Terrified of the loans

posted 3 years ago in College
Post # 3
Member
6021 posts
Bee Keeper
  • Wedding: October 2014

How many years on a physician assistant’s salary will it take you to pay that off?

is there a lower-priced school that will give you the same certifications?

honestly I wouldn’t spend that kind of money unless I would be making $100k/year or more when I was done. Indeed.com says physician assistant average salary is $68k. So it doesn’t sound like a good investment to me. 

Post # 4
Member
9949 posts
Buzzing Beekeeper
  • Wedding: June 2013

@nixietink:  Will going to that school greatly improve your chances of finding employment when you are done?  Is the education above and beyond what you can get at other schools?

I chose an expensive, Ivy-league graduate school because it was the program that best fit my needs and wants.  I am a teacher, so obviously I don’t make a lot of money.  However, paying off loans, while annoying, is not impossible.  

Post # 5
Member
2239 posts
Buzzing bee
  • Wedding: September 2014

@nixietink:  PAs are in high demand and depending upon where you live and what sort of practice you get into, you could be very well compensated. Assuming it’s a good school with a solid reputation, it could be a good investment in your future

Post # 6
Member
328 posts
Helper bee
  • Wedding: October 2013

First off, congratulations!

Loans are scary, my DH and I have a combined student loan of ~$300k (he was out of state). We graduated just under 2 years ago and are working as pharmacists now. We pay mortgage and everything else but live within our means. I’m paying off my loans rather aggressively, $2k a month and will most likely be done within 4 years (~100k). Then I can help tackle DH’s loans.

I believe that PAs make around 90k/yr where I live. I believe you can do it! Good luck in school and in your professional career!

Post # 7
Member
878 posts
Busy bee
  • Wedding: April 2016

Med school here! I’ll be about 260k in debt when all is said and done. I still think it will be worth it. Look into income based repayment plan from the government loans website. That set me at ease a little knowing my residency years I wouldn’t need to shell out all my money for loans. It’s a lot of money, but being a PA is a great job! Go for it

Post # 8
Member
261 posts
Helper bee
  • Wedding: June 2014

I am also a med student, and will graduate will ~300K in debt, so I know how you feel. While I hate that I will be starting out owing so much, I could not imagine any other career I would rather have, so is worth it to me.

While it certainly seems like a scary amount, and it will be a pain to pay back, PAs have great employment opportunities. If that is the job you really want, then you should go for it – you will be able to pay it back.

Post # 9
Member
3280 posts
Sugar bee
  • Wedding: June 2014

Yikes! I’m applying to grad schools for this year and looking at 10-20K max per year for a 2 year speech path program. I’d apply for all the assistantships and grants available, do lots of research! I think I’d die with that much in debt. Can you get a job without a master’s? I assume not with physical therapy but see what the potential income is and if it’s enough to justify 100K in loans. 

Post # 11
Member
2515 posts
Sugar bee
  • Wedding: September 2014

@nixietink:  I think its worth it. PAs are in demand and I don’t see that changing. With a higher salary too you can pay off the loan faster. I think its worth it.

Good Luck!

Post # 12
Member
194 posts
Blushing bee
  • Wedding: November 2014

@nixietink:  Ive heard from financial people that you should only take out loans for the amount that your first salary will be. You may be a little over, but it’s not a vast amount. Those payments might be high for ahwile, but I think in the long run you are doing the right thing. Can you get like a part-time campus job whie you’re in school to help with living costs? 

Post # 13
Member
2169 posts
Buzzing bee

@nixietink:  I think it’s worth it. You’ll have a well-compensated, stable career and the loans are not outrageous compared to the expected salary. Also, this is just how it is for anyone going into a healthcare field. 

Post # 14
Member
2831 posts
Sugar bee
  • Wedding: September 2014

whatever you do, DO NOT get a private loan from sallie mae. they’re a nightmare to deal with. it’s awful.

Post # 14
Member
371 posts
Helper bee
  • Wedding: June 2014

nixietink:  I say GO FOR IT! It’s totally normal to have some debt, and you can always work in an underserved area for loan repayment. Someone i know did that and got 14k knocked off their grad debt! I’m sure you will figure it out! I was so excited to get accepted into my FNP/DNP program I don’t even want to know what the grand total will be haha!

Post # 15
Member
174 posts
Blushing bee
  • Wedding: April 2013

nixietink:  

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I am a physician assistant and graduated at the end of 2012. I went to a school in california and graduated with 159K. I took out 138, but with the interest it turned out to be A LOT more! Yikes. My tuition was 78K a year but I lived in the bay area, so cost of living was a lot. 

I work in central california and make 120K-130K a year in the emergency department after only be 1 year out of school. It’s high stress and the salaries are a little higher. I would say new graduate salary in california is about 85-95K. 

I make 1880 a month loan payments and it will take 9 more years. 

To keep the cost down, get a roommate, live in a small apartment and don’t go out to dinner, drinks etc. You’ll be studying 24/7 anyways. It’s worth it though… I LOVE my job. 

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