How to Pay for Physical Therapy School (With Less Student Debt)

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

physical therapy school
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Six of 10 physical therapy (PT) students will leave school toting more than $50,000 in student loan debt, according to WebPT. But if you’re an aspiring PT, you can avoid that level of hurt with physical therapy scholarships, plus other smart tactics.

Here’s how to avoid borrowing too much in student loans as you choose from among 250-plus accredited physical therapy programs in the U.S.

How much does PT school cost?
How to pay for DPT school: Start with scholarships and state grants
How to pay off physical therapy school loans — while in school

How much does PT school cost?

The field of physical therapy is expected to grow by 22% through the 2018-2028 period, according to the Bureau of Labor Statistics. Jobs aren’t especially difficult to find. In fact, most programs have employment rates at or near 99%. With that in mind, going to costlier, more prestigious schools might not be worth your money.

But you don’t have to seek out the cheapest doctor of physical therapy (DPT) programs either. You could cut your cost in half by attending an in-state school. At the University of North Carolina at Chapel Hill, for example, nonresidents with full course loads pay about twice as much in tuition and fees ($19,043) per semester as their local peers ($10,180).

The other benefit of attending school close to home is that it could minimize your room and board costs, which can rack up. Duke University’s financial aid office, for example, estimates that the annual price of apartment rent and food in the Durham, N.C., area is approximately $25,320. Imagine wiping away most of that price tag by living at home, if that’s an option.

You could also halve your cost of attendance by prioritizing public universities. The average annual tuition of a public DPT program ($18,390) is dwarfed by the price tag of private schools ($37,014), according to the American Physical Therapy Association.

For the duration of your three-year program, you’d pay an average of $65,170 in tuition and fees at a public school versus $112,714 at a private one. Ask yourself if the price difference is worth it.

How to pay for DPT school: Start with scholarships and state grants

Once you’ve found a school that doesn’t come with a high price tag, continue to seek financial aid to lower your cost of attendance even further.

Your school could be a source of this assistance, so it’s wise to check in with campus financial aid offices, regardless of whether you’ve already applied. Aid offices can tell you about which type of financial package you could expect to receive or can walk you through campus-offered scholarships for physical therapy students.

Your off-campus options include seeking grants from your home state. Many states, including Colorado, Connecticut and Delaware, offer grants to graduate students. Keep in mind that your eligibility for physical therapy grants could depend on your level of financial need.

Other government-funded physical therapy scholarships might ask for service in exchange for aid. The U.S. Department of Veteran Affairs’ (VA) Health Professional Scholarship Program, for example, calls for two years serving in a VA clinic. Similarly, the Indian Health Service Scholarship requires its recipients to work for two years in a health facility serving an American Indian or Alaska Native community once they receive their diploma.

Also, seek out private organizations that provide physical therapy scholarships for 2019-2020 and beyond.

6 scholarships for physical therapy students

  1. BrightLife Physical Therapy Scholarship: $1,000 to current rehab therapy students regardless of their financial background or prospects
  2. The American Physical Therapist Association’s (APTA) Minority Scholarship Award: A cash reward for high-performing students who are nominated for their contributions to “minority affairs and services.”
  3. The APTA’s Mary McMillan Scholarship: A $5,000 award for high-performing PT students in their final year of school
  4. The Foundation for Physical Therapy Research’s scholarships: Between $7,500 and $15,000 of annual support for PTs with scholarly pursuits
  5. Tylenol Future Care Scholarship: Ten $10,000 scholarships and 25 $5,000 scholarships awarded annually to students majoring in a healthcare field
  6. National Society Daughters of the American Revolution’s awards: Renewable scholarships for students of many disciplines, including occupational and physical therapy

It’s wise to apply for all the physical therapy scholarships and grants you could reasonably win, though you may find yourself still in need of funds. In that case, you’re likely to turn to student loans. But even if taking on college debt becomes necessary, there are still ways to save yourself money by attacking the debt early.

How to pay off physical therapy school loans — while in school

Physical therapists can benefit from loan repayment assistance programs for their profession, and as noted above, the employment outlook is bullish. 

But even though you might be bright-eyed about your job prospects, you might be less enthused with your first salary figures. A majority of physical therapists (35%) earn between $60,001 and $80,000, according to WebPT.

With five-figure earnings, you likely won’t be able to repay your DPT debt overnight. To get a head start, begin repaying any borrowed amounts — federal or private — as soon as it’s feasible.

Our student loan prepayment calculator estimates how much you could save by starting your loan repayment ahead of schedule.

You might think repaying loans while you’re a full-time doctoral student is impossible. Consider, though, that you can come up with cash via a few strategies, including by qualifying for student loan forgiveness for physical therapists.

Find work on campus

As you evaluate potential PT programs, ask the careers services department about part-time positions that can help you chip away at your loan balances. All the better if the position is related to your field of study. You might find work as a lab assistant, for example, to cover your potentially pricey lab fees at school.

Budget your potential expenses

Comparing prospective expenses at your top-choice schools could help you borrow less money and repay it more quickly. By spending less than you need to on apartment rent, for example, you could devote the savings to loan payments.

Attending a school with lower off-campus costs also won’t leave you as tempted to misuse student loan funds.

Make fair comparisons between your contender schools by creating basic, line-by-line budgets.

Consider your long-term career aims

Not all physical therapy programs will cater to your specialty, so it’s wise to zero in on schools that could put you on the right career track. Nailing that step could eventually lead to a welcome dose of physical therapy loan forgiveness.

Once you know the type of physical therapist you aspire to be, you can discover related loan forgiveness programs and options.

Public Service Loan Forgiveness, for example, could wipe away your federal loans if you work as a physical therapist in public service for 10 years and meet other requirements.

If you don’t envision yourself working in a clinical therapy setting, on the other hand, you might review the National Institutes of Health Loan Repayment Program. You could receive up to $50,000 worth of repayment assistance if you pursue a research-oriented career.

As you’re deciding where to earn your degree, check on physical therapy scholarships and grants before you decide to borrow federal or private student loans.

Need a student loan?

Here are our top student loan lenders of 2020!
LenderVariable APREligibility 
1.24% – 11.44%1Undergraduate, Graduate, and Parents

Visit Earnest

1.25% – 11.15%*,2Undergraduate and Graduate

Visit SallieMae

1.24% – 11.98%3Undergraduate, Graduate, and Parents

Visit College Ave

1.24% – 12.49%4Undergraduate and Graduate

Visit Discover

1.80% – 11.89%5Undergraduate and Graduate

Visit SoFi

2.71% – 12.99%6Undergraduate and Graduate

Visit Ascent

3.52% – 9.50%7Undergraduate and Graduate

Visit CommonBond

* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.

1 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
     
  2. Explanation of Rates “With Autopay” (APD)
    Rates shown include 0.25% APR discount when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.

    Available Terms
    For Cosigned loans – 5, 7, 10, 12, 15 years. 
    Primary Only – 10, 12, 15 years

    In school deferred payment is not available in AL, AZ, CA, FL, MA, MD, MI, ND, NY, PA, and WA).


2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.

3 Important Disclosures for College Ave.

CollegeAve Disclosures

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

  1. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
  2. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. This informational repayment example uses typical loan terms for a first year graduate student borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.10% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $141.66 while in the repayment period, for a total amount of payments of $16,699.21. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 9/24/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.


4 Important Disclosures for Discover.

Discover Disclosures

  1. Aggregate loan limits apply.
  2. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
  3. Lowest APRs shown are available for the most creditworthy applicants and include an interest-only repayment discount and Auto Debit Reward. The interest rate ranges represent the lowest and highest interest rates offered on Discover student loans, including undergraduate and graduate loans. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
  4. Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for the Discover Private Consolidation Loan and include an Auto Debit Reward. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.375% as of July 1, 2020. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.

5 Important Disclosures for SoFi.

sofiDisclosures

UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.76% annual percentage rate (“APR”) (with autopay), variable rates from 1.90% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.83% APR (with autopay), variable rates from 1.80% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.98% APR (with autopay), variable rates from 1.97% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 11.26% APR (with autopay), variable rates from 1.90% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 07/10/2020. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).


6 Important Disclosures for Ascent.

Ascent Disclosures

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

  1. Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.176%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Rates are effective as of 09/01/2020 and reflect an Automatic Payment Discount. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. (See Automatic Payment Discount Terms & Conditions.)
    1. Undergraduate Loans: Your variable interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 2.71% and 12.99%.  Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 3.53% and 14.50%. Rates reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. The following table shows a 48 month in-school period plus 9 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 144-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options. (See Undergraduate Loan repayment examples.)
  2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
  3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. (See Undergraduate Loan repayment examples.)
  4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
  5. Interest rate reduction of either 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. The amount of the discount is dependent upon the loan product and credit history of the borrower at the time of application. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.(See Automatic Payment Discount Terms & Conditions.)
  6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
  7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
  8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
  9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
    • The student borrower has graduated from the degree program that the loan was used to fund.
    • The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
    • The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
    • Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
  10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

* Application times vary depending on the applicant’s ability to supply the necessary information for submission.


7 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.17% effective Sep 1, 2020 and may increase after consummation.


Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.