The Complete PA Private Student Loan Guide: What’s the ROI on PA School?

Should you borrow for PA school? For most prospective students, looking at the question from a purely return-on-investment perspective, the answer is yes.

Physician Assistant (PA) programs are shorter than those for many other professional degrees. The average earnings of PAs are also higher than those of some professions that require longer training (for example, PT school is often three years and requires a doctoral degree, yet physical therapists earn less on average than PAs).

We’ll look at the distribution of Physician Assistant incomes and evaluate the return on investment (ROI) of a PA degree, whether you’re looking at public or private degree programs. 

How much do physician assistants earn?

We did a survey of 141 PAs who read Student Loan Planner’s weekly newsletter in mid-2025 and asked them about their incomes and student loan amounts.

Here’s the distribution of reported incomes from our 2025 reader survey:

Percentile	Physical therapist income
10th	$108,000
25th	$120,000
Average	$137,708
75th	$150,000
90th	$175,000

Average student debt among physician assistants

The average student debt among our PA readers was $175,891.

Our readers owe more than PAs on average, but even so, PAs compare favorably to other professions.

For example, our average dentist reader owes more than $419,000 in student debt.

PA programs have a strength of being shorter in length. When a program is 24 to 36 months, it means less borrowing for the program itself, but also less borrowing for living expenses.

When a program is shorter, you also get back into the workforce sooner, earning an income again (i.e., you avoid the opportunity cost of a program that requires three or four years of school).

The big differentiator in the cost of PA programs is whether you go to an in-state public or private/out-of-state school.

We’ll next analyze a scenario of a student who could choose between Duke University (a private PA program) and the University of North Carolina (an in-state public PA program) to see if one or both schools have a positive ROI.

How both private and public universities usually have a positive ROI for PA programs

Take a look at the video analysis below.

The exciting news for prospective PA students is that most programs represent a positive return on investment compared to what you could earn with only a bachelor’s degree.

Of course, finances shouldn’t be the deciding factor, but they’re extremely relevant when deciding whether or not to pursue a particular degree.

Using the analysis above, even higher cost PA programs should usually leave graduates with more after-tax income than if they had just taken a job they could’ve gotten with their four-year undergrad degree.

Where to borrow for PA school

When taking out private student loans for PA school, make sure you’re using options that give you flexibility post-graduation in case it takes a few more months to get your first paycheck than you expected.

Our marketplace of private student loan lenders can be one source you look to for the best student loan deals for PA school.

Of course, max out your federal student loans first, as those carry the possibility of interest subsidies at least for the first year or two after graduation if you use the new Repayment Assistance Plan (RAP) effectively.

Getting help in financing your PA degree the smart way

If you want more of an in-depth look at the finances of going to PA school (or if you’re already in it), consider booking a time with our experts who can walk you through the pros and cons of different financing options.

We’ll go over how to borrow and what to expect after graduation so you’re set up for maximum financial success.