CNCP- Loans

[kirang]

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Whats up everyone!! I'm totally excited to be attending CNCP however, I'm worried about how I'm going to be paying to attend...

Current students/future students: How are you guys planning on paying to go here? I'm super nervous... I don't know about Sallie Mae... I want to get a loan where I don't have to pay a monthly fee since I won't be working.... Anyone have any suggestions?!!

I thought the hardest part was getting into pharmacy school.... not trying to figure out how to pay for it.... 👎

 

[mintleif]

i'm sure there are loans that you can get where you don't have to start paying till after you graduate

 

[uncbiograd]

Gov't Loans... 👍

 

[xtuner124]

Gov't Loans... 👍

CNCP hasn't been accredited by WASC yet so students aren't eligible for federal financial aid...

 

[uncbiograd]

Ouch, didn't know what CNCP stood for. New answer... get accepted to an accredited school?

 

[Passion4Sci]

Yeah you're pretty much screwed, OP.

Although if you look at the "Accepted to CNCP" thread, some existing students in there talk about how they get loans to pay for CNCP.

Good luck!

 

[JT0914]

For current CNCP students: What are your interest rates for the salliemae loans?

 

[socalpharmgirl]

I applied for sallie mae..the interest rate is about 10%.

 

[boltdude]

I applied for sallie mae..the interest rate is about 10%.

ouch 🙁

 

[socalpharmgirl]

ouch 🙁

yup i know that's about $400-$500 per month.

The school should become accredited by 2012 right? I am hoping that I only have to take two years of private student loans if i graduate in 2014 or am i wrong? 😕

 

[boltdude]

yup i know that's about $400-$500 per month.

The school should become accredited by 2012 right? I am hoping that I only have to take two years of private student loans if i graduate in 2014 or am i wrong? 😕

Hmm, did you ask CNCP? I'm sure they can answer that. The loans I would have to take out for CNCP was the deal breaker for me when it came to applying there. I'm from CA and would love to stay in the state but yeah...

Did you get accepted to anywhere else? Or are you set on CNCP?

 

[socalpharmgirl]

Hmm, did you ask CNCP? I'm sure they can answer that. The loans I would have to take out for CNCP was the deal breaker for me when it came to applying there. I'm from CA and would love to stay in the state but yeah...

Did you get accepted to anywhere else? Or are you set on CNCP?

I'm still waiting to hear from three other schools. So far CNCP is my only option!

 

[gknee]

I got accepted to jefferson, which is not accredited yet, and on the thread someone who goes there says he gets stafford loans through the school. i would contact the school to see your options.

 

[confettiflyer]

I posted this on another thread, but it's pertinent here.

The relatively new "income based repayment" plans (IBR) + the corresponding "public service loan forgiveness" (PSFL) plan only apply to FEDERAL loans and not PRIVATE loans. I'm pretty confident any future regulations regarding loan forgiveness/loan reduction would only affect federal loans and not private loans due to contractual issues.

So if you graduate CNCP in 2014 and you have 3 years of private loans at 10% and 1 year of federal loans (assuming regional accreditation in 2013) at 6.8% and go to work for UC Davis Medical Center (state) or Mercy General Hospital (catholic, non-profit)...you will have to pay the full balance of your loans since a) the private portion of your loans are not covered by IBR/PSFL and b) you'll have paid off your smaller federal loan before 10 years is up (the statutory time limit of PSFL).

Let's say you had a co-worker from Touro (regionally accredited) graduate in 2014 with the same balance of loans (to keep things simple) as you do (his/her's are all federal). While working, he/she is capped at 10% of his/her income under IBR. After 10 years, all of his/her loans will be wiped out under PSFL.

I'll leave you all to crunch hard numbers, but the point is, the Touro grad will have paid ~$100,000 total and be debt free at 10 years (assumption $100k salary) while the CNCP grad will have paid substantially more in the first 10 years and will most likely still owe quite a bit after that.

 

[Heylo]

I posted this on another thread, but it's pertinent here.

The relatively new "income based repayment" plans (IBR) + the corresponding "public service loan forgiveness" (PSFL) plan only apply to FEDERAL loans and not PRIVATE loans. I'm pretty confident any future regulations regarding loan forgiveness/loan reduction would only affect federal loans and not private loans due to contractual issues.

So if you graduate CNCP in 2014 and you have 3 years of private loans at 10% and 1 year of federal loans (assuming regional accreditation in 2013) at 6.8% and go to work for UC Davis Medical Center (state) or Mercy General Hospital (catholic, non-profit)...you will have to pay the full balance of your loans since a) the private portion of your loans are not covered by IBR/PSFL and b) you'll have paid off your smaller federal loan before 10 years is up (the statutory time limit of PSFL).

Let's say you had a co-worker from Touro (regionally accredited) graduate in 2014 with the same balance of loans (to keep things simple) as you do (his/her's are all federal). While working, he/she is capped at 10% of his/her income under IBR. After 10 years, all of his/her loans will be wiped out under PSFL.

I'll leave you all to crunch hard numbers, but the point is, the Touro grad will have paid ~$100,000 total and be debt free at 10 years (assumption $100k salary) while the CNCP grad will have paid substantially more in the first 10 years and will most likely still owe quite a bit after that.

Wow, definitely something to think about. Thanks for breaking down that info.

 

[Hizzo23]

Do an online Master's program at Davenport University..1 class per semester (7 weeks each), so total of 2 classes/year. You get up to $20,800 in sub/unsub loans. It is about $1,500/class so you will be left with almost 18k. The rest is up to you (family, Sallie Mae). Well, if you do the Masters program, you can get a private loan through Wells Fargo for a max of 25k and their interest is better than Sallie Mae but it is harder to get approved for this loan since it is uncertified, which means they send the check directly to you and not the school

Whats up everyone!! I'm totally excited to be attending CNCP however, I'm worried about how I'm going to be paying to attend...

Current students/future students: How are you guys planning on paying to go here? I'm super nervous... I don't know about Sallie Mae... I want to get a loan where I don't have to pay a monthly fee since I won't be working.... Anyone have any suggestions?!!

I thought the hardest part was getting into pharmacy school.... not trying to figure out how to pay for it.... 👎

 

[nicolemsm]

Do an online Master's program at Davenport University..1 class per semester (7 weeks each), so total of 2 classes/year. You get up to $20,800 in sub/unsub loans. It is about $1,500/class so you will be left with almost 18k. The rest is up to you (family, Sallie Mae). Well, if you do the Masters program, you can get a private loan through Wells Fargo for a max of 25k and their interest is better than Sallie Mae but it is harder to get approved for this loan since it is uncertified, which means they send the check directly to you and not the school

Wells Fargo loans are SOOOOOOOOOOOOOOOOOOOOOOO difficult to get! My first semester of undergrad I tried applying to for one and I got through the entry process then they wanted a ton (I repeat a ton) of paperwork. Then I did a little digging on Google and saw how horrible the repayment process is. So I'm glad I never went through with it, from the horror stories I read people claiming they paid and Wells Fargo doesn't apply their repayment towards their amount due or changing interest rates. Private loans are pain.

 

[Hizzo23]

Wells Fargo loans are SOOOOOOOOOOOOOOOOOOOOOOO difficult to get! My first semester of undergrad I tried applying to for one and I got through the entry process then they wanted a ton (I repeat a ton) of paperwork. Then I did a little digging on Google and saw how horrible the repayment process is. So I'm glad I never went through with it, from the horror stories I read people claiming they paid and Wells Fargo doesn't apply their repayment towards their amount due or changing interest rates. Private loans are pain.

I agree, private loans are a headache. I went through many cosigners for the Wells Fargo loan until finally getting approved. But I guess it is what it is. CNCP happened to be stand alone so students don't have that many options. In 2+ years, all these loan issues will be over..you can hate on CNCP regarding the loan situation but we have candidate status now, and there are many people in this forum that used to spend all their energy bashing this school on how it's a scam blah blah..I don't see any of them talking anymore.

 

[nicolemsm]

I agree, private loans are a headache. I went through many cosigners for the Wells Fargo loan until finally getting approved. But I guess it is what it is. CNCP happened to be stand alone so students don't have that many options. In 2+ years, all these loan issues will be over..you can hate on CNCP regarding the loan situation but we have candidate status now, and there are many people in this forum that used to spend all their energy bashing this school on how it's a scam blah blah..I don't see any of them talking anymore.

May I ask what your cosigner's credit score was? If I went through with my mom's score I know it would have been denied, however if need be I was planning on asking a few distant relatives who have impeccable scores.

I don't really know anything about CNCP so I can't comment, I just would hate to be in a situation where NO federal loans were available. 🙁

 

[TolueneRX]

does anyone know if they take into consideration your credit score/history when you apply for federal and private student loans?

 

[confettiflyer]

In 2+ years, all these loan issues will be over..

Can you guarantee that? What's your source?

 

[CaliChemist]

i posted this on another thread, but it's pertinent here.

The relatively new "income based repayment" plans (ibr) + the corresponding "public service loan forgiveness" (psfl) plan only apply to federal loans and not private loans. I'm pretty confident any future regulations regarding loan forgiveness/loan reduction would only affect federal loans and not private loans due to contractual issues.

So if you graduate cncp in 2014 and you have 3 years of private loans at 10% and 1 year of federal loans (assuming regional accreditation in 2013) at 6.8% and go to work for uc davis medical center (state) or mercy general hospital (catholic, non-profit)...you will have to pay the full balance of your loans since a) the private portion of your loans are not covered by ibr/psfl and b) you'll have paid off your smaller federal loan before 10 years is up (the statutory time limit of psfl).

Let's say you had a co-worker from touro (regionally accredited) graduate in 2014 with the same balance of loans (to keep things simple) as you do (his/her's are all federal). While working, he/she is capped at 10% of his/her income under ibr. After 10 years, all of his/her loans will be wiped out under psfl.

I'll leave you all to crunch hard numbers, but the point is, the touro grad will have paid ~$100,000 total and be debt free at 10 years (assumption $100k salary) while the cncp grad will have paid substantially more in the first 10 years and will most likely still owe quite a bit after that.

+1

 

[confettiflyer]

here's a good website with all the details/info

http://ibrinfo.org/

it's much easier to read than the regulations put forward in the Federal Register by the DOE

 

[Hizzo23]

Can you guarantee that? What's your source?

My source is myself. I go to the school and you don't. I remember you used to spend so much time bashing this school. Well, we have candidate status now the next step is obviously full accreditation. Appalachia COP just got full accreditation so there's no reason why CNCP cannot if they do everything right.

By the way buddy, nothing in life is guaranteed.

 

[confettiflyer]

My source is myself. I go to the school and you don't. I remember you used to spend so much time bashing this school. Well, we have candidate status now the next step is obviously full accreditation. Appalachia COP just got full accreditation so there's no reason why CNCP cannot if they do everything right.

By the way buddy, nothing in life is guaranteed.

Fair enough, as long as it's disclosed and you're not claiming anything official (I never did, so we're even).

Glad people remember me 😍

 

[Chromatography]

Fair enough, as long as it's disclosed and you're not claiming anything official (I never did, so we're even).

Glad people remember me 😍

Isn't that the same familiar face of confettiflyer? Somehow you love to bash CNCP lol. At least they got candidate now, so maybe they have better chance of getting the federal loan in 2 years?

 

[confettiflyer]

Isn't that the same familiar face of confettiflyer? Somehow you love to bash CNCP lol. At least they got candidate now, so maybe they have better chance of getting the federal loan in 2 years?

yeah i know i totally forgot about the bashing until hizzo brought it up, i figure i should get in a few posts while the topics are pertinent. i don't ever have to be right, but as long as I've convinced potential students to look at it a certain way, I've succeeded.

in regards to your 2 years comment, i'll make a conjecture that while ACPE will take WASC accreditation into account when making a final decision (it's a requirement), WASC would not take ACPE into account as the scope of WASC is beyond individual departments/programs. It's just happenstance that this school is stand-alone with no other academic programs whatsoever.

But anyway, I think those who are 2012 and 2013 are royally screwed when it comes to loans and IBR/PSLF unless they did the online university trick to get fed loans. At least if you enter later, your chances of getting a fed loan for your later years are higher.

on an unrelated note, i'm still itching to get inside info on rotation spin locations and how much CNCP is paying these hospitals to take on their students...i have a few contacts in there but I don't think I'll get the reimbursement amount unless an unlikely series of fortuitous events occurs.

and on a further unrelated note, i'm trying to find out where U of NE students rotate to as well....but at least they have their own medical centers and a medical school and aren't a stand alone program, shouldn't be too difficult.

 

[MBkidd]

I posted this on another thread, but it's pertinent here.

The relatively new "income based repayment" plans (IBR) + the corresponding "public service loan forgiveness" (PSFL) plan only apply to FEDERAL loans and not PRIVATE loans. I'm pretty confident any future regulations regarding loan forgiveness/loan reduction would only affect federal loans and not private loans due to contractual issues.

So if you graduate CNCP in 2014 and you have 3 years of private loans at 10% and 1 year of federal loans (assuming regional accreditation in 2013) at 6.8% and go to work for UC Davis Medical Center (state) or Mercy General Hospital (catholic, non-profit)...you will have to pay the full balance of your loans since a) the private portion of your loans are not covered by IBR/PSFL and b) you'll have paid off your smaller federal loan before 10 years is up (the statutory time limit of PSFL).

Let's say you had a co-worker from Touro (regionally accredited) graduate in 2014 with the same balance of loans (to keep things simple) as you do (his/her's are all federal). While working, he/she is capped at 10% of his/her income under IBR. After 10 years, all of his/her loans will be wiped out under PSFL.

I'll leave you all to crunch hard numbers, but the point is, the Touro grad will have paid ~$100,000 total and be debt free at 10 years (assumption $100k salary) while the CNCP grad will have paid substantially more in the first 10 years and will most likely still owe quite a bit after that.

Hey Confettiflyer, this is good info but assuming CNCP gets WASC accreditation when the first class graduate (2012), the 2014 students will be eligible for federal loans their last two years. As for the scenario for the loan forgiveness program, that's assuming all the students work at non-profit and governemnt agencies, which most students will probably not. These touro students will have similar amounts owed as students at CNCP. The only substantial down side with CNCP is the monthly interest payment. Students will probably have to work while in school but this could be a good thing!