Pharmacy students: How much do you pay for with loans?

[Leper Messiah]

I'm starting P1 this fall. I have no debt from undergrad, I just went to a local state college and lived at home. Now that's all changing since I am moving away to pharmacy school. How many of you pay for living expenses with loans? I don't expect to work many hours as an intern. Just trying to get an Idea of how many people graduate with 160k in debt.

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[anewmanx]

I will be taking out loans, and not using them. Might use the first one to buy a cheap car, something under $3k. More than likely I will only keeping the cash available in case of an emergency (I have a severely disabled child.) Paying off the unsub portion each semester. Will likely pull some of the graduate loan the last year just to float me to being licensed in the US.

As for tuition, every penny will be paid by my gi bill; living expenses with my pension.

Then again, I will only get a 5 yr bsc pharm, not a pharmd.

To each their own.

 

[radio frequency]

If my plans turn out (which it looks like they will), I'll be finished with <$50k in debt. I have sort of unique circumstances though; this probably isn't the norm.

 

[anewmanx]

If my plans turn out (which it looks like they will), I'll be finished with <$50k in debt. I have sort of unique circumstances though; this probably isn't the norm.

That's quite impressive. I tip my hat off to you.

 

[Jibby321]

If my plans turn out (which it looks like they will), I'll be finished with <$50k in debt. I have sort of unique circumstances though; this probably isn't the norm.

Your mind sharing your strategy?

To the OP I should be at about 100k when I graduate. I love at home and have no debt from undergrad. I work about 10 hrs a week as an inter while in school the 30-40 now that I'm out. And OT if I can get my hands on it. Currently I am trying to pay at least 100 a month on my loans.

 

[EML9255]

I just graduated my debt is around 55K. I did not have to use loans for housing or anything though
Hopefully I will be employed soon and then I am hoping to pay it off in 3-5 years

 

[radio frequency]

Your mind sharing your strategy?

I can, but it's not really replicable for most people.

I came in with a LOT of savings and some investments that did really well, plus no previous debt. I had some family support. I worked a bit. I chose the cheapest school I could for me (including tuition and cost of living); luckily this also happened to be a really good school. I applied for the scholarships I could (didn't get very many, but they were a small help). I didn't take the fancy vacations like many of my classmates who took annual or biannual cruises. I played it frugal, unless it was something I thought would benefit my future career or people's ability to imagine me in that career (things like decent quality clothes aren't worth skimping on...the key is to not overbuy).

Unless you come in with a lot of savings already, this probably isn't that helpful...sorry. :/

 

[Jibby321]

I can, but it's not really replicable for most people.

I came in with a LOT of savings and some investments that did really well, plus no previous debt. I had some family support. I worked a bit. I chose the cheapest school I could for me (including tuition and cost of living). I applied for the scholarships I could (didn't get very many, but they were a small help). I didn't take the fancy vacations like many of my classmates who took annual or biannual cruises. I played it frugal, unless it was something I thought would benefit my future career or people's ability to imagine me in that career (things like decent quality clothes aren't worth skimping on...the key is to not overbuy).

Unless you come in with a lot of savings already, this probably isn't that helpful...sorry. :/

Yea I am not taking any fancy vacations, living at home, paid my car off before starting school. When you say A LOT in savings that may vary per person. Like 50K? I have a decent amount but didn't use any to pay 1st year tuition. I'm thinking I will this year maybe pay like 1-2K out of my savings.

 

[radio frequency]

When I say a LOT...I mean more than 50k.

I can also add that due to some unexpected medical expenses, I had higher costs than the norm, too. I could have come out with less...but life happens, sometimes!

 

[Ackj]

Currently I am trying to pay at least 100 a month on my loans.

Since you're still a student, it might make more sense for you to apply that cash directly toward tuition and take out a smaller loan, rather than simply paying back the loan. This way you'll have a smaller disbursement which means lower origination fees for the loan. It's probably a very small difference though.

 

[Leper Messiah]

Thanks guys, I'm still looking at the numbers, and it seems scholarships are few and far between for professional students.