Go to USC and get a $378,700 student loan bill!

[MatCauthon]

This is a snippet from a thread I made in the pre-pharmacy forum: http://forums.studentdoctor.net/threads/top-pharmacy-schools-to-avoid.1098793/

Using this calculator: http://www.collegeloanconsultant.com/accrued-interest-calculator.html

If a student at USC takes out 50k each year for tuition at 6.8%, and they have a 6-month grace period there interest accrued on tuition alone will be ~$41,429. That means that tuition plus interest, at USC, will cost ~$240,000. This does not factor in cost of living, or interest accrued on cost of living. It also does not factor in tuition increases, or the cost of deferment via 1-2 years of residency.

Using USC's own price estimate for cost of living: the total cost for 4-years would be $313,764. The total cost with interest accrued would be: ~$378,700!

Obviously we can debate how much debt a student will take out all day long. But many students will max out their student loans at this rate or worse. Even worse, these students may have undergraduate debt on top of that .

But $378,700 to go to pharmacy school?

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[Momus]

A lot of people live with parents / in the living room as roommate or bunker up just to cut high housing cost in LA. So, living cost can be highly exagerrated.

 

[MatCauthon]

$240k just for tuition. Most people need to take some loans on top of that to live, even if they stay with Mom and Dad. $280-300k is not unreasonable, even for someone with free rent

 

[fauxden]

wow. How much can an MD expect?

 

[sanovin]

But itz da number 2 pharmacee skooool!

 

[sosoo]

not sure what the calculator is doing...

Loan Amount: $200,000
Number of Months Deferred: 6
Interest Rate: %6.8
Compounding Period: Quarterly


Accrued Interest: $ 6,857.80
Principal + Interest: $ 206,857.80

 

[Ackj]

not sure what the calculator is doing...

Loan Amount: $200,000
Number of Months Deferred: 6
Interest Rate: %6.8
Compounding Period: Quarterly


Accrued Interest: $ 6,857.80
Principal + Interest: $ 206,857.80

That's the interest from just the grace period. But the loans aren't 200k all at once. You have 50k from P1 compounded for 4 years, another 50k for P2 compounded for 3 years, 50k from P3 year, 50k for P4.

 

[Dred Pirate]

I know someone who graduated from a private school in the east coast - in a small town (average cost of living) who graduated with over 340k in loans, they are banking on it being forgiven with the new programs. Me thinks that is one heck of a gamble and the law will likely change and maybe in over their head

 

[Transformer]

With the high pharmacy school tuition at USC (300K+ for 4 years), almost all or most USC pharmacy students will require financial support through their families, scholarships, financial aid and most often, it's a combination of the support systems.

I encourage pre-pharmacy students to apply to their state/public pharmacy schools and for high school students to consider 6 year pharmacy programs.

 

[PumpkinSmasher]

wow. How much can an MD expect?

My wife came out of Medical school with 120k in loans at a prestigious medical school. She graduated 8 years ago though.

 

[MatCauthon]

With the high pharmacy school tuition at USC (300K+ for 4 years), almost all or most USC pharmacy students will require financial support through their families, scholarships, financial aid and most often, it's a combination of the support systems.

I encourage pre-pharmacy students to apply to their state/public pharmacy schools and for high school students to consider 6 year pharmacy programs.

It would be interesting to see how many scholarships, on average, USC students actually receive. It would also be good to look at average debt upon graduation. The debt-load is crushing, and couldn't even imagine being that far in debt while trying to complete 1-2 years of residency. It would be very hard to even pay off the interest on a residents salary. I guess the only solution would be to go into PSLF immediately. From what I understand, interest does not accrue on interest in these programs.

 

[trailerpark]

I worked with a Dinosaur pharmacist today who told me he graduated with 700 dollars of student loan debt.

 

[sakigt]

I worked with a Dinosaur pharmacist today who told me he graduated with 700 dollars of student loan debt.

I too, spoke with a dinosaur who graduated with $2500 but made something like $7/hr (Im making both numbers up, cant remember).

Anyway I did some dirty division and the # of hours to work to payoff that amount was 14x less compared to my numbers!

 

[Silent Cool]

I worked with a Dinosaur pharmacist today who told me he graduated with 700 dollars of student loan debt.

Nice.

Do you know what year that was?

 

[MatCauthon]

How many of you guys have applied to USC this year?

 

[spacecowgirl]

Anyone that takes on that kind of debt for pharmacy school is an idiot. I'm sorry but no. If you want to be a pharmacist, go somewhere else. If you want to stay in California and that is your only option, do something else. Only when people stop paying out the ass for tuition will schools realize they can't keep up that ridiculous level of tuition increases.

 

[PharmDCandidate2014]

Is it worth the $300K price tag to get a dental school degree? UPenn and NYU, among a few schools, charge that price yet there are no shortage of applicants.

On the flip side, military dentists seem to be much higher in demand than military pharmacists, so that's one realistic avenue to lessen the debt burden from dental school.

 

[BF7]

Is it worth the $300K price tag to get a dental school degree? UPenn and NYU, among a few schools, charge that price yet there are no shortage of applicants.

On the flip side, military dentists seem to be much higher in demand than military pharmacists, so that's one realistic avenue to lessen the debt burden from dental school.

If student loan debt were equal between the 2 professions...the autonomy and ability to be paid for a special skill makes Dentistry a much more favorable and likely more rewarding career choice.

 

[fewaopi]

Is it worth the $300K price tag to get a dental school degree? UPenn and NYU, among a few schools, charge that price yet there are no shortage of applicants.

On the flip side, military dentists seem to be much higher in demand than military pharmacists, so that's one realistic avenue to lessen the debt burden from dental school.

Yeah but in dentistry there's a lot more jobs than pharmacists. Maybe not in areas desirable to live but in less desirable areas, there are areas very underserved with dentists where you could make in 2-4X more than a pharmacist (depending on specialty). Salary for dentists is a lot higher than pharmacists and generally less workload, they work much less hours and make much more in some specialties but that's after residency or fellowship. I've heard some residencies cost lots of $$ though, up to 200k, whereas in pharmacy you're paid 40-50k. Dental school is still worth it for the high salary but you have to have guts to go in a program where failure or delay means hundreds of thousands of dollars. You're almost forced to succeed and graduate w/that level of debt.

There aren't as many dental schools ballooning and opening up either like pharmacy mills. It cannot be packaged, made cheap and sold high like pharmacy, most dental schools i think are pretty established.

 

[Muse600]

a lot of techs ask me if it's worth it...but honestly, what other alternatives would I recommend?

I just tell them the job market is getting worse, and just apply to programs where you rack up the least amount of student loan debt

 

[BidingMyTime]

Yeah but in dentistry there's a lot more jobs than pharmacists. Maybe not in areas desirable to live but in less desirable areas, there are areas very underserved with dentists where you could make in 2-4X more than a pharmacist (depending on specialty).

2-4X as much seems pretty overly optimistic. Remember, the areas less desirable to live in, probably have a higher percentage of Medicaid which pays next to nothing for dentistry (for instance, in IL, Medicaid will pay for tooth extractions in adults, but almost nothing else....crowns/root canals are never covered)
There aren't "a lot more jobs than pharmacists" in any health career. Every health professional feels their field is oversaturated.
Plus every dentist I've known complains about their bad back from working cramped over all the time. Not that pharmacists don't have their own physical complaints. But it certainly takes a special skillset, being able to work cramped over & working with a mirror image.
There are NO "tickets" to the high life. People need to first and foremost pick a career that they think they will enjoy and then 2nd determine if that career is worth the time/money investment required.
When I hear people say, oh pharmacy is oversaturated, be a dentist/PA/nurse instead--I think, the skill sets required for these jobs are all very different. If one is a "perfect" job for someone, the other jobs probably are far less than perfect. I think accounting or computer science would be a better alternative for someone with the skill set of pharmacist who didn't want to go pharmacy--these careers have the same need for memorization, attention to detail, finding the needle in the haystack, not having to deal with blood & gore work skills.

 

[68quebec]

Anyone that takes on that kind of debt for pharmacy school is an idiot. I'm sorry but no. If you want to be a pharmacist, go somewhere else. If you want to stay in California and that is your only option, do something else. Only when people stop paying out the ass for tuition will schools realize they can't keep up that ridiculous level of tuition increases.

Isn't this the best answer?

 

[MatCauthon]

Isn't this the best answer?

It really is. However, many students here feel that they have no other options than to go to these schools. That is very sad. I made this post because students don't understand the idea of compounding interest. Even if they look at the fees on the school website, the actual price is much higher. Too many people here have no business sense.

 

[fewaopi]

2-4X as much seems pretty overly optimistic. Remember, the areas less desirable to live in, probably have a higher percentage of Medicaid which pays next to nothing for dentistry (for instance, in IL, Medicaid will pay for tooth extractions in adults, but almost nothing else....crowns/root canals are never covered)
There aren't "a lot more jobs than pharmacists" in any health career. Every health professional feels their field is oversaturated.
Plus every dentist I've known complains about their bad back from working cramped over all the time. Not that pharmacists don't have their own physical complaints. But it certainly takes a special skillset, being able to work cramped over & working with a mirror image.
There are NO "tickets" to the high life. People need to first and foremost pick a career that they think they will enjoy and then 2nd determine if that career is worth the time/money investment required.
When I hear people say, oh pharmacy is oversaturated, be a dentist/PA/nurse instead--I think, the skill sets required for these jobs are all very different. If one is a "perfect" job for someone, the other jobs probably are far less than perfect. I think accounting or computer science would be a better alternative for someone with the skill set of pharmacist who didn't want to go pharmacy--these careers have the same need for memorization, attention to detail, finding the needle in the haystack, not having to deal with blood & gore work skills.

2X isn't optimistic, 4X unlikely but it's out there. A corporate dentist w/no residency can bring in around 150K/yr. Some specialties do allow 4X over pharmacy and work much less hours but you're not gonna find those lying around anywhere these days of course. Relative to pharmacists, it's still a lot better field. I check craigslist ads for pharmacy jobs in my area, last yr there were a trickle, 2014 nothing at all. dentist jobs still offered so at least that's saying something. Craigslist not a great indicator but in areas saturated w/pharmacists, there is still opportunity for dentists.

Well you can go on about dentists complaining. I can go on about pharmacists complaining. Physicians can complain, everyone complains, Wall St complains lack of bonuses, whine whine, you'll find everyone will whine but dentists complaints aren't gonna lead to your hair falling out. And of course there are no "tickets" to high life except by birth maybe. Just saying dentistry is better in terms of jobs and there's no huge ballooning of schools although demand is probably being met or flattening. And at least on the dental forums they aren't whining in every other thread about unemployment unlike here.

Healthcare fields have overlap in memorizing, retaining knowledge, of course dentists/surgeons needs good hands, and differences exist. I wouldn't recommend dentistry but in terms of jobs it is better than pharmacy, not much better though. the only issue is the cost, dentistry is more expensive to pursue than pharmacy and their residencies actually cost up to 200K. you don't get paid, you pay THEM but those specialties do bring in a lot of $$. and i can at least see dentistry less likely to be outsourced to robots than pharmacy long-term, unless C16G2 is some miracle...

 

[confettiflyer]

This presumes that I want to be a dentist, which is probably the last thing I'd ever want to do (no offense to all my DMD/DDS friends).

 

[MatCauthon]

Someone ran a thread complaining about the high tuition cost at Midwestern Glendale. I ran an analysis: it would cost at least $520k to go to Midwestern dental school. I accounted for accruing interest. It will actually be a lot higher because students will have to go into grad plus loans after they take out their first $224k in principal.

I couldn't see myself taking out $520k plus in loans to go to dental school. How can anyone realistically advocate that unless they are factoring in a student loans bailout?

 

[pezdispenser]

It really is. However, many students here feel that they have no other options than to go to these schools. That is very sad. I made this post because students don't understand the idea of compounding interest. Even if they look at the fees on the school website, the actual price is much higher. Too many people here have no business sense.

Yeah, debt plays a very insidious role. Not just in education, but in every aspect of American spending habits like houses, cars and credit cards. It makes it so easy to spend more than you can afford, that any rational analysis of the cost, value, or the return on investment goes completely out the window. Just buy stuff and rack up debt today, then figure out if you can afford it (or how to get out of paying it back) later...

 

[fewaopi]

Frontline did a show years back called College Inc. Those stories still apply today unfortunately. As mentioned, the only way to make a big ticket salary is to take big loans for the most part sadly.

I only mentioned dentistry in response to a previous post. Between dentistry/med school and 378K pharmacy school, I'd go to dentistry like UPenn or NYU or med. If pharm school was just say <150K, I'd probably pick that instead over dentistry. Of course the best ROI is probably software engineering/programming of some kind at a 4 year state public university, or be white and be a cop and get nice pension. Dentistry isn't the only option duh.

I recently looked over career choices for freshmen/sophomore students submitted to me and many want to be dentists/vets/physical therapists/physician/biomedical engineer. No one wanted pharmacy or nursing except those already in pharmacy school, the other students weren't interested in pursuing pharmacy school or getting into it. Not sure that says something. I was surprised at how many wanted to be a dentist or biomedical engineer. Maybe they thought too difficult or they know the job market in the state is real bad, unfortunately there's little options out there.

 

[BidingMyTime]

2X isn't optimistic, 4X unlikely but it's out there. A corporate dentist w/no residency can bring in around 150K/yr..

How much do you think pharmacists make? I would guess the average hospital pharmacist makes about $100,000/yr and the average retail pharmacist $120,000 per yr. So you are talking about a dentist making $240,000-$480,000 per yr? I just don't see that. Maybe a dentist or orthodontist whose been in practice for years, but for the new dentist who is either taking on a massive loan to start up her/his new office or to buy an existing practice, they aren't being home any $240,000-$80,000 per yr. (and of course, they still have the massive college loans to pay from their salary they do bring home.) There is a reason why dentists are #2 in committing suicide (and pharmacists are not on the top 10 list) I would guess their high debt to income ratio plays into that.

 

[fewaopi]

How much do you think pharmacists make? I would guess the average hospital pharmacist makes about $100,000/yr and the average retail pharmacist $120,000 per yr. So you are talking about a dentist making $240,000-$480,000 per yr? I just don't see that. Maybe a dentist or orthodontist whose been in practice for years, but for the new dentist who is either taking on a massive loan to start up her/his new office or to buy an existing practice, they aren't being home any $240,000-$80,000 per yr. (and of course, they still have the massive college loans to pay from their salary they do bring home.) There is a reason why dentists are #2 in committing suicide (and pharmacists are not on the top 10 list) I would guess their high debt to income ratio plays into that.

I'm assuming 100K/yr which is more my area. Some are above, some are below. Dentists being suicidal goes back many years even when tuition wasn't as high as today so costs I imagine have little to do w/it. Overall higher income professions are now facing higher barriers to attending w/high costs b/c they realize hey if you're making that much, why not charge you more?

The thread title is 378K for pharmacy school which I'm sure we all agree isn't worth it and if you're willing to take that debt might as well do medicine or dentistry. The thread is also strictly money and of course the debt load for dentists is much higher. But currently there are more opportunities for dentists right now than pharmacists in my area and many students seem more interested in dentistry than pharmacy (not saying dentistry is a hot field but students are weighing options and picking the best of poor options). Dental students like pharmacy students also wouldn't recommend pursuing dentistry/pharmacy respectively and they'll face competition in their fields. A lot of these fields are high stake gambles

 

[fewaopi]

Good, keep those kids out of pharmacy school!!!

I'm not trying to keep them out but they seem to be getting the picture. I just think if colleges are treating their education more like a product and more commercial and increasing tuition faster than inflation w/no end in sight, then students need to be mindful of the costs, job prospects, outlook, and financial future and treat it like a product too. Unfortunately not everyone can pursue passion and easily get job like post WWII, they were very lucky. Us young folks are screwed a bit more in some ways. Students should know the costs and meaning of being in debt and financial education can help people make smarter choices. But since it's free market capitalism here and no regulation or cost containment, anything goes, even at the expense of financial ruin for many people. Pharmacy school is just one part of the whole higher education system sending people down a personal financial nightmare.

 

[type b pharmD]

To whoever said this thread is strictly money ... You can't always assume people make career choices based on ROI ... I know I didn't and I would say only a very small percent of young people actually sit down and do that calculation ...

I have $365k for pharmacy school loans and I have never been happier in my whole life !

I would not want to be a dentist or physician or nurse , nor would I find computer science or engineering enjoyable .. I wanted to be a pharmacist because I love working in pharmacy !

Yes I'll have to make debt payments for 20 years .. hardly makes a dent in the satisfaction of loving my job every day. Yes it makes a dent in my income but going from having nothing, to being able to buy a house and cars and not really ever have to worry about money again , vastly compensates for the debt payments.

One of my friends is a peds.. they have a similar level of loan (350-400k) .. they took a job they love ( 40hr/wk ) and are making substantially less than I am ... Is becoming a pediatrician a huge scam too ? It's not as if they sat down and did an ROI projection and then just made a boneheaded choice ... They chose what makes them happy regardless of money. I would argue no amount of debt is too much if it lets you do what you love . Paying student loans until age 50 is just part of the deal for us that allowed us to get where we wanted to go in life .. doesn't mean we can't have a great career , family, and financial stability . It is also hard to argue that you can't be financially stable with IBR . So I'll be paying $1200/month in loan payments for a while... Well news flash to all you guys and gals who haven't been out in the real world yet ... On a 10-12k/month salary , that still leaves you with enough money that you never have to worry about taking care of your family again . I've given $1000 away to charity and staff bonuses the past month and still afford the food and entertainment and savings I want...

Most people can't even afford saving ANYTHING , let alone owning decently new car(s) or a house. The debt payment is a drop in the bucket for the opportunity of a lifetime.

 

[MatCauthon]

To whoever said this thread is strictly money ... You can't always assume people make career choices based on ROI ... I know I didn't and I would say only a very small percent of young people actually sit down and do that calculation ...

I have $365k for pharmacy school loans and I have never been happier in my whole life !

I would not want to be a dentist or physician or nurse , nor would I find computer science or engineering enjoyable .. I wanted to be a pharmacist because I love working in pharmacy !

Yes I'll have to make debt payments for 20 years .. hardly makes a dent in the satisfaction of loving my job every day. Yes it makes a dent in my income but going from having nothing, to being able to buy a house and cars and not really ever have to worry about money again , vastly compensates for the debt payments.

One of my friends is a peds.. they have a similar level of loan (350-400k) .. they took a job they love ( 40hr/wk ) and are making substantially less than I am ... Is becoming a pediatrician a huge scam too ? It's not as if they sat down and did an ROI projection and then just made a boneheaded choice ... They chose what makes them happy regardless of money. I would argue no amount of debt is too much if it lets you do what you love . Paying student loans until age 50 is just part of the deal for us that allowed us to get where we wanted to go in life .. doesn't mean we can't have a great career , family, and financial stability . It is also hard to argue that you can't be financially stable with IBR . So I'll be paying $1200/month in loan payments for a while... Well news flash to all you guys and gals who haven't been out in the real world yet ... On an 8-10k/month salary , that still leaves you with enough money that you never have to worry about taking care of your family again . I've given $1000 away to charity and staff bonuses the past month and still afford the food and entertainment and savings I want...

Most people can't even afford saving ANYTHING , let alone owning decently new car(s) or a house. The debt payment is a drop in the bucket for the opportunity of a lifetime.

At $1200 a month for twenty years, you aren't even covering the original 365k part of your loan. I hope you are ready for a tax bill of 150-200k after 20 years.

 

[type b pharmD]

At $1200 a month for twenty years, you aren't even covering the original 365k part of your loan. I hope you are ready for a tax bill of 150-200k after 20 years.

Thinking more along the lines of 20k and yeah I'll be ready. Think HELOC / cash out + 401k loan

 

[MatCauthon]

Thinking more along the lines of 20k and yeah I'll be ready. Think HELOC / cash out + 401k loan

Thinking more along the lines of 20k and yeah I'll be ready. Think HELOC / cash out + 401k loan

I'm interested in seeing your perspective on this. What is your calculation for how much you will owe after 20 years? You aren't even paying off the principal with your current payment plan, so that means your interest accumulated is going to be massive (like over 400k). Your normal loan payment on 365k for 20 years would be $2700/month. This payment would accumulate about 300k in interest. So if you are only paying 1200/month, your interest has to be way, way higher than 300k. This means you are going to have a forgiven amount that is probably much higher than 400k. How would you only owe 20k of taxes on that?

I am not trying to antagonize, just trying to see it written out so I full understand how you plan on bossing around the system so thoroughly.

 

[Monsterdaddy]

Borrowers who qualify for IBR/PSLF have one additional benefit: interest is not capitalized. This means his annual interest is calculated based on the original balance, even after 25 years. i.e. interest is never charged on accrued interest balances.

Also note that certain events may cause interest to be capitalized and they usually involve reporting a large amount of income kicking you out of IBR/PSLF like winning a lottery.

So $365K loan balance at 7% interest would be about $25K which minus $14K in annual payments is a net increase in accrued interest of about $11K per year. So after 20 years that's almost a $600K balance to be forgiven.

If legislation has changed or he doesn't take an insolvency exemption, at a top tax bracket of 39.6% -- probably an effective tax rate of about 30-35% then the tax bill should be about $200K. But then again $200K 20 years from now with inflation and investing the difference for 20 years is likely a good outcome for anyone.

 

[type b pharmD]

Borrowers who qualify for IBR/PSLF have one additional benefit: interest is not capitalized. This means his annual interest is calculated based on the original balance, even after 25 years. i.e. interest is never charged on accrued interest balances.

Also note that certain events may cause interest to be capitalized and they usually involve reporting a large amount of income kicking you out of IBR/PSLF like winning a lottery.

So $365K loan balance at 7% interest would be about $25K which minus $14K in annual payments is a net increase in accrued interest of about $11K per year. So after 20 years that's almost a $600K balance to be forgiven.

If legislation has changed or he doesn't take an insolvency exemption, at a top tax bracket of 39.6% -- probably an effective tax rate of about 30-35% then the tax bill should be about $200K. But then again $200K 20 years from now with inflation and investing the difference for 20 years is likely a good outcome for anyone.

Thank you! I also plan to take a pretty big insolvency exemption.. technically, anyone on IBR should be insolvent .. but it depends entirely on how many assets you own vs owe on during the years of or leading up to forgiveness.. so thus my expectation of having a pretty low tax. Worst case I'll just owe 200k. Which should be pretty small potatoes in 20 years... That is barely more than 1 yr of my current earnings

 

[Monsterdaddy]

People seem to overly obsessed with the huge numbers of the forgiveness income and overlook the fact that their taxes will still be far lower than their original borrowings and the fact that it is 20-25 years later.

I still have a feeling that new legislation will probably make the income exempt from taxes like PSLF. There have already been efforts to do so.

 

[type b pharmD]

People seem to overly obsessed with the huge numbers of the forgiveness income and overlook the fact that their taxes will still be far lower than their original borrowings and the fact that it is 20-25 years later.

I still have a feeling that new legislation will probably make the income exempt from taxes like PSLF. There have already been efforts to do so.

Yes the whole idea of NPV seems to fly over most people's heads.. also there is bipartisan support for eliminating this tax , it is just a matter of arguing over the political credit which is slowing things down.

 

[type b pharmD]

I'm interested in seeing your perspective on this. What is your calculation for how much you will owe after 20 years? You aren't even paying off the principal with your current payment plan, so that means your interest accumulated is going to be massive (like over 400k). Your normal loan payment on 365k for 20 years would be $2700/month. This payment would accumulate about 300k in interest. So if you are only paying 1200/month, your interest has to be way, way higher than 300k. This means you are going to have a forgiven amount that is probably much higher than 400k. How would you only owe 20k of taxes on that?

I am not trying to antagonize, just trying to see it written out so I full understand how you plan on bossing around the system so thoroughly.

I'm not really going to elaborate much more on here because I want my outs to still exist in 18 years .. but the insolvency exclusion is very powerful and very much set in stone.. if insolvency exclusion disappeared, bankruptcy would be a reasonable replacement choice, which is why insolvency exclusion was created . By it's very nature , debt forgiveness is not 'typical' income ... People who have giant debts forgiven generally aren't able to pay them, or even pay 30% ... I will have 400-700k forgiven but even if I had 2M forgiven, tax would be the same because loan forgiveness tax is only based on your assets during the year of forgiveness . If you have more assets that year than what is forgiven , you pay the full tax ... The real question is why would anyone be holding that many assets during that year.

 

[sosoreal]

Anyone that takes on that kind of debt for pharmacy school is an idiot. I'm sorry but no. If you want to be a pharmacist, go somewhere else. If you want to stay in California and that is your only option, do something else. Only when people stop paying out the ass for tuition will schools realize they can't keep up that ridiculous level of tuition increases.

I totally agree with you. Am in a phamD/Phd program and I wount be close to that amount when I finish


Sent from my iPad using SDN mobile

 

[MatCauthon]

The total loan amount is now inching close to 400k

 

[Chalupa_Batman86]

$400K for pharmacy school ... just for plain ol' suckers.

 

[PAtoPharm]

Thank you! I also plan to take a pretty big insolvency exemption.. technically, anyone on IBR should be insolvent .. but it depends entirely on how many assets you own vs owe on during the years of or leading up to forgiveness.. so thus my expectation of having a pretty low tax. Worst case I'll just owe 200k. Which should be pretty small potatoes in 20 years... That is barely more than 1 yr of my current earnings

Can I ask what kind of pharmacy setting you work in?

 

[MrBonita]

When I went to pharmacy school the tuition was 30k a year. My parents gave me 100k for pharmacy school. You should ask your parents to give you at least 300k if you want to go without loans at USC. I lived off cup of noodles and a monthly allowance of 400 dollars from my parents. I also worked 1 time a week as an intern at 17 dollars an hour. Was able to make it through with a small loan and paid it off. I work with other pharmacist whose kids are going to USC pharmacy school and they are paying their kids tuition. Its not that bad just beg your parents.

 

[gwarm01]

When I went to pharmacy school the tuition was 30k a year. My parents gave me 100k for pharmacy school. You should ask your parents to give you at least 300k if you want to go without loans at USC. I lived off cup of noodles and a monthly allowance of 400 dollars from my parents. I also worked 1 time a week as an intern at 17 dollars an hour. Was able to make it through with a small loan and paid it off. I work with other pharmacist whose kids are going to USC pharmacy school and they are paying their kids tuition. Its not that bad just beg your parents.

Hah. Just ask your parents for 100k and an allowance and it's no big deal? My parents are below the poverty line and are in massive debt. I'd wager a lot of people are not in a situation where their parents can give them anything close to 100k and a $400/month allowance.

Luckily for me, tuition was only about 13k/year at my school.

 

[owlegrad]

Hah. Just ask your parents for 100k and an allowance and it's no big deal? My parents are below the poverty line and are in massive debt. I'd wager a lot of people are not in a situation where their parents can give them anything close to 100k and a $400/month allowance.

Luckily for me, tuition was only about 13k/year at my school.

If your parents love you they will give you the money. Duh.

 

[Caffeine QAM]

If your parents love you they will give you the money. Duh.

That's a huge if.

 

[mentos]

When I went to pharmacy school the tuition was 30k a year. My parents gave me 100k for pharmacy school. You should ask your parents to give you at least 300k if you want to go without loans at USC. I lived off cup of noodles and a monthly allowance of 400 dollars from my parents. I also worked 1 time a week as an intern at 17 dollars an hour. Was able to make it through with a small loan and paid it off. I work with other pharmacist whose kids are going to USC pharmacy school and they are paying their kids tuition. Its not that bad just beg your parents.

SMH adults in their 20s asking for a 6 figure grant and an allowance? I stopped accepting allowance when I started working in high school and even paid for my lunches (it was only $1 but still I didn't need the handout). Millenials...

 

[Amicable Angora]

You guys are assuming your parents have that money to give.