Sooooo I have been accepted into pharmacy school, set to start in August, but the tuition is 45K a year:/. I'm really starting to question attending and may pull my acceptance. I'm 30 and just don't want that kind of debt coming out of school, regardless of the pay. There are no public pharmacy school in my state, so I'm really considering changing my degree. Is anyone else reconsidering, based on cost? I know this would be a major major decision to make.
Cost of Rx school.....
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These are good professions:
PA (Physician Assistant)
PT( Physical Therapist)
OT (Occupational Therapist)
AA (Anesthesiologist Assistant)
Nurse Anesthetist (CRNA)
Radiation Therapists (RT)
Dental Hygienists
Nuclear Medicine Technologists
Speech therapist
Audiologist
Optometrist (OD)
Chiropractor (Chiropractic Doctor)
Chiropodist
DPM (Podiatrist)
DO (Osteopathic Doctor)
Dentist (DDS)
PA (Physician Assistant)
PT( Physical Therapist)
OT (Occupational Therapist)
AA (Anesthesiologist Assistant)
Nurse Anesthetist (CRNA)
Radiation Therapists (RT)
Dental Hygienists
Nuclear Medicine Technologists
Speech therapist
Audiologist
Optometrist (OD)
Chiropractor (Chiropractic Doctor)
Chiropodist
DPM (Podiatrist)
DO (Osteopathic Doctor)
Dentist (DDS)
Great! So you will pay 35k (living expense/transportation/books/insurance included) a year! Pretty cheap in any standards.
Well, can you get some loan to cover the tuition first? I guess total cost of attentance would add up to ~ 60k a year (all the living cost included). High dollar tag could indeed hurt harshly. I am 29, was in PhD program in Engineering but ended up being a researcher in chemical field for a few years and now ready for a career change. I know life could possibly not turn out as you desired but who is not making a detour given a lifetime frame?
I just cross my fingers hoping I won't have such dilemma next year if I get accepted.
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Check out this thread and calculate how much you will owe: http://forums.studentdoctor.net/threads/calculated-cost-of-pharmacy-school.989770/
I estimate you will owe $300 k if you borrowed $20 k per year for living cost. Good luck with your decision.
I estimate you will owe $300 k if you borrowed $20 k per year for living cost. Good luck with your decision.
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You could try LECOM if you want <100K in loans
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I totally agree with BMBiology - a friend of mine graduated with 130,000 in debt at 6.8% interest he's paying back $1460 per month for the next ten years. Your debt could very easily be around 300K upon graduation at which point you can expect to pay back around 3000 per month (around half your paycheck) for 10 years.
They estimated for us at 75K per year :/ I honestly don't think being a pharmacist is worth that kind of debt. As much as I want to since that's the only field I've been in, I really can't justify it. I was thinking Nurse practitioner, as there are far more opportunities with that and far much less debt.
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Is that also includes interest while you are still in school? A pharmacist take home salary is around 80 k (after taxes) so you are borrowing 4x your salary.
That is more than 20 k in interest for the first year (300 k x 6.8%). Your loan payment is going to be limited. You can't afford to do the 10 year plan. Probably PAYE or IBR but you will stuck with a huge tax bill after 20 or 25 years since you have to pay taxes on any loan that is forgiven.
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Nope, they said interest alone is another 75K. Pharmacists don't make THAT great of money to be taking so much in student loans. I'm really headed towards pulling my app at this point, unless someone can give me a justified reason to pay that much lol
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Make sure it's actually less debt. I'd be surprised if it is.
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One other option is deferring enrollment for a year and moving early to gain residency. Obviously I don't know your family situation though. Assuming you take home 40k you would only be losing 40k of income for the extra year, but could cut your debt by about 40% if it is as big a difference as my school (IS ~23k, OS ~ 42k).
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75K a year?!?!?!?!!!?!?!?!?!?!?
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Yup, there is no way to justify the cost. The numbers do not add up. If pharmacy is a profession that has a wide salary range like medicine then it may worth the risk. Unfortunately 90% of the pharmacists make within -/+ 5% of each other. In addition the job market saturation would make it difficult to see salary going up in the near future.
Good luck with your decision.
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If its truley 75K a year I say you need to run as quick as possible and tell every other student who is planning to attend ghis school not to go. Like BMB said you can't justify that expenditure on your expected income upon graduation.
Since they are a private school, they have no instate or out of state tuition rate :/ unfortunately.
Lol yup! That's of course what the school estimates cost of attendance with living expenses. Tuition first year is 50K and 45K the following 2 years, without the living expenses. Plus, 75K in interest over the course of the loan being paid off
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That's your problem.
Don't go to a private school!!!
Stick to established public schools if possible.
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Roseman University? If so make sure you doublecheck that 24k "living expense" they estimated.Yea, it just sucks cuz there isn't any in my state and I'm not in a position to move
Yup, Roseman
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Yeah the price isnt too far off from the other schools in the region, even the public schools in CA have comparable out-of-state rates. But since Roseman is a three year program that makes it significantly cheaper (UOP is the only other nearby 3-year program and the tuition is about 15k higher for the first two years if I recall)
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Forgot about Midwestern lol, I rechecked and UOP is about 66k, before living expenses (it's Stockton though, so it's going to be cheaper than living in other parts of California)
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My friend,
Let's analyze your situation:
You have 2 kids and no bachelor's degree and you got accepted into pharmacy school of your own state and thus, you do not have to move to another state or find another school for your kids. Do you realize how special you are?
Factors to stay with Roseman pharmacy school:
2 kids requires baby sitter arrangements here, pickup, drop off, sick time.... You may have friends here that may help you watch the kids for free or at low price so you can concentrate on studying.
Tech experience over 10 years with CVS to me means you may have many many connections here to help you for kids and possibly, established job location that will be easy for you to work minimal hours to maintain job and senority status.
Applying to another school out of state to save money: you will start 12 months from 8-2014 which means your school year will start 08-2015. Compared to now, you will graduate late 1 year, that means you will not earn 125 thousand dollars a year as pharmacist (60 dollars per hour times 40 hours a week times 52 weeks a year = around 125 thousands.)
Tuition:
To simplify math, I use even numbers here:
Roseman costs you 45 thousands for tuition for 3 years, that is 135 thousands for tuitions.
Another school may cost you around 20 thousands for tuition.
If another school is 3 year school, you will spend 60 thousands, saving 75 thousands.
If another school is 4 year school, you will spend 80 thousands, saving 55 thousands.
But, another school means you delay 1 year and lose 125 thousands.
What is the difference?
If 3 year school, you will have: (75 thousands saved) - (125 thousands lost) = 50 thousands lost.
If 4 year school, you will have: (55 thousands saved) - (125 thousands lost) = 70 thousands lost.
Either way, 1 more year means you lose thousands of dollars.
Plus, you will have to relocate. That cost money.
If you go to another state alone, traveling back and forth will cost money, too.
Living expenses:
Living expenses here, where you have been established, will be less compared to expenses in new state.
++++++++++++++++
Is pharmacy school worth it?
You will make around 125 thousands a year in a family of 4 with 2 kids. My guess is total tax is about 20 percent of total income?
For fair comparison, we will just subtract tax of 20 percent as 25 thousands, you will net around 100000 a year.
That's average of 8333 a month.
For student loan payment, you can factor in the 2 kids and have lower payment compared to single student.
You can expect to pay around 2000 a month for pharmacy student loan, that equals to having 6333 to pay for other expenses.
Let's summarize:
You work as pharmacist and make around 8333 a month.
You subtract the cost of being pharmacist, subtracting around 2000 a month.
You have around 6333 to spend for non-pharmacy expenses. Outside of pharmacy, how many of your friends net 6333 a month, consistently for the next 30 years. Remember, pharmacist career means you can go anywhere in your state, take a job at any city at any shift and I guarantee you will find a job to pay bills. May not be the best job but you will have a pharmacist job, if you are willing to sacrifice to take any position anywhere.
Reach deep inside and answer to yourself and yourself only: I know a job where if I work hard for the next 5 years, I will make 6333 every single month. Got the answer?
Another summary:
As a pharmacist, when we compare net income of 30 years to a friend that got bachelors and totally ignore pharmacy career and just work as someone with bachelors, after subtracting every single dollar for pharmacy career, and subtracting opportunity cost of not earning money during pharmacy school, you still net over 1.8 million dollars over your friend who chose to not be a pharmacist. Please see my attached pdf file for calculation FOR YOU (Excel file is included in case you need.) (Edited and updated to include advise from DrDrugs2012 about opportunity cost.)
In summary:
If you accept losing over 50 thousands as acceptable loss, that will justify pulling out of Roseman pharmacy school, wait 1 more year for another school that is out of state, move 2 kids and apply for CVS job there.
If you have special talent or skill that will bring home 6333 a month after tax, that skill will justify pulling out of pharmacy career.
You are in this deep already and you are special to have achieved this milestone, I actually think of you as being blessed with luck, brain, and pharmacy skills...think of 2 kids...just as I see...
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With all due respect, where did you see OP says that he has 2 kids, no bachelor, accepted to pharmacy school of his own state, Roseman pharmacy school, 10 yr tech experience with CVS ??
I just try to keep up... that's all
I just try to keep up... that's all
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Anyone who doesn't incorporate opportunity cost into the equation of financial gain/loss is making a substantial accounting error. It is very easy to state the cost of attendance in financial outlay, but this ignores a significant cost as well - what are you NOT doing when you attend school? The obvious answer is working at "W" job with "X" benefits. The opportunity cost of attending school is the most likely outcome of NOT attending school. For some of you, that might be entry level research in some science company earning $35000/year while others may be asking would you like fries with that - everyone has a different opportunity cost. So not only are you paying "Y" to attend school, you are also not making "Z" dollars in that time. When you make financial projections you must incorporate that lost salary and benefits into the equation, otherwise you are tilting the decision unfairly in favor of attending school.
Example 1:
Applicant currently works as a full time hourly associate at Barnes and Noble earning $8/hr with no health or retirement benefits. Cost of school is $150000 + (4 years x 52 weeks x 40 hrs x $8/hr) = ~$200000 post tax. Assuming that the applicant saved every penny, the payoff of going to school is under five years post0graduation because the opportunity cost is small. The payoff is calculated as the comparative total net worth of the individual in scenario 1 (goes to school) vs scenario 2 (doesn't go to school). When the two lines intersect, that is the time to payoff.
Example 2:
Applicant currently works as a mid-career researcher in the science field earning $60000 with a total compensation package equal to $70000. Cost of school is $150000 + (4 years x $70000) = $430000. Assuming the applicant saved every penny, the payoff of going to school is now over fifteen years post-grad. This means that you would need to work at least 15 years just to break even. If you are 25-30, maybe that makes sense because you would be 40-45 at breakeven giving you 20 more years to get ahead of the curve. If you are 40 years old already, maybe it doesn't make sense because you struggle for so long only to have a few years of meaningful earning potential.
This is a horribly simplified calculation, but to do a true calculation, you would incorporate meaningful tax liability, actual costs, retirement/savings plan growth, etc. You can get incredibly detailed in your calculations.
Example 1:
Applicant currently works as a full time hourly associate at Barnes and Noble earning $8/hr with no health or retirement benefits. Cost of school is $150000 + (4 years x 52 weeks x 40 hrs x $8/hr) = ~$200000 post tax. Assuming that the applicant saved every penny, the payoff of going to school is under five years post0graduation because the opportunity cost is small. The payoff is calculated as the comparative total net worth of the individual in scenario 1 (goes to school) vs scenario 2 (doesn't go to school). When the two lines intersect, that is the time to payoff.
Example 2:
Applicant currently works as a mid-career researcher in the science field earning $60000 with a total compensation package equal to $70000. Cost of school is $150000 + (4 years x $70000) = $430000. Assuming the applicant saved every penny, the payoff of going to school is now over fifteen years post-grad. This means that you would need to work at least 15 years just to break even. If you are 25-30, maybe that makes sense because you would be 40-45 at breakeven giving you 20 more years to get ahead of the curve. If you are 40 years old already, maybe it doesn't make sense because you struggle for so long only to have a few years of meaningful earning potential.
This is a horribly simplified calculation, but to do a true calculation, you would incorporate meaningful tax liability, actual costs, retirement/savings plan growth, etc. You can get incredibly detailed in your calculations.
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With all due respect, where did you see OP says that he has 2 kids, no bachelor, accepted to pharmacy school of his own state, Roseman pharmacy school, 10 yr tech experience with CVS ??
I just try to keep up... that's all
(Original Poster shared in this forum in past posts)
