Paying Off Student Loans Faster as a Travel PT
Student loan debt is a significant burden for many new graduate physical therapists. The daunting prospect of paying off tens of thousands, or even hundreds of thousands, of dollars in student loans can cast a shadow over the excitement of starting a new career as a Doctor of Physical Therapy. This was certainly the case for me as a new grad PT in 2015, and this was a major driving factor in my decision to pursue traveling physical therapy.
A growing number of physical therapists (as well as occupational therapists, speech language pathologists, physical therapist assistants, and occupational therapy assistants) are using travel therapy as a powerful strategy to accelerate their student loan repayment and improve their overall financial situation. By taking on short-term travel therapy assignments in various locations, travel therapists can leverage higher pay and unique financial advantages to pay off their student loans much faster than their peers in traditional positions.
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The Unique Advantages of a Travel Therapy Career
Travel therapy offers a compelling financial package that can be a game-changer for new graduates. Travel PTs typically earn higher pay than their counterparts in permanent positions. On top of that, they receive tax-free stipends for housing, meals, and incidentals. These stipends can significantly boost a therapist's after-tax take-home pay, and because they are not taxed, they provide a substantial financial advantage.
Combining the higher overall pay packages with the tax free stipends means more money left over to begin paying down debt more quickly. By living frugally and saving a large portion of their pay, travel therapists can make extra payments on their student loans, dramatically reducing the principal balance and the overall interest paid. This aggressive repayment strategy can shave years off the life of a loan.
Redefining Work-Life Balance 
In addition to the financial benefits of pursuing a career as a Travel PT, new graduate therapists won’t feel limited in their overall work-life balance while working toward quickly paying off their student loan debt. Many therapists who are trying to pay off their student loan debt as quickly as possible find themselves working a lot of overtime or picking up extra jobs to be able to earn extra income, which can create a stressful situation.
Travel healthcare jobs allow therapists the opportunity to travel to new places throughout the country, try out different settings, switch up their work environment when things get stressful, meet new people, and enjoy new experiences, all while earning higher pay. Overall, it’s a win-win as a career choice, which allows them to both enjoy their career and meet their financial goals.
Chart Your Course Toward Financial Freedom
In conclusion, travel therapy presents a unique and powerful opportunity for new graduate physical therapists to take control of their student loan debt. By leveraging the financial advantages of higher pay and tax-free stipends, travel therapists can accelerate their journey to financial freedom.
While the path to becoming debt-free requires discipline and careful planning, the rewards of a career in travel therapy can make that journey both faster and more financially rewarding. I am so glad that I chose to pursue travel therapy as a new grad PT as it has helped me so much financially over the years, and I know that it has helped thousands of other PTs as well!
Ready to Chart Your Course? Your Journey Starts Here!
About the Author: Jared Casazza, PT, DPT
Jared Casazza graduated with his Doctor of Physical Therapy degree from Radford University in 2015. He began his career as a traveling physical therapist immediately after graduation, along with his wife and fellow PT, Whitney. Since then, Jared and Whitney have worked in five different states as Travel PTs, but have been able to visit all 50 states between travel therapy contracts.
In addition to their extensive travels in the US, the couple has been able to visit more than 50 countries abroad between travel therapy contracts. Together Jared and Whitney are known as the Travel Therapy Mentors and have mentored and educated thousands of clinicians and students to help them begin their own travel therapy journeys. You can learn more and contact them for advice on getting started with travel therapy at Travel Therapy Mentor.
