I am 33 years old and plan to start school in Fall 2027. GradPLUS loans will be gone, and the federal loan cap is around 20k per year. I'd have to take out private loans to cover the rest. I have 20k in savings set aside for tuition, good credit, and a plan to work part-time through school.
COTA program near me: Total 27k in tuition for a 2-year program. The starting salary of a COTA in my area is around 60k, average pay is 75k.
OTR programs I plan to apply for: Between 37-90k tuition for a 2-year MOT. I would choose the cheapest school I get into and temporarily relocate. The starting salary of an OT in my area is around 90k (Portland). Average OT pay is over 100k.
It seems like it's worth it to take on the risk of private loan debt for an extra 15k of yearly income. Am I missing something? I could use the extra 15k I make as an OT to aggressively pay off loans for a few years, and my lifetime earnings would be MUCH higher. Even after debt. I would also have more flexibility to work part-time in the future if needed.
I currently make around 58k, and I know I can live on 60 or so for a while, but I'd like to own a home someday and have a solid safety net. I don't know if that would ever be possible on a COTA salary.
I know the big risk with private loans is a crisis that prevents repayment. A crisis now would also be catastrophic, as I am a single person and financially limited (and would continue to be as a COTA).
The math feels obvious when I lay it out like this, but the way people on this sub and others talk about private loans has me worried I'm missing something.