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Published on: January 17, 2013
Debt Burden and Impact on Physical Therapy Students
Michael J Turner1, Xi Ning, Eric Coley
1Dep. of Applied Physiology, Health and Clinical Sciences, University of North Carolina Charlotte, 9201 University City Blvd., Charlotte, NC 28223, USA. miturner@charlotte.edu.
Background:
Financing of professional physical therapy programs has shifted over the last decade with tuition increases of over 100% during this timeframe despite only a 10% rise in salaries.
Purpose:
We evaluated the debt burden of students enrolled in full-time Doctor of Physical Therapy (DPT) programs to determine the percentage of students likely to be negatively affected by debt service upon graduation.
Methods:
A survey was distributed to responders (N = 703) who represented 1st-year (35%), 2nd-year (34%), and 3rd-year (31%) students from public (45%) and private (52%) institutions.
Results:
Responders borrowed $101,444 ± $53,102 to pay for their program (median $100,000, mode $150,000). Almost 50% of students enrolled in private programs reported the total debt (undergraduate loan plus DPT loan) would surpass the $150,000 threshold identified as benchmark for net present value. As a percentage of salary, the sample would pay approximately 20% to service the debt in 120 months (10 years) and the debt would only represent 10% of salary if the repayment was made over a period of 25 years.
Conclusion:
As a result of this borrowing and repayment, graduates should expect financial burdens, professional choices based on income, and impacts on personal decisions.
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