Paying For Your Physical Therapy Education

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In the U.S, there are not many students who can afford college without getting some type of financial aid. In the school year of 2007-2008 graduating students had an average student debt of approximately $23,000. For this reason, every student applicant should look into the possibility of finding additional source of funds to finance their education. Typically, physical therapy schools have financial aid offices that help students in their application. There, students also get advice on which type of financial aid is most appropriate in their cases. They will also get an insight into the available scholarships and grants that are being offered to students pursuing a physical therapy degree.

Education Loans

There are three types of education loans: student loans such as the Stafford and Perkins loans, parents’ loans like the PLUS loans and lastly, the private loans (also called the alternative student loans). Students can also apply for so-called consolidation loans. This type of loan allows students to finance their education through one single loan which combines all other educational loans that they have. Students are given this option so they will have one single debt to pay off. Just recently, the US Department of Education provided funds to make student loans possible through the financial aid offices of each schools or colleges. This program is known as the Direct Loan Program. Physical therapy schools are also included in this project.

The maximum interest rates and other fees which a lender can charge are set by federal law. In order for lenders to draw more borrowers, they often offer good student loan discounts and lower interest rates.

Scholarships

Unlike education loans, scholarships do not entail an obligation to repay the funds. With the increasing expenses needed for higher education, scholarships have been the primary target for many students. There are different types of scholarships. The U.S Department of Education offers a so-called formula-based scholarship for which it is allocating around $38 billion this year. There are also specific scholarships being given to students in the medical field. The website of explorehealthcareers.org contains information about such scholarships. The FAFSA (Free Application for Federal Student Aid) website probably contains the most comprehensive information about applying for education loans and scholarships. There are also merit-based scholarships that are being offered by the American Physical Therapy Association. In 1997, the Balanced Budget Act and the Taxpayer Relief Act have been enacted to introduce the HOPE scholarship and the Lifetime Learning Credits program. Both programs aim to grant tax credits to students who meet the eligibility requirements.

Awards

Student awards are being granted to student physical therapist and student physical assistants who have made significant contributions to APTA or the physical therapy profession in general.

A non-profit organization called the Physical Therapy Fund grants awards to minority student physical therapist who, apart from being active in minority events and activities, need to show that he has the potential to achieve significant accomplishments in the profession of physical therapy. A student physical therapist assistant could also apply for such an award under the SPTA Minority Scholarship Award for Academic Excellence program.

Lastly, there are particular fields in medicine that have their own awards programs. These include the neurology, orthopedic and pediatrics section.

Grants

The CDC offers grants for research in the field of public health. For such grants program, the CDC allocates approximately $4.5 million. Student physical therapists can also be eligible for the Indian Health Service’s Loan Repayment Program which provides the repayment of the student’s educational loans up to approximately $20,000. The Minority Access to Research Careers (MARC) aims to increase the participation of minority groups in the field of research. Lastly, the National Center for Minority Health and Health Disparities (NCHMD) supports students who come from disadvantaged backgrounds. Students who have been found eligible should be able to make the commitment to conduct clinical research for a certain period of time.

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