Anyone here take money for school in exchange for time commitment?

[R2pharmD2]

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The hospital where I work now as a tech offers money for pharmacy school (6 grand/year) in exchange for a 1 year work commitment for each $6,000 you take. I've already sent them an email to get more details on the program (in what location will I actually be employed, am I guaranteed a full-time pharmacist position, what happens if I decide to take a job elsewhere early, etc.) but I wanted to get some input from anyone who has taken a similar offer.

On the surface, it almost sounds too good to be true. $24,000 for school AND a guaranteed job in a hospital (no residency required!) for a 4 year commitment? Or, if they don't have a job for me after I graduate, then I just get to keep the money, no strings attached. That's what I was told, at least. For anyone who has taken a similar offer, or anyone with additional insight, are there other potential downsides that I haven't considered? Questions I should have them answer?

 

[CUpharmD2013]

The hospital where I work now as a tech offers money for pharmacy school (6 grand/year) in exchange for a 1 year work commitment for each $6,000 you take. I've already sent them an email to get more details on the program (in what location will I actually be employed, am I guaranteed a full-time pharmacist position, what happens if I decide to take a job elsewhere early, etc.) but I wanted to get some input from anyone who has taken a similar offer.

On the surface, it almost sounds too good to be true. $24,000 for school AND a guaranteed job in a hospital (no residency required!) for a 4 year commitment? Or, if they don't have a job for me after I graduate, then I just get to keep the money, no strings attached. That's what I was told, at least. For anyone who has taken a similar offer, or anyone with additional insight, are there other potential downsides that I haven't considered? Questions I should have them answer?

I'd do this in a second, especially if you like where you work. One thing that you may want to ask them is if they also take care of the taxes on the 6k. So in essence you're getting 6k net so that you don't have to pay taxes on their contribution.

 

[Fatpharm]

Also research what the starting salary is and what the benefits are. The hospitals I researched when I was a student that do these student bonuses don't pay very well. Taking money can limit your negotiating power as well.
But guaranteed job is always a plus!

 

[R2pharmD2]

I'd do this in a second, especially if you like where you work. One thing that you may want to ask them is if they also take care of the taxes on the 6k. So in essence you're getting 6k net so that you don't have to pay taxes on their contribution.

I am definitely happy where I work, but I'm not entirely sure I'd be guaranteed a position at my current hospital. That's one of the things I'm trying to find out. Good question about the taxes though, I'll have to ask about that too.

Also research what the starting salary is and what the benefits are. The hospitals I researched when I was a student that do these student bonuses don't pay very well. Taking money can limit your negotiating power as well.
But guaranteed job is always a plus!

As far as I know, my hospital's pay and benefits are very comparable with other hospitals in the area, but I don't have any numbers yet to back that up. As a fresh grad in what could potentially be an over saturated market 4 years from now though, I don't expect to have a lot of negotiating power anyway. But I see your point. It would be silly to take their money only to give it back in the form of a below market value rate of pay/benefits.

 

[lauradiddle]

Man, if my hospital did that I'd take it in a heartbeat! A little less loans and a guaranteed job where I want to live after school? Sign me up!

 

[DYSF777]

If you can pay it back without interest if you choose to go elsewhere then you would be stupid in not taking the cash. It not only guarantees that they hold a full time (32 hr) position for you but also allows you to earn some interest while in school. Also be sure that they will be writing you the check and not to the school you attend.

 

[joetrisman]

Wags has tried to get me to do this. I told them thanks but no thanks. If it was a hospital, I'd jump on it.

 

[confettiflyer]

hospital -- hell yeah, jump on that offer

 

[owlegrad]

R2,

Did you make this thread to rub our noses in it? 😉

Let's see, in addition to gainful employment as an intern in the hell-scape that supposedly is pharmacy right now, you want to know if you should also take free money that almost certainly increases your chances of getting a job once you graduate? Hmm let's see...

Where did I leave my rotten "throwing" tomatoes? 😛

 

[PumpkinSmasher]

The hospital where I work now as a tech offers money for pharmacy school (6 grand/year) in exchange for a 1 year work commitment for each $6,000 you take. I've already sent them an email to get more details on the program (in what location will I actually be employed, am I guaranteed a full-time pharmacist position, what happens if I decide to take a job elsewhere early, etc.) but I wanted to get some input from anyone who has taken a similar offer.

On the surface, it almost sounds too good to be true. $24,000 for school AND a guaranteed job in a hospital (no residency required!) for a 4 year commitment? Or, if they don't have a job for me after I graduate, then I just get to keep the money, no strings attached. That's what I was told, at least. For anyone who has taken a similar offer, or anyone with additional insight, are there other potential downsides that I haven't considered? Questions I should have them answer?

Sounds like a good deal, especially if you like the hospital and the pharmacy team.

 

[pezdispenser]

I'd do this in a second, especially if you like where you work. One thing that you may want to ask them is if they also take care of the taxes on the 6k. So in essence you're getting 6k net so that you don't have to pay taxes on their contribution.

This type of money should be tax free. Even if it isn't, your income as a student may be low enough that you don't pay income tax or you are in the lowest 10% bracket.

 

[R2pharmD2]

R2,

Did you make this thread to rub our noses in it? 😉

Let's see, in addition to gainful employment as an intern in the hell-scape that supposedly is pharmacy right now, you want to know if you should also take free money that almost certainly increases your chances of getting a job once you graduate? Hmm let's see...

Where did I leave my rotten "throwing" tomatoes? 😛

I promise, that was certainly not my intention! I fully expected several people to tell me "yeah, that's all well and good, but here's the catch..."

 

[owlegrad]

I promise, that was certainly not my intention! I fully expected several people to tell me "yeah, that's all well and good, but here's the catch..."

Sure, sure. Next time something great happens to me I am going to come on here and be like, "So I got a raise at work after aceing my midterms and my school decided to give me a scholarship and the governor called to say what an outstanding citizen I am. So yeah I was just wondering if this is a good thing or not? What's the catch?". 🙄


😛

 

[R2pharmD2]

Sure, sure. Next time something great happens to me I am going to come on here and be like, "So I got a raise at work after aceing my midterms and my school decided to give me a scholarship and the governor called to say what an outstanding citizen I am. So yeah I was just wondering if this is a good thing or not? What's the catch?". 🙄


😛

🤣

 

[CUpharmD2013]

This type of money should be tax free. Even if it isn't, your income as a student may be low enough that you don't pay income tax or you are in the lowest 10% bracket.

I highly doubt it's "tax free." When my ex-employer did this kind of thing for me, they paid the taxes on top of the stipend. I know this because I received a statement that showed me the taxes that they paid to the government as it was considered earned money. I'm not an accountant, though, so there could be a way for them to give an employee money for school without it being taxed.

 

[pezdispenser]

I highly doubt it's "tax free." When my ex-employer did this kind of thing for me, they paid the taxes on top of the stipend. I know this because I received a statement that showed me the taxes that they paid to the government as it was considered earned money. I'm not an accountant, though, so there could be a way for them to give an employee money for school without it being taxed.

Okay, the part of a scholarship that you use for tuition or required fees, books, supplies, and equipment is tax free. The part that you use for anything else such as room, board and travel is taxable. See IRS Publication 970. If your employer paid taxes on top of the stipend, that should be even better because then you could get it refunded on your tax return.

 

[Tinkerbell22]

the only catch i could personally think of is if they happen to pay you less and make you take horrible hours (which like you said, could happen anyway). i know that my circadian rhythm would probably not be able to handle alternating overnight schedules, or 7 on-7 off... but some people like that, or they don't mind as long as they have the job they want.

 

[PumpkinSmasher]

the only catch i could personally think of is if they happen to pay you less and make you take horrible hours (which like you said, could happen anyway). i know that my circadian rhythm would probably not be able to handle alternating overnight schedules, or 7 on-7 off... but some people like that, or they don't mind as long as they have the job they want.

What I was thinking too, I am not built for graveyard 7on7off.

 

[R2pharmD2]

What I was thinking too, I am not built for graveyard 7on7off.

Honestly, I think that I would actually like that shift, but having never actually worked 3rd (beyond picking up an extra shift here or there), I don't know if I could do it all of the time either. I'll add that to my list of questions to ask before I sign anything

Thanks for everyone's input!

 

[confettiflyer]

Honestly, I think that I would actually like that shift, but having never actually worked 3rd (beyond picking up an extra shift here or there), I don't know if I could do it all of the time either. I'll add that to my list of questions to ask before I sign anything

Thanks for everyone's input!

see if you can cover an overnight tech for 2-3 weeks...i'm sure they'll appreciate being able to go on vacation or something.

 

[amox]

The company I work for offers 5,000 a year, under the same stipulations. However the job is retail and limited to the south east US.

I would rather pay 20,000 and have more options. Not much money overall.

Employed with the company for 4 years, I really enjoy it and wouldn't mind staying. But I don't know what will happen in four years once I graduate, for all I know I could become to loathe such setting.

Planning to stay employed over the next four years in pharmacy school and turn down the offer.

 

[aboveliquidice]

I did 40k loan repayment per year in exchange for time commitment. It's worked out well so far.

 

[Tinkerbell22]

The company I work for offers 5,000 a year, under the same stipulations. However the job is retail and limited to the south east US.

I would rather pay 20,000 and have more options. Not much money overall.

Employed with the company for 4 years, I really enjoy it and wouldn't mind staying. But I don't know what will happen in four years once I graduate, for all I know I could become to loathe such setting.

Planning to stay employed over the next four years in pharmacy school and turn down the offer.

you work for publix?

 

[R2pharmD2]

see if you can cover an overnight tech for 2-3 weeks...i'm sure they'll appreciate being able to go on vacation or something.

That's an excellent idea, but I'm actually giving up my hospital job next month so I doubt I'll have time (I don't have to maintain my employment with the hospital to take advantage of the loan offer, if anyone is confused). I'm getting ready to move to where my pharmacy school is, but I'm trying to line up an intern position there so maybe I could manage that some time during the next 4 years.

The company I work for offers 5,000 a year, under the same stipulations. However the job is retail and limited to the south east US.

I would rather pay 20,000 and have more options. Not much money overall.

Employed with the company for 4 years, I really enjoy it and wouldn't mind staying. But I don't know what will happen in four years once I graduate, for all I know I could become to loathe such setting.

Planning to stay employed over the next four years in pharmacy school and turn down the offer.

I guess this depends on the terms of repayment if I were to change my mind and back out. If there is no interest, or the interest only begins from the time I graduate, then it would essentially be either a free or subsidized loan. I could always work just long enough to pay it back, unless there are penalties associated with doing so, although I think I would be perfectly happy sticking with them after graduation. Of course, predicting the future is risky business and I do see the appeal of keeping my options open as well.

I did 40k loan repayment per year in exchange for time commitment. It's worked out well so far.

With the military, I'm guessing? That has always sounded like a pretty awesome option to me, but it's not something the wife would ever go for.