{"id":1783,"date":"2017-02-20T22:05:37","date_gmt":"2017-02-20T22:05:37","guid":{"rendered":"http:\/\/fitpt.fitbux.com\/?p=1783"},"modified":"2020-06-30T19:07:22","modified_gmt":"2020-06-30T19:07:22","slug":"all-student-physical-therapist-should-be-aware-of-this","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/fitpt\/pre-pt-students\/all-student-physical-therapist-should-be-aware-of-this\/","title":{"rendered":"All Student Physical Therapists Should Be Aware Of This"},"content":{"rendered":"
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By Joseph Reinke, CFA, CEO of <\/em>FitBUX, Inc<\/em><\/a>.<\/em><\/p>\n

Student loans are a hot topic in many student physical therapist (“SPTs”) and Fresh DPTs minds.\u00a0 Over the past 4 months FitBUX has uncovered a trend that we did not expect to find and has come to the forefront as a MAJOR issue that is not being discussed within the PT industry.<\/p>\n

The Problem<\/strong><\/h3>\n

At the conclusion of our pilot program (the testing of our technology), we saw over a half a million dollars in credit card debt from Fresh\u00a0 DPTs on our platform.\u00a0 The primary culprit of the credit card debt was the failure of these individuals to strategize or plan for post-graduation while they were still students.\u00a0 What we commonly saw were students and recent grads that had to wait until after graduation to take the NPTE.\u00a0 During the time period between graduating and taking the NPTE (which could be months), graduates cannot take out additional Federal student loans because they are no longer considered students.\u00a0 Unfortunately, this isn\u2019t commonly discussed amongst the PT community and we found many new grads turning to the only thing they know: CREDIT CARDS.<\/p>\n

If you extrapolate our data and apply it to one cohort, the problem would equate to roughly $25 million\u00a0 in credit card debt for each graduating class collectively across all DPT programs (Note: We are still collecting data and admit that this estimation may or may not be statistically correct.\u00a0 However, it is the best estimate we could establish at this time.\u00a0 As we collect more data we will be updating the figure) <\/em>The more important point here is the impact of this debt on the future of each individual who has to take out credit card debt.\u00a0 Those who combine credit card debt with student loan debt can find themselves stuck in a vicious debt cycle before their professional career even begins.\u00a0 This results in a bigger strain on budgets, limits financial options, and puts individuals in worse shape.<\/p>\n

Current Solutions <\/strong><\/h2>\n

If you are still a student, the best way to avoid this situation is to develop and plan a strategy that incorporates one or more of the three solutions below:<\/p>\n

Work.<\/strong> <\/span>This may entail working part-time during school or immediately after graduation. It may also mean taking on a side-job that isn\u2019t something you really wanted to do, like being a server at a local restaurant or working the front desk at a gym or as a PT aide.\u00a0 Remember, the short-term sacrifice and humility will pay off big time in the long-run.<\/p>\n

If you have to, borrow more in Federal loans while in school and save that money<\/strong><\/span>. Many people will question this because it\u2019s a recommendation to take out more in student loans.\u00a0 However, if you only have two choices, this or credit card debt, Federal loans are a lot better since interest rates are often much less than credit card rates.<\/p>\n

Be creative.<\/strong> <\/span>For example, one popular solution we\u2019ve seen individuals do is to take a loan from their parents. Once you\u2019ve passed the NPTE and obtained your job, start paying back your loved ones.<\/p>\n

If you\u2019ve already graduated and have taken out credit card debt, look into refinancing or consolidating the credit card debt with a personal loan.\u00a0 A personal loan could offer a lower interest rate than that charged by your credit card.\u00a0 Make sure you stay disciplined and don\u2019t continue to rack up credit card debt.<\/p>\n

About FitBUX:\u00a0FitBUX is a finance company specializing in helping physical therapist with their student loans.\u00a0 Their services are free to use and are available to all SPTs and DPTs who.\u00a0 Sign up at <\/em>www.fitbux.com<\/em><\/a><\/strong>.<\/strong>
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By Joseph Reinke, CFA, CEO of FitBUX, Inc. Student loans are a hot topic in many student physical therapist (“SPTs”) and Fresh DPTs minds.\u00a0 Over the past 4 months FitBUX has uncovered a trend that we did not expect to find and has come to the forefront as a MAJOR issue that is not being […]<\/p>\n","protected":false},"author":1,"featured_media":1785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[87],"yoast_head":"\nAll Student Physical Therapists Should Be Aware Of This - FitPT<\/title>\n<meta name=\"description\" content=\"Student physical therapist need to plan their finances for after they graduate. 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