5 Pre-PA School Money Tips 

I had the opportunity to speak to a group of pre-PA students about financial topics for PA students and PAs. When speaking to these groups, one question that often comes up is, where do I start, and what is the best way to pay for PA school? It’s a great question, and with CASPA season upon us, here are some tips to financially prepare for PA school. 

Start Planning Early 

The first step is to start planning early. Please don’t wait until you’re applying to schools to think about how you’ll pay for it. Once you know you’re interested in PA school, start creating a plan. The cost of the PA school is not the only thing to consider in evaluating different programs, but it is one thing you don’t want to miss. Most PA schools will give you an estimated cost of attendance, and you should look at these to compare prices. 

Here is an example from Ketchum University: Physician Assistant Studies Standard Cost of Attendance Budget. 

Use these budgets to make a cost comparison from one school to another and decide how important the cost is to you. If you have help from a family member, maybe the price is not your top priority. However, if you plan for student loans, you might consider less expensive options. 

Consider the Cost of Living

A significant expense not always shown in the budget is the cost of living. In the example above from Ketchum, I like that they include annual costs for rent and utilities. The cost of living can make a big difference in the overall cost of PA education. Suppose you’re looking at schools in an expensive area like California or New York. In that case, you will need more student loans compared to going to school somewhere in the Midwest or South, where housing is less. 

Look at Options that will Pay for PA School

Most students rely on student loans to pay for PA school, and scholarships are limited, but there are a couple of other options:

If you are a military service member, you could apply for the IPAP program. The catch to this option is that you have to be a current service member. If you do tip number one and plan early, this could be part of your plan – join a branch of the military with the intent of applying to the IPAP program. 

The National Health Service Corps offers scholarships for PA students, and it can be an excellent option. Still, it does come with the cost of committing to working for a federally qualified clinic once you are out of PA School. Suppose you apply for the scholarship but don’t get it. In that case, another option is to participate in the student loan repayment option. There can be a lot of peace of mind with having PA school paid for, but it might mean a lower salary and is something you might consider. Are you willing to have your school paid for even if it means your paycheck will be lower? It’s hard to know how much less it would be because it depends on what other job offers you might get after PA school. 

A third option for having your PA school paid for is through the Simon Scholar Program. Chapman University offers the Simon Scholar Physician Assistant Program for those looking for a full-tuition scholarship. A program designed for students facing adversity. The scholarship provides an opportunity to attend PA school with limited debt upon graduation. Qualified applicants to the Simon Scholar program must meet the Chapman University’s PA program admissions requirements. Also, they commit to clinical practice in Orange or San Diego County post-graduation.

Stay in State

There are many advantages to staying close to home. One is the support of family members. It’s a stressful time in life and having close support to encourage you through trying times is essential. Living with family members and saving money on rent can be a considerable cost. The example from Ketchum showed a total of $40,500 for rent and utilities, which is a tremendous saving if you can live with family members. 

If your state has a public university with a PA school, it can be a large savings intuition to pay in-state tuition. In-state tuition at Idaho State University is $75,863.88 for two years. Out-of-state student tuition goes up to $128,753.88. Compare this to a private university like OHSU in Portland, Oregon, where the total cost of tuition is $93,636.

If you’re planning, you could choose to work in a state with a public university PA program during your gap year(s) between undergrad and PA school. Typically, working in a state will allow you to get residency in that state and would allow you to qualify for in-state tuition. Every state is different in what is required to gain residency, so you’d have to check on the requirements for the places you want to go to school. Also, it could be a gamble if you don’t get into the school as you don’t always know where you’ll be accepted.

Plan Your Student Loans

As mentioned above, most PA students rely on student loans to pay for at least a portion of their cost to attend PA school. Working full-time while in PA school is not an option because of the time dedicated to classwork and clinical rotations. You might be able to do something very part-time, but you’ll most likely need help paying or living expenses. If this is the case for you, calculate that in the amount you’ll have to borrow in student loans. 

Once you know how much your total amount of student loans will be, use a repayment calculator to look at the monthly payments once you’re out of school. If you had $150,000 in student loans, the monthly payments would be $1,727.05 on the standard repayment plan. It is essential to know how much your student loans will cost you to properly create a budget for after PA school. 

Conclusion 

Pre-PA students often ask, what is the best way to prepare for PA school financially? The first thing is to start planning early. Create a plan for how you’re going to decrease the cost of PA school, like going to an in-state school. Look for options that will pay for PA school, like scholarships or the IPAP program. Know that you’ll most likely use student loans, so be sure to know how much you’ll need and what your plan is for paying them off. PA school is an opportunity to invest in yourself. Warren Buffet said, “the greatest investment is investing in yourself.” Just make sure to know what the cost of the investment is before you start applying to schools.