Author Topic: Case study for 24 year old: PA school/stay-at-home mom in the future?  (Read 2660 times)

milly3

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Hey guys,

I'm a 24 (almost 25) year old college graduate and currently I'm working on pre-requisites to apply to PA school. I am engaged; my fiance is completing a second bachelor's in computer science and won't be earning anything for about 3 years, he'll have about 50k of debt and I don't know how much he'll make after.

At the earliest, I will graduate PA school at 30 years old, and the average debt for PA students is something like 75k, which is also about what you earn in the first year of work. So I'm thinking I could have that debt paid off in 2-3 years.

However, my fiance and I will want to have kids at some point, and I really don't want to wait until my mid-30s. And I would really like to stay home with them at least until pre-school. Is there any way to make this work, starting from nothing right now? I have some credit card debt and a little school debt, but not as much as most people my age luckily.

I am also considering a nursing track because it seems more flexible/less expensive than PA, but I think I prefer the medicine side. I was planning to go to med school and had the grades, but I decided that family was more important.

Sorry if this is confusing. I put my current "stats" in the normal format below:

Current Income: Working as a secretary, waitress, and PRN rehab tech: all together about $400/week, $1600/mo, variable depending on waitressing earnings.

Current expenses:
Rent: $625/mo (house-share), utilities: $100,
no car and I get a free bus pass as a student,
groceries: $250/mo;
student loan payment: $60/mo
credit card payment: $100/mo
healthcare: currently nothing, as i'm healthy and on parents' insurance for one more year

Assets: Absolutely nothing lol
Liabilities:
Student loan (subsidized): $5500
Credit cards: $5000 (I recently transferred it with no fee to a 0% APR until Feb. 2015). This is because of some difficulty finding a job and poor planning... had to put some tuition on my card because I couldn't get financial aid for my classes.
« Last Edit: February 12, 2014, 12:38:46 PM by milly3 »

soccerluvof4

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Re: Case study for 24 year old: PA school/stay-at-home mom in the future?
« Reply #1 on: February 12, 2014, 01:46:22 PM »
So between you and your fiancee you will accumulate 125k in student debt. But i dont see a question your looking for ideas on/answers?

unpolloloco

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Re: Case study for 24 year old: PA school/stay-at-home mom in the future?
« Reply #2 on: February 12, 2014, 02:03:57 PM »
Why will it take until 30 to do the PA track?  If you start now, you'd finish when you're ~27, pay off loans by ~30 and be ready to start a family then?

Thegoblinchief

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Re: Case study for 24 year old: PA school/stay-at-home mom in the future?
« Reply #3 on: February 13, 2014, 02:42:43 PM »
If it's going to take you six years to do PA, you should be earning enough working to graduate with close to no debt. But spending that money, graduating at 30, when you explicitly said you want kids before your mid-thirties... is this a good investment? What's your degree in currently?

Also, what degree does your fiance have? A BS in computer science isn't necessarily more valuable than self-teaching programming. What kind of software developers are in your area? If he really needs a 'piece of paper', make sure the program is teaching him the correct languages.

I'm not a programmer myself but I have lots of friends in it. Most of them use skills the DIDN'T learn in university.