Can You Afford Student Loan Debt On A Chiropractor Salary? | Student Loan Planner

Travis with Student Loan Planner here. Is
a typical chiropractor salary enough to pay back the student loan debt? Here’s
the issue. You really can see a lot of chiropractor salaries for new grads
being in the $50,000 range. That’s been our experience, and we’ve consulted with
hundreds of chiropractors on their student loan debt. And we see a range of
incomes, you know. Some have broken the six-figure mark that owned their own
practices that are doing really well, but we’ve also seen people only make $40,000
struggling to get full-time work having to be an associate for somebody else
that’s also struggling. So we’ve seen everything in between. I would say the
most common expected income you can count on would be $50,000 to $60,000 because, you know, demand for chiropractic is not the same in a lot of
states, and the reimbursement is certainly not the same as other medical
professionals. So you might have to rely on someone’s ability to pay you, and that
could really pose a challenge. Now, if you’re going to borrow $200,000 to $250,000, which is the typical debt that we see
for chiropractic school, if you wanted to pay back your debt over 20 years, you
would have 40% of your income going to loans in a lot of cases. That’s
really not sustainable psychologically, but also it’s just you’re not making
enough progress. And if you’re gonna take 20 years to pay back your loans anyway, you
might as well go for a Pay As You Earn plan that can pay your loans, but have
most of them be forgiven because you’ll be paying 10% of your income,
which could be maybe $4,000 or $5,000, instead of $20,000 or $30,000 or $40,000 or $50,000, you know, a year. And for chiropractors, if you’re gonna become a chiropractor, you should definitely do it
for non-financial reasons. So the average chiropractor just does not break the
salary that a decently earning bachelor’s degree holder makes. So given
that that’s the case, you cannot justify the degree from a financial perspective.
However, if you are a chiropractor already, you obviously want to try to
make as much money as you can, and you probably want to try to be a practice
owner. So if that’s the case, then you want to minimize your taxable income, utilize the loan
forgiveness strategy, and have a high savings rate, and you can actually have a
really solid financial life no matter what your student loan debt. So a
chiropractor salary, you’ve got to do it for the love of what you do and not for
the income, even though some people can make a good income, but you should not go into it expecting that, from our experience. If
you have a lot of chiropractic student loan debt, reach out to us,, if you want to learn more about our services. We do
one-on-one plans for people. And then just share your experience with
chiropractic loans in the comments below.

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