Is Physical Therapy School Worth It? | Student Loan Planner

Is Physical Therapy School Worth It? | Student Loan Planner


Is the investment of the DPT degree, the
doctor to physical therapy, is that worth the expense? Is it worth it to spend
those years after an underground going and becoming a physical therapist to
make $60,000, $70,000, $80,000, maybe $100,000 of income with a debt that can
frequently approach $200,000. Of course, not all physical
therapists have that level of debt, but it is approximately the amount that we
tend to see somewhere in the $160,000 to $200,000 range. Your three year program for physical therapy to get your doctorate, you know, results in living expenses that you have to borrow for, you have to
borrow for tuition of course, and additionally there’s so many new
programs that seem to be popping up every couple years, every year in fact,
that want to bring in more people into the physical therapy profession. There
are shortages in some areas in rural locations that are underserved still
that certainly need physical therapists in a bad way. But a lot of the big
markets out there in highly populated areas are becoming saturated, and as a
result we’re seeing hours and incomes for physical therapists that employers
are offering not be necessarily what the schools led you to believe. Now, of course
a lot of physical therapists out there are doing okay and doing just fine.
Recent grads might be refinancing paying off their student loan debt with no
problems. That’s a good thing. I’m in favor of that. I don’t want to make it
sound like I’m not. The problem is is the number of folks that that applies to is
shrinking, as the cost of the education continually goes up, and the ability to
earn a really solid income is not really keeping up with the increase of the cost.
One thing to keep in mind is the APTA recently changed the requirements to
be a physical therapist to become a doctorate instead of just a master’s degree.
Now, my view personally is that I think that this was an effort by the schools to
try to get additional revenue rather than being so caring about increasing
the level of competencies within the profession. I do not think that the
additional training is worth the increased cost and stress that it’s
causing in the physical therapy profession. Now, that is all well and good,
what if you already have the debt? If that’s you, then what you should do is
figure out what your debt-to-income ratio is. Take the total amount of debt
and divide by your income and that’s your debt to income ratio. If that number
is over 1.5, then there’s a good chance that you need to go for a forgiveness
based strategy. You just want to put it on a income driven repayment option like
Pay As You Earn or Revised Pay As You Earn, and whether or not you’re doing Public Service Loan
Forgiveness with no tax bomb in ten years or you might have a tax bomb in
twenty to twenty five years, you need to be prepared for that. And if you were
just paying extra on your loans because you just feel like that’s the right thing to
do, that’s probably a bad mistake. So it’s bad enough that the physical therapy
profession is so expensive to get into these days. It’s even worse when somebody
does not have a plan and makes a lot of mistakes and costs themselves thousands
or even tens of thousands of dollars over the long term paying it back. Again,
we’re experts in figuring out physical therapy student loans and figuring out
plans. Just reach out to us with the contact button on our website or studentloanplanner.com, or you can look at the “Hire Us” button
to see exactly what we do for people, making plans one-on-one. And finally, if
you have questions feel free to leave comments in this video or in the
article below. So, thanks so much for watching. Get a plan for your physical therapist student loans so that the cost of the
education is not as extreme as it otherwise could be.

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