How Many Years Do You Expect You'll Be Paying Off Debt As A Pt?

[PThopeful228]

From undergrad/masters etc?

[DiegoMoreno]

i'd think it'll all depend on how you plan out your finances.. you already would know whether you plan to pay off in 10 years or 15, if you got your loan from the banks.

[tiger]

Of course, it depends on the amount of debt, the income that you can generalize upon graduation, whether or not you have other financial responsibilites, what standard of living are you targeting upon graduation and during your studient years (i.e. 2000$ rent versus 900$ rent), how much work you can find and how steady after you graduate, health, family (some people marry or have kids or support older parents) and other factors. It is a very individual question. You might want to check the starting salaries, so that you have a vague idea of the answer (it is around 60K for full time hours new grad overall, could be 10K more or less, depending on other factors). OSAP and bank loans could have different terms. I would pay OSAP ASAP, even at the expense of getting another loan. You can also consult financial advisors.

It is a good question to ask, even when considering to apply. 

[sinica14]

What is the job outlook for new grads? Do most obtain full-time positions straight after graduating or do most do part-time?

[MDwannabe02]

Of course, it depends on the amount of debt, the income that you can generalize upon graduation, whether or not you have other financial responsibilites, what standard of living are you targeting upon graduation and during your studient years (i.e. 2000$ rent versus 900$ rent), how much work you can find and how steady after you graduate, health, family (some people marry or have kids or support older parents) and other factors. It is a very individual question. You might want to check the starting salaries, so that you have a vague idea of the answer (it is around 60K for full time hours new grad overall, could be 10K more or less, depending on other factors). OSAP and bank loans could have different terms. I would pay OSAP ASAP, even at the expense of getting another loan. You can also consult financial advisors.

It is a good question to ask, even when considering to apply. 

I've never needed to take out a loan for school before, and I'm applying for OSAP to fund my second year of PT school. I was just wondering if you could expand on your last sentence. Why is it so critical to pay off OSAP quickly as opposed to other types of debt?

[beary31]

I've never needed to take out a loan for school before, and I'm applying for OSAP to fund my second year of PT school. I was just wondering if you could expand on your last sentence. Why is it so critical to pay off OSAP quickly as opposed to other types of debt?

Very high interest rate

[blahraptors]

What is the job outlook for new grads? Do most obtain full-time positions straight after graduating or do most do part-time?

 

I know very few people who have full time permanent jobs 1-2 years post grad unless you work your way into a hospital. For those of us who want to do private ortho, almost all jobs are part time. Many PTs have multiple part time jobs.

 

At this point I have to try hard to not regret going into PT. Am I the only one who has a grim outlook on the PT job market?

[PThopeful228]

Job outlook for PTs is currently in good standing, and projected to be better in the coming years.

[sinica14]

Uh...I'm hearing very different answers from blahraptors and PThopeful228. Can anyone else comment?

[Intotheblue12]

From talking to a few practicing PT's, my understanding is the job market is decent.

[MDwannabe02]

My understanding is that the job market is decent right now, but better if you don't care where you go. If you want to be in an already saturated market (not 100% sure about the rest of Canada, but in Ontario, the GTA and other urban Ontario areas have a lot of PTs) you'll probably have a tougher time trying to find full-time work as a new grad. However, if you're less particular about living and working in a particular location, the outlook is much better.

[tiger]

Hi MDwannabe, the OSAP loan has 0% interest while you are in school and high interest rate after you graduate. You can look into it on the OSAP website.

For the market:

The job market is currently not very good in Ontario due to the limited funding in health care from the provincial government and the high saturation in private practice. A lot of PT clinics means lower fees for your services.

Everything else are lies and speculations.Also keep in mind all the orthopedic courses that you might need to take upon graduation that add up to the cost of education.

[medhope15]

Just remember, when looking at the private health care world, PT services are mostly paid out of pocket or via work place insurance boards or motor vehicle insurance, people have limited personal insurance (maybe 200-400 / year max to use on "alternative" services like PT, chiro, massage...you do the math). Your success in owning a business or working in the private world will largely depend on the economy and money people have to spend on this service. Make sure you consider both the public and private aspects when looking at jobs or potential paths to take.