To anyone's knowledge, do any of the major retail chains (Walgreen's, CVS, Target, etc.) offer any sort of loan repayment programs, i.e. you work for them for x number of years and they agree to pay off your student loans?

I have a friend who was offered money from Eckerds and then had the money withdrawn at the last minute because they didn't have enough money to pay out....

CVS has a loan program which is forgiven if you work for them. You can get up to $5000 a year for school and each year you work for them as a pharmacists forgives one year of the loan. You are not committed to working for CVS upon graduation and if you work for someone else you need to repay the loan.

I am sure their are other companies that offer similiar programs.

I am really concerned about getting into insane debt. Can you imagine the $100,000plus loans after graduation? Can you imagine 1-2 grand/monthly of your paycheck going to stupid loans?

I'm hoping that i will make at least $85,000/year in 2006. I plan to work my ass off to pay the loans faster. Can pharmacists work two pharmacy jobs? I mean likr 70-80hrs/week at two different retail pharmacy stores?


I heard hospital jobs have good incentive programs in terms of loan forgiveness but salary stinks.

Community pharmacy(retail) offer few incentive programs(loans) but salary smells great. However, there is a catchy part, "commitment" meaning you are stuck working at a place where no other pharmacist wants to work.
Longs:
-$10,000
-2-year Commitment
-No internship with them is required to qualify.

CVS
-$20,000
-5-year commitment
-You must intern with them to qualify.

Rite aid
-NONE.
-They offer scholarships of about $1,500/year which is worth nothing

Walgreens
-$10,000-$13,000.
-? years of commitment
-You must be a present or past walgreen employee.

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.

What do you guys think?

The bad thing about scholarships is that they require you to be a phamacy student in order to qualify. So, i am not counting on scholarships till second year.

Originally posted by Heyyyyy
I am really concerned about getting into insane debt. Can you imagine the $100,000plus loans after graduation? Can you imagine 1-2 grand/monthly of your paycheck going to stupid loans?

I'm hoping that i will make at least $85,000/year in 2006. I plan to work my ass off to pay the loans faster. Can pharmacists work two pharmacy jobs? I mean likr 70-80hrs/week at two different retail pharmacy stores?

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.


I'm worrried too about going into so much debt like that.
I think that it's smart to try to pay your debt off faster, although working 70-80 hrs./week is probably not such a good idea when you're just starting out----it seems like a sure-fire route to getting burned-out early in your career.

I think that instead of trying to work more hours, maybe it would be better just to be a little more thrifty the first few years you are working and put most of your earnings towards your loans. Once you start earning money, it may be diffuclt to risk the temptation of going on a spending rampage. Some of my friends are earning 6-figure salaries, but they're still in debt!! I guess there's truth to the saying that it's not so much what you make but what you save.

As for the tuition assistance programs, they seem like a great idea too. But think about the time commitment required. If CVS pays only about $10 K more than the others for a much longer time committtment, I don't know if getting stuck in a $hitty place for 3 more years is worth that money, considering that you'll be making about 20 times that amount, within the span of those 3 extra years.

No one seems to ever mention salary taxes and the big chunk it takes from our earnings. I myself, am curious to know whether or not our student loans can be deducted from our taxes when we start working full-time after graduation.

You guys should not be at all worried about your loans. Pile up that debt now, the government provides wonderfully low interest rates and very forgivable repayment plans. You will have NO problems paying it back and still have a lot of money left over.

I left school over 80,000dollars in debt about 4 years ago, and have payed it nearly all off while still purchasing a house on the central coast of california, having 2 cars, 2 new kids, etc. and not pinching any pennies.

I have a friend going into pharmacy school and he is really stressing over his loans as well. I have tried to convince him it is no problem. Just be sure to pass the boards! ;)

We(my wife mostly) accomplished this amazing feat of paying this loan off by actually sending in a daily payment to the government. Thats right a DAILY payment. We made a stamp for the checks and for the envelopes and sent them 20dollars a day, what that did is essentially paid 90% a month to principal as opposed to the ridiculously small amounts you start off with. We called the loan department to make sure this was OK and was told they receive so many checks a day that one extra one would make no difference and to go right ahead.


Something to think about.

This is a great thread guys!!!

Are there a lot of ways to itemize for deductions on your taxes for pharm school stuff?

Originally posted by Heyyyyy

Community pharmacy(retail) offer few incentive programs(loans) but salary smells great. However, there is a catchy part, "commitment" meaning you are stuck working at a place where no other pharmacist wants to work.
Longs:
-$10,000
-2-year Commitment
-No internship with them is required to qualify.

CVS
-$20,000
-5-year commitment
-You must intern with them to qualify.

Rite aid
-NONE.
-They offer scholarships of about $1,500/year which is worth nothing

Walgreens
-$10,000-$13,000.
-? years of commitment
-You must be a present or past walgreen employee.

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.

What do you guys think?

First, last time I checked (around here), Rite aid was offering a 10-20k signing bonus for only one or two years commitment, max. They were also talking about a 50k loan repayment with a 5-year commitment. Second, it's not worth it. Sure, if retail wants to pay a 20k signing bonus and six figures for only a one year commitment, then I'd do it, but loans are specifically designed to be easy for new grads to pay off. Try not to squander your cash while in school, then pass the boards, and double up on some of your loan payments and you'll be debt free in a few years. It's nothing to get worked up about now, and I'll assure you that you're not going to debtor's prison. Think about most med schools. They often times have tuition of almost 50 grand a year for 4 years, plus a 3-7 year residency, and they manage. Oh, and 80 hours a week of retail will shorten your lifespan by about 10 years, at least.

Jd

At the wages you make after leaving pharmacy school you are not allowed to deduct the taxes on your school loans, unfortunately. Buy a house instead.

Oh, and 80 hours a week of retail will shorten your lifespan by about 10 years, at least.

Then why do I always seem to end up working with 80 year old pharmacists who are still going strong, at least in their mind anyways.

Are you sure about rite aid offering such stuff? There is nothing on their website about loan forgiveness program.

Originally posted by Heyyyyy
Are you sure about rite aid offering such stuff? There is nothing on their website about loan forgiveness program.

Most chains have nationwide programs, and then some that are specific to certain regions. When the time comes, or if you get a job as an intern or tech, then call up on of the regional managers and ask about loan forgiveness, or sign on bonuses. The closer you are to graduating, the more leverage you have. I still wouldn't sign a commitment longer than one year...

Jd

Originally posted by GravyRPH
Then why do I always seem to end up working with 80 year old pharmacists who are still going strong, at least in their mind anyways.

I don't know, but maybe you should look for a store with some nice, young grads of the opposite sex. I've worked with several "way-past-retirement" pharmacists, and it's downright scary. It's also twice as much work for their partner, intern, and tech if they can't keep up. I doubt that many 80-year olds work 80 hour weeks too...

Jd

USPHS offers a complete loan forgiveness program and the best residencies too. The flip side of the coin is you get to work in the hellholes of the Indian Health Service, Bureau of Prisons, Military, Veteran's Affairs, although I have seen a few postings to ARHQ, FDA, CDC, and NLM every once in a while.

Be a patriot and join the military is another option, but not for one who truly understands the official and unofficial motto.

There also exists a government loan forgiveness program to work in "disadvantaged neighborhoods" which is a euphemism for inner-city or stereotype rural areas.

The hospital I work at is offering $15,000/year to pay off tuition up front and you only have to sign up for 4 years(one year for each you use their funds.) So that's essentially a $60,000 bonus for 4 years (and they DO NOT cut your wages, you still make the starting $79,000/year salary)

Keep in mind, that's a mediocre local hospital in WV, where the wages are as low as cost of living. So, wherever you live, go see the HR people at your local hospitals and see if they have an indentured servitude program like mine.

WVUPharm2007
You are lucky!!!! I hope i will find one like that. Also, when can you sign such contracts? Can you do it during your first year of pharmacy school?

My hospital's is on a per year basis. You sign on to work one year for each you borrow. You could stop after this year and owe them only one year of service.

BUMP

brill, any new updates on the pharmacy education act of 2003?

Not sure why you asked me :), but anyway, last I heard it still hasn't come up for vote in the Senate.

Do you think I can get the coca cola corporation to pay back my loans if I change my last name to Pepper when I graduate? It's free advertising for them. :laugh:

heh..honestly dude its worth a try!

hi everybody,

i hope everyone is doing well in their pharmacy endeavors.

just a quick question. can anyone recommend a private lender with a fixed or very low variable interest rate for an educational loan?

i'm signed up for CitiAssist thru citibank - but theirs is based on the prime rate. which if fine right now cuz the rate is low - but who knows in 3 years?

anyway - thanks for any and all recommendations!
-nocsag56

pharmacyI looked at several different lenders pharmacy (Sallie Mae, Nellie Mae, Wells Fargo, Chase...) They all went with the prime rate. pharmacyIn fact, I don't remember seeing any lender with a fixed rate.pharmacy I ended up choosing CitiAssist as well,pharmacy because they seemed to have the lowest rate (especially if you get a good cosigner).pharmacy Although it looks as though some family member will be paying it back if I diepharmacy
:eek:

Happy Debt-ing
jason

Hmmm....technically this should be moved to the financial aid forum, but unless this forum starts to get inundated with off-topic threads I don't see it as much of a problem. Then again, you did mention pharmacy so I'll let it pass ;)

I would assume that most lenders are advertising the variable rates because they're so low right now. However, most institutions have both fixed and variable options. I guess if I were you I would call the lenders and see if they have a fixed rate option. If they do, it will be MUCH higher than the variable, but next year when we get a democratic prez in office our economy's gonna sky rocket and the prime rate will sky rocket too. Yay!!!

Of course that comment is all in jest!

must...resist...
political conversation...
eventhough... don't like...bush...know...I...
can...do...it...

phew,
did it...;)

Hi all,

Due to the fact that i haven't received any responses from NVCP and UOP, now Hawaii College of Pharmacy is a school that I consider to be enrolled for Fall 2004. However, the problem is loan. This school is not yet accredited and still very new. Thus, they said that i have to take care of the loan myself. Has anyone here know about private loan applied to non-accredit school like this?

South2006...can u give me your experience about this? I am sure u've been thru this...

I am sending my deposit as well for Hawaii. Does anyone know of any private lenders?

Hi Michelleca4. Congrats on your acceptance at Hawaii:clap:

Michelleca4: Congrats!!

RXforlife: Let me tell you how hard it was to get my loan...it wasn't. Financial Aid will be there for you when you get there. (Just make sure to do your FAFSA) Your school will figure out how much you need per quarter/semester to get you by. I had to do a subsidized and unsubsidized loan as well as an alternative loan. Hopefully I wont need the alt loan anymore once I get a roommate. Living by yourself can get very expensive. If I can offer you any advice, get a roommate! I think the person you spoke to may have been blowing smoke up your @$-. I would call them again and ask for the Fin aid department and see what they say. Is this school associated with the University of Hawaii? If it is, you should have no problems. Also, please check your PM (Click user CP in the top right corner) I hope this helps

If it's ANYTHING like Nevada, you won't have access to Department of Education sponsored/subsidized student loans for at least the first year. Unlike South (which already existed before the pharm program), Hawaii is a new school (private, unafilliated with UH). After you accept the offer of admission, you should be contacted by the school's financial aid officer to offer you a choice of private lenders that the school has a relationship with...that's what happened here at Nevada.

LVPharm,

Unfortunately this school is still working with private loaners. Therefore, i have to take care on my own in order to go here...I think that really sucks+pissed+ .

Now I am just hoping NVCP and UOP kiss my file :laugh: and send me big packages...I even think of going for Samford School for the interview ( I haven't officially rejected it yet....) Should I, bro? Do you know much about Samford?

Originally posted by rxforlife2004
...Should I, bro? Do you know much about Samford?...

I don't know if you read my post regarding Loma Linda's program...religion is an important component of Samford's program, you have to attend prayer meetings and/or chapel and get credit for it...there is even one class in the pharmacy curriculum that is religious in nature. Samford is down in the "Bible Belt", Southern Baptist territory. I say this because you're gonna have to expect questions at the interview that touch on matters of faith. They do so at Loma Linda, so I wouldn't expect any different from Samford.

As far as NVCP and loans is concerned, although it might change in the next year when we get things worked out with the Department of Education, you will be taking out a private loan for financial aid...but it's from a list of providers that work with the school, so much of the details of application are done through the financial aid office. No FAFSA, but it is a simple matter, nonetheless.

Dude, if you liked Las Vegas or Hawaii, you will not like Samford. Its a very tight knit community there, and quite scary if your not from the south, and extreamly conservative. (Its baptist country, not that there is anything wrong with that)

For those of you in pharm schools, who did you choose to be your lender for Fed Staff Loan OR who would you recommend? Some of these lenders are Bank of America, Educaid, Access Group, and Total Higher Education... I didn't take any loans for my undergrad, so any advice would be great! Thanks

I think I went with Northwest (now Wells Fargo). It doesn't really matter much, b/c I'll consolidate with the bank with the best offer when that time comes.

I guess I'd recommend designating a bank that you can go downtown and walk into. I've never had cause to get customer service from my lender-but if something goes bad, I can just get in my car and go have a chat with a bank rep. Don't have to do it over the phone.

I was just wondering how everyone is dealing psychologically with the fact that by the time we're out of pharm school, we'll be around $80-$90K in debt! And that's just for tuition alone!

That's just one year of salary. I can deal with it.

I guess, I can budget and live on 1/2 my income for a few years to pay it off...makes sense. Has anyone ever heard of "My Rich Uncle.com" ? I was just on the bankrate.com website looking for different ideas on how to finance college, etc.... and I went to the site, at first, it sounded good, but I think it's a ripoff. Ever hear of it?

i chose Bank of America back when I was in undergrad, but I don't think it really matters....

www.educationone.com and www.teri.org does give loans for Hawaii. I just called Hawaii and they told me the good news.

michelle,

What is the APR interest? Do you know?

Cliff the finance guy at Hawaii said that educationone has a lower rate, but it all depends on your credit and your parents credit (if they have to cosign).

Oh...I see...I just callled both TERI and EDUCATIONONE, but they're closed now...I'll check them out on Monday, then...THanks Michelle...and uh I might try the interview at Samford also. Bad news is that i haven't submitted 1K for Hawaii:laugh:

Thanks for your info, Michelle..I'll check it out more...Did you apply for NVCP, Michelle???? I haven't heard from them for 1 month after the interview already!!!!

I'm kinda new to these terms but if a school's non-accredited, what does that mean? and why would you still choose to go there if it is non-accredited?

Originally posted by eddie269
I'm kinda new to these terms but if a school's non-accredited, what does that mean? and why would you still choose to go there if it is non-accredited?

You might want to read the response I posted in this thread:

http://forums.studentdoctor.net/showthread.php?s=&threadid=101004

...or get the scoop on accreditation straight from the horses mouth:

http://www.acpe-accredit.org/

Every pharmacy school started out non-accredited. After the first class graduates, then the school will be fully accredited. UCSD, Loma Linda and Nevada College of Pharmacy are non-accredited. I am not afraid to attend Hawaii, because they modeled the program after their sister school-Nevada College of Pharmacy.

For the record, Nevada College of Pharmacy received full accreditation status by the ACPE at their January meeting ;)

Opps congrats to Nevada....Yay good prospects for Hawaii then!

I know most retail chains and some hospitals offer various programs (with various names) all boiling down to getting money for school in exchange for working for the company for X years. Is anyone doing this? Where do you work? What are the terms and conditions? How many years are you accepting assitance? How much are you getting/year vs. how long is your commitment to the company?

I'm considering this option (hey, I need every penny I can get) but I'm worried about selling my soul :laugh: and although I am married - I am afraid of commitment to a company (not that you can't pay them back but still).

Thanks!

I know most retail chains and some hospitals offer various programs (with various names) all boiling down to getting money for school in exchange for working for the company for X years. Is anyone doing this? Where do you work? What are the terms and conditions? How many years are you accepting assitance? How much are you getting/year vs. how long is your commitment to the company?


I work for Eckerd, but we will become a CVS sometime this summer. CVS will give you $5,000 per year which you pay back with one year of service. CVS also keeps you on the payroll, so you have seniority when you graduate. They also give you an early sign-on bonus if you commit during your senior year. If I like CVS after working for them this summer, I'll probably sign up for it for years 3 & 4 of school.

Longs will give you $10,000 your 3rd and 4th year, if you work for them for 3 years at a specified location.

I've been thinking about this too..
What is the pay after graduation? Considerably less?

I am not sure if I want to commit for a much lower salary that I could get otherwise.

I've been thinking about this too..
What is the pay after graduation? Considerably less?

I am not sure if I want to commit for a much lower salary that I could get otherwise.
It's not considerably less. Nobody would do it if it was. I doubt it's any less. The disadvantage is that they might feel like they have you in a sticky sitaution. If they needed help at a notoriously bad store, I can see them trying to use a little leverage to get you working at that store. Of course, there is potential good too. All those years of working for the same company will surely give you a little insight about who's leaving, where the good stores are, who's good to work with, etc. If it really gets bad, there is always the option to pay it back and quit. It's not the military. That being said, I still haven't accepted any money. By the way, sign-on bonuses can do the same thing. Accepting a $20,000 sign on pretty much locks you in too. You can always pay it back if you want to leave, but remember that it gets taxed at about 35%, so you'll have to pay that money also.

It will probably be at the same salery but more than likely (i suspect) they will tell you where to work.

I'm not sure how many people in the forum this affects, but I thought this news article could be beneficial somehow. :)

http://moneycentral.msn.com/content/CollegeandFamily/Cutcollegecosts/P83666.asp

There has been talk on here recently about loans and fees, so I thought I would pipe in with something to help.

Many schools and banks that service student loans will charge you fees in either a guarantee and/or origination fees. Some will hit your for 3% of your loan amount up front and on the backend to start repayment. This is normal business. There is no need to pay these fees. There are places out there that will not charge you these fees, putting more money in your pocket. One of them is Northstar and their T.H.E. program. You can check them out at http://www.northstar.org/

They also offer loan repayment options that will save you money over other company’s options. I am not affiliated with them in any way except that I use them as my federal loan servicer. Their private loan programs also have fewer fees than conventional programs.

You do not have to use your schools preferred lender. Just call your financial aid office and tell them whom you are going to use and they can get their end set up.

The school I attend up until now has charged 3% loan origination fees. That is rip-off and they have no right to that money, IMHO. We got an email recently stating that they have finally gone over to not having any origination fees starting with next year’s loans. That is a good step, but I will still use THE as their repayment incentives are better.

I am posting this here because I think everyone should at least know that there are options out there. Schools often will give you a preferred lender and students will just take that one because it sounds fine, will get the job done, and they don't know there are better options. I have friends who went through school, paid the fees never knowing there was a difference between lenders, thinking they would all be the same. That is not the case. School is expensive enough as it is; you deserve to have every dollar you borrow in your pocket, not in a lenders pocket in the form of fees. They take the fees out of your disbursement, so you still have to pay that $6-800/year back also. I would rather have that $6-800 myself.

Thanks OP!

More info the better, but that was great info!

ucsf gives a list of stafford loan lenders to choose from. does anyone have any recommendations to which has the best deal?

tom

ucsf gives a list of stafford loan lenders to choose from. does anyone have any recommendations to which has the best deal?

tom
see above post by jeddevil... i think that the list is only provided for convenience. i believe you can pick ANY lender you want.

Hi all,

I have received the financial aid offer letter and I found that all the money they offer me are loans. :( Don't they give out free money? I originally thought the pharmacy school also gives free money like undergrad does. Please correct me if I am wrong.

Thank you very much.

Ps. free money = money I don't have to pay back.

Hi all,

I have received the financial aid offer letter and I found that all the money they offer me are loans. :( Don't they give out free money? I originally thought the pharmacy school also gives free money like undergrad does. Please correct me if I am wrong.

Thank you very much.

Ps. free money = money I don't have to pay back.


There are some scholarships out there, but not many. I don't think grants are usually given for any advanced degree program.

what I love is how at UNM the first two years you are eligible for federal grants and federal loans at the undergraduate level - of course I will turn 24 as my 3rd year starts!!! I have gotten soscrewed by the whole age/grant thing. I hate parents who like work real jobs and crap like that. jeez.

There are some scholarships out there, but not many. I don't think grants are usually given for any advanced degree program.

can someone PLEASE explain to me why med school students can get lots of scholarships (i.e free money) that are like 5-digits per year for all 4 years whereas pharm students dont'? i mean, even BEFORE students make their final decisions on where to go, many i know are OFFERED scholarships whereas we dont even get our financial aid package until the middle of the summer b4 pharm school starts and even then, they're mostly loans or grants (grants are good b/c of free money and nobody can complain that much ab it, but the bottom line is they're not the same as scholarships). I don't understand the discrepancy. why them and not us? just curious :)

Perhaps their schools have endowments which our schools lack? Or, schools just choose not to spend money on us. It's not like we need free money. We can pay back loans pretty fast.

It's not like we need free money.

yeah we do. We can pay back loans pretty fast is besides the point because anything free, especially money, is always a good thing. ;) that means the money we saved can go towards clothes ($hopping!) and vacations and stuff. ;)

pharm students are eligible for grants? i thought the standard was just all loans. that's news to me.. hope i get some.. but then again.. wont find out until another month or so..

i probably wont get any tho.. cuz i worked all year last year.. punishing those who work.. rewarding those who dont.. seems odd doesnt it.. ? :o

not like we need it?!? jammocah and i need free monies fo' sho........ $32,316/year - with a 5% increase/year.. I wonder if any other SOP that can top that..

((sigh)) and thats just our flat 18 unit fee..

cuz i worked all year last year.. punishing those who work.. rewarding those who dont.. seems odd doesnt it.. ? :o
I agree completely...I worked all last year too. My Expected Family Contribution (just me, I'm considered an independent student) is almost 13K...Did they actually look at what I made last year? What was I supposed to live on? And how was I supposed to pay for school, books, and gas?

I agree completely...I worked all last year too. My Expected Family Contribution (just me, I'm considered an independent student) is almost 13K...Did they actually look at what I made last year? What was I supposed to live on? And how was I supposed to pay for school, books, and gas?

My EFC is 18K!!! Can anyone beat that?? :p

My EFC is 18K!!! Can anyone beat that?? :p
32k

Unfortunately most pharmacy schools, if not all by now, consider pharmacy students graduate students meaning no more Federal Pell Grants ("free money"). The only free money you can be eligible for are from your school's scholarship fund which is funded by donations from alumni, corporations, or other philanthropists. Those are often need based and give up to a few thousand a semester.

There are also scholarships from the U.S. military if you agree to work (i.e., be their slave) for some years after you graduate and from companies such as retail pharmacy chains if you agree to work for them after you graduate.

32k
WHAT????????????????? that is simply madness!!!! ...are you joking??

WHAT????????????????? that is simply madness!!!! ...are you joking??


32K.. haha.. yes that's a whole lot.. is it because your parents are rich? :) Or did you really make that much money last year?

32K.. haha.. yes that's a whole lot.. is it because your parents are rich? :) Or did you really make that much money last year?

It could be because his parents are loaded or they have no exemptions ;)

I made one mistake on fafsa on the part about my parents' financial portion because my parents' taxes weren't done. My EFC came out as 23K! Then I sat down with the returns and realized all the mistakes I had made :laugh: Luckily, it went down to 5K (whew!)

somehow everything worked out for me that my EFC is 0, zero, zip, nada. Is this really great, or really abnormal, or both?

somehow everything worked out for me that my EFC is 0, zero, zip, nada. Is this really great, or really abnormal, or both?

Not abnormal - most of my friends had an EFC of 0 as well...

Not abnormal - most of my friends had an EFC of 0 as well...

phew. was hoping it wasn't an error or something that would look suspicious.

If you don't mind me asking, how did you get a EFC of 0? Do you have outstanding loans due from undergrad? I don't have any previous debts so I put as much money as possible into tax defered investments (so I can legally get my Adjusted income as low as possible). Unfortunately (...well it WAS fortunate at the time) I won a free Club med vacation which jacked my adjusted income 25% and bumped me up to the next tax brackett. My EFC is 5K.

If you don't mind me asking, how did you get a EFC of 0? Do you have outstanding loans due from undergrad? I don't have any previous debts so I put as much money as possible into tax defered investments (so I can legally get my Adjusted income as low as possible). Unfortunately (...well it WAS fortunate at the time) I won a free Club med vacation which jacked my adjusted income 25% and bumped me up to the next tax brackett. My EFC is 5K.

I don't really know. My parents paid my undergrad. I don't earn anything from working. Most of the money I did make I put in my mutual fund which isn't taxable, if that matters. And i'm not sure what else is factors in.

Hi Guys

I received my financial aid award letter and got $1000 for perkins loan, $5000 subsidized federal direct, and $5500 unsubsidized federal direct loan for the 2005-2006 academic year.

I called financial aid office and was told that you can only qualify for one of the loans (direct or stafford), not both. Also, she pointed out that both loans are the same? Is this true?

Thanks in advanced,

Manuel

I confirmed this information with my undergraduate financial aid advisor. In fact, both loans are the same. The difference is that stafford loans are provided to you through banks and federal direct loans are provided by the school directly.

My estimated yearly school cost is $44,538. So I have to get private loans. Does anybody has any recommendations?

Thanks!

I confirmed this information with my undergraduate financial aid advisor. In fact, both loans are the same. The difference is that stafford loans are provided to you through banks and federal direct loans are provided by the school directly.

My estimated yearly school cost is $44,850. So I have to get private loans. Does anybody has any recommendations?

Thanks!

holy crap, that much? :eek: What school is this?

holy crap, that much? :eek: What school is this?

The school is Long Island University (Brooklyn, NY).

2005-2006 cost

tuition/fees $26868
room/board $14400
books/supplies $1750
personal $800
transportation $720

Total $44538

wow, and I thought my $20K cost is alot.

[QUOTE=goheel]wow, and I thought my $20K cost is alot.[/QUOTE


$20K tuition fee or this includes living expenses?

Maybe this thread belongs in the financial aid section, but I figured since it hasn't really been a topic in the pre-pharm forum, here goes..

Anybody thinking of consolidating their undergrad stafford loans before pharm school? I've done a search on loan consolidation, and all this "you can only consolidate once"/"you can consolidate again only if you have an existing loan that is not consolidated" jargon is confusing me (Does this mean I should consolidate 3 of my loans and leave one unconsolidated??). Is any of this true? Can someone please clarify? Should I wait until after pharmacy school to consolidate all my loans, including those from undergrad? (The interest rates right now are sooo low, it's tempting, and I don't think they're going to get any lower!!) :confused:

I think I'm definitely going to have to take a trip to the fin. aid office!

I was advised to consolidate this year as rates are expected to go up. I still have two years left of school, but at least the bulk of my loans are now consolidated at into one loan.

I think you need to look at how much debt you have now and how much you expect to rack up in the next 4 years.

Maybe this thread belongs in the financial aid section, but I figured since it hasn't really been a topic in the pre-pharm forum, here goes..

Anybody thinking of consolidating their undergrad stafford loans before pharm school? I've done a search on loan consolidation, and all this "you can only consolidate once"/"you can consolidate again only if you have an existing loan that is not consolidated" jargon is confusing me (Does this mean I should consolidate 3 of my loans and leave one unconsolidated??). Is any of this true? Can someone please clarify? Should I wait until after pharmacy school to consolidate all my loans, including those from undergrad? (The interest rates right now are sooo low, it's tempting, and I don't think they're going to get any lower!!) :confused:

I think I'm definitely going to have to take a trip to the fin. aid office!

3 comments:
1) a friend said to consolidate everything 'cuz rates go up in July.
2) UCSD Financial Aid lady said if you do not have any loans to consolidate (as is my case :p ), then it's okay' u don't have to fake take out some loans to lock in this low interest rate. she said ANYTHING can happen in 4 yrs, not just rates going up but also going down. so if you want to consolidate all but one loan, then go ahead. may be good for ya
3) for you ppl who didn't want to take out any loans in undergrad, TAKE OUT THOSE SUBSIDIZED LOANS if you were offered them!! it's like temporary free money in pharmacy school b/c no interests! i didn't realize this until my very last semester of undergrad and wasted $1125/semester *5 semesters. mmm, anything FREE is good =)

hey guys, scratch #3. a fellow SDNer told me i have to pay (ahhh!). does anyone know if I can return a subsidized loan? i didn't even need thisand took it only 'cuz she said temporary FREE money. the UCB financial aid lady lied to me :mad: there was no fine print (i never got a package or anything in the mail)--i got the loan in a very unorganized way. (to the OP, sorry for stealing your spot)

3 comments:
3) for you ppl who didn't want to take out any loans in undergrad, TAKE OUT THOSE SUBSIDIZED LOANS if you were offered them!! it's like temporary free money in pharmacy school b/c no interests! i didn't realize this until my very last semester of undergrad and wasted $1125/semester *5 semesters. mmm, anything FREE is good =)



I'm a total igoramous about school loans! Haven't had to take any out yet, but will need to for Pharm School. Are you saying you could have taken the loans out and held onto them for Pharm School...or you should have used them in undergrad?

hey guys, scratch #3. a fellow SDNer told me i have to pay (ahhh!). does anyone know if I can return a subsidized loan? i didn't even need thisand took it only 'cuz she said temporary FREE money. the UCB financial aid lady lied to me :mad: there was no fine print (i never got a package or anything in the mail)--i got the loan in a very unorganized way. (to the OP, sorry for stealing your spot)

No problemo :) The government pays the interest on subsidized loans while you are in school..so in a way it is temporary free money, but not quite because after school you pay the entire balance + interest. As far as returning the loan, I have no clue..I'm sure if you call your loan provider, they will be able to give u a straighforward answer :) .

I was advised to consolidate this year as rates are expected to go up. I still have two years left of school, but at least the bulk of my loans are now consolidated at into one loan.

I think you need to look at how much debt you have now and how much you expect to rack up in the next 4 years.

I'll be 6x more in debt after pharm school than I am now. So should I just wait? Also, since you've already consolidated, can you consolidate again? I've read in past posts (not particularly in this forum), that you can't consolidate more than once in your lifetime, but this seems pretty outrageous. :confused:

What does it mean exactly to consolidate your loans? and what does it have to do w/ low interest rates? Can someone explain this to me..thanks!

What does it mean exactly to consolidate your loans? and what does it have to do w/ low interest rates? Can someone explain this to me..thanks!

Every year you are in school, you basically apply for loans..may be from the same loan provider, may be from different loan providers. Ppl consolidate their loans so they won't have to make multiple payments to several different places and at different times..makes life a heck of lot easier. :)

As far as interest rates are concerned, they change periodically..may go up, may go down. Usually when you consolidate your loans, you are offered a very low interest rate compared to what you would normally pay had you not consolidated.

Every year you are in school, you basically apply for loans..may be from the same loan provider, may be from different loan providers. Ppl consolidate their loans so they won't have to make multiple payments to several different places and at different times..makes life a heck of lot easier. :)

As far as interest rates are concerned, they change periodically..may go up, may go down. Usually when you consolidate your loans, you are offered a very low interest rate compared to what you would normally pay had you not consolidated.

Bear in mind though that by consolidating you start your repayment all over again from day 1.

So you have to weigh how long you have been in repayment vs. how much you'd be saving with the lowered interest. Remember also that with Loan repayment, if it's anything similiar to a home loan/mortgage, the initial payments all go towards interest, not the principle.

YOu may lower your monthly payments by 100 bucks, but if you were paying 300/month and had 15 years left and consolidate to 200/month but now you reset to 30 years... that's just no good. =/

Careful careful all.

Bear in mind though that by consolidating you start your repayment all over again from day 1.

So you have to weigh how long you have been in repayment vs. how much you'd be saving with the lowered interest. Remember also that with Loan repayment, if it's anything similiar to a home loan/mortgage, the initial payments all go towards interest, not the principle.

YOu may lower your monthly payments by 100 bucks, but if you were paying 300/month and had 15 years left and consolidate to 200/month but now you reset to 30 years... that's just no good. =/

Careful careful all.

Repayment periods are based on the amount of one's student loan debt. Even after one consolidates his/her loans, a shorter repayment period can still be requested, which also reduces the amount of interest paid.

I'm looking to get my loans payed off as soon as possible..not looking for the 20-30 year stretch to reduce my monthly payments, i honestly don't think that's a great idea. I'm still in deferment and have not begun any payments yet, as I have just finished undergrad..I don't plan on making payments until after pharm school. So my question is, would locking in the low interest rate now be a good/bad idea, considering I am still going to be 6x more in debt than I am now in the next 4 years?

You can only consolidate your loans you have once. If you do consolidate, you can get a longer repayment period, but there aren't any fees if you pay it off faster. At least, if you use reputable companies for federal loans consolidation there aren't fees. I was advised to consolidate and keep the 30 year repayment option, but pay more than the minimum each month so I can have it all paid in fewer years (thus avoiding extra interest) while keeping the lower interest rate.

I'm a total igoramous about school loans! Haven't had to take any out yet, but will need to for Pharm School. Are you saying you could have taken the loans out and held onto them for Pharm School...or you should have used them in undergrad?

Hi PharmDeb, I'm not quite sure what you meant. I didn't want to take out loans unless they were temporarily completely free (like no transaction fees or anything) just b/c yeah, i hate paying even an extra penny if I can avoid it. After meeting with a Berkeley financial aid counselor, that was the impression I was under with regard to the subsidized loans. At any rate, I called Berkeley FA this morning, yes, they were able to confirm that there is a $55 transaction fee. You know, perhaps I am ignorant, but I really hate business "gimmicks" when people don't tell me the complete truth and inform me of all the strings that are attached to something that I am pursuing... :mad: for I feel like I am being deceived. Anyway, they said I could "return" the loan by logging into my Berkeley student account and declining the loan and I'm highly considering this but haven't made my final decision yet. Anyone have any input? I heard you could get subsidized loans in pharm school anyway, but only like up to $8500...*shrug* Will I regret it if I return this subsidized loan ($1125) from undergrad? PS, I am not rich. I managed to graduate from undergrad debt free (and money left over) w/o having to take out any loans just because I budget everything very carefully.

Hi Guys

I have requested a citi bank student loan for $28,500. Since my credit is good and I'm still working full time, I had no problems getting the loan approved. Now, I'm just waiting for the school to certify the amount and that's it.

To obtain this private loan, citi bank's requirement is that you must have a minimun monthly income of $1500 when you are in your undergraduate school years. At Long Island University, P3 and P4 are considered undergrad years, therefore, next year I will also have to go through this application process again. Since, I won't be working full time once I start pharmacy school, there is no way I can make $1500 a month.

I asked them and they said that for next year, I will have to get a co-signer. For P5 and P6 years, there is no income verification.

Have anyone of you faced or will face the same problem? Do all banks/institutions require a minimum income to get a loan? I mean, what if I have no one else to co-sign me for next year?

Thanks in advanced!

I would appreciate any comment... Thanks...

Have you contacted the financial aid office at your school? They know about tons of different loans and can help you out greatly.

Have you contacted the financial aid office at your school? They know about tons of different loans and can help you out greatly.

Yes, I did. But they are not very helpful. They told me that I should contact every bank/institution and ask their income requirements, if any.

I just would like to know your experiences with getting loans... Are you having the same issues?

Thanks a lot!

I vaguely remember the loan process. All I know is that I make my last loan payment this month.. doh.. it may have already gone out. I am Done!!!! :thumbup: :thumbup: :meanie:

I mean, what if I have no one else to co-sign me for next year?



Can't your parents co-sign for u?

Can't your parents co-sign for u?

Yes, they can. However, I would prefer not to have them involved. It's not that we don't get along or anything like that... It's just that I'm looking for other alternatives. If I have to have them co-sign for me, I would do it anyway.

Yes, they can. However, I would prefer not to have them involved. It's not that we don't get along or anything like that... It's just that I'm looking for other alternatives. If I have to have them co-sign for me, I would do it anyway.

Well.. its not like you're planning to default on your loans are you? :) It's only to safeguard the lenders if you do - having cosigners i mean. Plus if your parents have better credit and longer - it would only help you.

Same thing with the $1500 a month. They are just making sure you can pay them back.

The safer you look to them.. the better off for you

No cosigner/no income = risk = higher rates

Well.. its not like you're planning to default on your loans are you? :) It's only to safeguard the lenders if you do - having cosigners i mean. Plus if your parents have better credit and longer - it would only help you.

Same thing with the $1500 a month. They are just making sure you can pay them back.

The safer you look to them.. the better off for you

No cosigner/no income = risk = higher rates

Thanks for the info!

Should I be doing more than just FAFSA? I filled out my FAFSA application, is there something else that i should be filling out or applying for?

Pretty much you just need to wait for your school.

Should I be doing more than just FAFSA? I filled out my FAFSA application, is there something else that i should be filling out or applying for?


Did you already fill out your fafsa? I filled mine out at the beginning of March, and Wingate got in touch with me to tell me that P1s are considered as undergraduate/5th year for financial aid purposes, even if you already have a bachelors. Also, you will HAVE to include your parent's tax information (even if you are married).

This info is specifically for Wingate, and is based on what they emailed me.

Does anyone know when we should be able to get the money from the loans?

Does anyone know when we should be able to get the money from the loans?

Someone asked that before and I think the general consensus was about 2 weeks into the semester.

Yeah, about 2 weeks into the semester. Depending on your school, it's generally on the week (or a week after) dropped classes start showing up as W's.

For now, all you need to do is your FAFSA. Since you've already filled out your FAFSA, your school should have your info and EFC by now. If this is your first year at your school, you may have to fill out your loan promissory notes - but if you've already done it at that school before, you shouldn't have to do anything more.

Once you qualify as independent, your parents' tax info won't really come into play in your EFC. It may still be required though - i.e. living at home with parents, and therefore not showing much income or owned property on your tax forms. The school might ask how you manage to support yourself without any income, and how you manage to live.

sometimes it depends on the school.... the school i currently attend has refund checks ready the thurs before school starts if all the paperwork is in order and they haven't screwed up (which is very common!), but i know at creighton they told us we wouldn't get our checks until after the semester started so we'd need money for moving and books if we wanted to get them during orientation week.

anyone have idea about loan? do you know where i can get loan with low interest rate? reading about the loan things make me crazy, so many kinds
anyone can help?

Where you'll get the lowest rates depends on your current financial situation, credit score , etc. You'd be better off posting this in the financial aid forum.

Where you'll get the lowest rates depends on your current financial situation, credit score , etc. You'd be better off posting this in the financial aid forum.
There's a financial aid forum? Where is it? I just looked and didn't see it. I would love to know, because I filled out a fafsa in march and haven't heard anything since. Do I need to do anything else? Are they going to let me know how much they are going to give me?

If you sent your fafsa information to the proper school, then they will send you your award packet in writing. Contact the school's financial aid office. Find out if your school lists you as Graduate or Undergraduate... this will affect the type and eligibility of loans you can get.

Hi All, I just found out that my school will only be awarding me 10,000 in loans for a program that will be about 40,000+ per year. I tried searching for past threads for private loan info. but I was having trouble finding them, especially pharmamcy specific, (plus,I have been crying for hours). My parents can't help me. In the program we are undergrads for 2 years (I have my BA already) and grad students for the last 2 years. For those of you willing to reanswer these questions :o , I REALLY appreciate it. I can't believe I may have to give up on my dream school :( .

Don't give up on UT! I am sure you can get the loans, it will just take some work. I was thinking about going to Univeristy of Colorado and they were also only going to give me 10,000 of the 40,000 needed to attend. They told me that they would work with me to find the rest of the private loans. Contact the financial aid office and call your bank. Just keep asking questions and you will find your answers! I am sure lots of other out of state students have done it, so you can too. Good luck and have fun in Austin. It is worth it to get the extra loans, I know because I live here and it's a great city.

Hello,

Have you thought of accessgroup? This is their number 1-800-282-1500 or go to their website accessgroup.org. Give them a try. I am applying through them for pharm program too as well. Good luck to you!

Regards,

I to had the shock of finding out that I would have to get private loans to cover the rest of school costs as well. If your school, like mine, classifies you as an undergrad, you will only qualify for $10,500/year in stafford loans. Once you become classified as a grad, your fed. funding goes up to around $30,000, I believe. Anyway, I went through Wells Fargo for my private loan. They have a loan called the MEDgap for medical professional students. The thing I liked about it was that it gives you a break on the interest rate while you are in school. Most of them will require a cosigner unless your credit is near perfect. There is money out there, DON'T give up!!

I am looking up the companies you guys are suggesting. Thank you!! If anyone else has worked with Pharmloan or any of the other programs, let me know how it works out. (I have to admit finance/accounting is not my thing. My dream man is an accountant :) .)

Have you looked into loans from Sallie Mae? The website is www.salliemae.com. Best of luck.

Hi All, I just found out that my school will only be awarding me 10,000 in loans for a program that will be about 40,000+ per year. I tried searching for past threads for private loan info. but I was having trouble finding them, especially pharmamcy specific, (plus,I have been crying for hours). My parents can't help me. In the program we are undergrads for 2 years (I have my BA already) and grad students for the last 2 years. For those of you willing to reanswer these questions :o , I REALLY appreciate it. I can't believe I may have to give up on my dream school :( .


Look at this site http://www.finaid.org/loans/privatestudentloans.phtml

there are many student loan providers
keep that in mind that for some providers you need a cosigner
good luck

Is anyone out there taking loans from their employer in exchange for work when you finish school?

Is anyone out there taking loans from their employer in exchange for work when you finish school?


yea, but the money most employers provide is pocket changed compared to the total cost of pharm school

Is anyone out there taking loans from their employer in exchange for work when you finish school?

Have you tried the local national guard or armed forces recruiter? I'd go to the guard or reservist recruiters first, they are typically less... forceful, they have smaller quotas to fill.

KUMoose is right about the national guard. They have some great sign on bonuses, you will come in as an officer, and you should be able to defer the officer school until the summer between your years.

If I wasnt such as wuss I would do it. I still might, but Im going to wait until I finish school first.

Should I apply for this loan even before I get any financial aid from the school or should I wait till I get my financial aid? :confused:

Should I apply for this loan even before I get any financial aid from the school or should I wait till I get my financial aid? :confused:

I would wait till I get the fin aid package. Do you have an idea when your school supposed to send it to you? Not sure bout PLUS loan, but for private loans I've heard that it takes about 2 weeks to be processed. So maybe you need to call the school if you don't hear from them anytime soon.

I think you need to wait because your school will provide you with a list of approved lenders with whom you can apply.

I think you need to wait because your school will provide you with a list of approved lenders with whom you can apply.

I see that you are going to Wingate. I just got accepted and I was wondering about financial aid. How much do we get? I asked at my interview and was told that they bumped up the fed aid but, do we still have to get private loans too? Thanks!

I see that you are going to Wingate. I just got accepted and I was wondering about financial aid. How much do we get? I asked at my interview and was told that they bumped up the fed aid but, do we still have to get private loans too? Thanks!

Congratulations! :)

Well, I received $8500 in subs. Stafford and $10K in unsubs. Stafford. You can then borrow up to $19,220 in a Graduate Plus loan, but you have to have really good credit to qualify. Otherwise, you'll need to apply for an alternative loan or a private loan (I'm not sure if these are the same) WITH a co-signer who has great credit -- I think the alternative and private loans have a higher interest rate, but I'm not sure.

You should be getting your financial aid package in the mail if you have already filled out your FAFSA.

-Gizmo

Congratulations! :)

Well, I received $8500 in subs. Stafford and $10K in unsubs. Stafford. You can then borrow up to $19,220 in a Graduate Plus loan, but you have to have really good credit to qualify. Otherwise, you'll need to apply for an alternative loan or a private loan (I'm not sure if these are the same) WITH a co-signer who has great credit -- I think the alternative and private loans have a higher interest rate, but I'm not sure.

You should be getting your financial aid package in the mail if you have already filled out your FAFSA.

-Gizmo

Thanks! I appreicate all of your information. I don't have fantastic credit but, hopefully enough to get something. We'll see! Thanks again. :)

Ok, Is anyone going to pay for pharmacy school with private loans? just checking because I know it can be very tough. Am in a tough situation as well. Didn't qualify for federal aid, and therefore have to turn to private laons. It is so hard finding someone nowadays to cosign a $30,000+ loans. I am really afraid, I might not be able to start this year. Anyways, I'll wait and see what happens by the end of July. if not I may have to defer if I have the option ( but I'll hate to do that), because I have been out school for a year now and I am dying to get back in.

Just wondering, does anyone know someone out there who is willing to cosign a loan for a fee say $1000+ ( negotiable). Am a willing to pay someone at this point just for that, because I don't want to suffer the consequences of being miserable.

That IS a tough situation to be in. Have you spoken with your school's financial aid office? Pharmacy school is so expensive that it's hard to imagine that your school can't come up with something for you. But even friends who's parents paid for their ivy league undergrad got aid for medical school. So, something seems wrong.

Yes, it's hard to find a cosignor for loans. It's a huge risk and responsibility. Do you perhaps have family that can help you with that?

Have you tried Grad Plus loans? You have to exhaust your Stafford loans first, then Grad Plus will fill in the gaps. It's a Fed loan, so you may not need a cosigner.

With the Grad Plus loan you cannot use a cosigner at all. Only the student is allowed to apply and the student has to have pretty good credit. Your parents could apply for a Parent Plus loan if you don't qualify for the Grad Plus.

I had also been thinking about if there is a program where you pay a fee to someone if they cosign your loan...I haven't come across something like that, though.

Anyway, I'm sorry you are having trouble finding a cosigner for your private loan. I am asking my mother- and father-in-law this weekend if they will cosign on a private loan since I didn't qualify for the Grad Plus, but they will probably say no because it is such a great responsibility.

Good luck!

Ok, Is anyone going to pay for pharmacy school with private loans? just checking because I know it can be very tough. Am in a tough situation as well. Didn't qualify for federal aid, and therefore have to turn to private laons. It is so hard finding someone nowadays to cosign a $30,000+ loans. I am really afraid, I might not be able to start this year. Anyways, I'll wait and see what happens by the end of July. if not I may have to defer if I have the option ( but I'll hate to do that), because I have been out school for a year now and I am dying to get back in.

Just wondering, does anyone know someone out there who is willing to cosign a loan for a fee say $1000+ ( negotiable). Am a willing to pay someone at this point just for that, because I don't want to suffer the consequences of being miserable.

$1000 is too little for such a huge risk. I would cosign for you but you would have to sign an agreement that 25% of your income after graduation would be mine for the duration of the loan (thats my credit on the line) :meanie: :meanie: :meanie: Yes, go ahead and say it I am Shylock in "The Merchant of Vernice" (a pound of flesh).

Just kidding above. Why didn't you qualify for Fed Loans? R u an international student?

There is a site on the internet that does personal type loans for people from individuals, I can think of the name right now, but I know they've talked about it on the med and fin aid boards because they have a special group for med students.

Just kidding above. Why didn't you qualify for Fed Loans? R u an international student?

I was wondering that as well. Perhaps the school she will attend is not regionally accredited?

Congratulations on working hard and your rare outstanding academic achievement in getting into a highly competitive graduate program. NOW when you ask for a cosigner everyone you know will treat you like you are asking to be bailed out of jail or got yourself into some sort of huge trouble.

Life just rocks don't it?

Don't worry, I know your pain.

I know you posted this a long time ago, but here is some advice:

The Education Resources Institute (TERI) offers Health Professions Graduate loans that you can get a lot of times without a cosigner. They are called "credit-ready".

www.teri.org

And MyRichUncle also offers Graduate loans where you can get discounts on your interest rate based on your GPA.

Be wary of unneedingly taking out Direct to Consumer loans which can be very expensive. Your best bet is to stick with School Channel loans which your financial aid office has to certify.

If you have any other questions about Private loans, I used to work for TERI and can answer most, if not all of them.

Amber

Have you tried your bank or credit union? They're always sending me stuff about school loans.

For those of you have been admitted to pharmacy school or is currently enrolled in a Pharm D program, did any of you not have cosigner for your loans and if you didn't would it be possible to tell me which company funded your loans?

Most schools have a group of loan companies they suggest. You should ask your fin aid office. Most private loans will require a consigner with you have a low credit score, or little/no credit history.

Hello,
I would appreciate if any international student who got into pharmacy school would express their views on getting loan. How much loan did you take out?
Ray

I think you will need a co-signer(with decent credit history) who is either US citizen or GC holder.

Hey all,
I'm currently in a very awkward situation. I have put down deposit for UOP and going to be waitlisted for USC. UOP has already sent me the finaid packet with all the loans and I was wondering if I accept those loans, can I still transfer them later to USC if I get off the waitlist? How does this loan stuff work?

Thanks!:)

Hey all,
I'm currently in a very awkward situation. I have put down deposit for UOP and going to be waitlisted for USC. UOP has already sent me the finaid packet with all the loans and I was wondering if I accept those loans, can I still transfer them later to USC if I get off the waitlist? How does this loan stuff work?

Thanks!:)

Personally I'd contact the financial aid office at USC. (I'd say UOP, but you don't have to transfer them if you go to UOP, so I think USC is the better department to ask.)

When you fill out the FAFSA, I think you can list up to 5 schools. So whatever school you go to, the aids will be transferred there. Just fill everything out for UOP now, it won't be a problem later on.

When you fill out the FAFSA, I think you can list up to 5 schools. So whatever school you go to, the aids will be transferred there. Just fill everything out for UOP now, it won't be a problem later on.

Actually I'd fill out USC's Fin aid forms too, just in case. If you haven't already started, you've missed some deadlines. Still worth a call to get their input.

i have not much idea abt fafsa. i filled he foem wih 7 schools......

what i would like to is Usn fee is 35,000 odd per yr wil the fafsa cover it all in loans and grants or onlky a portion of it wil be covered and rest of it i shud bear the burden

i have not much idea abt fafsa. i filled he foem wih 7 schools......

what i would like to is Usn fee is 35,000 odd per yr wil the fafsa cover it all in loans and grants or onlky a portion of it wil be covered and rest of it i shud bear the burden

I'm not sure how it works for international students. I thought the Federally subsidized/unsubsidized loans were only available to US citizens and permanent residents. That would mean either private loans or carrying the burden yourself. I'm by no means an expert, but that was my understanding. I'd say it would be best to discuss with USN's financial aid office or look around the FAFSA website for more informaition. Studentaid.gov may be a good reference as well.

Just as an aside. Are you typing in a different language and using a translation program?

Hi guys
I have a friend at nova pharm and he said that you can get up to 48k a year in loans(but he doesnt take that much) I want to know if you get it all at once or is it broken off into semesters?

Hi guys
I have a friend at nova pharm and he said that you can get up to 48k a year in loans(but he doesnt take that much) I want to know if you get it all at once or is it broken off into semesters?

broken off in semesters- tht is after they take what is necessary for tuition, fees and etc.

Iam going to get a SallieMai student signature loan to cover my pharmacy school expanses, but i have not applied yet.
So i was wondering if anybody knew approximately how long would it take from the day you submit your online application till the day you recieve the money. Iam trying to delay my application submition because i still have to resolve some issues before iam able to join the school. But i dont want to miss the chance of joining because i might have applied for a loan too late.
Please let me know if you have previousely applied for such a loan or you know somebody who did and the processing time it takes.

It depends how fast your school responds to your request. It takes about two weeks at my school.

The one time I got a signature student loan I still got my money at the same time as everyone else, about 2 weeks after classes start.

Thanks for the responses.
So does that mean that regardless whether i apply now or 3 weeks later, i will still get the money after school get started, assuming my school respond on time?

It depends on a couple of factors. Are you speaking of getting back loan money as in a refund check or just the funds to cover only school? Because refund check time varies from school to school. I usually get a refund back the friday before school starts but my financial aid office here works very fast. With student signature loans, you get approved within a day by the company. It's the loan I always take out if I need one for school. I highly recommend it over bank loans. Plus they (sallie mae) keep up with your loans in total and allow you to see the status of your loan on their website.

Thanks for the responses.
So does that mean that regardless whether i apply now or 3 weeks later, i will still get the money after school get started, assuming my school respond on time?

Yes and no. If everything goes smoothly if you apply now or in 3 weeks you'll get your money when everyone else does at your school, usually after drop/add period ends. If there's a problem your loan processing could be delayed, therefore it would probably be a good idea to apply early to get the kinks worked out.....but even then you would not get your money until after school starts.

It depends on a couple of factors. Are you speaking of getting back loan money as in a refund check or just the funds to cover only school? Because refund check time varies from school to school. I usually get a refund back the friday before school starts but my financial aid office here works very fast. With student signature loans, you get approved within a day by the company. It's the loan I always take out if I need one for school. I highly recommend it over bank loans. Plus they (sallie mae) keep up with your loans in total and allow you to see the status of your loan on their website.
Iam applying through SallieMae. But i had a question. Do you have to reapply every year, or is it only one application for 4 years, or whatever the length of the program. Because on there application they ask for the enrollment period and they say it should not exceed 12 months. So does that mean i have to reapply every year?

Iam applying through SallieMae. But i had a question. Do you have to reapply every year, or is it only one application for 4 years, or whatever the length of the program. Because on there application they ask for the enrollment period and they say it should not exceed 12 months. So does that mean i have to reapply every year?

You can apply by the semester or by the year. So yeah, you have to apply every year, unless you decided to take out a lump sum for all four years (I'm not sure if it would be approved through your school). I do it by the semester because sometimes I have money left over and just use it for the next semester so I don't have to take out money again. If you do it by the year, I believe that they will split the money between the semesters you're enrolled in school.

You can apply by the semester or by the year. So yeah, you have to apply every year, unless you decided to take out a lump sum for all four years (I'm not sure if it would be approved through your school). I do it by the semester because sometimes I have money left over and just use it for the next semester so I don't have to take out money again. If you do it by the year, I believe that they will split the money between the semesters you're enrolled in school.
Oh thank you so much for the feedback. So let me get one thing straight.
What this means is that they will only charge interest to the money you have actually borrowed, but not to the whole amount you plan to borrow over 4 years. What i mean is that i want to borrow 40K a year, but i was thinking that they will loan me 160 K and start charging me interest on the whole amount right from the beginning, eventhough that they will only give me 40 for the first year. But according to what you are telling me, i can only apply for 40K this year, and i got to repeat the process every year, but this means that they will charge me interest over 40K only for the first year, and to 80+ K for the second year and so on, which will make a big difference compared to starting to charge interest on 160K right from the beginning. Is this true?

Well,,,but if i have to apply every year, does this mean that i have to get my cosigner's signature every single year?

Oh thank you so much for the feedback. So let me get one thing straight.
What this means is that they will only charge interest to the money you have actually borrowed, but not to the whole amount you plan to borrow over 4 years. What i mean is that i want to borrow 40K a year, but i was thinking that they will loan me 160 K and start charging me interest on the whole amount right from the beginning, even though that they will only give me 40 for the first year. But according to what you are telling me, i can only apply for 40K this year, and i got to repeat the process every year, but this means that they will charge me interest over 40K only for the first year, and to 80+ K for the second year and so on, which will make a big difference compared to starting to charge interest on 160K right from the beginning. Is this true?

Well,,,but if i have to apply every year, does this mean that i have to get my cosigner's signature every single year?

Whatever amount you take out is what they will charge interest to. Each loan will have interest added to what you have to pay back. I haven't done the calculations on taking out large lump sums of money so I wouldn't know how big of a difference it would be if you made 4 loans of 40K versus 1 loan of 160,000. I would think the amount would be equal or close to, however you have to think about whether the interest rate (or prime rate as sallie mae calls it) will stay the same each year or increase or decrease. And yes, every time you apply you need a cosigner unless you can qualify for the loan by yourself.

hey guys, which lenders are u guys going w/ for ur grad plus loan??? i'm soo confuse....i'm thinking about citibank. what do u guys think???

there was a thread that dealth with this but i can't seem to find it. please post it if you do. it has a comparason of all the lenders.

Are there any difference in rate interest, amount, time...between going to unaccreditted and full accreditted schools?

Sorry for the noobie question but i'm interested in knowing the average student loan ammount that the average pharmacy student has after they graduate. I'm thinking about entering the field. I have a 50K/year job with no debts, a home and pretty stable life. I'm looking for a career change but I am contemplating whether or not going back and getting a pharmD is worth it or not.


Granted, if the loan aspect wasn't a factor, it would would totally be worth it since the average starting salary is 90k/year.

Thanks in advance.

:cool:

I just heard a financial aid presentation from the University of Colorado the other day and the financial aid rep reported that a mjority of students finish school with $120K in student loans. Thats for four years of a Pharm D program.

I just heard a financial aid presentation from the University of Colorado the other day and the financial aid rep reported that a mjority of students finish school with $120K in student loans. Thats for four years of a Pharm D program.


so $120K in student loans paid off in X years equals to how much in monthly payments?

so $120K in student loans paid off in X years equals to how much in monthly payments?
It's too complicated to say. It depends on interest. If you stick with the standard 10 year repayment, it'll be at least $12000 a year.

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

You're right. 90K is on the low side.

Here's a little food for thought:

Right now, the hourly wage for pharmacists where I work is $50/hr.

$50/hr * 40hrs/week* 51-52 weeks/year = $102,000 to 104,000/year

The salaries are suppose to go up. In 2010, the projected salary for a staff retail pharmacist is suppose to climb to $120,000/year.

I don't know about the projections after 2010, but the career change may be worth it if you're making $50,000/year right now.

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises


i like your math, but i don't think anyone ever doubted that pharmacy school is a great investment either :)

You're right. 90K is on the low side.

Here's a little food for thought:

Right now, the hourly wage for pharmacists where I work is $50/hr.

$50/hr * 40hrs/week* 51-52 weeks/year = $102,000 to 104,000/year

The salaries are suppose to go up. In 2010, the projected salary for a staff retail pharmacist is suppose to climb to $120,000/year.

I don't know about the projections after 2010, but the career change may be worth it if you're making $50,000/year right now.

Just curious, where did you find those projections? Thank you

Around here, I've heard the average debt is around $100,000. Are you guys including the undergrad years? If so, you have to figure that some schools cost more/less.

Wow I must suck at my calculations b/c I just figured how much my college will cost (without the average increase in tuition) and my undergrad will cost ~7,000 and my pharmacy school will be ~40,000.

If you have NO DEBT, then you should be able to pay it off quicker if you'd like and then have less interest. You might also make sure that your previous classes will be accepted because that might mean less debt.

If your interested, then go for it!

Just curious, where did you find those projections? Thank you
I'll have to do some research. I'll get back to you.

This is what I've found so far:
Check out the line graph. The average salary went up $15,000 between 2002 and 2006.
http://www.uams.edu/cop/entry_apps/salary%20survey%20results%202006%20for%20student%2 0website%20_2_.pdf (http://www.uams.edu/cop/entry_apps/salary%20survey%20results%202006%20for%20student%2 0website%20_2_.pdf)

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

Yeah, I went through the same thought process for myself, accept I am only giving up 40K/yr + 5wks vacation + 9 paid holidays.....it was a no brainer for me. Pharmacy is a great investment. You will probably start at at least 100K (depending where you live)....and that is only starting. The thought of being able to cut back to part time work early in life and still make great money while you are on vacation half the year is a good one.

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

You also need to consider how much you like your current work. I am leaving a $65k job this fall to attend pharmacy school. It will take me a long time to make up the monetary loss, esp since I plan on completing at least one year of residency. However, having a job I enjoy will outweigh the monetary loss. I am fine with the investment into my happiness. Don't do it strictly for the money.

You also need to consider how much you like your current work. I am leaving a $65k job this fall to attend pharmacy school. It will take me a long time to make up the monetary loss, esp since I plan on completing at least one year of residency. However, having a job I enjoy will outweigh the monetary loss. I am fine with the investment into my happiness. Don't do it strictly for the money.


you're right about enjoying your work. in reality, i don't think anybody truly enjoys working. work becomes better when a person gets rewarded appropiately for the ammount of work that's performed. What school are you going to be attending?


labrat, lets say the starting salary is 100K. What's the pay raise scale for a pharmacist working at CVS or Walgreens? Is there a topoff salary? Would working for another branch of pharmacy mean taking a paycut?

Around here, I've heard the average debt is around $100,000. Are you guys including the undergrad years? If so, you have to figure that some schools cost more/less.

Wow I must suck at my calculations b/c I just figured how much my college will cost (without the average increase in tuition) and my undergrad will cost ~7,000 and my pharmacy school will be ~40,000.

If you have NO DEBT, then you should be able to pay it off quicker if you'd like and then have less interest. You might also make sure that your previous classes will be accepted because that might mean less debt.

If your interested, then go for it!

how are you calculating that? college cost is more than just tuition. You have to account for tuition, housing, food, books, fees, etcs. Or is that per year or semester? i don't understand how your college cost is so low @_@

how are you calculating that? college cost is more than just tuition. You have to account for tuition, housing, food, books, fees, etcs. Or is that per year or semester? i don't understand how your college cost is so low @_@

Oh yeah, thats my just tuition.

So it should be aboubt $77,000 + books and all the special fees. That should be closer. Dang I never realized that room and board costs about the same as tuition!

And Oklahoma is an inexpensive state in which to live as well.

labrat, lets say the starting salary is 100K. What's the pay raise scale for a pharmacist working at CVS or Walgreens? Is there a topoff salary? Would working for another branch of pharmacy mean taking a paycut?

I'm not really sure what the topoff salary is in a retail location. However in Chicago (where I live) pharmacists start usually over 100K. Pharmacy managers make more but I don't have any figures to give. My wife's cousin got three offers out here recently, all of them starting over 100K (CVS 106K, Walgreens 109K, Target 108K). She ended up taking a clinical pharmacist position at a hospital in downtown Chi-town for 98K. So yeah, other branches of pharmacy don't pay as much but could also be more rewarding in a non-financial sense.

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

If you are not in a three year program you will also have an opportunity to work and make money over the summer. You can also take into consideration that you might be working PT-hours during school. However, I would leave the wages earned from the time you start school out of the equation. Its always better to high to high ball in these situations, especially because you will have living expenses too.

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

Yes, but they amount they give you is minimal, and for every semester they give you money, you HAVE to work for them after graduation. Which might mean, no sign-on bonus, work where they want you to work and not where you want to work, etc etc ...

Yes, but they amount they give you is minimal, and for every semester they give you money, you HAVE to work for them after graduation. Which might mean, no sign-on bonus, work where they want you to work and not where you want to work, etc etc ...


so on average, how much is a signing bonus from these pharmacies? how much does experience play into the ammount of the signing bonus?

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

Depending on your school, once you get started you might qualify for scholarships. At my school you generally have to be in the top half of the class academically, but there are a number of merit and endowed scholarships that are given out every year. I'm at a private school, so it doesn't really make a good dent in the tuition, but every 1,000 is a 1,000 that I don't take out in loans.

Also, since you already have a residence and some other assets, you might not have to take out the full amount of loan that you qualify for. Your financial aid package will be figured with a line item for travel, books, miscellaneous, as well as tuition and room and board. I was pleasantly surprised to find out that I qualified for a lot more than I was expecting to need, so I never take out the full amount of the loan package (disclosure: I am using some savings to help pay the tuition).

Hi I am so confused about the whether to get a federal grad plus or private alt loan for the amount that Stafford loans wont cover. Some of the lenders are wachovia, accessgroup, boa, citibank. And shoudl I get a grad plus or private alt loan?
thank you soo much!

You will be able to combine your federal and grad plus loans into one loan later on (which usually saves you money- plus it is only one loan to worry about). You will not be able to do this with other private loans...

At least this is what the financial aid guy at Midwestern told me when I asked the same question...

therefore, if I decide I need a private loan, I will get the grad plus.

alby is right.

My brother graduated from western. Also, private lenders have variable interest, or high interest, and the interest isn't locked in. My brother got royally screwed, especially when you can't consolidate private alt loans. His loan payment was 1k a month (300 federal, 700 private, 135000, which baloon close to 150000 on interest accrued on private). 1k is a huge chunk of change.

Stay away from private lenders unless you have to, or borrow the bare minimum.

alby is right.

My brother graduated from western. Also, private lenders have variable interest, or high interest, and the interest isn't locked in. My brother got royally screwed, especially when you can't consolidate private alt loans. His loan payment was 1k a month (300 federal, 700 private, 135000, which baloon close to 150000 on interest accrued on private). 1k is a huge chunk of change.

Stay away from private lenders unless you have to, or borrow the bare minimum.

good info ..thanks for sharing...

i too selected grad plus, the interest is a little higher initially by about half a point, but it's fixed which provides some security and you have the consolidation benefits written about above.

hi guys,

u know those stafford loans that u will have to repay 6 months after you graduate from college. what if u didn't graduate yet , but continue on and attend proefessional school ?do u still have to repay them those loans even if u are attending professional school, but no longer in college?

I believe the answer is no. As long as you are enrolled in any academic program for six credits or more, you DO NOT have to repay back any student loans, including undergrad loans. You start paying back all of your loans at the completion of your education.

I graduated with my BS and a bunch of loans, started paying them off for a couple of years, then enrolled in a community college to finish up my pharmacy prereqs and upon enrollment, my lending people (sallie mae) informed me that my loans were deferred while I was in school. It took no action on my part. I have heard that's how it works for grad/professional school. The interest still accumulates, though.


hi guys,

u know those stafford loans that u will have to repay 6 months after you graduate from college. what if u didn't graduate yet , but continue on and attend proefessional school ?do u still have to repay them those loans even if u are attending professional school, but no longer in college?

You don't have to pay them as long as you are enrolled at last part-time in school. I'm getting ready to graduate from college and going to pharmacy school and will have to fill out a deferment form.

hi guys,

u know those stafford loans that u will have to repay 6 months after you graduate from college. what if u didn't graduate yet , but continue on and attend proefessional school ?do u still have to repay them those loans even if u are attending professional school, but no longer in college?

As said above, you don't have to repay the loans, as long as you're taking whatever is considered half of full-time (which might depend on the school). And make sure to let whomever's loaning you the money, that you'll be attending professional school.

I am a high school senior who will be completing my prerequisites for pharmacy school at a community college in order to save up some money. My parents are going to pay for my education there at CC but once I get accepted to a pharmacy school, I will be on my own. I am just terrified to have to loan about 100,000 dollars for pharmacy school (since it is 4 years) and thats not including living expenses. In addition to that, I will be going to a school outside of NJ because it is very hard to get in the one in here (ernest mario; If I get in I will be pscyched!). My question is that any of you guys on student loan?. How much are you expected to owe once you graduate?. I am absolutely terrified of this problem. Please share your experience.


thank you.

Any of us on student loans? Who ISN'T?? Unless mummy and daddy paid for everything!! (or unless you have a sugar daddy or sugar mama...sorry I stole your idea, fhx06)

And I expect to get out of Pharm school with around $100,000. You could have less than that if you work/ try your best to get scholarships. $100,000 is kinda typical, you'll pay it off eventually...lol

I am a high school senior who will be completing my prerequisites for pharmacy school at a community college in order to save up some money. My parents are going to pay for my education there at CC but once I get accepted to a pharmacy school, I will be on my own. I am just terrified to have to loan about 100,000 dollars for pharmacy school (since it is 4 years) and thats not including living expenses. In addition to that, I will be going to a school outside of NJ because it is very hard to get in the one in here (ernest mario; If I get in I will be pscyched!). My question is that any of you guys on student loan?. How much are you expected to owe once you graduate?. I am absolutely terrified of this problem. Please share your experience.


thank you.
I would say the majority of the ppl are on student loans...unless you are lucky and have well-off parents.

I managed to do without loans but I went to a Florida school and had my tuition paid for by the state. To cover my living expenses, I applied to scholarships every summer and tried to get as much money as I could from that and supplemented the rest of my expenses through work.

I'll be taking out a lot of loans during pharmacy school, but I guess that can't be helped. It's actually a decent time to find loans with reasonable rates. If you do take out loans, make sure to understand the interest rate, whether or not it is subsidized or not, and if it's on a fixed rate or variable.

@Spock: No worries on the idea; it's harder than it sounds. More importantly, what the heck is up with the avatar?

At first looking at the annual cost of tuition and estimating the amount of all my other expenses I'll have I was kinda scared too! But then I read this thread
http://forums.studentdoctor.net/showthread.php?t=609678

and realized I won't be the only one =p

At first looking at the annual cost of tuition and estimating the amount of all my other expenses I'll have I was kinda scared too! But then I read this thread
http://forums.studentdoctor.net/showthread.php?t=609678

and realized I won't be the only one =p

go to a in-state public school, work as an intern to pay for living expenses, keep your party money down to a minimum, and you should be able to finish those 4 years with only about $50-$60K in the hole. That's not bad. It's only when you get over $100K then things start to look ugly. :laugh:

I'm accepted at several pharmacy schools.
Since I'm an international student, tuition is the same in- or out of state. As you guys know, it's about $15000/sem.
It's a big money so I'm trying to get a loan, but it's not easy...
There's many student loans for residents or citizens, but not for Int' students.
I talked to the school, and they said I had to find a private loan by my self, not thru the school.
If anyone has info about student loans for int' student, please let me know.
Thanks.

I'm accepted at several pharmacy schools.
Since I'm an international student, tuition is the same in- or out of state. As you guys know, it's about $15000/sem.
It's a big money so I'm trying to get a loan, but it's not easy...
There's many student loans for residents or citizens, but not for Int' students.
I talked to the school, and they said I had to find a private loan by my self, not thru the school.
If anyone has info about student loans for int' student, please let me know.
Thanks.

There are various reasons an international student can receive Federal loans - Start reading here: LINK (http://studentaid.ed.gov/PORTALSWebApp/students/english/intl.jsp)

As I am sure that you are already aware - you will likely need private loans - If you do a google search for "International Student Loan" you will find MANY companies that specialize in this situation. I know SallieMae have several products geared towards professional school.

Please note that with any private loan - the interest rate would be very high - in excess of the current 6.8 for sub / unsub federal loans and the 8.5 Plus loans.

It is pretty obvious why international students can't get federal loans. Even private loans are difficult to get for international students because you are not living in the country and you can travel back to your home country anytime you want to. They can't control when you can leave the country so it is a very big risk for companies to lend you money. Besides, I believe they do require you to show proof of financial capability before they grant the F1 Visa for international students to come to the U.S because they know there won't be any loans for these students.

You can't get fed aid. You need a U.S. cosigner for private loans.

I am in't apply for private loan by myself through Citibank. I am credit approved. I have some good credit because I have bought a car and paid it monthly.

You can't get fed aid. You need a U.S. cosigner for private loans.

Not even remotely true - ***SOME*** International students qualify (click the darn link for once) - and assuming you have (GOOD/SUFFICIENT) credit history, you do NOT need a cosigner.
:smack:

Hi, I'm an international student too. Do you mind if I ask about your background? Do you have pharmacy experience? I'm applying to pharmacy school this fall but very nervous cos I'm an international student, I don't think the chances are high. I have 3.79 GPA, PCAT 85%, not very strong.

Not even remotely true - ***SOME*** International students qualify (click the darn link for once) - and assuming you have (GOOD/SUFFICIENT) credit history, you do NOT need a cosigner.
:smack:
Relax. I did click the link.

From wha I can tell....Unless you are victim of human trafficking, or from Micronesia, a refugee, etc. you can't get fed aid. There are a few other similar categories, like Cubans, etc.

I am talking about a regular int'l student coming to the U.S. for study...from what I can tell, can't get fed aid. I checked out Sallie and about 4 other banks, it says straight up that you need a U.S. Cosigner.

I have used almost my limit for the Stafford loan for undergrad and graduate school. Now I want to go to Pharmacy school, but afraid I won't have enough money from Stafford Loans to cover the cost since I have borrowed so much.

On the FAFSA, I know you would have to check off "Professional Graduate Degree" or something to that effect, and this would go for people who are in PharmD, MD, DO, etc programs. Would this qualify me for the Health Profesions Loan? How does loan work, and what I need to qualify for it?

Are there any other options I should consider besides private loans (which have high interest rates?)

Thanks!

People who go into the medical fields have a higher limit set on the Stafford loans. I'm not sure what the limit is, but that might help you some. Besides being a health student, the Health Professions Loan requires both you and your parents to be poor. They're pretty secretive about what the exact qualifications are, but you do need to put your parents financial info into FAFSA. You should contact your fin aid office as they might be able to give you more info about them. You're next option is a Grad Plus Loan, which I think has a slightly lower interest rate than some of the other private loans.

This is helpful. So even if you have reached the max for the Stafford loans for undergrad and graduate combined, there may be a higher limit set if you are a health professions student? I believe that's what you are saying, but wanted to clarify.

Thanks for the information on the Grad Plus Loan. I am one of those types of people who wants to know all the information before she applies! I just like to know what I'm getting myself into!

People who go into the medical fields have a higher limit set on the Stafford loans. I'm not sure what the limit is, but that might help you some. Besides being a health student, the Health Professions Loan requires both you and your parents to be poor. They're pretty secretive about what the exact qualifications are, but you do need to put your parents financial info into FAFSA. You should contact your fin aid office as they might be able to give you more info about them. You're next option is a Grad Plus Loan, which I think has a slightly lower interest rate than some of the other private loans.

i and my brother have a house now, and i plan to go to pharmacy school, so i dont think i will have time to work to pay for my school and house at the same time. how does it affect my loan in pharm schools

This is helpful. So even if you have reached the max for the Stafford loans for undergrad and graduate combined, there may be a higher limit set if you are a health professions student? I believe that's what you are saying, but wanted to clarify.

Thanks for the information on the Grad Plus Loan. I am one of those types of people who wants to know all the information before she applies! I just like to know what I'm getting myself into!

I was in the exact same situation as you and let me tell you it won't help by much, you may have to try for some scholarships or something. I too have an undergrad and masters and used student loans. If you have over 100,000 in loans now there won't be much for school, I was told to try private loans, but instead I got the military to cover it thank you GOD!

Hmm..How did you get that to happen? Did you have to do any type of service with them? I kinda figured I might have to try the scholarship route...
I was in the exact same situation as you and let me tell you it won't help by much, you may have to try for some scholarships or something. I too have an undergrad and masters and used student loans. If you have over 100,000 in loans now there won't be much for school, I was told to try private loans, but instead I got the military to cover it thank you GOD!

Hmm..How did you get that to happen? Did you have to do any type of service with them? I kinda figured I might have to try the scholarship route...

Nah, I was in the military and left as a disabled veteran which entitles me to Chapter 30 benefits. Just do your fafsa and let the school tell you exactly how much they will give you. You may want to apply to state schools, which are much cheaper.

Most people don't get Stafford loans at all and manage to pay for it. You'll be fine. Suck it up. You knew it was expensive when you started.

Most people don't get Stafford loans at all and manage to pay for it. You'll be fine. Suck it up. You knew it was expensive when you started.

Your WRONG, trust me everybody gets stafford loans, it's basically the lowest interest rate you can get on a loan while in school, unless you know some people that pay cash LOL

Your WRONG, trust me everybody gets stafford loans, it's basically the lowest interest rate you can get on a loan while in school, unless you know some people that pay cash LOL

You're right; I was confused on the naming.

But seriously, for pharm school I think most people take out a LOT of private loans. It's expected.

I go to a private pharmacy school and pay over $26K in tuition a year not including fees and take out $40K a year. I get about $10K to $13K to live on out of that for the year. I get Stafford, both sub and unsub, and grad plus loans which cover all of it. I didn't have much in stafford's from undergrad, so that may help me for not reaching a limit but I've not heard of the class ahead of me saying anything like that happening. I haven't had to take out any private loans and I am avoiding that as long as possible. It is possible to do pharmacy school on just stafford and grad plus loans with enough to survive on. I suggest applying for every scholarship you can and do well in pharmacy school so you can apply for more that also ask for your GPA. There aren't many specific for pharmacy school out there for a P1 because you haven't proven yourself yet, but there are general health professions ones you can apply to like the Tylenol scholarship.

Hey folks,

I'm semi-new here, usually I just use the search function to find the information I have questions about. However, on the subject I am about to ask all the information seems to be out dated, or doesn't apply.

Maybe you all can help, my question is this:

How does some one get a private student loan while having bad credit (like in the 500s I think) without having a co-signer?

I ask because when I was younger I really messed up my credit, and now its finally catching up to me. I have no idea where my dad is to ask for a cosign, my mom has terrible credit, grandparents still have student loans they cosigned for my aunts and uncles, and my aunts and uncles wont cosign for me so they can cosign for their kids. So I'm kind of out of options when it comes to finding a cosigner. Any suggestions?

PS - I was working as a CPhT while going to CC but recently transferred to Campbell and managed to scrape by last year, but this next year looks like its going to be tough so I am trying to prepare -- haven't been able to find any work around here.

Hey folks,

I'm semi-new here, usually I just use the search function to find the information I have questions about. However, on the subject I am about to ask all the information seems to be out dated, or doesn't apply.

Maybe you all can help, my question is this:

How does some one get a private student loan while having bad credit (like in the 500s I think) without having a co-signer?

I ask because when I was younger I really messed up my credit, and now its finally catching up to me. I have no idea where my dad is to ask for a cosign, my mom has terrible credit, grandparents still have student loans they cosigned for my aunts and uncles, and my aunts and uncles wont cosign for me so they can cosign for their kids. So I'm kind of out of options when it comes to finding a cosigner. Any suggestions?

PS - I was working as a CPhT while going to CC but recently transferred to Campbell and managed to scrape by last year, but this next year looks like its going to be tough so I am trying to prepare -- haven't been able to find any work around here.

I was in a similar spot. My parents filed for bankruptcy, and blah blah blah I was left to fend for myself.

I had to kick and scream before my grandparents would agree to it because they'd gotten screwed over before. I was also forced to ask my boss to do a couple, but he had enough faith in me that he'd do it.

What's your income like? I know when my parents stopped claiming me on taxes it was low enough to where financial aid covered everything.

It's a very very sticky situation. There are always grants and things of that nature to inquire about as well.

Bump.

Yeah I dont know what the situation is like if you are still claimed by your parents. For me, I am married and just had a baby (two months old already!) and didnt have any troubles getting all the financial aid and loans i needed. I went for the max this year just to be safe, even though i plan on working some through school.

What is considered "good" credit for the gradplus loan?

I am 20 years old and don't have a credit card (I have a debit card that I constantly put through as credit, but I don't think that even matters LOL). HOWEVER, I am financing a car that is under my father's and my name. The payments are ALWAYS in on time ($215 a month). I am hoping to pay off my car early (by the beginning of next summer). I do know that my dad has very good credit, however. Do I have any hope for a gradplus loan? :confused:

What is considered "good" credit for the gradplus loan?

I am 20 years old and don't have a credit card (I have a debit card that I constantly put through as credit, but I don't think that even matters LOL). HOWEVER, I am financing a car that is under my father's and my name. The payments are ALWAYS in on time ($215 a month). I am hoping to pay off my car early (by the beginning of next summer). I do know that my dad has very good credit, however. Do I have any hope for a gradplus loan? :confused:

You will probably fall into the "no credit" category in which case you will be eligible for GradPLUS. The only time you are not eligible for GradPLUS is if you have outstanding debt or defaulted loans. Even then, you can obtain a co-signature from someone who has good credit and you will get the GradPLUS loan. I am sure your parents can sign for you.

You will probably fall into the "no credit" category in which case you will be eligible for GradPLUS. The only time you are not eligible for GradPLUS is if you have outstanding debt or defaulted loans. Even then, you can obtain a co-signature from someone who has good credit and you will get the GradPLUS loan. I am sure your parents can sign for you.

Ahhh ok, that's good to know! Thanks! :)

How long after graduation does it usually take a pharmacist to completely pay back his/her student loan of around 150K?

How long after graduation does it usually take a pharmacist to completely pay back his/her student loan of around 150K?
There is no standard time. Some can live frugal and do it in ~5 years. Others stretch it out to 30.

http://www.finaid.org/calculators/loanpayments.phtml

I found this to be helpful when I was asking the same question.

+1 to both Lib and UNM.

$150,000 will require about $2,000/mo on the 10 year plan in order to really make the payments. If you have $5,000 take home monthly (not at all difficult as an RPh) then you can see how you will indeed have approx. $36,000 to live on annually after loan payment. Figure you have $3,000 a month now to play with: $2,000 for mortgage, $400 for car + $100 for insurance + $200 for gasoline, you're at 5000-2000-2000-400-100-200 = remaining. It's a tight squeeze.

But, you should likely have more than $5,000 net every month and if you don't live in CA, you probably won't have a $2,000 mortgage.

+1 to both Lib and UNM.

$150,000 will require about $2,000/mo on the 10 year plan in order to really make the payments. If you have $5,000 take home monthly (not at all difficult as an RPh) then you can see how you will indeed have approx. $36,000 to live on annually after loan payment. Figure another $2,000 for mortgage, $400 for car + $100 for insurance + $200 for gasoline, you're at 5000-2000-400-100-200 = $2,300 remaining. Then factor homeowner's insurance, any OTHER debt you might have or might incur, and it might get tight.

But, not everyone has expensive habits like I do. So, in that sense, UNM is correct. If you make triple payments to your loan (Like Mikey does...) then it'll be paid off muy rapido. If you go just minimum, then it will be 10 years. Or 30 years (depending on your plan).

Math's slightly off I think Sci. You'd have $2,300 remaining BEFORE you made your $2,000 monthly loan payment.

I personally plan on paying off a big chunk my first three years out of school

Math's slightly off I think Sci. You'd have $2,300 remaining BEFORE you made your $2,000 monthly loan payment.

I personally plan on paying off a big chunk my first three years out of school

Yeah you're right. It's been a long day.I'll fix that.

I was recently accepted into pharmacy school. I posted this here since I noticed not many people view the Financial Aid forum, and its kind of an odd situation.

I currently have a balance of $2000 (Stafford) from my undergraduate years (my only loan taken from college). I will not have to attend college next semester since my pre-reqs are done, and I would prefer to use the gap between the end of the Fall semester and the start of pharmacy school to pay off this $2000 loan and the majority of the remainder of my car's balance.

Heres the question:
If I do not attend school in the spring semester and cannot pay off the $2000 until mid-March (worst case scenario), will this affect my Stafford loan for pharmacy school in the upcoming Fall IF I file it at the earliest possible date? Should I wait until I pay it off before I do the FAFSA?

bump

I was recently accepted into pharmacy school. I posted this here since I noticed not many people view the Financial Aid forum, and its kind of an odd situation.

I currently have a balance of $2000 (Stafford) from my undergraduate years (my only loan taken from college). I will not have to attend college next semester since my pre-reqs are done, and I would prefer to use the gap between the end of the Fall semester and the start of pharmacy school to pay off this $2000 loan and the majority of the remainder of my car's balance.

Heres the question:
If I do not attend school in the spring semester and cannot pay off the $2000 until mid-March (worst case scenario), will this affect my Stafford loan for pharmacy school in the upcoming Fall IF I file it at the earliest possible date? Should I wait until I pay it off before I do the FAFSA?

http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp
Carrying a $2000 balance from undergrad will not affect your eligibility for loans in Pharmacy school.
Stafford/Federal Direct loans have a lifetime aggregate limit of some half a million dollars.
When you get into Pharmacy school, youre gonna borrow at least 20k per year. 8500 will be Federal Direct subsidized, some 14 k more will be Federal Direct unsubsidized, and then the rest will be Grad PLUS unsubsidized.

Federal Direct/Staffords (Direct = Stafford) have a 6.8% apr.
PLUS loans are unsubsidized and have a 7.9% apr.

The maximum amount of all loans you can take is determined by your "total cost of attendance" set by your school."The COA includes tuition and fees; on-campus room and board (or a housing and food allowance for off-campus students); and allowances for books, supplies, transportation, loan fees, and, if applicable"
If your school gives you an annual Budget of 40k (tuition + fee + room&board +books + leisure) = Total cost of education,
then you can take out an annual maximum of 40k in student loans.
8.5k Direct subsidized, 15k Direct unsubsidized, 16.5 PLUS, for example.

If your school gives you an annual Budget of 60k as its "Total cost of Education" your loans would look like: 8.5k + 15k + 27.5k

you are not obligated to take out the maximum allowable amount of loans. If you want to lead the high life (play now pay later), then take it all out by all means.

---

2000$ is actually extremely good for undergrad. Bachelor degrees leave with 20k of undergrad loans on average. A lucky few (like yourself) leave with little to no undergrad debt. An even luckier few leave with 40, 50, 60 k or more in debt from undergrad ALONE; and to put the icing on the cake, all that debt is UNSUBSIDIZED at 7.9%. Before you know it, you'll owe 10k alone in capitalized interest (interest compounded and added onto the principle).
---

For graduate debt, thats a whole other story.
average of 20-30k debt PER YEAR consisting of 8.5k subsidized, 15k unsubsidized, and the remainder PLUS, and if you want more debt, you can always take out PRIVATE loans from CITI, CHASE, WAKOVIA, BANK OF AMERICA, etc etc.

When you enroll at least half-time, all federal loans are put on deferment. That means they wont hound you to pay your bills, until 6-9 months AFTER you graduate. the 6-9 months is called the grace period.

Basically, dont worry about that 2k.

Carrying previous debt will not affect your "chances" of receiving future loans. Federal student loans are guaranteed so long as you submit a FAFSA.
They are not awarded based on credit score, or debt-to-income ratio, or any of that. As long as you submit your fafsa, you will receive federal loans every year.
Unlike in undergrad, you will no longer receive federal pell grant, state grants, and the like. As a graduate-level student you will finance your education solely on LOANS.
Once your pharmacy school is through with you, that 2k will be less than a drop in the bucket.

Best of luck,

Thanks so much! Answered perfectly! :)

Tuition at The University of New Mexico COP is $9000.00 (Its $8300.00 but I rounded up to $9k with books and "other" school fees/charges).
So thats $18,000.00 a year. As a family man with 2 kids and a mortgage I will need extra help to pay bills while I am a full time student during the day. We calculated that in order for us to stay where we are at now with paying our bills (we plan on no new debt besides student loans till im done with school) I will need an extra $20K a year on top of the $18K for school. Of course I will utilize ALL "free" financial aid.

This is my question. Are there ANY type of student loans (No matter if co signer needed or not) that will lend me what the difference is for school after my grants and fed loans PLUS the $20K to pay my bills?

Example: Lets say I get $10K in Fed Loans (Sub and UnSub) and Pell grant that I got this year. $18K-$10K= $8K difference...Will any lender lend the extra $28K a year needed for me to finish paying for school and to care for my family?

Or am I SOL?

Tuition at The University of New Mexico COP is $9000.00 (Its $8300.00 but I rounded up to $9k with books and "other" school fees/charges).
So thats $18,000.00 a year. As a family man with 2 kids and a mortgage I will need extra help to pay bills while I am a full time student during the day. We calculated that in order for us to stay where we are at now with paying our bills (we plan on no new debt besides student loans till im done with school) I will need an extra $20K a year on top of the $18K for school. Of course I will utilize ALL "free" financial aid.

This is my question. Are there ANY type of student loans (No matter if co signer needed or not) that will lend me what the difference is for school after my grants and fed loans PLUS the $20K to pay my bills?

Example: Lets say I get $10K in Fed Loans (Sub and UnSub) and Pell grant that I got this year. $18K-$10K= $8K difference...Will any lender lend the extra $28K a year needed for me to finish paying for school and to care for my family?

Or am I SOL?


If I am not mistaken, I believe you should be able to borrow up to like 35K (someone correct me if I am wrong) per year in federal loans but that will be based on whatever the school deems as your "cost of attendance". You will only be able to borrow up to that limit.

Thanks for your response D. Much appreciated.

If I remember right, a lot of us in my class were offered right around the 35K a year that delano mentioned. Of course, you have the option of taking less, so that you stay right at the budget you're predicting.

I was not aware Pell grants were applicable to professional programs

edit: I am an idiot. It appears they are applicable if you have not obtained your baccalaureate yet

Some schools are weird about financial aid, and it seems to be different at each school. For example: At Texas A&M, students without bachelors degrees are still considered grad students for Financial Aid, while your first year or two at University of Texas you'd be considered an undergrad student.

A very helpful thread :)

Ugh, I just looked at the projected costs of my local school...~38k for 4.5 years. And that's in-state. :eek:

Gross.

Ugh, I just looked at the projected costs of my local school...~38k for 4.5 years. And that's in-state. :eek:

Gross.
38k total? or 38k per year?
If it's 38k total, that's fantastic!

38k total? or 38k per year?
If it's 38k total, that's fantastic!

Man, I go to a pretty cheap school, and we're still not that low.

If I was accepted to a 38k/yr school, I'd honestly have quite a bit of soul (and wallet) searching to do before confirming anything...

38k total? or 38k per year?
If it's 38k total, that's fantastic!

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

If you're a cheap skate, then living on a pharmacist's very good salary after graduation and paying 2/3 or 100% extra on your loans won't hurt you as badly as other ppl who are more accustomed to lives of opulence and cash money money. That's a very, very good thing. you'll be fine!

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

What school is this that is 38k for all 4 years of pharmacy school? I'll move there and do that rather than pay 100k+ tuition.

What school is this that is 38k for all 4 years of pharmacy school? I'll move there and do that rather than pay 100k+ tuition.

I think my original statement wasn't clear; it's 38k in total (including hypothetical student expenses), per year. Multiplied by 4.5 years.

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

I think my original statement wasn't clear; it's 38k in total (including hypothetical student expenses), per year. Multiplied by 4.5 years.

I don't know how we confused things. :meanie:

Like P4Sci said, if you keep your head after graduation and pay your debt down quickly, this won't be too bad.

I don't know how we confused things. :meanie:

Like P4Sci said, if you keep your head after graduation and pay your debt down quickly, this won't be too bad.

Yeah, I deserved that! :rolleyes:

I'm glad somebody besides my family thinks paying down that kind of debt is doable.

I sure wish the school charged for only 4 years rather than 4.5 (I think they throw an extra summer semester in there so they can make you pay for it).:meanie:

This thread helped a lot. Thanks :)

What exactly constitutes an "adverse credit history"? If I have a hospital bill that is unpaid for like 3 yrs (roughly around $1800), will that prevent me from getting the Grad PLUS loan? Or is it only restricted to defaults on student loans, mortgages, car loans and those other "big" kinda loans?

bumping to see if anyone can respond to my questions.:D

I am not sure on a gradplus, i believe on a mortgage they dont use medical bills against you.
have you done a free credit check and viewed your credit history & credit score? I believe they take that into conisderation the most.

I'm not 100% either but I found this link - http://www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf

It says you can't be 90 days delinquent on any debt.

I called the Loan Origination Center and the rep told me that I shouldn't have any problems getting the loan. She said that if I do run into a problem that I can always appeal it but that they generally tend to overlook medical debts and anything that is in collections.

I called the Loan Origination Center and the rep told me that I shouldn't have any problems getting the loan. She said that if I do run into a problem that I can always appeal it but that they generally tend to overlook medical debts and anything that is in collections.

:thumbup:

I was reading this thread and I think everyone should consider yourselves lucky.

Everywhere I look I'm going to have to pay out of state and nothing is less than $160k+ for tuition alone ($200k+ with cost of living etc). Courtesy of 6.8-7.9% interest for 4 years I'm looking at ~$250k when I graduate :scared:
In saying this, without the loans I wouldn't be able to attend school, so I am somewhat thankful for them. It's an investment program which I know will pay dividends in the long run.

However, I know in 4 years time I'm going to have to make the decision of looking for a residency or jumping straight into the workforce. I don't think I'll be able to afford a residency ($40k p.a.) for 2 years with a quarter if a million dollars in loans to pay off gathering interest.

Alternatively I could get a job part time and start hacking away at the loans when in school. What to do? What to do?

(yes I know this is a worst case scenario with Stafford being at the cap of 6.8% and me actually using the entire $55k for cost of attendance + tuition without paying anything back. But if I plan for the worst, I can't be disappointed by anything else)

I was reading this thread and I think everyone should consider yourselves lucky.

Everywhere I look I'm going to have to pay out of state and nothing is less than $160k+ for tuition alone ($200k+ with cost of living etc). Courtesy of 6.8-7.9% interest for 4 years I'm looking at ~$250k when I graduate :scared:
In saying this, without the loans I wouldn't be able to attend school, so I am somewhat thankful for them. It's an investment program which I know will pay dividends in the long run.

I agree Prof Farnsworth, all of you should consider yourselves lucky! I'm coming out of undergrad with almost 27,000 in loans to pay back, and pharmacy school will put me at around 140,000. These figures don't include interest accured on unsubsidized loans, or living and necessary expenses. I would kill to have 50,000 dollars or less in total debt for undergrad and pharmacy school!

I was not aware Pell grants were applicable to professional programs

edit: I am an idiot. It appears they are applicable if you have not obtained your baccalaureate yet


Can anyone confirm this? I spoke to one of my potential schools only to be told that it is only for undergrads. Is there a website or any other place I can find something supporting this statement? I assume considering other people haven't said anything means it must be true :confused:

From what I can find online, is that it says for people seeking an undergraduate or technical degree for people who have not obtained a bachelors or professional degree yet.

My financial advisor told me (and everyone else) that pell grants are not available to us.

Pell grants are only reserved for undergrad students. Once you are a grad student, you are no longer entitled to the Pell grant. For the first yr or 2, some pharm schools may still classify you as undergrad so it depends on the school.

Does a 0-6 pharmacy program qualify or are you considered in a graduate program?

Does a 0-6 pharmacy program qualify or are you considered in a graduate program?


From what I have seen not for the first 2 or 4 yrs out of the 6. That will vary by schools though.

Delano2000, Thanks for the heads-up :thumbup:

Feel like an idiot now asking why I didn't get a Pell Grant, completely justified.

Delano2000, Thanks for the heads-up :thumbup:

Feel like an idiot now asking why I didn't get a Pell Grant, completely justified.


No problem. I was curious about it too when I was looking into how I was gonna finance my education and did some research.:)

I have a dumb question, or at least I think I do: I am an undergraduate, technically, for the next two years but I already have my B.S. (my credits are too old to be considered). From reading this thread it seems like I am not up for any grants (Pell or otherwise, due to having my B.S.), and will only receive $12.5K from unsub/sub federal loans. I know there are other federal loans, but how and where do you apply for them? I don't think I qualify for PLUS loans as i am considered 'Independent' (I'm 30) but I am not prof. yet, so I also don't qualify for the Grad PLUS loans. My undergrad will be about 27K a year, so I will need another 15K or so. Any advice would be appreciated. :)

Once I get to the professional phase that will be a whole other story :eek:

I have a dumb question, or at least I think I do: I am an undergraduate, technically, for the next two years but I already have my B.S. (my credits are too old to be considered). From reading this thread it seems like I am not up for any grants (Pell or otherwise, due to having my B.S.), and will only receive $12.5K from unsub/sub federal loans. I know there are other federal loans, but how and where do you apply for them? I don't think I qualify for PLUS loans as i am considered 'Independent' (I'm 30) but I am not prof. yet, so I also don't qualify for the Grad PLUS loans. My undergrad will be about 27K a year, so I will need another 15K or so. Any advice would be appreciated. :)

Once I get to the professional phase that will be a whole other story :eek:
I was in your shoes a few years back. I financed my prerequisites through borrowing from family as well as subsidized federal loans. The federal loans were only available if I declared a major, so I was required to claim a new major, even though my intention was not to graduate with a second degree.

You should be eligible for the undergraduate federal loan programs, which are a better deal than Grad Plus loans, anyway.

On a side note, are you sure you want to go 54k into debt to get into pharmacy school? You might be able to bang some of those credits out at a community college for much less money...

I was in your shoes a few years back. I financed my prerequisites through borrowing from family as well as subsidized federal loans. The federal loans were only available if I declared a major, so I was required to claim a new major, even though my intention was not to graduate with a second degree.

You should be eligible for the undergraduate federal loan programs, which are a better deal than Grad Plus loans, anyway.

On a side note, are you sure you want to go 54k into debt to get into pharmacy school? You might be able to bang some of those credits out at a community college for much less money...

This is where I am still a little confused. I filled out FAFSA and was offered the 12.5 federal combination of unsubsidized and subsidized, but where do you find other federal or state loans? I would like to avoid private loans if I can.

As far as the side note, due to family circumstances, and thus helping my hopes of entrance to the professional phase, I don't have much choice where I will be attending school. I just am keeping my fingers crossed that it all works out :)

This is where I am still a little confused. I filled out FAFSA and was offered the 12.5 federal combination of unsubsidized and subsidized, but where do you find other federal or state loans? I would like to avoid private loans if I can.

As far as the side note, due to family circumstances, and thus helping my hopes of entrance to the professional phase, I don't have much choice where I will be attending school. I just am keeping my fingers crossed that it all works out :)
Some schools have a maximum cap on federal student loans they offer; you may have little choice but a private student loan to cover the remainder. I'm not aware of state-based borrowing programs, but they might exist. Contact the financial aid office for your school; they should be able to tell you more. :thumbup:

Some schools have a maximum cap on federal student loans they offer; you may have little choice but a private student loan to cover the remainder. I'm not aware of state-based borrowing programs, but they might exist. Contact the financial aid office for your school; they should be able to tell you more. :thumbup:

Ok, so you can do the borrowing directly from the school. Jeez, I made it through my entire undergrad without one loan and it is killing me now! :rolleyes: Thanks for the help :)

GeologyPharmD, do you still have a question as to how to get private student loans? The answer there is to go directly to somewhere that offers them (banks, credit unions) & ask to apply, like any other loan.

Be very careful that you read the repayment information closely. Make sure you won't have to pay on it while you're in Pharm school and that you'll be OK if you choose to do a residency. (You may not, but why close the door at this early stage?) Every private loan program is different. If it were me, I would choose somewhere known for making good student loans for a long track record (including when private lenders could write government loans).

Then again, if I were me, I would take my own advice with a grain of salt - I've never worked directly with private student loans nor have I taken them myself.