Comments on: How much student loan debt is too much? Master’s Occupational Therapy?

By: Suddenly Human

Suddenly Human — Mon, 17 Aug 2009 10:24:37 +0000

Normally, I tell people no. But in your circumstance, I am inclined to say go for it. Why? The degree you currently have doesn’t have any earning potential and isn’t going to get you anywhere special. My only words of caution is once you start YOU MUST FINISH. I have known too many folks who get almost there… and drop out after accumulating 40K, 60K, even more because they did something stupid like get pregnant or fall in LOVE or start having health problems… YOU MUST FINISH!!!
Then you will be fine as long as you stay away from private student loans and be MINDFUL of the aggregate lifetime limits on Stafford and Perkins loans. YOu don’t want to get to your last semester and hit the cap!!

By: Nutritionally Fortified

Nutritionally Fortified — Mon, 17 Aug 2009 10:24:37 +0000

One place to find scholarships for grad school are at your local public library. Any reference librarian will be able to help you.

As for the debt you’re in and are concerned about I wouldn’t do it. If I had to do it all over again I would never ever ever have accepted loan money for college. Think this through – not just through this economy but what if this lasts awhile or there’s a hike in tuition or we have another economic recession? What if you lose your job and have trouble finding another? What if you become disabled or fall on hard times?

They wont cut you any slack. You miss a payment here or there and your account will be sent to collections where they wont accept anything less than $100 to $150 per month no matter what your circumstance. They can add fees and interest rates in the thousands and garnish up to 25% of your wages in some states. It can mess up your credit report and make it difficult to find a house or apartment to rent. Many employers now check credit reports to see how responsible people are. For federal loans they can garnish your tax refunds and even garnish your Social Security or disability income.

It’s a huge gamble and you don’t know if you’ll finish. Life happens. Four years is a long time from now! Who knows what the economy will be like and how many positions will be available and what the cost of living will be or where you’ll live? If anything you want a broad college degree not something so specific. Once you get specific that’s all you’ll be trained for.

By: trh2000_2000

trh2000_2000 — Mon, 17 Aug 2009 10:24:37 +0000

While the other person makes really good points, sometimes putting in and struggling now, leads to something greater later. 100,000 in debt and making 60,000 is not that bad. If you make payments like you should, you can claim pretty much all that interest on your taxes, and just use that refund to put towards your loans again.

I suggest as long as you don’t try to take on too much at the same time, IE car notes, mortgages etc, I think you could be ok. ASSUMMING, you finish. Now if you don’t finish, your really screwed.

By: theOTgirl

theOTgirl — Mon, 17 Aug 2009 10:24:37 +0000

Are you sure your not missing out on other "cheaper" colleges that offer the MSOT?? Go to http://www.aota.org/Students/Schools/EntryLevelOT/38119.aspx
to see a list of accredited OT schools around the US.

Also try http://www.fastweb.com/content/college-scholarships for a list of different scholarships you can get. You have to sign up on the site, but it’s worth it, I just got a scholarship through fastweb last month

In all seriousness, I think 100k is pushing it for a job that will make you 60k annually. I am in OT school right now and by the time I’m finished, (1 year and 6 mo to go!!) I will only have about $35,000 in student debt. That’s including grad school. But if this school is your only option, I would try and get as many grants/loans/scholarships as possible. Good luck!!