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no-pacents PA School

4 Financial Tips as You Prepare for PA School

PA Student Finances

There is often a lot of thought and pressure going into admissions into a PA program and rightfully so, as all the other stuff doesn’t matter unless you’re accepted into a program. However, while you’re waiting around and applying to schools you should also be thinking about how you’re going to pay for it. Planning early and doing research before you apply will help you in the long run. Here are four financial tips to help you get through PA school.

1. Plan Early

Before you apply to school you should be thinking about how you’re going to pay for it. There’s a lot of time while you’re applying and getting your clinical hours or pre-requisites. You should use that time to figure out how you’re going to pay for school.

Many people have to rely on student loans to help them pay for PA school but this does not mean that loans are the only way to pay. If you’re thinking about this beforehand you can apply for scholarships or other opportunities to have your schooling paid.

If you decide loans are the best option for you, have a plan on how much you’re going to need and how you’re going to pay them off before you start school. Depending on what you decide it might change where you look for jobs or the types of jobs you apply to after you’re finished with school.

Also, planning early gives you a clear goal of how you’re going to pay back your loans. Looking at your student loan balance when you graduate can be daunting, but if you have already prepared yourself with a plan on how you’re going to deal with them,  paying them off will be easier.

2. Seek Other Opportunities Other than Loans

Most people have to rely on student loans to help pay for PA school, but this does not mean that loans are the only option. There are other options out there, but they will take a little work on your part to find them.

Scholarship opportunities are not as plentiful for PA school compared to undergrad, but there are some available. It takes time and preparation before school (or during school) to apply for these, but with a little foresight there are opportunities to get financial helping from scholarship money.

Scholarships are not the only way to get money for school. There are other opportunities to have your school paid for, such as military service or working in an underserved area once you graduate. If you plan ahead, some of these opportunities can also help you while you’re in school with things like paying for your books or living stipends. It does mean you are committing to something once you’re done but you can save a ton of money if it works for you.

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3. Plan How You’re Going to Pay Your Loans

Even though there is other opportunities to have PA school paid, not all of them work for everyone; and the fact of the matter is that most PA students rely on student loans to help them finance their education. Don’t wait to finish school to figure out how you’re going to pay off your loans, before you ever sign up for student loans have a general plan for how you’re going to pay them off.

There are government programs to have your student loans forgiven and working for certain employers will help you qualify for this. Also, certain loans such as Perkins Loan have more favorable rules for forgiveness, so if you’re able to get more of these you’ll be better off later.

Part of making a plan is knowing how much you might be making once you graduate, and more importantly how much you’re going to be taking home. Just because you have a $100,000 salary does not mean you’re going to have all of that to spend. If you haven’t set up a budget you can use a spreadsheet to help you out.

This does not mean plans can’t change, as life is always changing and sometimes it takes reevaluating your plans to get you to your goals

4. Live Like You’re a Student

Remember, for every dollar you take out in student loans, you’re going to have to pay back a dollar plus interest when you’re done. Do what you can while you’re in school to save money. Every dollar counts, so try to save on books, rent, food, equipment and anything else you need.

You’re a student! – live life like you are! If you drink an espresso drink every morning from that trendy coffee shop, figure out a way to do it for less. Get a smaller size. Use it as a treat and see if you can cut down to once a week. Can you make an alternative at home? Can you save money by eating out less?

PA School Financial Tips Summary

PA school is expensive. You have plenty of time to figure out how you’re going to pay for it during the application process. Make a plan early and look for opportunities to avoid student loans. If there is not a good fit for you, try to spend less and live a frugal life while you’re in school and while you’re paying back your loans.

Are you financial prepared for PA school? Any other financial tips for PA students? Please comment below the original post, sign up to receive future posts by email and share with your friends!