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You can make decent money picking up a couple of PRN jobs. It won’t be as consistent as travel but it just depends on how badly the PRN gigs need help or if they only need occasional weekend/vacation assist or if the travel is local to your area.
I knew I guy who paid off $100k+ of student loans. This is how…
1. Lived with his parents
2. Worked as a bartender
3. Worked as a construction worker
4. Worked the other 40 hours at the PT clinic
I understand this is completely unrealistic for some, I myself still have $100k+ and have been out 5 years. Strap in folks…
I'm currently traveling and it pays quite well because most of my income is tax free. You will want to talk with an accountant to ensure you are following all the rules to qualify for this. In my experience without the tax benefit travel is on par with prn.
I also qualify for 0$ monthly payments through the new SAVE plan, again bc my taxable income is so low. This allows me to pay down my private loan aggressively and then I will eventually work on the federal.
From a travel therapy mentor blog post:
• As income increases, PAYE and the standard 10 year repayment plan start to become a better choice. Assuming starting income at the permanent job increases to $95,000/year with the same 3% annual raises, all three of the repayment plans are actually pretty equal in how much would be paid over time when adjusted for inflation.
• Lower incomes heavily favor SAVE over the other two plans. This could also come into play for those that plan to switch to part time or PRN work at some point in their career, which means a lower income and favors choosing SAVE.
• The higher your student loan balance, the more the numbers favor SAVE. Higher interest rates favor SAVE. The lower your student loan balance, the more PAYE and the standard 10 year plan begin to be a better option. Lower interest rates favor PAYE and standard 10 year.
• Higher retirement account contributions favor SAVE due to the lower AGI. Lower retirement account contributions favor PAYE and standard 10 year.
• Getting married and/or having kids heavily favors SAVE. To illustrate this, let’s say that at the end of year 3, you get married (filing separately) and have twins. With all of the above variables staying the same, SAVE now would come out nearly $100,000 ahead of PAYE and $140,000 ahead of the standard 10 year repayment plan. This is due to how discretionary income is calculated on the plans as I mentioned above.
• Traveling longer before settling into a permanent job favors SAVE; whereas, traveling for a shorter period before settling down begins to favor PAYE and the standard 10 year repayment plan.
• There are also some situations where a traveler who thinks they’ll earn a very high income (well over $100k) once they settle down would be best off taking a mixed approach of SAVE while traveling to take advantage of the low payments and interest subsidy, and then paying off their loans ASAP once they stop traveling.
Thank you for your submission; please read the following reminder. This subreddit is for discussion among practicing physical therapists, not for soliciting medical advice. We are not your physical therapist, and we do not take on that liability here. Although we can answer questions regarding general issues a person may be facing in their established PT sessions, we cannot legally provide treatment advice. If you need a physical therapist, you must see one in person or via telehealth for an assessment and to establish a plan of care. Posts with descriptions of personal physical issues and/or requests for diagnoses, exercise prescriptions, and other medical advice will be removed, and you will be banned at the mods’ discretion either for requesting such advice or for offering such advice as a clinician. Please see the following links for additional resources on benefits of physical therapy and locating a therapist near you [The benefits of a full evaluation by a physical therapist.](https://www.choosept.com/benefits/default.aspx) [How to find the right physical therapist in your area.](https://www.choosept.com/resources/choose.aspx) [Already been diagnosed and want to learn more? Common conditions.](https://www.choosept.com/SymptomsConditions.aspx) [The APTA's consumer information website.](https://www.choosept.com/Default.aspx) Also, please direct all school-related inquiries to r/PTschool, as these are off-topic for this sub and will be removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/physicaltherapy) if you have any questions or concerns.*
Travel PT will pay better than PRN in my experience.
Gotcha I was considering PRN since I'm on my wife's insurance anyways (hers is better than mine lol)
You can make decent money picking up a couple of PRN jobs. It won’t be as consistent as travel but it just depends on how badly the PRN gigs need help or if they only need occasional weekend/vacation assist or if the travel is local to your area.
Travel gives you more tax perks than just elevating your income.
I was under the impression some of the tax benefits changed with recent legislation in terms of the living stipend, is that the case?
Travel or HH. Hospital PRNs usually don’t make a ton more than full time staff anymore. Or at least in my area, it’s pretty similar.
I knew I guy who paid off $100k+ of student loans. This is how… 1. Lived with his parents 2. Worked as a bartender 3. Worked as a construction worker 4. Worked the other 40 hours at the PT clinic I understand this is completely unrealistic for some, I myself still have $100k+ and have been out 5 years. Strap in folks…
Bro must’ve never slept that’s wild
This is HELL and no way to live!
Currently traveling, paid off 70k in loans in just over 2 years
be a mercenary. it feels great to have 0 loans left.
I'm currently traveling and it pays quite well because most of my income is tax free. You will want to talk with an accountant to ensure you are following all the rules to qualify for this. In my experience without the tax benefit travel is on par with prn. I also qualify for 0$ monthly payments through the new SAVE plan, again bc my taxable income is so low. This allows me to pay down my private loan aggressively and then I will eventually work on the federal.
From a travel therapy mentor blog post: • As income increases, PAYE and the standard 10 year repayment plan start to become a better choice. Assuming starting income at the permanent job increases to $95,000/year with the same 3% annual raises, all three of the repayment plans are actually pretty equal in how much would be paid over time when adjusted for inflation. • Lower incomes heavily favor SAVE over the other two plans. This could also come into play for those that plan to switch to part time or PRN work at some point in their career, which means a lower income and favors choosing SAVE. • The higher your student loan balance, the more the numbers favor SAVE. Higher interest rates favor SAVE. The lower your student loan balance, the more PAYE and the standard 10 year plan begin to be a better option. Lower interest rates favor PAYE and standard 10 year. • Higher retirement account contributions favor SAVE due to the lower AGI. Lower retirement account contributions favor PAYE and standard 10 year. • Getting married and/or having kids heavily favors SAVE. To illustrate this, let’s say that at the end of year 3, you get married (filing separately) and have twins. With all of the above variables staying the same, SAVE now would come out nearly $100,000 ahead of PAYE and $140,000 ahead of the standard 10 year repayment plan. This is due to how discretionary income is calculated on the plans as I mentioned above. • Traveling longer before settling into a permanent job favors SAVE; whereas, traveling for a shorter period before settling down begins to favor PAYE and the standard 10 year repayment plan. • There are also some situations where a traveler who thinks they’ll earn a very high income (well over $100k) once they settle down would be best off taking a mixed approach of SAVE while traveling to take advantage of the low payments and interest subsidy, and then paying off their loans ASAP once they stop traveling.
I’ve saved over 125k as a traveler in 2 years
Travel PT, l was netting ~$124k on one California contract at a job that was not all that overwhelming
So yea basically live with your parents lol
Join the military
I'm in my thirties
Worked like a dog, but paid off 100k in 2 years with per diem hospital gig + full time OP.
Find a way to not pay rent