I were to live here, how much do the bottom 25-50 percentile ODs make? (Look at salary.com, I find they have the best estimates because it’s based on salaries and not nessecarily all ODs like BSL.gov) which areas are in need of ODs. Things like that.

Hi i want to be an optometrist and i will be doing shadowing soon. I lobe in texas in the city of houston i dont see alot every where but i do see it. Where do you think its best to live in texas to get a stable job?

 

[GypsyHummus]

What?

Hi i want to be an optometrist and i will be doing shadowing soon. I lobe in texas in the city of houston i dont see alot every where but i do see it. Where do you think its best to live in texas to get a stable job?

 

[Weirdy]

Hi i want to be an optometrist and i will be doing shadowing soon. I lobe in texas in the city of houston i dont see alot every where but i do see it. Where do you think its best to live in texas to get a stable job?

Get through undergrad first.

 

[310]

160+. It's basically gone already after a little less than five years working. I have 24k left but can pay that off whenever I feel like it.

 

[London22]

160+. It's basically gone already after a little less than five years working. I have 24k left but can pay that off whenever I feel like it.

Wow congrats! Which area of the US are you in and was it easy finding a job after graduation in that area?

 

[310]

Wow congrats! Which area of the US are you in and was it easy finding a job after graduation in that area?

New York (metro). I've done better here than most. There are more favorable regions to work in general.

 

[Opticalfuture]

Get through undergrad first.

I am doing college classes so i am doing the basics

 

[Weirdy]

I am doing college classes so i am doing the basics

Take the OAT seriously, apply, get through didactics, get through rotations.

Then come back.

 

[Opticalfuture]

Ok thx how was your experience in opto school? Also any good study material?

 

[Weirdy]

Ok thx how was your experience in opto school? Also any good study material?

Course load is heavy. Take it seriously. Go to your professors if you have trouble. Ask your friends who are doing well. Ask them what study strategies work for them. Try different strategies if one doesn't work. Discipline yourself to study.

Chad's videos and OAT Destroyer is more than enough. DAT practice exams (with exception of their spatial reasoning section) is good practice as well. Digging up undergrad material or asking professors to send their condensed notes helped for reference/ relearning old material.

Take the necessary pre-reqs. Take upper level biol/chem/neuro/physio/physics. Work in an opto office. Research is a plus if you like that stuff.

Make friends and have a strong support system. Don't isolate yourself if you are the social type.

 

[Opticalfuture]

Course load is heavy. Take it seriously. Go to your professors if you have trouble. Ask your friends who are doing well. Ask them what study strategies work for them. Try different strategies if one doesn't work. Discipline yourself to study.

Chad's videos and OAT Destroyer is more than enough. DAT practice exams (with exception of their spatial reasoning section) is good practice as well. Digging up undergrad material or asking professors to send their condensed notes helped for reference/ relearning old material.

Take the necessary pre-reqs. Take upper level biol/chem/neuro/physio/physics. Work in an opto office. Research is a plus if you like that stuff.

Make friends and have a strong support system. Don't isolate yourself if you are the social type.

Thx so much. But what do you mean by research? How can i get a job in a opto office in the future? Why neuro?

Do you truly enjoy this profession and what advice what do you give to someone that wants to do residency? Is your wages good and did you had any trouble finding a hiring cooperate office?

 

[Weirdy]

Thx so much. But what do you mean by research? How can i get a job in a opto office in the future? Why neuro?

Do you truly enjoy this profession and what advice what do you give to someone that wants to do residency? Is your wages good and did you had any trouble finding a hiring cooperate office?

Research projects at your university. If you attend a local college, ask your professors and see if they know someone. Most of them may teach part time at the university level and local CC.

Any upper level biology is good. Neurophysiology/neuroanatomy was difficult in terms of content you had to memorize. Different students will find different subjects hard.

Start small. Look up local optometry offices that you are willing to work at. Put together a resume and have someone look over it. Gather job experiences and have 2 work references or professors/volunteer directors who know you if you don't have work experience. When ready, give the opto office a call and ask if they are hiring or if the OD is willing to take on a shadow. If emailing or calling does not work, walk into their office, dress appropriately, and ask them if they are hiring or if the OD is willing to take on a shadow. Do not be discouraged if you get turned down. Don't take it personal.

I am not an optometrist but considered it seriously and sat in on some classes. First year podiatry student. Sorry if this was misleading.

 

[Opticalfuture]

Research projects at your university. If you attend a local college, ask your professors and see if they know someone. Most of them may teach part time at the university level and local CC.

Any upper level biology is good. Neurophysiology/neuroanatomy was difficult in terms of content you had to memorize. Different students will find different subjects hard.

Start small. Look up local optometry offices that you are willing to work at. Put together a resume and have someone look over it. Gather job experiences and have 2 work references or professors/volunteer directors who know you if you don't have work experience. When ready, give the opto office a call and ask if they are hiring or if the OD is willing to take on a shadow. If emailing or calling does not work, walk into their office, dress appropriately, and ask them if they are hiring or if the OD is willing to take on a shadow. Do not be discouraged if you get turned down. Don't take it personal.

I am not an optometrist but considered it seriously and sat in on some classes. First year podiatry student. Sorry if this was misleading.

Thx for your reply im a junior in hs by the way so i can only shadow. Why you changed your mind about opto school lol? I didn't know you were a pod student. Are you happy with your decision? I will look into those classes too and good luck with your journey in pod school!

 

[Weirdy]

Thx for your reply im a junior in hs by the way so i can only shadow. Why you changed your mind about opto school lol? I didn't know you were a pod student. Are you happy with your decision? I will look into those classes too and good luck with your journey in pod school!

Thank you.

Pretty happy. I wanted to do a bit more hands on stuff and picked podiatry after thinking hard about it.

Optometry is a solid choice.
Studying for the OAT was a lot more straightforward than the MCAT.
Optometrists I shadowed enjoyed their work life balance and were generally very laid back and cool to be around.
Some had very busy practices and liked the lifestyle of working multiple locations.
Some liked being hired and taking it a bit easy after they were established.

 

[Opticalfuture]

Thank you.

Pretty happy. I wanted to do a bit more hands on stuff and picked podiatry after thinking hard about it.

Optometry is a solid choice.
Studying for the OAT was a lot more straightforward than the MCAT.
Optometrists I shadowed enjoyed their work life balance and were generally very laid back and cool to be around.
Some had very busy practices and liked the lifestyle of working multiple locations.
Some liked being hired and taking it a bit easy after they were established.

Thx for your reply! Even tho opto mighy be a little different in the future i still want to pursue it.Yeah that makes since im not good at doing things with my hands. But do you think this profession has a good future?

 

[Weirdy]

Thx for your reply! Even tho opto mighy be a little different in the future i still want to pursue it.Yeah that makes since im not good at doing things with my hands. But do you think this profession has a good future?

I can't speak much on how the future is for opto.

Some of my friends who are 1-2 years out have not had trouble finding work but they live in a relatively medium sized city that is not a major metroplex.

 

[Opticalfuture]

I can't speak much on how the future is for opto.

Some of my friends who are 1-2 years out have not had trouble finding work but they live in a relatively medium sized city that is not a major metroplex.

Thx for taking the time to reply back 1am lol. What are some good stats to have to be accepted?

 

[Ryan_eyeball]

160+. It's basically gone already after a little less than five years working. I have 24k left but can pay that off whenever I feel like it.

I'm all for getting out of debt but you could have invested that money and done much better. Assuming you applied $27,000 to your student loan over the past 5 years you would have been better off following the S&P 500.
I can only assume you paid off 27k per year but probably were paying 30k a year toward loans ($3k going toward interest).

$27,000 annually over 5 years tracking the S&P would have been around $203,000. This figure could be lower or higher depending if you were dollar cost averaging or just paying 27k in one lump sum toward the S&P.

Of course there are no sure things and hindsight is always 20/20.

 

[310]

I'm all for getting out of debt but you could have invested that money and done much better. Assuming you applied $27,000 to your student loan over the past 5 years you would have been better off following the S&P 500.
I can only assume you paid off 27k per year but probably were paying 30k a year toward loans ($3k going toward interest).

$27,000 annually over 5 years tracking the S&P would have been around $203,000. This figure could be lower or higher depending if you were dollar cost averaging or just paying 27k in one lump sum toward the S&P.

Of course there are no sure things and hindsight is always 20/20.

I hear you, but those S&P gains would be taxed if you pulled them and you'd still be paying like 15k per year just to keep the student loans from blowing up. I have done a decent amount of SEP investments though but those were pretty flat until the last 1.5-2 years. I actually got sick of the loans and started paying them in large chunks within the last six months. Of course, I would've been buying Bitcoin last summer had I not had the loans....

 

[Optogal]

I actually got sick of the loans and started paying them in large chunks within the last six months. Of course, I would've been buying Bitcoin last summer had I not had the loans....

Let's see. So you were financially savvy enough to know you should've been buying Bitcoin last year, but not savvy enough to know that that money should've been put into Bitcoin and not into your loans. Whatever.

You know, I would've bought Bitcoin back when it was $1, but I had other financial matters to attend to that returned me a lot less money.

You control what you choose to pay for and you missed Bitcoin, just like the rest of us. Talking about bets you would've made "had you had different financial circumstances" is just window dressing for your personal investment decision failures.

 

[310]

Let's see. So you were financially savvy enough to know you should've been buying Bitcoin last year, but not savvy enough to know that that money should've been put into Bitcoin and not into your loans. Whatever.

You know, I would've bought Bitcoin back when it was $1, but I had other financial matters to attend to that returned me a lot less money.

You control what you choose to pay for and you missed Bitcoin, just like the rest of us. Talking about bets you would've made "had you had different financial circumstances" is just window dressing for your personal investment decision failures.

You sound salty. I bought Bitcoin, but it was a month ago and not in September.

 

[GypsyHummus]

I am not an optometrist but considered it seriously and sat in on some classes. First year podiatry student. Sorry if this was misleading.

I’m super mislead now Weirdy, how could you.

 

[Weirdy]

I’m super mislead now Weirdy, how could you.

Anakin, you're breaking my heart.

 

[London22]

Figured I would bump this thread. I'm interested in hearing others situations before I sign my life away soon

 

[JackBeQuick]

I graduated with 200k in student loans, found a job paying 120k and am comfortably making monthly payments on it around 2000 a month.