4 answers
Lauryn
Student
Scottsdale, Arizona
1
Question
Asked
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What is the ROI like for a Doctor of Physical Therapy ?
I am interested in being a physical therapist but fear the debt to income ratio.
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3 answers
Cheri Hall
Physical Therapist
103
Answers
Chapel Hill, North Carolina
Updated
Cheri’s Answer
Hi Lauryn,
You've raised a great point about the debt-to-income ratio when pursuing a career as a physical therapist. There are ways to manage your debt while becoming a therapist. First, consider attending in-state universities for both your undergraduate and doctoral degrees to save on tuition. If your high school offers dual enrollment, take advantage of it to cover some general education requirements at a lower cost or even for free.
Although the cost of a physical therapy degree can be high, the field has a promising job outlook with a projected 14% growth in employment from 2023 to 2033, according to the U.S. Bureau of Labor Statistics. This growth means employers might offer loan repayment options or higher salaries to attract workers, especially if you're open to relocating or working in different settings.
Physical therapy offers good job stability and chances for career advancement. I encourage you to pursue your dream or at least volunteer or shadow in a PT clinic to see if it's the right fit for you.
You've raised a great point about the debt-to-income ratio when pursuing a career as a physical therapist. There are ways to manage your debt while becoming a therapist. First, consider attending in-state universities for both your undergraduate and doctoral degrees to save on tuition. If your high school offers dual enrollment, take advantage of it to cover some general education requirements at a lower cost or even for free.
Although the cost of a physical therapy degree can be high, the field has a promising job outlook with a projected 14% growth in employment from 2023 to 2033, according to the U.S. Bureau of Labor Statistics. This growth means employers might offer loan repayment options or higher salaries to attract workers, especially if you're open to relocating or working in different settings.
Physical therapy offers good job stability and chances for career advancement. I encourage you to pursue your dream or at least volunteer or shadow in a PT clinic to see if it's the right fit for you.
Shay Marshall, MS
Regional Operations Manager
19
Answers
Navarre, Florida
Updated
Shay’s Answer
The return on investment for a Doctor of Physical Therapy can be tricky. While it's a rewarding career, the cost of education can be high compared to starting salaries, making the debt-to-income ratio a concern for many.
DPT programs are usually 3 years after your bachelor's degree. Costs can range widely, but averages are around $100,000 to $125,000 for tuition and fees, with private schools often being more expensive. Remember to factor in living expenses too, as you'll be in school full-time.
Look at Starting Salaries: The median salary for physical therapists in the US is around $101,000 per year. However, new grads often start in the $60,000 to $80,000 range. This means you might be making less than your total debt when you first graduate.
Calculate Your Debt-to-Income: A common rule of thumb is to have student loan payments be no more than 8-10% of your gross monthly income. If you have $100,000 in debt and earn $70,000 per year, your debt might be higher than what's easily manageable right away.
Don't panic though, there are programs like Public Service Loan Forgiveness (PSLF) if you work for a qualifying non-profit or government organization. Income-driven repayment (IDR) plans can also adjust your monthly payments based on your income, potentially leading to forgiveness after 20-25 years.
Another excellent option to reduce or eliminate debt is to consider joining the military. Branches like the Army, Navy, and Air Force often have programs that will pay for your DPT schooling in exchange for a service commitment after graduation. This can be a significant way to avoid student loan debt entirely while gaining valuable experience. Once you graduate (whether through military sponsorship or not), focus on increasing your income through specialization or taking on leadership roles, and be smart about managing your loans.
I knew a few DPTs during my time in the Army who did this. I also knew a dentist who had married a dentist. He used the Army to pay for his schooling and she did not and he told me her student loan debt was astronomical and she had to work for not great places just to try to and get on the upside and he was thankful that even though he was out in the field with us in a make-shift tent digging trenches for no reason that he didn't have any student loan debt and that made it worth it.
To improve your ROI, consider attending a more affordable DPT program (in-state public schools are often cheaper). Also, explore scholarships and grants.
DPT programs are usually 3 years after your bachelor's degree. Costs can range widely, but averages are around $100,000 to $125,000 for tuition and fees, with private schools often being more expensive. Remember to factor in living expenses too, as you'll be in school full-time.
Look at Starting Salaries: The median salary for physical therapists in the US is around $101,000 per year. However, new grads often start in the $60,000 to $80,000 range. This means you might be making less than your total debt when you first graduate.
Calculate Your Debt-to-Income: A common rule of thumb is to have student loan payments be no more than 8-10% of your gross monthly income. If you have $100,000 in debt and earn $70,000 per year, your debt might be higher than what's easily manageable right away.
Don't panic though, there are programs like Public Service Loan Forgiveness (PSLF) if you work for a qualifying non-profit or government organization. Income-driven repayment (IDR) plans can also adjust your monthly payments based on your income, potentially leading to forgiveness after 20-25 years.
Another excellent option to reduce or eliminate debt is to consider joining the military. Branches like the Army, Navy, and Air Force often have programs that will pay for your DPT schooling in exchange for a service commitment after graduation. This can be a significant way to avoid student loan debt entirely while gaining valuable experience. Once you graduate (whether through military sponsorship or not), focus on increasing your income through specialization or taking on leadership roles, and be smart about managing your loans.
I knew a few DPTs during my time in the Army who did this. I also knew a dentist who had married a dentist. He used the Army to pay for his schooling and she did not and he told me her student loan debt was astronomical and she had to work for not great places just to try to and get on the upside and he was thankful that even though he was out in the field with us in a make-shift tent digging trenches for no reason that he didn't have any student loan debt and that made it worth it.
Shay recommends the following next steps:
Dr. J. Andre` Bonneville
Supervisory Prosthetist Orthotist
3
Answers
Gainesville, Florida
Updated
Dr. J. Andre`’s Answer
The ROI for Physical Therapy (PT) depends on the type of PT you want to practice. In a Hospital setting you will make > six figures, in the private sector if you want to open your own PT practice/office the sky is the limit depending on how hard you work and what personal scarifies you are willing to make. Private sector PT is by far the most financially rewarding and hospital/government/working for a private sector PT practice still has its rewards in terms of professional satisfaction.