|Chiropractic Student Loan Rates Hit New Highs
by Michael Dorausch, DC
If you are a recent chiropractic graduate, take a few minutes to visit our chiropractic school review web site. There you can post information about your educational experience and make recommendations that will help future chiropractic students.
Student loan rates are going up, up, up. Interest rates on federal Stafford loans - the basic student loan - go up today, all across the United States.
The interest rate on new federal Stafford loans is going to be 6.8%, and that rate could go up again in the near future. The rate on existing Stafford loans, climbs today from 5.3% to 7.14%. That is for current student loans that have not yet been consolidated. The loan rate for Plus college loans is going from 6.1% to 7.94% with new Plus loans issued after today beginning at 8.5%.
According to various news reports, this is one of the largest interest rate hikes for student loans ever. Chiropractic students are not the only ones affected. Federal Stafford loans are the standard government loans provided to all approved college, university and trade school students in the United States.
Very simply, chiropractic college students are going to have to pay more when borrowing federal funds to attend school. A greater student loan debt will undoubtedly place an increased burden on young chiropractors coming out of college. More students will potentially delay marriage, delay buying a new car, and put off buying a home until their debt is under control. More new doctors may also be seeking to associate or partner in a chiropractic office rather than starting their own clinic or wellness center.
Not only have student loan rates gone up, but the general costs in attending chiropractic schools and universities has increased during the past few years throughout the United States. Costs for state and national board exams are also expected to rise.
So is becoming a chiropractor even a worthwhile investment at this time? That is a topic that I intend to get into with great detail, as there simply is not a yes or no answer.
To their credit, schools are not what they used to be. I spoke just this past week at the Cleveland Chiropractic College campus in Los Angeles, California and I have to say that the school looks better than I've ever seen it. The lobby was recently remodeled, the clinic is remodeled, and it looked as though painting and construction was going on around several areas of the school.
I visited the Audio/Video department which now has a great student center equipped with a number of flat-panel digital computer monitors. There was full internet access and a host of computers where students can do research, browse their favorite chiropractic web sites, and work on reports. I briefly stopped by the library and it looked like there was a whole bunch of new computers there as well. Great to see that this school is continuing to improve and remain competitive in the field of chiropractic education.