starsweet

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I was wondering when after you graduate and are looking around at different companies, do any of them (I'm guessing retail might do this more than hospital) offer to absorb your loans as a bonus? So effectively if you join their company, they would then pay off all your loans? Is this something that can be negotiated? If not, please don't flame me. :)
 

pharmdgto

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starsweet said:
I was wondering when after you graduate and are looking around at different companies, do any of them (I'm guessing retail might do this more than hospital) offer to absorb your loans as a bonus? So effectively if you join their company, they would then pay off all your loans? Is this something that can be negotiated? If not, please don't flame me. :)
I just graduated and recieved a 35k sign on bonus. Most compaines are not going to pay your student loans off but I have some friends who said they would receive some compensation towards theirs. Most companies will write you a fat check that the government will bend you over on, as bonus checks are the highest taxed checks you can recieve. Of that 35k, I think I recieved 21-22 total. I dunno when you graduate but alot of the high bonus areas (speaking for retail here) are starting to dry up. My area no longer offers such a bonus....
 

ForcedEntry

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pharmdgto said:
Most companies will write you a fat check that the government will bend you over on, as bonus checks are the highest taxed checks you can recieve.
So true...

Two ways to avoid the high taxation:
1. by splitting the bonus amount into weekly/bi-weekly/monthly increments to be added to your gross salary over a 1-2 year term or,
2. when the taxes are calculated make sure the payroll clerk bases them off of a "one shot" tax schedule and not the typical weekly one they are used too.
3. You could also defer a monthly bonus installment to a matching 401(K) and get twice the amount :love:
 
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psurocks

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pharmdgto said:
I just graduated and recieved a 35k sign on bonus. Most compaines are not going to pay your student loans off but I have some friends who said they would receive some compensation towards theirs. Most companies will write you a fat check that the government will bend you over on, as bonus checks are the highest taxed checks you can recieve. Of that 35k, I think I recieved 21-22 total. I dunno when you graduate but alot of the high bonus areas (speaking for retail here) are starting to dry up. My area no longer offers such a bonus....
where did u get your job at?
 

pharmdgto

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psurocks said:
where did u get your job at?
I have been a walgreens employee (tech, intern and now grad intern waiting for the stupid state of illinois to send me my license) for over 5 years. I signed on for 3 years in the Peoria Illinois area...
 

pharmdgto

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ForcedEntry said:
So true...

Two ways to avoid the high taxation:
1. by splitting the bonus amount into weekly/bi-weekly/monthly increments to be added to your gross salary over a 1-2 year term or,
2. when the taxes are calculated make sure the payroll clerk bases them off of a "one shot" tax schedule and not the typical weekly one they are used too.
3. You could also defer a monthly bonus installment to a matching 401(K) and get twice the amount :love:
With my employer you get none of these options....just a fat check..
 

dgroulx

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If you work for a government funded clinic then they grant loan forgiveness. The place where I did my ambulatory care rotation forgave $25k per year up to 4 years for a total of $100k.

This works out better than a bonus because they just reduce the principal that you owe them. This means less interest paid on your loan and no taxes paid on the "bonus".
 

Phantom_Eclipse

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If you work for a government funded clinic then they grant loan forgiveness. The place where I did my ambulatory care rotation forgave $25k per year up to 4 years for a total of $100k.
Nice! Do you happen to know a link that has the details on this program?
 
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starsweet

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dgroulx said:
If you work for a government funded clinic then they grant loan forgiveness. The place where I did my ambulatory care rotation forgave $25k per year up to 4 years for a total of $100k.

This works out better than a bonus because they just reduce the principal that you owe them. This means less interest paid on your loan and no taxes paid on the "bonus".
Yes, more information please. :)
 

dgroulx

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From the Library of Congress: (Sec. 2119) Provides for student loan forgiveness for service in areas of national need. (Replaces and expands the current program of loan forgiveness for child care providers.) Makes eligible those who serve under certain conditions as early childhood educators, nurses, foreign language specialists, librarians, highly qualified teachers of bilingual education or in low-income communities, first responders in low-income communities, child welfare workers, speech-language pathologists, or workers in other areas of national need designated by the Secretary.

The clinic where I worked was a migrant care clinic serving a Hispanic community. The owner of the chain of clinics offered forgiveness for all of the health care workers. Remember the show Northern Exposure where the doctor went to work in Alaska to get student loan forgiveness? It's the same type of thing.
 

kellia

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I believe that the military has similar programs. The tradeoff is that the pay is less.
 

pharmdgto

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kellia said:
I believe that the military has similar programs. The tradeoff is that the pay is less.
Probably considerably less. If it wasn't, those jobs would be taken...
 

Phantom_Eclipse

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dgroulx said:
From the Library of Congress: (Sec. 2119) Provides for student loan forgiveness for service in areas of national need. (Replaces and expands the current program of loan forgiveness for child care providers.) Makes eligible those who serve under certain conditions as early childhood educators, nurses, foreign language specialists, librarians, highly qualified teachers of bilingual education or in low-income communities, first responders in low-income communities, child welfare workers, speech-language pathologists, or workers in other areas of national need designated by the Secretary.

The clinic where I worked was a migrant care clinic serving a Hispanic community. The owner of the chain of clinics offered forgiveness for all of the health care workers. Remember the show Northern Exposure where the doctor went to work in Alaska to get student loan forgiveness? It's the same type of thing.
How's the pay? How less is it? I know it varies from area to area, but it shouldn't be THAT much different, or is it? Thanx!
 
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dgroulx

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Phantom_Eclipse said:
How's the pay? How less is it? I know it varies from area to area, but it shouldn't be THAT much different, or is it? Thanx!
An experienced pharmacist makes $40 an hour, which is $10 less an hour than retail. That's about $20k less per year. But, since it is a government clinic, you don't work weekends and have all major holidays off.

You just need to figure out what's important to you. If you just want to make loads of money, then stick to retail. You'll make more money in the long run.
 
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Phantom_Eclipse

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dgroulx said:
An experienced pharmacist makes $40 an hour, which is $10 less an hour than retail. That's about $20k less per year. But, since it is a government clinic, you don't work weekends and have all major holidays off.

You just need to figure out what's important to you. If you just want to make loads of money, then stick to retail. You'll make more money in the long run.
So a fresh graduate would make less, right? Hmmm. Thanx for the info. It would be definitely something to think about when I graduate....
 

oakland_raiders

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pharmdgto said:
Probably considerably less. If it wasn't, those jobs would be taken...
Actually, no. Mostly they are not taken because people do not want to be in the military. I am posting a copy of a response I have posted on a couple of different threads regarding military pay for Pharm Ds vs the civilian sector. If someone doesn't want to join the military as a pharmacist because they do not want to be in the military, that is totally understandable, not everyone is cut out to wear the uniform everyday. However if someone says they do not want to join because of the money, then it is simply a case of not understanding the intricacies of military pay (which I admit can be confusing). I was shadowing a military pharmacist in the Oncology Pharmacy last week and he brought up a very good point: In the civilian sector as a pharmacist your pay is flat and does not go up by much. Maybe a dollar here and two dollars there. In the military you get significant pay increases for promotion and time in service. My wife is a Pharm D and she said the new grads get paid just as much as her and the other pharmacists that have worked there for years. That would make me a little frustrated. Anyway, here is the post from the other thread, please feel free to contact me directly if you think this is something that interests you! Good Luck!
 
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oakland_raiders

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Quote:
Originally Posted by baggywrinkle
No they do not. They offered me a $3000 bonus which was the best they could muster.

Now if you want to accept a commission and take an oath they might be willing to deal with something like that, but I'll wager it will cost you a six year commitment.



Not true.
Currently the Navy is offering a $30,000 sign on bonus for a 4 year obligation (it may be three years, but I am pretty sure it is 4) if you already have your Pharm D. The Navy also has another program where they will pick up your last 2 years of pharmacy school (tuition, books, lab fees, everything) plus you draw E-6 pay (about $27K per year) and accrue time towards retirement. The drawback is that they will send you where they need you when you graduate, so you have less control over your future then taking the signing bonus path. I am not sure what the obligation length is for this program.
The Army just approved a program to pay up to $117,000 in loan repayment to recruit Pharm D grads. It is payed in 4 annual lump sum payments after taxes. You owe 4 years but one year is a residency.
I do not know what the Air Force is offering, but I know an AF Pharm D. theat recieved a $35K sign on bonus 3 years ago.
If you are interested is being a military pharmacist then I highly suggest you go to your nearest Military Hospital (the bigger, the better) look up the Pharmacy Commander, who is an active duty O-5 or O-6, and make an appointment to introduce yourself and ask questions. When I did this everyone was very eager to help and answer all my questions. I am doing this at a large military hospital near me. I have a relatively easy shadowing schedule with the pharmacists there, I am truly getting a great picture of what their jobs and careers are like and I am setting myself up for some killer LORs.

I also strongly suggest that you find your nearest MEDICAL Military Recuiter for the branch of military you are interested in. The officers at the military hospitals can help you find that person. DO NOT go to a general recruiting office, they will not have a clue.

Below is a re-post I put up early this year regarding the pay issue for commisioned military pharmacists. Please feel free to contact me if you have any other questions and if I don't know the answer, maybe I can point you in the right direction. Good luck!!
 
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oakland_raiders

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Quote:
Originally Posted by kkelloww
Probably the reason most want to get out is because of the pay difference. It is significant. ~65K vs 100K.




Actually, no. The reason most get out is because they do not want to be in the military. If they do think there is a huge pay difference it is because they are uninformed. I am an active duty military officer and my wife is a Pharm D (civilian hospital pharmacist). If the planets align I will start pharmacy school in the fall of ’07. I speak to people frequently who either are currently military pharmacists or want to be. The biggest objections I hear are the pay differences and the risk of deployments.

Here is the reality on the money issue. Military pay AND BENEFITS are structured drastically different then civilian pay. Military pay consists of salary, food allowance, and housing allowance. Housing allowance is about 20% of your total pay and is not taxed (that means no fed, state, social security, Medicare, etc). Calculate how much greater your current take home pay would be if 20% of what you make had no deductions. You do not pay for medical (including ALL prescription drugs), dental, or vision insurance. You automatically have term life insurance for free (I think it is $200,000) and you can opt in for more (I pay $30 a month for $400k on me and $200k on my wife, try matching that in the civilian sector). If you get hurt, there is no disability insurance at 60% of your pay...you draw full pay, and there is no fee for that either. You do not pay into a 401K plan because of the military retirement plan-After 20 years of service you draw a retirement check each month that is 50% of your base pay when you retired (if you enter service as a pharmacist at the age of 26 you can retire and start drawing a pension check at 46), you can earn up to 75% for 30 years of service. In addition you have post privileges to the commissary (we pay about 25% less then a grocery store, figure out those savings over the rest of your life), PX, and a wealth of recreational facilities at any military base (it costs me $16 to play 18 holes of golf on saturday morning). My wife does make more money then I do of course, but what actually gets deposited into our checking accounts is not drastically different. Oh by the way, if you do get deployed you have NO DEDUCTIONS for taxes, social security, medicare, etc from ANY of your pay for the duration of the deployment and you get hazardous duty pay and family separation pay on top of it.

Most pharmacists who get out of the military do so because they do not want to be in the military and entered for the wrong reasons. It is easier to say “I am getting out for the money” then to say “I made a poor decision” or “I didn’t know what I was getting into.” Many new pharmacists see the $40,000-$60,000 of debt relief that the military offers and don’t look beyond that. It is not symptomatic of pharmacists, many other career fields in the military that offer signing bonuses see the same problems. I guess what I am trying to say is, make sure that you realize that as a military pharmacist you are IN THE MILITARY. It is a tough and stressful environment. You can’t quit, call a headhunter, and start a new job on Monday if you don’t like it. However, it also offers things that you will not get as a civilian pharmacist like camaraderie, tradition, history, and pride. You will be caring for the heroes of this country and the aging veterans of the greatest generation our nation has ever seen. At the end of the day you know you provided your patients with great care and you did your part to protect our freedoms and our way of life. Good luck on your decision!
 
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WVUPharm2007

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I know of many people who have been able to do this. If you are single, I recommend going to Walgreens and saying "Pay off my loans, and I'm yours for 3 years." God knows where they will send you, but they will pay off all your loans.
 

Phantom_Eclipse

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WVUPharm2007 said:
I know of many people who have been able to do this. If you are single, I recommend going to Walgreens and saying "Pay off my loans, and I'm yours for 3 years." God knows where they will send you, but they will pay off all your loans.
Is through a specific program that Walgreens has, or is it working your butt off 24/7?
 

All4MyDaughter

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WVUPharm2007 said:
I know of many people who have been able to do this. If you are single, I recommend going to Walgreens and saying "Pay off my loans, and I'm yours for 3 years." God knows where they will send you, but they will pay off all your loans.

Yes, this is true. I was speaking with my Walgreens pharmacy district supervisor. There are certain areas of the country that offer $100,000 signing bonuses for 3-5 year contracts. The base salaries are also higher in these areas. The one he was telling me about was in West TX. Somewhere very BFE-like.
 

pharmdgto

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I have been a walgreens employee for over 5 years and signed on with them post graduation from pharmacy school and recieved a 35k sign on bonus for a 3 years commitment. Now i had already signed onto their "progressive" bonus escalation for the first 2 years of pharmacy school and took their location based award for the 3rd and 4th year of pharmacy school. I also accepted a 3k undergrad tuition reimbursment from them. You can say that I basically took the maximum that Walgreens allows, totallng a bit over 50k. I have a 7 year total commitment but 3 years must be location based in Peoria, illinois, where I am currently at.

The bonus is nice because it helps to buy new furniture or a large downpayment on a house immediately and basically its free money because I would have worked for them regardless if they offered this or not.
 

ForcedEntry

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From the 2006 military pay tables

O-1 (per month values):
base pay = 2416.20
BAH w/o dependent= 509.40 (basic allowance for housing only if you live OFF base)
BAS = 187.49 (basic allowance for subsistence only if you live OFF base)


There is NO explicit subspecialty pay for pharmacists. You could however get $36K/yr for "category 1"

There is also a possible multiyear incentive of $14K/yr for a 4 yr contract

$200K term life was $8/mo when I was in.

so we toss all of that in the magical windows calculator...

max: $87,261.08

http://www.dod.mil/dfas/militarypay/newinformation/WebPayTableVersion2006updated.pdf



Raiders sounds like a recruiter. His location is Virginia...I am guessing Norfolk. Wait until he tells you about the travel benefit.

:laugh: :laugh: :laugh:
 

WVUPharm2007

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All4MyDaughter said:
Somewhere very BFE-like.
That saying actually comes from a town called Cairo, WV near (relatively near, like West Virginia, 1 hour down a road where you pass 2 cars the entire trip type of near) where I grew up in Parkersburg, WV. Due to it sharing it's name with the capitol of Egypt and the associated angst of being from said boring ass town, people from Cairo would tell people in Parkersburg that they were from "Butt-F*cking Egypt." Somehow the phrase went nationwide.
 

Jeddevil

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pharmdgto said:
I have been a walgreens employee for over 5 years and signed on with them post graduation from pharmacy school and recieved a 35k sign on bonus for a 3 years commitment. Now i had already signed onto their "progressive" bonus escalation for the first 2 years of pharmacy school and took their location based award for the 3rd and 4th year of pharmacy school. I also accepted a 3k undergrad tuition reimbursment from them. You can say that I basically took the maximum that Walgreens allows, totallng a bit over 50k. I have a 7 year total commitment but 3 years must be location based in Peoria, illinois, where I am currently at.

In my district here in AZ, the sign on is not cumulative onto prior years of commitment from taking other awards such as you discussed. I have that in writing from my DM, as this is something I was worried about. His example to me was to this effect: if I take the two years of location based 'scholarship' (as they call it here) and then I sign on with them and take a 3 yr based sign-on bonus, I would only have to work for 3 years, not the combined amount of 5 years.

This is one of the reasons I decided to take the location based award. If I do sign on with them in a year (I say if because I am just putting their location based award in the bank, making some interest on it and having it available to pay back in case I sign elsewhere), but if I do sign on with them, I will try my best to only take a two year bonus to keep my options open down the line. 7 years is a long time, but if you like them, it all works out.

If you were in my district, you would only owe Wags 4 years, not the 7 you speak of above because they should not be cumulative.
 
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