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Rising cost of PT Educatiion - Coggle Diagram
Rising cost of PT Educatiion
Increasing number of PT programs
Increasing number of hybrid programs (that are not cheaper and have other costs associated with them- travel, accomodations)
Tied to an expensive curricular model
Return on investment. PTs do not earn enough to justify the cost of the education
This is tied to reimbursement
Parking lot (solutions): Pipeline workforce to MGB (10 year loan forgiveness if working for a non-profit)
can we offer tuition reduction for those who will work for MGB in after graduation?
STAGGERING LOANS
Parking lot (solutions) Need education on financial literacy for our students
Profit margin: The cost is high but the profit margin is not great. Where is the money going?
Accreditation standards: If we cut credits to decrease cost, can we still meet accreditation standards?
If we cut credits, can we still ensure that students will pass the NPTE?
Workload implications
in addition - high cost of living in Boston leading students not to apply to IHP or accept a position in the program
Parking lot (solution) partnerships in Boston for affordable housing for our students
Are we filling our classes with students who can succeed or filling our class to fill our class?
When income from one student is so high - the cost of losing a student is high
Retention efforts are costly
Our program is full time and at most students can only work part time contributing to financial burden and taking out additional loans to cover living expenses
What are the long term repercussions for graduates?
Our program cost is in conflict with our value system (to diversify the profession with underrepresented and marginalized individuals who may not have access to generational wealth)
We award less merit than other programs
Therefore our students graduate owing more