What Are Massage School Payment Plans? What Are The Pros And Cons?

Do you plan to become a massage therapist? The law requires that you obtain a degree and license before you can start working as a massage therapist or set up your own massage therapy center. There are several great reasons to pick up massage therapy as a career.

For one, there is no age limit. Moreover, the education can be exciting since it is more about practical training or application rather than just theory. For someone really passionate about massage therapy, it should be a breeze. However, there could be a potential roadblock: the cost of going to massage therapy school.

Depending on the institution you select, it could cost you anywhere from $5,000 to $20,000 to complete massage school and graduate with a degree. Make no mistake; it is a full-time course that requires great effort, dedication and commitment on your part.

If you think you can hold down your full time day job while studying to become a massage therapist, think again. It is just not possible. The cost can be a major hindrance and something you need to take into account before you decide to go to massage school. Thankfully, there are certain ways you can ease the financial burden associated with it.

Of course, there is the option to apply for a scholarship or a grant from the government, but unless you have exceptional credentials, you are unlikely to qualify for either. Therefore, the best option may be a massage school payment plan.

As the name suggests, it is a payment plan which enables students to spread the cost of their course over the duration of their stay at the massage school. You don’t have to pay the fee all at once. Rather, as long as you are part of the program, you can continue making payments in installments.

This is a wonderful option for students who haven’t received financial aid of any sort. Though student loans and other lending options are available, not every person is willing to accumulate debt for going to a massage school. This is why a payment plan can prove to be a handy option.

You can keep saving money while you study for your degree and then make the payment when it is due. The course could range from a few months to several years, so it is possible that the amount will be broken down into small chunks you can easily afford to pay.

That being said, it may be a huge financial commitment for you if you agree to a massage school payment plan. You could have to keep making the payments for the entire duration of your program.

Though schools are lenient, don’t expect to be let off easily if you fail to make the payments on time. This is why it is important to weigh your options before going for one. The best way to do so is by going over the pros and cons of massage school payment plans:

Pros of Massage School Payment Plans

  • The cost of your massage school education is broken down into monthly installments. This is perhaps the most obvious advantage of massage school payment plans. You can pay for massage school in much the same way as you pay your utility bills. The amount of money you have to pay every month depends on the cost of the program and its duration.
  • In addition, you don’t have to pay a huge amount upfront. It could take quite some time for students to collect enough money to be able to make the initial payment, let alone pay their whole fee. By opting for a massage school payment plan, you may get rid of this burden this inconvenience altogether.
  • When you complete your degree, you will be ready to join the industry without any debt on your shoulders. Students who obtain loans for attending massage schools have to first think about repaying the money they borrowed before they can consider establishing a career as a massage therapist. Without any debt, you can also consider setting up your own business.
  • Some massage school payment plans are interest-free. Therefore, you only need to pay the tuition fee spread out over the duration of your program. This may also mean that your payments remain the same regardless of whether the tuition fee increases down the road.

These are the pros of massage school payment plans. As you can see, you can budget for the money you would have to pay monthly as the fee of your massage school. This way, you may be mentally and financially prepared for the added expense. However, there are some cons as well which include.

Cons of Massage School Payment Plans

  • A potential con of massage school payment plans is that the monthly payment you are asked to make might be beyond your affordability limit. As mentioned above, the monthly payments are calculated based on the fee and the duration of the program. If you opt for a shorter course, the payments may be bigger.
  • In case interest is applied on the massage school payment plan, the rate would be decided based on your credit score. If you don’t have a good credit rating, you might have to pay high interest.
  • You might also have to pay financing fees for the process to be carried forward. It usually isn’t more than a couple of hundred dollars but, it means extra money out of your pocket every month.
  • Last, but not the least, you are likely to be expelled from the massage school if you aren’t able to make the payment on time. In essence, a massage school payment plan isn’t really a financial aid. It is simply a means of spreading out the money you have to pay over a longer period time to make affordability manageable.

Now that you have a good understanding of the pros and cons of massage school payment plans, you are in a much better position to decide whether or not they are right for you. That said, it is definitely a much more practical and feasible option than accumulating debt via loans and letting the interest accrue on that debt until you pay it off.

It sure can involve some sacrifice, such as you having to get a part time job while in school, but as you can imagine the benefits are far superior. If you haven’t yet, we highly recommend you read our detailed section on financial aid to see whether you qualify for any. A lot of it is free money that does not have to be paid back.

Neal Lyons is a founding member and volunteer contributor at the MTSI Institute, an information based portal dedicated to guiding and assisting aspiring massage therapists establish a successful career in massage. Neal is a published author and has collaborated on several mobile applications that serve the massage profession. You can view his published work on Amazon, iTunes, Barnes & Noble, Sony and Kobo. You can connect with him on Facebook, Twitter and on Google+

Posted in Financial Aid

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