ROI of optometry school today
By Vittorio Mena, OD, MS
Feb. 26, 2025
Optometry school, like graduate school in general, is expensive and requires significant time and effort. The question is: will graduates continue to get a good return on investment from the money and effort expended?
Current Optometry School Landscape
As of now, there are 24 optometry schools in the U.S. and two in Canada, totaling 26. The latest addition is Rocky Mountain University in Provo, Utah, which opened in 2023.
In the coming years, we can expect four more schools to debut in Michigan, Texas, and two in North Carolina, bringing the total to 28 and potentially 30.
Record Acceptance Rates
In 2024, a record 2,868 students were accepted from 12,732 applications nationwide. This surpasses the previous high from the 2015-2016 school year, just two years after my graduation. The average GPA for applicants in the fall of 2023 was 3.42.
Board Examination Requirements
To practice optometry, students must pass three parts of the National Board of Examiners in Optometry (NBEO) exams, ideally before graduation. Here’s a breakdown of the exams:
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Part I: Applied Basic Science
This exam covers material from the first year and consists of 350 scored items. Students have four hours to complete it. -
Part II: Patient Assessment and Management
This part includes various case studies in optometry, also with 350 scored items. -
Part III: Clinical Skills Exam
Students navigate through twelve stations, facing 10 case scenarios and two performance skill stations with a live patient.
Performance Insights
On January 6, 2025, the Association of Schools and Colleges of Optometry (ASCO) released a performance report on first-time pass rates for 24 institutions. The overall pass rate for completing all three exams before graduation is 85.99 percent.
Notably, Part I is often the most challenging. I compiled the pass rates from 2021-2024, showing that The Ohio State University (OSU) consistently had the highest scores. Understanding these statistics is crucial for prospective students, as 14 percent of candidates may not obtain a license upon graduation.
Tuition and Financial Considerations
If you live in a state with an optometry school, you may benefit from in-state tuition. At least nine out of 24 U.S. optometry schools offer this option. However, first-year tuition rates do not include additional fees or living expenses, making the actual costs higher.
The most cost-effective school is the Inter American University of Puerto Rico (IAUPR), with tuition at $31,500 per year. In contrast, the University of Missouri St. Louis (UMSL) has the highest tuition at $60,080 if you are out of state.
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However, UMSL’s massive reduction in tuition for in-state students means the Massachusetts College of Pharmacy and Health Sciences potentially has the highest tuition at $51,270.
Financial Breakdown
- IAUPR: Minimum total cost over four years is $126,000 (unless you’re from Oklahoma and attend that school in-state, which would bring the tuition to $86,200).
- UMSL: Maximum total cost could reach $240,320 (out of state) or $205,080 at MCPHS.
Salary Expectations and Loan Repayment
The average optometrist earns around $147,576 annually, translating to about $71 per hour. After taxes, the take-home pay is approximately $112,157. If you allocate 20 percent of your income to student loans, that’s about $22,431 per year.
Loan Repayment Scenarios
For easy math, let’s say a student owes $200,000 in student loans where the current 2025 Federal Direct Grad Plus loans are at 9.08 percent. If you were to try to pay it off in 10 years, you would pay $2,542.18 per month for a total amount of $305,061.93 (interest charge of $105,061.93).
In 20 years, you would pay $1,809.75 per month for a total amount of $434,341.19 (interest charge of $234,341.19). In 30 years, you would pay $1,620.77 per month for a total amount of $583,477.58 (interest charge of $383,477.58).
Unfortunately, I have seen many recent grads with $300,000 in student loan debt. Here are the numbers for that scenario:
In 10 years, you would pay $3,813.27 per month for a total amount of $457,592.89 (interest charge of $157,592.89).
In 20 years, you would pay $2,714.63 per month for a total amount of $651,511.78 (interest charge of $351,511.78). In 30 years, you would pay $2,431.16 per month for a total amount of $875,216.37 (interest charge of $575,216.37).
After seeing these figures, many people consider refinancing their loans to a lower interest rate, such as 3.5 percent. However, the first step should be to create a comprehensive financial game plan to determine what makes the most sense before jumping to conclusions.
Some may want to pay off their student loans as quickly as possible, while others may prefer to pay the least amount possible and hope for forgiveness. Others may pursue careers with public loan service forgiveness after 10 years of work, which requires 120 qualifying monthly payments, or opt for income repayment plans.
Strategic Career Planning
Optometry is a promising career, especially as the demand for ophthalmologists, particularly pediatric ones, declines. A strategic approach can lead to a bright future.
Ultimately, it’s essential to choose a school that aligns with your financial and personal goals.
Bottom Line: In-State Versus Out-of-State Tuition is a Critical ROI Differentiator
If you happen to live in one of the seven states that currently offer in-state tuition, or have a family member who is an optometrist and runs their own practice, then I would say optometry would be a fantastic option both financially and professionally!
If you are in an out-of-state school, know there are organizations that are offering loan forgiveness up to $150,000. These organizations may even cover your entire third- or fourth-year tuition. You also can apply for military scholarship positions to offset costs.
If you seek to be an optometrist solely because your guidance counselor or family members told you to pursue it, then financially it does not make sense, given the high cost of optometry school.
The key to remember: As long as you truly love any profession (best to shadow first), then it’s worth the time and dedication! With more schools opening up, it is easier to enter the profession.
Do your due diligence to see which schools cost the least and have higher pass rates to limit the amount you will owe in the end!
Vittorio Mena OD, MS, is the sports vision director with Optical Academy. Dr. Mena is also an Optometric Financial Coach, with Series 6 and 63 investment licenses and Series 2-14 life and variable annuity licenses. To contact him: menavitt@gmail.com
