What would you do?

[AP191]

Hello everyone,

I've been reading a lot, I mean a lot of threads on loans and how much you should pay back for how many years, etc. I was wondering if guys can chime in on my situation. I was recently admitted into PT school, and my first semester starts this upcoming May.

The tuition for my pt school is $66,647.
Living expenses will total $36,384 for three years (only living expenses).
So bringing this total to $103,031 (assuming cost of rent and other living expenses doesn't change in the future)

I have the option of living at home but it is around 50 miles from home or about 1hr and 15 minutes give or take on traffic. After doing loan repayment calculations at 7.2% (based on graduateplus loan estimate) interest for both 5 year and 10 year plans, on both expenses, $103,031 and $67,000, the difference in monthly payments is pretty big. Also, the difference in total interest paid on both amounts is staggering.

My question is, if you were in my situation, would you commute from home even though it is a long commute with the demanding PT schedule or live near campus with hardly any commute time?

Thanks

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[truthseeker]

I would commute and on long days or late nights crash on a classmate's couch who lives closer

 

[jjjDPT]

Sleep in a van down by the river

 

[aroszko]

Honestly I know its an extra expense but I would definitely move closer to school. I personally live about 30-40 minutes away (in my families condo) from my school and it really cuts in to study time, most of my classmates live ~5 minutes away so I lose about an hour and a half each day that I could either go to the gym, have extra study time, or just a little down time. I am moving closer in may for my 2nd year with a classmate. Check and see what your schedule is, my school is pretty much 8-5 which makes I'm traveling in the heaviest of traffic most of the time ( a lot of times I stay late at school to avoid the traffic or else it could take me an hour to get home).

In the end its your decision but as of now you're looking at 2 1/2 hours in a car each day, if you do this buy a recording device and listen to your lectures while driving so you can use the time a little be better, and get a credit card with fuel points as you'll probally be filling up a lot!

 

[DesertPT]

If you make good enough friends during your first year, you may be able to make what truthseeker said work pretty well actually. Offer to chip in 100 bucks per month towards their rent to crash on their couch and use their shower. Even if you did this twice a week you would save 5+ hours of drive time and at least half your payment to them would be made back in fuel savings.

If not, I wonder if as the first year went on you couldn't eventually find someone people who wanted/needed another roommate and split a cheapish apartment multiple ways...return home frequently to do laundry, kife food and supplies from parents, etc. You could maybe live on just few thousand a year if you were successful with this plan, potentially cutting your living expense way down.

Spending over 2.5 hours in the car every day to school and back, with a lot of it occurring during rush hour, sounds really painful. But so does borrowing another $36k+.

 

[AP191]

aroszko- I keep debating those two points you stated: Either save money but lose valuable study time or save time but lose valuable money haha.

truthseeker,knj27- Thanks for the suggestions.

 

[aroszko]

aroszko- I keep debating those two points you stated: Either save money but lose valuable study time or save time but lose valuable money haha.

truthseeker,knj27- Thanks for the suggestions.

I understand it completely. This first year i thought that i would like living super cheap and stay in my families condo (note it wasn't completely free but much cheaper than paying full rent) and commuting to school but I'm on month 10 of it and its awful right now. I live in south Florida and its snow bird season so that dosnt help at all, I literally cannot wait to live closer to campus, more study time, I can sleep a little bit longer because my commute will be less. It will be easier to just get together with classmates (school related or social related) and I don't have to worry about traffic/how long it will take me to get home = less stress = happier PT student....but yes of course theres always the money issue. Can you find a classmate or two to room with to cut down on expenses?

 

[AlanWattsBlues]

OP-

Cost out the extra expense of gas as well as some anticipated cost for wear-and-tear to your car. Right off the bat, the comparison gets a little muddier.

I commute to school about 30 miles, sometimes with bad traffic. Add in the time spent getting a parking space and walking to class, and I spend 1.5-2 hours a day just going back and forth. That time is a cost too. It can drain you.

Also, I see that many of my classmates are able to meet up regularly to study material together. I've been doing alright in school (so far), but I think to myself that if I had all the impromptu study sessions these folks had, I'd be slam dunking every project/quiz/test without much stress.

Here's my advice: talk with your Director of Clinical Education and see what clinical opportunities are available around where your family lives. You might be able to save a good chunk of change during the third year by living with your family, while living near campus to facilitate the academic portion (without such a huge cost differential when you take travel into account).

We're gearing up for our clinicals, and I will now have a significantly shorter commute. Many of my classmates will have to pack up their lives and move somewhere for 8 weeks at a time, perhaps paying double rent. That scenario kinda sucks. Yet I rarely hear of people budgeting for the travel and chaos of clinicals. FWIW...

 

[NewTestament]

Move closer to school. How much is your profession worth? You're far less likely to stay at school to study or to meet with classmates to practice if you live 45 minutes away. Your education and future are worth more than the extra tuition.

 

[tweaze]

My sister, husband, and I have all had to make really long commutes for school before: my husband did a combination of sleeping in his car/lurking in libraries open overnight (not recommended). My sister and I have stayed with friends for part of the school week, and contributed with housework/cooking some meals. Overall though, it's terrible and that was just for undergrad.

If you can mitigate the cost, I think living closer is better, and the suggestion about clinical experience near home is a good one.

 

[DesertPT]

I sure would be miserable if I had to spend that much time driving every day....and if I had to get up over 2 hours before class started just to make it on time...yikes...

 

[pass-npte]

DO what's best for you. That 30 000 doesn't make big difference in the whole picture of how much you will own after school.

 

[DesertPT]

DO what's best for you. That 30 000 doesn't make big difference in the whole picture of how much you will own after school.

What?? $30,000 is a lot of money. You borrow that at an 8% interest rate and you are likely going to be adding several years to your student loan payments.

Are you honestly saying that borrowing another $30,000 doesn't make a big difference? $5 or $10k maybe...but $30k...I think everyone here would agree that's a big difference.

What exactly constitutes a big difference to you? If you borrow $130,000 instead of $100,000, that's a 30% increase in your debt. That doesn't qualify as a big difference?