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Residency and Work at the Same time?

Discussion in 'Pharmacy Residencies and Fellowships' started by Ethyl Methyl, 04.08.08.

  1. Ethyl Methyl

    Ethyl Methyl Go Coogs!

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    I am curious to know if anyone here is doing a residency and working at the same time. How hard is it?

    After I get my pharmD, I'm thinking of working as a hospital staff pharmacist while I'm also working on getting a 2 yr residency. Is this feasible or would you advice against it?

    I know I'm kinda early in the game to be worrying about this but I like planning ahead.:)
  2. RxWildcat

    RxWildcat Julius Randle BEASTMODE! Moderator Emeritus

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    its my understanding that being a resident is super time consuming so I doubt you could work much extra. Its feasible, I guess, but you better be ready for some looooong weeks. You do know residencies are paid, right?
  3. Ethyl Methyl

    Ethyl Methyl Go Coogs!

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    I know residents get a stipend but it too low (30-40 Gs per year?). I don't think I can pay off my student loans and mortgage with that. I know I can probably get a deferment for my loans but I don't know for how long and besides I want to finish paying off my loans asap.
  4. RxWildcat

    RxWildcat Julius Randle BEASTMODE! Moderator Emeritus

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    you can defer your student loans while doing a residency. I believe most residencies are around that 30-40k mark, which is really sucky considering you could be making 3x that. It'd be tough to get the loans paid back on 40k, but it'd only be for 2 years. Maybe you could just pay the interest during those years.
  5. Trancelucent1

    Trancelucent1 Gator Girl :)

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    Most residency programs require some work committment (mine will be every other weekend- however most aren't that much). You have to consider that you'll be putting in 10-12 hour days most days of the week. Then you would be working outside on top of that. Basically you'll be working 7days/week. I can't imagine anyone being able to handle that for a full year. Also some residency contracts state that you cannot work for another organization while finishing your contract. Like others have mentioned you do not have to pay back your loans while completing your residency (both years). If you're able to pay your mortgage while in school I can't imagine that you'll have a hard time during your residency if you've deferred your loan. I've never known anyone to work during their residency but as I really think it depends on the difficulty of the program and how much they require from you. It would be really hard to tell until you're in your residency then you can decide.
  6. genesis09

    genesis09 Senior Member

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    I know some of the UIC residents do moonlight at community pharmacies during the weekend. They have to get permission for the residency director though.
  7. Tessalon

    Tessalon

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    Our hospital lets us pick up open shifts and pays us at a regular pharmacist rate or overtime if they are really short-staffed. Personally, I physically cannot handle anymore shiftwork on top of all of the projects I have going on, so I don't pick up shifts. Other residents pick one up maybe once a month at most. But we have to staff one night every other week and every third weekend already, so I just like to avoid burnout as much as possible.
  8. Ethyl Methyl

    Ethyl Methyl Go Coogs!

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    Thank you all for the responses! It's always nice to hear other people's perspectives :)
  9. Chiyo

    Chiyo

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    Rather than worrying about accumulating a large debt, I would try to live frugally during pharm school. Part time work may pay off living expenses - I have seen some of my classmates work 20hrs/week.
  10. spacecowgirl

    spacecowgirl brr

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    I've been working one weekend a month at retail and now I'm switching to working every third weekend at my post-residency job. The money is great, but I could not work more than that, especially in retail - wipes me out.:sleep:
  11. Pharmmusher

    Pharmmusher

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    Does anyone have any experience deferring their loans? I've got both private and federal loans and would like to defer all of them next year while I'm doing my residency. Also, has anyone been able to consolidate AND defer their loans? Any advice from current residents who have gone through this would be greatly appreciated!!
  12. spacecowgirl

    spacecowgirl brr

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    Just call your lender. I consolidated and deferred. I started paying on some of my private loans but I didn't have to; I just wanted to get a headstart on those. I rue the day I took out private loans. I think APhA has a preferred lender, can't remember what they're called nor do I have any personal experience, but you might want to look into them.

    ETA: they are called College Loan Corporation and I'm not sure how they are any different from any other lender, but that's who was at APhA
  13. genesis09

    genesis09 Senior Member

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    Do not make any choices about your loans until after July 1 because the interest rate will reset, and it'll be significantly lower.
  14. spacecowgirl

    spacecowgirl brr

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    Really? Wow! Any idea what the rate will be?
  15. speednutsII

    speednutsII Member

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    Just to make a comment, as resident director or any boss cannot force you to ask them permission to moonlight. They cannot dictate your free time. It is illegal.

    Steve
  16. genesis09

    genesis09 Senior Member

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    They haven't decided yet. However, this will only be for loans with have variable rates. The important thing about the July 1 date is that many of the consolidators will adjust their interest rates as well.
  17. Hels2007

    Hels2007 I bite Moderator Emeritus

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    They can, however, make you sign a document that you will not work for their competition, which can have a very broad definition.
  18. PharmaTope

    PharmaTope

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    that was before GW Bush signed changes in loan deferment now. these changes affect everyone even med students. the amount of debt you need now to qualify is INSANE. check it out. deferment as a pharmacy residency does not seem possible anymore.
  19. Trancelucent1

    Trancelucent1 Gator Girl :)

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    When I called last week (I have Federal Direct Plus loans) they said that I could defer once my loan payment is due (sometime in November). It's actually considered forbearance instead of deferment but either way they told me that a pharmacy residency qualified.
  20. Toomeke

    Toomeke

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    Nice...I start school in JUNE! *sigh*
  21. Toomeke

    Toomeke

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    What's the diff b/t the two? Interest not accruing or something along those lines?

    just curious...
  22. emogrrrrl

    emogrrrrl I like my freedom

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    My lender actually allows me to defer via economic hardship and I believe most pharmacy residency stipends fall into this category. Basically your monthly payment for your loan exceeds 20% of your monthly income, there's also another part to it, but I can't remember the exact numbers. I would look into that rather then forbearance. With deferment you can still have your subsidized loan interest paid during that time, while if you're in forbearance you have to pay both subsidized and unsubsidized interest over that period of time. I don't think most lenders tell you about the economic hardship, I had to read up on it myself.
  23. PharmaTope

    PharmaTope

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    very nice! congrats on graduating. they let you guys grad early! i still am waiting for graduation.... grrrrr.
  24. Trancelucent1

    Trancelucent1 Gator Girl :)

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    Our normal graduation day is May 2. We actually went back the last 8 weeks for a few classes and we start rotations in March. I guess that's how we graduate in early May. Not sure but I'm not complaining!
  25. genesis09

    genesis09 Senior Member

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    It won't make a difference to you unless you are getting Grad PLUS loans or if you have pre-2006 Stafford loans.
  26. Mamar

    Mamar

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    Did you consider taking a non-traditional residency rather than a regular one? A few hospitals provide this option to their pharmacists. Basically you work as a staff pharmacist and get paid as any other regular pharmacist. However, you get the extra benefit of being a resident. In order to complete your PGY1 you need to successfully complete 10 or 11 rotations that will be spread over a period of 3 years, with an average pace of one rotation every 3 months. That is you staff for 3 months and then go on a one month rotation and so on - but you still get paid at the same rate of a regular pharmacist. You could take a maximum of 4 rotations a year and should be able to finish your residency over a minimum period of 3 years. This might be a good option but takes a bit longer.
  27. Ethyl Methyl

    Ethyl Methyl Go Coogs!

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    Wow! I didn't know that I have this option. It might be harder to find a match but it is something worth considering. Thanks!
  28. njac

    njac Senior Member

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    I don't know if these programs go through the match or not... the only one I have personal experience with is at the University of Maryland Hospital.
  29. Allure

    Allure

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    I just had an interview for an intern position at the hospital, and my interviewer mentioned how much I would make as a resident (38K) and as a pharmacist ($85K), which is kinda low. Anyway, she told me that while I do my residency there, I can also work as a contingent pharmacist where I can pick up hours to make extra money. This site goes through a match program and it offers both PGYI and PGYII programs. I have a feeling that other hospitals let you pick up extra shifts to make extra money since technically you'll have your license and can practice as a pharmacist. So if I can pick up 2 shifts per month, I can make roughly an extra 10K a year. I worked for this same hospital before, just a different location and there was always someone on vacation or out sick.
  30. Jeanblulu

    Jeanblulu

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    i know lots of pharmacy residents who work during their residencies...usually one weekend a month. i know some past residents who worked on the weekends where they weren't required to staff the pharmacy since they had lots of bills to pay..i guess mortgages and such. But that meant that they didn't have any days off. I don't know if I can handle not having any days off at all. I'm going to be working one weekend a month at Walgreens.
  31. PharmaTope

    PharmaTope

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    i have never ever heard of this? do any specialty residencies do this?

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