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Given discussions on high loans I'd like to propose the question of how people are suggesting students pay off their loans efficiently.
IBR? PSLF? PAYE? Possible student loan forgiveness? Or should graduates just blitz down their loans on a 10-20 standard repayment plan?
In my situation I'll likely have roughly 235k in student loan debt combining undergrad (which only cost me about 23k) and PharmD (near 200k). It's a high number, but given the state I live in and in state tuition the cheapest option for me was to actually go to a private school and live with my parents to save big on living expenses. If I went to a "cheaper" state school I'd have more debt after cost of living is factored in. This was the cheapest option for me believe it or not and I'm sure many other students have similar numbers.
I am tumbling around with many options. Option 1 would be to chase dreams. I'd like to do residency and possibly do a PGY2 to specialize in oncology or attempt to go to med school and ultimately become an oncologist. My personal passion is for cancer patients. Obviously this is likely not the most financially sound option unless I can make massive money as an oncologist (which isn't likely due to reimbursement rates seeming to fall for that area of practice). From the research I've gleaned a clinical pharmacist working in oncology makes roughly below the average salary for pharmacists, that being between 100-110k per year which also requires residency (aka lost income from being paid about 40k a year for 2 years).
The other options I'm looking into would be to not do residency and try to get a pharmacy manager position somewhere in the country (willing to relocate, but preferably somewhere in the northeast) and make 130-140k per year while also attempting some per diem work or trying to fill extra shifts for more income. This seems to be the best paying option and I could live frugally and blitz down loans in 5 years or so. I honestly don't dislike retail or management, I worked retail for 2 years cumulatively with 2 different chains (and rotated and basically all the others). Drug addicts and metrics can be a pain, but they don't bother me all that much and it's worth it for a higher salary in my view. I honestly enjoy counselling patients, giving immunizations and I think I'd be good at managing staff and technicians. I used to not want to do retail, but after thinking about it I don't particularly dislike it and find some aspects personally gratifying. From my research being a pharmacy manager pays the most money, if money is the only focus anyone know of other areas that pay higher apart from running your own pharmacy and getting successful?
Given all the opinions on the cost of pharmacy school and the best way to tackle debt, what do you all think? I hesitate to work public sector/non-profit jobs that pay less with the prospect of loan forgiveness (which may not happen) that may also be subject to taxes, and at this point I'm almost willing to sell out on my dreams to just make money, pay off loans and find more fulfillment outside of working a job. How are current pharmacists managing their debt or planning to do so? I graduate next year and I'm mulling over my options now.
IBR? PSLF? PAYE? Possible student loan forgiveness? Or should graduates just blitz down their loans on a 10-20 standard repayment plan?
In my situation I'll likely have roughly 235k in student loan debt combining undergrad (which only cost me about 23k) and PharmD (near 200k). It's a high number, but given the state I live in and in state tuition the cheapest option for me was to actually go to a private school and live with my parents to save big on living expenses. If I went to a "cheaper" state school I'd have more debt after cost of living is factored in. This was the cheapest option for me believe it or not and I'm sure many other students have similar numbers.
I am tumbling around with many options. Option 1 would be to chase dreams. I'd like to do residency and possibly do a PGY2 to specialize in oncology or attempt to go to med school and ultimately become an oncologist. My personal passion is for cancer patients. Obviously this is likely not the most financially sound option unless I can make massive money as an oncologist (which isn't likely due to reimbursement rates seeming to fall for that area of practice). From the research I've gleaned a clinical pharmacist working in oncology makes roughly below the average salary for pharmacists, that being between 100-110k per year which also requires residency (aka lost income from being paid about 40k a year for 2 years).
The other options I'm looking into would be to not do residency and try to get a pharmacy manager position somewhere in the country (willing to relocate, but preferably somewhere in the northeast) and make 130-140k per year while also attempting some per diem work or trying to fill extra shifts for more income. This seems to be the best paying option and I could live frugally and blitz down loans in 5 years or so. I honestly don't dislike retail or management, I worked retail for 2 years cumulatively with 2 different chains (and rotated and basically all the others). Drug addicts and metrics can be a pain, but they don't bother me all that much and it's worth it for a higher salary in my view. I honestly enjoy counselling patients, giving immunizations and I think I'd be good at managing staff and technicians. I used to not want to do retail, but after thinking about it I don't particularly dislike it and find some aspects personally gratifying. From my research being a pharmacy manager pays the most money, if money is the only focus anyone know of other areas that pay higher apart from running your own pharmacy and getting successful?
Given all the opinions on the cost of pharmacy school and the best way to tackle debt, what do you all think? I hesitate to work public sector/non-profit jobs that pay less with the prospect of loan forgiveness (which may not happen) that may also be subject to taxes, and at this point I'm almost willing to sell out on my dreams to just make money, pay off loans and find more fulfillment outside of working a job. How are current pharmacists managing their debt or planning to do so? I graduate next year and I'm mulling over my options now.
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