Athletic Trainer Student Loans: Repayment and Refinancing Options

Being an athletic trainer can be a rewarding profession helping others. Unfortunately, the costs of becoming an athletic trainer are high, especially now that getting a master’s degree is the minimum requirement to pursue athletic training, plus required certifications.

At Student Loan Planner®, we worked with one client who got their dream job working in a professional sports league, but it set them back $178,000 in student loans. Unfortunately, many times the pay for this “dream job” can be less than $50,000.

Tuition costs of athletic trainer

Out-of-state tuition costs for a bachelor’s degree in athletic training is $168,600 ($21,075 per semester). That’s not including a master’s degree. At Azusa Pacific University, a Master’s of Science in Athletic Training (MSAT) can set you back quite a bit, with a base cost of $79,014 ($39,507 per year). At the University of La Verne, an MSAT has a base cost of $745 per unit, which adds up to $40,975.

Of course, costs vary by state and program, but overall it’s not cheap especially compared to the salary you’ll earn.

According to data from the Bureau of Labor Statistics (BLS), the average pay for athletic trainers as of May 2021 was $48,420 with the lowest 10% making less than $39,960 and highest 10% earning $76,180.

Even at its highest, your salary could be half of the cost of an athletic training education. If you have athletic trainer student loans or expect to have athletic trainer student loan debt in the future, here are the best repayment and refinancing options.

Athletic trainer student loans repayment options

Your athletic trainer student loans might be put on a standard 10-year repayment plan by default. But if you meet eligibility requirements, you have many more repayment options to help lower the cost of your debt.

Income-driven repayment

Managing student loan repayment can be difficult, especially when your income is on the lower end and your debt load is high. If you’re a federal loan borrower, there are some options that can make your athletic trainer student debt more affordable.

There are four different income-driven repayment (IDR) plans that borrowers can choose from, which take a small percentage of a borrower’s income to repay the loans. Eligibility requirements vary and the plans are all a bit different.

IDR plan options include:

• Income-Based Repayment
• Income-Contingent Repayment
• Pay As You Earn
• Revised Pay As You Earn

Under these plans, your monthly payment is 10% to 20% of your income, with a repayment term of 20 to 25 years.

The great thing about this option is that you can qualify for student loan forgiveness if you still have a balance at the end of your repayment term. But note that you might have to pay taxes on the forgiven amount.

To get on this plan, talk to your loan servicer about which option is best for your situation.

Athletic trainer student loan refinancing

Another student loan repayment strategy to consider is student loan refinancing. Although this option isn’t right for everyone, it might be a good fit for some. Student loan refinancing means working with a private lender on getting a new loan at a better rate.

Your refinancing loan pays off your previous loans. After that, you have a new loan, new interest rate and new repayment terms. It’s a good way to consolidate debt, save money on interest and shift to more favorable repayment terms.

Depending on your situation, you could save thousands of dollars in interest by refinancing athletic trainer student loans. The key is making sure your refinance rate is low enough to make a difference.

Why? Because the bad news is that for federal loans, you’ll lose out on federal student loan protections that can make a huge difference. Remember, IDR plans and student loan forgiveness programs? Yep, those perks would be gone.

If you don’t think you’ll need student loan forgiveness because you have a stable job, solid income, and strong credit score, refinancing might just be the option for you. Here some private refinancing lenders to consider.

College Ave

Becoming an athletic trainer can be costly. To save money on your student loans, you can look into refinancing your athletic trainer student loan debt. One option to look at is College Ave student loan refinancing. The company has no origination fees or prepayment fees and offers both variable and fixed interest rates.

College Ave is unique in that it works with you to find the best repayment term for you, offering up to 16 different repayment term options. Check out more about College Ave refinance student loans. If you do, you might qualify for a cash-back bonus when using our link.

Earnest

Another good athletic trainer student loan refinancing option is Earnest. The company offers “radical flexibility” which could be good for those struggling with athletic trainer student loan debt.

What that means is it allows borrowers to choose their payment, and loan term. Plus, it allows cosigner release and consolidating more than one loan.

Earnest is known for great customer service and low rates. You can choose between variable or fixed interest rates and even skip one payment a year. Check your refinancing rate with Earnest, and you might qualify for a cash-back bonus.

Laurel Road

Laurel Road can help you refinance athletic trainer student loan debt and get a more reasonable rate. Through Laurel Road, you can choose repayment terms of five, seven, 10, 15 or 20 years.

The refinancing company offers both fixed and variable interest rates, with no additional costs or fees. See if you qualify for refinancing and a cash-back bonus with Laurel Road.

Public Service Loan Forgiveness

According to data from the Bureau of Labor Statistics, 42% of athletic trainers work in educational services and 20% work at hospitals at the state, local or private level.

If you work for the government or for a qualified nonprofit or hospital, you could be eligible for the Public Service Loan Forgiveness Program (PSLF).

To be considered for PSLF, you must work at an eligible employer for 10 years and make 120 student loan payments. After that, you can apply for PSLF to get the remainder of your loan balance totally forgiven.

The best part about PSLF is that there’s no tax burden on the forgiven debt. The worst part is that you’re beholden to a low-wage job for at least a decade. If that’s the route you’re already planning on, PSLF could be a good option.

Potential student loan forgiveness

Unfortunately, it seems like athletic trainers are left out in the dust when it comes to the numerous healthcare professional repayment assistance and student loan forgiveness programs.

But it doesn’t hurt to read the fine print on your loans and see if there are potential loopholes that might qualify you for more state and federal healthcare repayment or forgiveness options.

According to an anecdote published by the Mid-Atlantic Athletic Trainers’ Association, one athletic trainer was able to get a portion of his Federal Perkins Loans forgiven. He read the fine print that said that a “medical technician” qualified for Federal Perkins Loan Cancellation and decided to call and plead his case.

He explains:

“I worked with the Federal Ombudsman office, submitted my job description and official documents from the NATA. After consideration, the office granted my request to alter my loans by cancelling a certain percentage of the loans for every year I am employed full-time as an Athletic Trainer. As I waited for the cancellation process, I verified my employment and the rest of my loans are placed in deferment. This results in cessation of loan payments. Overtime, the federal government will forgive (or cancel) a percentage of my loan.”

So it doesn't hurt to read the fine print, call your loan servicer, and see if you can work any magic to get student loan repayment assistance or forgiveness.

Bottom line

Becoming an athletic trainer and being saddled with student loan debt can be a drag, especially when your pay isn’t so great. These options can help you pay down your athletic trainer student loans so that your debt is more affordable. If you qualify, student loan forgiveness could be the most cost-effective and worthwhile.

Need help deciding what’s right for you? Book a one-on-one consultation with us.