Fear for my life: 130k in debt and academically dismissed

[Nooji]

Hello,

It has been awhile since I have been to this forum. Though, I would like to ask for advice from the forum here. Two years ago, I started pharmacy school and was recently academically dismissed. I look at my loans and realize that I am at 130k in debt and have no idea what to do with my life from here on out. I am a CVS Technician of 8 years and am still currently an intern to the company.

I am scared for my future. I know there are many people who have changed professions but their debt was much lower than 130k to start. I was 2 years into the program until the school finally decides that I am not capable of accomplishing my education there for the pharmD. What do you think though? I currently am applying for the PCAT so I can explore other pharmacy school options but the grades at this pharmacy school is rather depressing and hope someone will take me. Even if a school does take me, is the salary still able to be manageable to have a stable life while paying off the unusual debt for the pharmacist?

Being an "intern" to CVS is not sufficient for me to pay off my loans at the moment now that I am out of school. I am 26 years old that is trying to find the right career for me. I do believe pharmacy is the one path that I truly desire but the excessive amount of loans make me scared and depressed for my future.

What are your thoughts? Thank you.

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[PharmDCandidate2014]

Yikes.

If pharmacy is REALLY your true calling, by all means go for it. But it REALLY REALLY has to be your true calling, LOL!

In all seriousness, if you want to be miserable for the rest of your life, go ahead and re-take the PCAT. I'm sure you'll do fine, seeing as your background in the sciences is more "experienced" (even with your academic dismissal). And then just write in your personal statement how you've matured as a human being, blah blah blah...I think that should be enough.

Another option is to apply for reinstatement to the school that dismissed you: I hear in most cases, they will accept the student (and why not? It's more tuition money for them!) as long as you've outlined a plan and got your points across in an understandable/logical manner.

With the number of schools and options you have to choose from, I don't see why they wouldn't accept another applicant. Obviously, the cheaper school that charges in-state tuition will be more favorable for you looking at your financial status. But, those will probably be more competitive.

My two cents.

 

[Chicago007]

Hello,

It has been awhile since I have been to this forum. Though, I would like to ask for advice from the forum here. Two years ago, I started pharmacy school and was recently academically dismissed. I look at my loans and realize that I am at 130k in debt and have no idea what to do with my life from here on out. I am a CVS Technician of 8 years and am still currently an intern to the company.

I am scared for my future. I know there are many people who have changed professions but their debt was much lower than 130k to start. I was 2 years into the program until the school finally decides that I am not capable of accomplishing my education there for the pharmD. What do you think though? I currently am applying for the PCAT so I can explore other pharmacy school options but the grades at this pharmacy school is rather depressing and hope someone will take me. Even if a school does take me, is the salary still able to be manageable to have a stable life while paying off the unusual debt for the pharmacist?

Being an "intern" to CVS is not sufficient for me to pay off my loans at the moment now that I am out of school. I am 26 years old that is trying to find the right career for me. I do believe pharmacy is the one path that I truly desire but the excessive amount of loans make me scared and depressed for my future.

What are your thoughts? Thank you.

I see you said your grades weren't that great but was it because you had a lot of personal distractions? Did you not study and party too much? Was the material too much to handle? Regardless of the reason, what changes will you make to be successful the 2nd time around? I personally think your your in too deep to quit now bc of the loans unless of course you find a another profession that pays well. If you really want to continue pharmacy then go ahead and do whatever it takes to get back in. Try to get reinstated at your school and apply to others as well as a back up. Don't worry about yourhigh debt right now. Worry about your education and where you want to go. I graduated with a high debt, much higher than the amount amount you owe but once your a pharmacist you'll be fine. No one is always successful. Don't demoralize yourself. Stay focused and do what you feel is right for you to be successful. Times may get tough but the storm will pass. Good luck to you. I wish you all the best.

 

[Nooji]

I have tried to be reinstated for the past 6 months to be back in the school I was in. However, they still turn me down despite all of the efforts and rewards I have done for them in terms of social clubs. However, classes were difficult and it was a 3 year program that seemed a bit too fast paced for me. Though, I thought I could dish it out as I had one more year left. Unfortunately, I left with a huge disappointment in me with a large sum of debt to pay off.

Thank you for the confidence boost. This high money in debt really scares me though. If someone is in such a high debt, lets say, 300k, how many years on average would a retail pharmacist make to pay off those debts? I don't want to be in debt for the rest of my life until I retire. That is my biggest fear. I didn't want to do retail pharmacy originally but now I feel like that is my only option to get out of the debt.

 

[Chicago007]

A lot of factors go into deciding how long it would take to pay off a high debt. For instance, your starting salary, living expenses, how frugal you can live, if you a wife and kids, if you choose to work overtime or take a side job such as working part time at a another pharmacy, etc.....but being smart with your money is the most important. Think of a school loan kinda like a home mortgage. It takes time to pay back what you owe but it is an investment. Education is a good investment for anyone. Some people take 30 yrs while others may take less. Again, don't worry about the debt right now. What's more important is that you get back on track with your studies whether that be pharmacy or not. Yes it's scary but stay level headed. You don't have to do retail if you don't want to but you'll cross that bridge when it comes.

Have you tried applying to other schools? You could try looking into other professions or programs as well but don't stay stagnant. Don't give up. Im rooting for you and I know you will be successful. Keep pushing and as always I wish you all the best.

 

[SClENCE]

Well if you make 120k/yr and are single and pay 40% taxes, you will take home 72k/yr. Just figure your living expenses. You can be aggressive and possibly pay 40k+ a year on your loans. Being in debt for 30 years would be ridiculous, but people do end up in these situations when they have 3 kids, buy a house, and buy that nice new car every 3 years.

 

[baussman21]

Hi. The answer you got seemed ok to me. People did actually have something useful to say instead of just hate on you or tell you stuff you already know.
1) So yes reinstatement is an option

2) new "U. S." unaccredited school are also an option. They are more likely to accept you then accredited schools. Dont stress the fact that they are not accredited yet. They get accredited eventually. I can go so much more into this but im not going to type it up right now. Yes I know other people are going to hate on me for saying this and by all means go ahead, then their are others that will know what im talking about and fill you in about all the information i could tell you about them being unaccredited and then getting accredited. Check blogs on this site tittled unaccredited pharm school. Im sure you will find out way more then you know now.

3) Location is a factor too. For example, there is a school in downers grove that interviews 700 and accepts 500 when they only have 150 seats. They do this because they know top students are applying to their school as a back up plan and have a different top choice. So apply to schools that may not be in the best location in terms of what they have to offer in respect to what life is like off campus

 

[PharmtoCS]

Learn computer programming, take out minimal additional loans in the process, and start earning $100k+. Either that or engineering, finance, accounting, business, etc. which you won't have to take out an additional $150k+ loans in addition to the ones you already have.

 

[toidalente]

Please do update, I do hope to hear you have resolved your situation.

 

[Son_Goku]

Hi. The answer you got seemed ok to me. People did actually have something useful to say instead of just hate on you or tell you stuff you already know.
1) So yes reinstatement is an option

2) new "U. S." unaccredited school are also an option. They are more likely to accept you then accredited schools. Dont stress the fact that they are not accredited yet. They get accredited eventually. I can go so much more into this but im not going to type it up right now. Yes I know other people are going to hate on me for saying this and by all means go ahead, then their are others that will know what im talking about and fill you in about all the information i could tell you about them being unaccredited and then getting accredited. Check blogs on this site tittled unaccredited pharm school. Im sure you will find out way more then you know now.

3) Location is a factor too. For example, there is a school in downers grove that interviews 700 and accepts 500 when they only have 150 seats. They do this because they know top students are applying to their school as a back up plan and have a different top choice. So apply to schools that may not be in the best location in terms of what they have to offer in respect to what life is like off campus

What is this fool on about?

 

[lcow2004]

2) new "U. S." unaccredited school are also an option. They are more likely to accept you then accredited schools. Dont stress the fact that they are not accredited yet. They get accredited eventually. I can go so much more into this but im not going to type it up right now. Yes I know other people are going to hate on me for saying this and by all means go ahead, then their are others that will know what im talking about and fill you in about all the information i could tell you about them being unaccredited and then getting accredited. Check blogs on this site tittled unaccredited pharm school. Im sure you will find out way more then you know now.

I think this is actually a decent idea. We all know majority of these schools get accredited pretty easily (just see how many new schools are constantly being pumped out each year). These schools may be much easier to get into before they're fully accredited and they are the ones more likely to accept you given your situation. Just go to the school now while is still going through accreditation and then once its accredited, you can become a pharmacist just like anyone else who went to any other accredited school

 

[toidalente]

I think this is actually a decent idea. We all know majority of these schools get accredited pretty easily (just see how many new schools are constantly being pumped out each year). These schools may be much easier to get into before they're fully accredited and they are the ones more likely to accept you given your situation. Just go to the school now while is still going through accreditation and then once its accredited, you can become a pharmacist just like anyone else who went to any other accredited school

It is only worth considering if it isn't more expensive than their current school and that the school will transfer them without having to start as a P1. Unless OP is set on doing pharmacy for life, I think it is best to get a cheaper degree (through CC and public university) that nets a probable high paying job, cut down the loans, till they have a manageable situation. Then they can reassess the pharmacy market and their aspiration to go back to pharmacy school (while looking for a cheaper school). The federal interest could put them in an impossible situation if they end up around 300k debt.

 

[W19]

Go to CC and get a radiology tech degree and then become a CT scan or MRI tech. You will be making 7ok+/year and probably won't add too much to your current debt...

 

[BidingMyTime]

Unless you can pinpoint a specific life stressor as to why you flunked out, I would give up on pharmacy school. I have no doubt there will be plenty of schools willing to give you a 2nd chance at pharmacy, schools that will be very happy to take your money, even if they don't think you will actually graduate.The material isn't going to be any easier at another school, and you are quite likely to end up with an even higher loan amount and no degree.

I would recommend staying away from unaccredited pharmacy schools....there is no guarantee they will actually graduate a class (google Hawaii College of Pharmacy) and you could again be left with more debt and no degree.

The amount of debt you have now is quite onerous. I would be extremely hesitant about taking on any more debt.

 

[Humble Sloth]

I have tried to be reinstated for the past 6 months to be back in the school I was in. However, they still turn me down despite all of the efforts and rewards I have done for them in terms of social clubs. However, classes were difficult and it was a 3 year program that seemed a bit too fast paced for me. Though, I thought I could dish it out as I had one more year left. Unfortunately, I left with a huge disappointment in me with a large sum of debt to pay off.

Thank you for the confidence boost. This high money in debt really scares me though. If someone is in such a high debt, lets say, 300k, how many years on average would a retail pharmacist make to pay off those debts? I don't want to be in debt for the rest of my life until I retire. That is my biggest fear. I didn't want to do retail pharmacy originally but now I feel like that is my only option to get out of the debt.

No worries. With income based repayment after paying the minimum payment for 25-30 years all debt is forgiven. It sounds like you won't be able to earn the big bucks. Programming/engineering take a lot more dedication than pharmacy IMO and it sounds like you are having a motivational problem.

 

[deleted480308]

I have tried to be reinstated for the past 6 months to be back in the school I was in. However, they still turn me down despite all of the efforts and rewards I have done for them in terms of social clubs.

whatever you pursue in the future, remember that grade matter more than social clubs and extra curricular stuff. Keep your priorities straight and you should do better in school. Good luck

 

[S112]

reinstated

Hello,

It has been awhile since I have been to this forum. Though, I would like to ask for advice from the forum here. Two years ago, I started pharmacy school and was recently academically dismissed. I look at my loans and realize that I am at 130k in debt and have no idea what to do with my life from here on out. I am a CVS Technician of 8 years and am still currently an intern to the company.

I am scared for my future. I know there are many people who have changed professions but their debt was much lower than 130k to start. I was 2 years into the program until the school finally decides that I am not capable of accomplishing my education there for the pharmD. What do you think though? I currently am applying for the PCAT so I can explore other pharmacy school options but the grades at this pharmacy school is rather depressing and hope someone will take me. Even if a school does take me, is the salary still able to be manageable to have a stable life while paying off the unusual debt for the pharmacist?

Being an "intern" to CVS is not sufficient for me to pay off my loans at the moment now that I am out of school. I am 26 years old that is trying to find the right career for me. I do believe pharmacy is the one path that I truly desire but the excessive amount of loans make me scared and depressed for my future.

What are your thoughts? Thank you.

Hey- what did you end up doing?

 

[Modest_anteater]

Hey- what did you end up doing?

Probably moving back home and defaulting on the loans. He now gets to play LoL and DoTA all day so it's not a bad deal. Not like you can go to jail for not paying loans if you can't afford them. I'm honestly jealous. Sometimes I daydream about moving back home and playing video games all day and just defaulting on all loans.