Cost vs Education

[coffeelove221]

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Wondering about the different outcomes for pharmacy graduates by school. Does picking a more prestigious school actually matter in the long run - or is the short term goal (least amount of debt possible) actually the best long term solution.

Would a forgiveness option be a good long term alternative to attend a great school and reduce overall debt?

These options seem very tempting: Link

Who else is most concerned with how to pay off a pharmacy education?

 

[MatCauthon]

Least amount of debt= best long-term solution. Pretty much every lower priced pharmacy school is a very-well established state school.

Prestige is not important with pharmacy schools. Keep your debt down-- don't always expect the government to bail you out.

 

[Sugoi Travis]

I'd personally go with least amount of debt. You don't want to put yourself into a situation where you might get hit with a tax bomb 10-25 years down the line, depending on how aggressive you were with paying off the student loan debt.

 

[deleted158872]

The National Health Service Corps Loan Repayment Program (NHSC) is not available for pharmacists....

I'd personally go with least amount of debt. You don't want to put yourself into a situation where you might get hit with a tax bomb 10-25 years down the line, depending on how aggressive you were with paying off the student loan debt.

that depends. take out your calculator before you choose ibr/paye. lol

 

[Sugoi Travis]

that depends. take out your calculator before you choose ibr/paye

You can still nullify the tax bomb even on IBR/PAYE.

 

[deleted158872]

You can still nullify the tax bomb even on IBR/PAYE.

i'm interested in knowing how

 

[Sugoi Travis]

i'm interested in knowing how

You make extra payments.

 

[deleted158872]

You make extra payments.

lmao

it depends. IBR/PAYE helps you if you owe a lot of debt but earn not much income

 

[Sugoi Travis]

lmao

it depends. IBR/PAYE helps you if you owe a lot of debt but earn not much income

If you have a large debt without an adequate income to tackle it, then your monthly payments might not even touch the principle. With a pharmacist's salary you should be able to make the monthly payment and also contribute to extra payments.

 

[deleted158872]

If you have a large debt without an adequate income to tackle it, then your monthly payments might not even touch the principle. With a pharmacist's salary you should be able to make the monthly payment and also contribute to extra payments.

i think my pharmacist salary won't even be able to pay off $200k...

 

[MatCauthon]

i think my pharmacist salary won't even be able to pay off $200k... so PAYE for me!

1,526.68 a month for 20 years doesn't sound too fun. I wonder what your 10-year PAYE would be.

 

[deleted158872]

who says 1,500/month for 20 years?
PAYE: 10% of salary, no matter how much you owe. then i will have $283,757 left, which i will pay taxes on. that is assuming interest rate 7.6%.