Being accepted to an occupational therapy program is an exciting time, but it also brings many considerations regarding financing your academic journey. It's a significant investment, and you want to feel confident that you'll see a good return on the time, energy, and financial resources.
This article explores some of your options for financing and how occupational therapy is a good investment as a career goal.
What Are Your Options for Paying for Occupational Therapy School?
Student loans are typically divided into two distinct types of loans, federal and private. You'll want to start with the federal student loan process. It's free to apply, and federal student loans offer more borrower protections and lower interest rates.
Unfortunately, there are plenty of fraudulent student loans and financial aid scams, so you need to be cautious and look to credible sources when researching loan options. The office of financial assistance at your school or university is a good place to start seeking out information and resources about student loans.
Federal Student Loans for Occupational Therapy
The federal government funds federal student loans and federal parent loans.
Start by filling out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal student loans. The office of Federal Student Aid (FSA) is the largest provider of student financial aid in the nation.
Although there are evolving changes occurring with the FSA, the U.S. Department of Education, and federal student aid programs, the FAFSA application is still a free and effective place to start your search for student loan options.
Private Student Loans for Occupational Therapy
Private student loans are non-federal loans made by a lender such as a bank, credit union, state agency, or school.
After filling out the FAFSA, consider a private student loan to supplement your financing. Again, your school's financial aid office is a good place to start looking for credible resources.
Other sources include banks, credit unions, and online student loan lenders. It may be helpful to network with the student occupational therapy association (SOTA) at your school to learn more about credible student loan options.
Finding the Right Occupational Therapy Scholarship
A scholarship is a gift that does not need to be repaid. Scholarships are provided or endowed by entities such as employers, schools, and charitable organizations. Scholarships may be awarded in small or large amounts and may be a one-time award or may cover all or part of your tuition. They can be used to supplement other forms of financial aid or may reduce the burden of paying for school.
There are various types of scholarships, such as merit-based or those geared towards specific groups of people (such as those geared towards military families). To qualify for merit-based scholarships, you'll need to meet the academic, research, financial, or aspirational standards set by the scholarship giver.
Occupational therapy doctorate (OTD) specific scholarships are typically awarded based on your area of focus, planned capstone project or dissertation, and plan to apply your research and results towards furthering the understanding of a specific aspect of the occupational therapy profession.
Scholarships for students pursuing a Master's of Occupational Therapy (MOT) are available through various organizations. It can take some time to do the research and find all the options, but it's time well spent.
There are so many scholarship opportunities, and even small amounts can help to minimize loans and other sources of funding. The financial aid office at your school or university is a good place to start looking for scholarship opportunities and resources. Other resources include:
What’s the Return on Investment (ROI) for an Occupational Therapy Degree?
A primary concern for any college student pursuing any major is whether the investment of time, energy, and financial resources will lead to healthy career prospects. Students want to know that there will be a return on investment (ROI) in the form of job prospects, financial compensation, professional growth, and career satisfaction throughout their occupational therapy careers.
Job Outlook and Salary for Occupational Therapy
The U.S. Bureau of Labor Statistics reports that the employment of occupational therapists is expected to grow by 14% from 2024 to 2034, which is significantly faster than average for all occupations. That means about 10,200 openings for OTs are expected each year over the next decade.
The median pay for occupational therapists in 2024 was $98,340 per year or $47.28 per hour, which is also significantly higher than the national median pay for all workers. Salary does vary by setting; however, OTs can expect their compensation to grow with experience and specialization.
Professional Growth and Job Satisfaction in Occupational Therapy
Occupational therapy is a unique and rewarding profession with numerous options for professional growth.
Many students enter the occupational therapy profession because of a desire to help others gain independence and live lives with meaning and purpose. They choose to stay and advance in the profession by specializing and continuing to advance their skills as a practitioner.
There's always space to pivot to something new, such as a new setting, working with a different client population, or even advancing to opportunities in administration, leadership, and business development.
The OT profession is continuing to evolve into emerging practice areas across settings. Career growth is virtually unlimited in occupational therapy, and the profession is unlikely ever to be boring.
Occupational Therapy School and ROI
Whether you are pursuing a MOT, OTD, or Post-Professional OTD, the decision to apply to an occupational therapy program requires consideration of the return on investment of financial and time resources.
You have options with student loans and scholarships, and you can feel confident that a career in occupational therapy has a bright future.
