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Student Loans

Physician Assistant Salary After Personal Expenses

Where Did All that Money from Your PA Salary Go?

You’re thinking about becoming a PA but you’re wondering if it is worth the cost. If you’re a recent graduate or are thinking about becoming a PA here is an example of how much you’ll be bringing home after some normal expenses. We used the most recent salary data, showing Physician Assistant salaries at $104,000. Taxes were estimated using a tax calculator  that can be used to find estimates for your situation; we used numbers for a family of four living in Oregon. All numbers used are estimates and may vary by individual circumstances.

According to a report by the Physician Assistant Education Association (PAEA) students graduating from PA school expect to be in debt about $100,000; using a student loan calculator we calculated the standard monthly repayment for this amount to be $1150.

Annual Monthly
Salary $104,000.00
Income Tax -$32,470.00
Property Tax -$2,629.00
Roth 401k -$5,200.00
$63,701.00 $5,308.42
Dental Insurance -$68.78
Health Savings Account -$345.00
Medical Insurance -$330.00
Take Home Pay $54,775.64 $4,564.64
Student Loan Payment on Standard Repayment Plan -$1,150.00
Mortgage/Rent -$1,500.00
Left Over $22,975.64 $1,914.64

This is just an example using average numbers. The numbers can vary greatly depending on individual circumstances such as family size, student loan amounts, salary, student loan repayment plan etc. With an average PA salary of $104,000; after subtracting normal expenses out of your pay check such as taxes, retirement, health insurance you’d have approximately $4,564 take home pay per month or $54,775 per year.   Then take out your student loan payments on a standard 10 year repayment plan and mortgage/rent and you end up with about $1,915 monthly or $22,976 annually to live off of for the rest of your living expenses or extra savings.

It is often difficult to think about how student loan debt will affect you in the future and the big numbers are hard to realize without breaking it down. For people thinking about continuing their education it is important to understand how it is going to affect you in the future. If going to PA school cost you $100,000+ in students loans expect your loan repayments to be over $1,000 a month. There are many reasons to want to be a doctor, physician assistant, nurse practitioner, physical therapist or other allied health professional and the salary is just one of those reasons. It is very important to know what the cost is before you start and your potential salary once you’re working; and how those student loans will affect you in the future so that you can weigh that along with the other reasons you might be interested in pursuing a future a career to help make an informed decision.

Check out the following websites for more information on student loans:

https://studentloans.gov/myDirectLoan/index.action

http://www.finaid.org/loans/

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