Loan Thread. How much did you borrow?

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Its Z said:
Pharmacist couple working full time should be reeling in around a quarter million bucks a year. You don't think you've gone anywhere with PharmD?????? Are you freaking serious?
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My sister works at an nice Italian restaurant. While I was waiting for her to get off work I was having a conversation with the owner of that restaurant. He asked me what I was doing in school and I told him I was in pharmacy school. I told him I would be around 80K in debt when I graduate. I told him I would be 28 turning 29 years old when I graduate and I also told him a pharmacist on average makes about 120K a year, but after taxes/deductions they would take home about 70K.

He look at me and told me that does not sound like a good plan. He was like "OMG, you have to be in school for that long, be in that much debt just to make 70K a year? WTF, that sucks!"

So yeah, when I think about it myself. I would be in a lot of debt when I get out and I would not be making "bank" either. So in a way the owner was right. I don't know how much he makes but looking at his cars I would guess A LOT more! :laugh:
 
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torchbearer said:
I graduated debt-free.

My parents gave me some money, but if they hadn't, I would've had about $32k of debt when I graduated.

That accounts for two years of pre-pharmacy and four years of pharmacy school. I spent the whole six years at a very large public school.

I worked a lot during breaks (except when I went to Europe for a few weeks one summer), but I barely worked at all during the school year.
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So basically you are the exact opposite of me? I work my ass off during school, graduated first (should be required...it's a doctorate and should required 8 years of college), and don't have mommy and daddy helping me and letting me live in their house rent free. I'm talking about graduating under $100k as a grown up.
 
SHC1984 said:
My sister works at an nice Italian restaurant. While I was waiting for her to get off work I was having a conversation with the owner of that restaurant. He asked me what I was doing in school and I told him I was in pharmacy school. I told him I would be around 80K in debt when I graduate. I told him I would be 28 turning 29 years old when I graduate and I also told him a pharmacist on average makes about 120K a year, but after taxes/deductions they would take home about 70K.

He look at me and told me that does not sound like a good plan. He was like "OMG, you have to be in school for that long, be in that much debt just to make 70K a year? WTF, that sucks!"

So yeah, when I think about it myself. I would be in a lot of debt when I get out and I would not be making "bank" either. So in a way the owner was right. I don't know how much he makes but looking at his cars I would guess A LOT more! :laugh:
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Yes, but the risk he takes to make that money is way greater than the risk you are taking to make it. You have a degree to fall back on, where as he has nothing if his restaurant takes a downturn.
 
I just got in-state resident tuition for my last 3 years! Wooooooooooo!


.... but I'm still going to owe around $100k in post-grad and $30k in undergrad. My wife owes $60k from under/postgrad. :scared:
 
pearljam5a1 said:
I just got in-state resident tuition for my last 3 years! Wooooooooooo!


.... but I'm still going to owe around $100k in post-grad and $30k in undergrad. My wife owes $60k from under/postgrad. :scared:
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congrats man... that is a huge burden lifted off your shoulders.
 
SHC1984 said:
I don't know how much he makes but looking at his cars I would guess A LOT more! :laugh:
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No, car is not the best indicator of how much money someone makes. I drive a 10 year old Acura with 160,000 miles... probably not even worth $2,000 today.
 
Its Z said:
No, car is not the best indicator of how much money someone makes. I drive a 10 year old Acura with 160,000 miles... probably not even worth $2,000 today.
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and on the other side of the spectrum there are plenty of people with beautiful cars that live in a **** hole.
 
tungsten87 said:
and on the other side of the spectrum there are plenty of people with beautiful cars that live in a **** hole.
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But I didn't tell you about my garage queen and the motorhome.

:smuggrin:
 
Whenever I am a pharmacist, I am going to live in one of the ugly ass brick houses that were built in the 70s and 80s. Those things will last through a nuclear war and cost less than $100k around here. I will the buy an e92 M3 and have a couple of project cars. Living in a big, nice house is so overrated.
 
BavarianMWE46 said:
Whenever I am a pharmacist, I am going to live in one of the ugly ass brick houses that were built in the 70s and 80s. Those things will last through a nuclear war and cost less than $100k around here.
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Make sure there aint no asbestos...and nuclear rats living in the attic.

I will the buy an e92 M3 and have a couple of project cars. Living in a big, nice house is so overrated.
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No it's not...you'll need a 4 car garage anyways. Large and newer houses are a lot more energy efficient and comfortable. As long as you're going to stay put in an area, having a home you absolutely love and in a safe surrounding is not a bad idea for your family and life outside of pharmacy.
 
I have literally lived in single wide and double wide trailers for the last 15 years of my life. I really dislike big houses, people just fill them up with junk they don't need and they'll die before they have time to enjoy half the crap they have. A few really badass toys like an M3, track car, and a really nice boat, all parked in my shop behind my sub-$100K house is my dream, lol.

My wife and I live in a 1 bedroom 675 sq ft cottage in the city right now, and it kicks ass!! If it only had a shop for my E46.
 
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BavarianMWE46 said:
I have literally lived in single wide and double wide trailers for the last 15 years of my life. I really dislike big houses, people just fill them up with junk they don't need and they'll die before they have time to enjoy half the crap they have. A few really badass toys like an M3, track car, and a really nice boat, all parked in my shop behind my sub-$100K house is my dream, lol.

My wife and I live in a 1 bedroom 675 sq ft cottage in the city right now, and it kicks ass!! If it only had a shop for my E46.
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Bad ass toys require safe area to store.

And when you start making pharmacist money, your wife is going to want to upgrade..and if you ever have kids, I'm not sure you'd want to raise them in a single wide.. and you'll start looking for "better" school district etc.. well, maybe not you.
 
Ok, we'll now that fasfa made the final changes to my account, i now have 4,000 n something dollars left over after i pay my tuition...

How much do you guys think I should take? N should i save the rest for next semester (considering I have a unsubsidize loan and subsidize loan) or should I give some back till next yr?
 
LOL. This was my thread from 5 years ago. haha..

I'd imagine people are borrowing 20% more since that seems to be the increase in tuition
 
People graduated and complained to have 70 to 80k in debt. Where some schools that would cover just the first year.
 


A person on the Internet (not me) claimed to owe this much from USC Pharmacy School / BS Biology from UCI. She is currently unemployed and was fired from CVS (after working for CVS for 2 years).
 


Try this link. Anyways, the loan debt is $324,883 if anyone is unable to still open the 2nd link.
 
rxlea said:
So what are people graduating with these days?
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Does it really matter? As long as they are federal loans I'd imagine most of the high balance people are going on IBR/PAYE and probably never paying them off.
 
If you don't get the 10 year public service forgiveness then yes it is taxed to the extent that you are solvent. Getting taxed on 300,000+ at 50 years old isn't a pleasant thought.
 
Gombrich12 said:
If you don't get the 10 year public service forgiveness then yes it is taxed to the extent that you are solvent. Getting taxed on 300,000+ at 50 years old isn't a pleasant thought.
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are you sure? From what I heard, it's still undetermined what will happen to that balance....
 
MindGeek said:
I'm at 328k between my my Pharm.D., MBA, and B.S. Let's see if anyone can beat that high score! :wow:

Anyway...
Pre-2007 borrowers (like myself) rejoice! :soexcited:
The proposed REPAYE program was just approved on 10/27 and will take effect this 12/16!!!
http://www.ed.gov/news/press-releas...gulations-protect-students-and-help-borrowers
http://time.com/money/4089638/student-loans-income-based/
http://bostonstudentloanlawyer.com/...ment-plan-details-and-release-date-announced/
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For real? That's a lot!!
 
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After my PharmD and BS with interest tacked on I'll have 248k when I graduate. Believe it or not this is near my cheapest option given my state.
 
By the end of pharmacy school, 150k, interest included. I'm OOS and I know of in-state students who have just as much, if not more debt that I have.
 
MindGeek said:
I'm at 328k between my my Pharm.D., MBA, and B.S. Let's see if anyone can beat that high score! :wow:

Anyway...
Pre-2007 borrowers (like myself) rejoice! :soexcited:
The proposed REPAYE program was just approved on 10/27 and will take effect this 12/16!!!
http://www.ed.gov/news/press-releas...gulations-protect-students-and-help-borrowers
http://time.com/money/4089638/student-loans-income-based/
http://bostonstudentloanlawyer.com/...ment-plan-details-and-release-date-announced/
Click to expand...

You just made my day!!! :clap: This is going to help next year when I feel the full brunt of the amount that I make.
 
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MindGeek said:
I'm at 328k between my my Pharm.D., MBA, and B.S. Let's see if anyone can beat that high score! :wow:
Click to expand...

Never gonna marry a new pharmacy grad, or I'd want to see the loan balance first LOL!
 
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MindGeek said:
I'm at 328k between my my Pharm.D., MBA, and B.S. Let's see if anyone can beat that high score! :wow:

Anyway...
Pre-2007 borrowers (like myself) rejoice! :soexcited:
The proposed REPAYE program was just approved on 10/27 and will take effect this 12/16!!!
http://www.ed.gov/news/press-releas...gulations-protect-students-and-help-borrowers
http://time.com/money/4089638/student-loans-income-based/
http://bostonstudentloanlawyer.com/...ment-plan-details-and-release-date-announced/
Click to expand...

You better marry some poor guy because REPAYE would also take your spouse's income when determining your monthly payment LOL
 
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