<p>I recently got admitted as a junior transfer to USC. I went to a ccc the past 2 years. They offered me very generous aid with just $10,000 of federal loans and 2000 work-study, with the rest covered by grants, per a year. The major I have been accepted to (occupational therapy) is two years undergrad, and one year grad school. The grad school year I would have to take out $50,000 worth of loans. USC has one of the best OT schools in the country so I'm sort of in a dilemma here. The starting salary for OTs is about 65,000 and the job prospects are pretty good. The good thing is that Ill be finished with grad school in just 3 years from now.<br>
Does this seem reasonable? How much do most students take out for grad school loans?
Thanks!</p>
<p>So…with $10k per year for 2 years of undergrad…and $50k for one year of grad school, you’ll have $70k of loans?</p>
<p>That’s a lot…but may be unavoidable since you’re going to have similar debt no matter where you go.</p>
<p>that said…you can be pro-active and reduce that debt by working over the summer and borrowing less each year. If you can earn $4k per year over the summer, that’s $12k less that you’ll have to borrow.</p>
<p>Also…be as frugal as you can over the next 3 years…buy textbooks cheaply (online, used, borrow, rent)…minimize your daily/weekend expenditures.</p>
<p>how much can you earn over this summer?</p>
<p>I can tell you that paying back that much debt is challenging…so minimize as much as you can. My sister has her Masters in Social Work from USC (great program) but the debt was an albatross around her neck for years. She had no other choice, either.</p>
<p>Also…get chummy with the OT profs…they may know of ways that you can earn money or get grant/research money to help pay for that grad school year and your 2 undergrad years…</p>
<p>Generally, OT grad program is separate. So go USC for the remainder of undergrad and look for less expensive grad programs. There are usually no paid GA/TA/RA positions for OT or PT grad school, and they frown upon outside jobs, and the programs are not just 9-5. So maybe an in-state public U for grad school.</p>
<p>I thought of that, too…but the only state public programs that I could think of is San Jose State …which is a 2 year program…so not cheaper.</p>
<p>Thanks for your responses.
CSU Dominguiz Hills also has a 2 year program. But their tuition is increasing each year so it might turn out to be the same in 2 to 3 years from now.<br>
Im already frugal as it is with books and Im probably going to commute from home if that changes anything. It seems like the cost would turn out to be the same if I finish undergrad at USC, then move away for grad school and also have to pay for housing.</p>
<p>Are you guaranteed admittance into the grad program? I am generally debt-averse, but I don’t think this sounds unreasonable. You might want to check and see what the placement rate is for grads of the program and also what a typical starting salary would be, then run the numbers.</p>
<p>^Yes, as long as I get a 800 (or something like that) on the GRE’s before my grad school year.</p>
<p>Do not go to CSUDH…that school is not well-respected in Calif…it’s not worth it even if it saves you a couple thou…which it doesn’t sound like it would.</p>
<p>*es, as long as I get a 800 (or something like that) on the GRE’s before my grad school year. *</p>
<p>???</p>
<p>Each section is worth 800 (similar to the SAT). There is the Quantitative (math) section…and the Verbal section…each worth 800. So, find out what is expected.</p>
<p>Oh, wow, I didn’t know about CSUDH reputation. Does that apply to their graduate school, as well? </p>
<p>Starting salary in California is about 60,000 with the median salary at 73,000. Not too great, but not bad.</p>
<p>I think it’s a good deal, considering that the 1 year at USC is probably less than what 2 years would cost you somewhere else if you stopped, and USC is a great place to get an OT degree.</p>
<p>Starting salary for OTs is $65,000 nationwide…it may very well be higher in California. I think $70K of debt for combined undergrad and grad is not only very reasonable given your top school, but is also quite manageable in the field that you are aiming for. And occupational therapists are in demand everywhere and will continue to be in demand as the baby boomers age. Employment of OTs is expected to grow 26% in the next 7ish years, which is much faster than the average.</p>
<p>I’d take that.</p>
<p>I wonder how many people telling you $70,000 in debt is “reasonable” have actually had to pay back that kind of debt. I graduated from undergrad a long time ago and I owed $10,000 in student loans. It took me 7 years to pay that back, some months I’d have to pay back $400 because my loans were not consolidated and some were quarterly and some where monthly. $400 might not sound like much, but when you add in paying rent, a car payment, and other things it is daunting. I was 28 years old before I could afford a car. I really feel like I mortgaged my life away and it is so easy when you are a student in school to not think about it. I don’t think students understand the debts they are signing up for and how long it is going to impact on their quality of life. I am not even sure a student who hasn’t had to pay their own rent, work, pay other bills, try and have a life, etc. can even wrap their minds around paying a long term debt. </p>
<p>There are loan calculators out there, maybe you could check them out. I would also suggest the possibility of getting a job after undergrad with an employer that has tuition reimbursement as a job benefit and doing a grad program on their nickel. It might take you longer that way, but you wouldn’t have a big debt.</p>
<p>I wonder how many people telling you $70,000 in debt is “reasonable” have actually had to pay back that kind of debt. I graduated from undergrad a long time ago and I owed $10,000 in student loans. It took me 7 years to pay that back, some months I’d have to pay back $400 because my loans were not consolidated and some were quarterly and some where monthly. $400 might not sound like much, but when you add in paying rent, a car payment, and other things it is daunting. I was 28 years old before I could afford a car. I really feel like I mortgaged my life away and it is so easy when you are a student in school to not think about it. I don’t think students understand the debts they are signing up for and how long it is going to impact on their quality of life. I am not even sure a student who hasn’t had to pay their own rent, work, pay other bills, try and have a life, etc. can even wrap their minds around paying a long term debt.</p>
<p>This…is odd.</p>
<p>$10,000 of undergrad debt could be borrowed all in Stafford loans. At 6.8% per loan and 10 years repayment, that’s a payment of $115 a month for 10 years. Even at 9% interest, 7 years of a $10K loan is about $160 a month. Not choosing to consolidate your loans and deal with a bunch of different lenders is another thing entirely, but I’m not really understanding why $10,000 would take anyone 7 years at $400 a month to pay back.</p>
<p>Yes, I encourage you to do the loan calculations yourself. But consider these things:</p>
<ol>
<li><p>Using 4education’s example, it’s very uncommon for someone to graduate with $10K or less in debt…and even then, $10K in debt should not have you making $400 payments a month on average. I don’t know what was going on in 4education’s life and I’m not judging him, I’m just saying that’s not really typical. Even if you have 4 different lenders for all four years of college with a minimum payment of $50 apiece, that’s still only $200 a month.</p></li>
<li><p>You are borrowing $70,000 for 3 years. $20,000 for your last two years of schooling, and $50,000 for your OT program. I’m assuming that both of these estimates include living expenses.</p></li>
</ol>
<p>Using the example of a public university’s OT program with cheap tuition nearby me - Stony Brook University has an OT program. 12 credits is around $5,000 a semester (including health insurance). Most graduate OT programs don’t give very much in nonrepayable aid, so assuming that you’ll have to borrow $10,000 a year in tuition + $20,000 in living expenses, that’s $30K x 2 years (because an OT master’s anywhere else would take 2 years) = $60K.</p>
<p>This is at a public university where the tuition is quite low. You’ll already have to borrow $60K to get a master’s degree, even there, and I’m assuming even more if you were to go to an OT program of better repute.</p>
<p>Here you are into a top OT program - which you will finish more quickly - and your last two years of undergrad PLUS this top program are only costing you $70K together. Now, that is a hefty loan payment - at 8% interest that’s $850 a month. That IS a rather large chunk out of ~$65K paycheck. However, given that most OT programs are just as expensive, I don’t see a better alternative especially given the caliber of your program.</p>
<p>So yeah, price it out. See what other options you have, and how they compare financially.</p>
<p>I graduated a long time ago. Today students are coming out with a lot more debt. I think your minimizing $70,000 worth of loans is reckless. It is a huge burden on a student no matter how you cut it.</p>
<p>If you read for comprehension, you’d understand that I said I paid $400 some months when a monthly payment coincided with a quarterly payment.</p>
<p>^ But you dont pay quarterly payments monthly, only monthly payments monthly. Your post is al little confusing (I read it wrong first too). 4 months of the year you pay$400. Which is not that big of a deal considering the other 8 you pay much less. But I get your point.</p>
<p>Anyway, if your going to med school it is no big deal (you will pay it back rather quickly). But in most cases, $70k is alot to pay back. But many do, and go on with successful careers. You do what is necessary.</p>
<p>Sent from my DROIDX using CC App</p>