debt before pharmacy school

[abdc]

I'm just curious to know how many people entered pharmacy with debt because of their undergrad. Did it worry you? It sure is worrying me, that's why I'm having a hard time deciding where to do my undergrad.

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[Trankuil]

Ive got a couple grand in debt from my last undergrad year, but im not too worried about it. It was all subsidized loans so no interest is accruing until im done with pharmacy school. With how much I have to pay for my school, another couple thousand really doesnt make any difference for me. If you have alot more debt from yoru undergrad loans, you may want to talk to your finaincial aid councelor at either your undergrad school or your pharmacy school if you got accepted and they will be able to help you see things clearly and answer your questions better.

 

[Rockinacoustic]

I'm hoping to graduate with less than 30k in debt from undergrad, which I think isn't too shabby for 5 years and a Bachelors to boot.

 

[Liberty2010]

I graduated with about 20k in undergrad debt. Not ideal, but I'm much more worried about the debt I will take on in pharmacy school. My goal is to keep my total debt below 100k... I hate the idea of taking on more debt than I could make in one years salary.

 

[Mr PharmD]

I agree with you Liberty and hope too that i can escape without 100k of total debt

 

[abdc]

did cost of attendance keep you from attending the school you otherwise would have liked to attend?

 

[Sty09]

I live pretty cheap so debt exceeding 100k doesn't concern me (although I think it's still ridiculous). It all depends on your situation and goals. I did wind up with a nice chunk of debt from undergrad tho. Lesson learned: don't attend Penn State.

 

[Tinkerbell22]

I have subsidized loans from undergrad also, which doesn't bother me because I'll just be adding to that with pharmacy school and it'll be one large chunk to pay back. I am not taking out more than the maximum 33,000 for subsidized loans even though the budget for the school I will be attending is something like 50,000+ per year since it's private. I have living expense money saved up, and I am going to probably work part time at least for P1.

One word of advice though, I went to undergrad for the experience, education, etc... I didn't know what health field I wanted to enter, and it was the only school I ever dreamed of attending really... so if the debt bothers you, and you know you want to attend pharmacy school, I'd probably go with a state university.

I live in Florida where you can qualify for a 100 percent state tuition scholarship with a decent GPA and SAT score, so if you live in a state like FL or Georgia (with the HOPE scholarship), then you might be better off doing that instead of attending a more expensive school.

 

[abdc]

I live in Florida where you can qualify for a 100 percent state tuition scholarship with a decent GPA and SAT score, so if you live in a state like FL or Georgia (with the HOPE scholarship), then you might be better off doing that instead of attending a more expensive school.

bright futures doesn't offer the full ride scholarship anymore starting with the class of 2010. bummerrrrr.

 

[ashlee090]

i am thinking of going to an out of state school for my undergraduate degree? I still can go to an in state school, but rather go to the other one. But I am afraid for the tuition. Do you guys think it will be too much debt?

 

[Tinkerbell22]

bright futures doesn't offer the full ride scholarship anymore starting with the class of 2010. bummerrrrr.

I was class of 2005 so I'm a little disconnected from that area... lol One of the other techs I work with just graduated and I could've sworn she said she received a full scholarship, but maybe I'm just crazy because she's going to Vanderbilt which wouldn't count for a Florida scholarship anyway. 🙁

That's really horrible... especially considering the massive budget cuts and tenured faculty lay offs at FSU and UF as well.

 

[Tinkerbell22]

i am thinking of going to an out of state school for my undergraduate degree? I still can go to an in state school, but rather go to the other one. But I am afraid for the tuition. Do you guys think it will be too much debt?

Did you get any sort of scholarship at the out of state school? I think if you can get a scholarship for the tuition and just use loans for living expenses then it will be worth it... especially if you really don't want to go in-state.

But like I said in my last post... I know someone who got into the same public school I did when I was in high school and she is also choosing a more expensive school out of state because it's the school she really wants to go to. I think she got a decent amount of scholarships and her parents are helping her though. There is no way I would take on more than 20,000 in debt from undergrad if I knew I'd be adding to that with pharmacy school as well. It's just personal preference though...

 

[jessica77]

I have debt of 50,000 from my undergrad,,I want to go for pharmacy. I was wondering should I go to pharmacy school with so much debt. Can someone suggest me wht will be the best option..I am doing nursing right now, but did not like it. I was thinking what if I go pharmacy school, which I always wanted.

 

[SHC1984]

I have debt of 50,000 from my undergrad,,I want to go for pharmacy. I was wondering should I go to pharmacy school with so much debt. Can someone suggest me wht will be the best option..I am doing nursing right now, but did not like it. I was thinking what if I go pharmacy school, which I always wanted.

How much is your state pharmacy school's tuition? If you can get into a cheap public school you should go otherwise it is not worth it. You do not want to end up with more than 100K in debt...especially with this economy.

 

[will7678]

By my calculations I will probably be around 100k in debt after pharm school from my loans for both undergrad and pahrmacy. Howeverwhen you add in my wifes loans we will probably be up around 180k between the two of us .

 

[type b pharmD]

undergrad debt will usually pale in comparison to pharm school

12k from undergrad, and 140k from in-state pharm school tuition (one year out of state) here.

just use income based repayment. hell im contemplating only working part time when i get out .. with IBR and a salary of 50-60,000 , you would only end up paying back like $400 a month

 

[jessica77]

How much is your state pharmacy school's tuition? If you can get into a cheap public school you should go otherwise it is not worth it. You do not want to end up with more than 100K in debt...especially with this economy.

in state pharmacy school fees is like 15,000 but its next to impossible for me to get into that school, and thats the only school in my state.
I have to go out of state, but all the pharmacy schools are really expensive. so confused

 

[SHC1984]

in state pharmacy school fees is like 15,000 but its next to impossible for me to get into that school, and thats the only school in my state.
I have to go out of state, but all the pharmacy schools are really expensive. so confused

You should apply to your in state school anyways and apply to Lecom-Erie PA. The tuition there is like 23k a year, but they are only 3 years long...it's the cheapest private school out there.

The point is do you really LOVE pharmacy??? For me pharmacy is okay, it's doable, but I don't love it. I will do it because I can get out with less than 100K in debt. Being a pharmacist is okay to me, it's not my passion. If you really realllllllllllllllly, I mean realllllllllllllllllllly LOVE pharmacy then taking out 150K might be worth it. If there was a job that I LOVE TO DEATH, then I would take out 150K for it. However, I have yet to come across a job that is worth taking out 150K for.

 

[PharmaTope]

if i were you guys, id worry more about your debt FROM PHARMACY SCHOOL.

seeing how there is a SURPLUS in pharmacy. you are going to come out with big debt and DECLINING SALARIES.

when you got a surplus it is simple economics, the salaries will indeed fall. just be ready for it because ill be honest you will be working your lives to pay off the debt.

 

[byork]

I have 22k debt going into Pharmacy school...

It will jump to close to 100k after I'm finished.

🙁

 

[PharmaTope]

I have debt of 50,000 from my undergrad,,I want to go for pharmacy. I was wondering should I go to pharmacy school with so much debt. Can someone suggest me wht will be the best option..I am doing nursing right now, but did not like it. I was thinking what if I go pharmacy school, which I always wanted.

talk to a psychologist about your real reasons for switching to make sure you dont prematurely jump ship.

you can do a lot in nursing. pharmacy is very very limited. if you think of the progress nursing has made compared to pharmacy you will be stifled.

 

[Passion4Sci]

Pharmacy, limited?

Where's the Kool-Aid you've got bro, and what flavor is it?

 

[rxlea]

talk to a psychologist about your real reasons for switching to make sure you dont prematurely jump ship.

you can do a lot in nursing. pharmacy is very very limited. if you think of the progress nursing has made compared to pharmacy you will be stifled.

Pharmacy, limited?

Where's the Kool-Aid you've got bro, and what flavor is it?

😕 I would be interested in the answer to that question.

 

[nditebeck]

in state pharmacy school fees is like 15,000 but its next to impossible for me to get into that school, and thats the only school in my state.
I have to go out of state, but all the pharmacy schools are really expensive. so confused

Waht if you choosed another career option? Its better to make smal money that belongs to you and ur famility than make more and use all of it to pay debts. Ain't it?

 

[jessica77]

You should apply to your in state school anyways and apply to Lecom-Erie PA. The tuition there is like 23k a year, but they are only 3 years long...it's the cheapest private school out there.

The point is do you really LOVE pharmacy??? For me pharmacy is okay, it's doable, but I don't love it. I will do it because I can get out with less than 100K in debt. Being a pharmacist is okay to me, it's not my passion. If you really realllllllllllllllly, I mean realllllllllllllllllllly LOVE pharmacy then taking out 150K might be worth it. If there was a job that I LOVE TO DEATH, then I would take out 150K for it. However, I have yet to come across a job that is worth taking out 150K for.

Actually, my first degree is in pharmacy i.e. from a foreign country. When I moved to U.S, I changed my career to nursing and thats the blunder I did in my life. At that time I was thinking of doing Masters in nursing, but now I did not like nursing much. So instead of doing masters, I was thinking why not go back to pharmacy school, which I alwys wanted to do.
So I dont knw is it worth to get 150k loan (tuition + other expenses) for that.

 

[SHC1984]

Actually, my first degree is in pharmacy i.e. from a foreign country. When I moved to U.S, I changed my career to nursing and thats the blunder I did in my life. At that time I was thinking of doing Masters in nursing, but now I did not like nursing much. So instead of doing masters, I was thinking why not go back to pharmacy school, which I alwys wanted to do.
So I dont knw is it worth to get 150k loan (tuition + other expenses) for that.

The QUESTION is WHY do you want to do pharmacy??? if the answer is:
Money, job security, etc. then NO it is not worth 150K in loans...hell its not worth 100K in loans!
If the answer is: Because I really have a passion for pharmacy and I realllllllly just love doing it! If you can HONESTLY say that you love pharmacy so much that you would do it for less than 50K a year salary, then YES, it is worth taking out 150K for it.

For me, I am doing pharmacy for the money and job security, so the pros have to outweigh the cons for me to be doing this. If I had to take out 150K in loans than I would essentially be defeating my entire purpose of doing pharmacy which is to MAKE MONEY. LOL...if I took out 150K for pharmacy than I am actually PUTTING IN MORE $$$ then what I am getting OUT OF IT. I would not do such a thing. I have no passion for pharmacy. However, if you really truely and honestly LOVE pharmacy (and not for the money and benefits) than go ahead and take out the 150K in loans/

 

[bluesky1]

I have 25k in credit card debt, and I am planning to go to pharm school but I don't know if I will be able to spare 500$ a month form the student loans and use it to pay for the minimum credit card payments.

 

[20YearsOfSnow]

I'll be graduating from undergrad with around $24k in subsidized federal loans. I figure that students at a private pharmacy school will end up paying at least that much more in tuition over four years than I will at one of the public schools on my list.

I have 25k in credit card debt, and I am planning to go to pharm school but I don't know if I will be able to spare 500$ a month form the student loans and use it to pay for the minimum credit card payments.

Wow, that is quite a bit of CC debt. Since (I'm assuming from your other post) you aren't ready to apply yet, I would work on cutting down your debt drastically before you take any more on. Don't just make the minimum payments!!!

It may be difficult to get student loans with that kind of credit history, I'm not sure.

 

[rxlea]

I have 25k in credit card debt, and I am planning to go to pharm school but I don't know if I will be able to spare 500$ a month form the student loans and use it to pay for the minimum credit card payments.

Provided your credit score is ok, you can apply for the GradPLUS loan which can be used for living expenses. The interest rate is also credit based. If you have bad credit, you will need an endorser who has good credit. If you default on that loan, your endorser is responsible for the payments (ie you screw up their credit, too). 25K in credit debt is pretty extreme. You should think about paying it down some...and you are going to need to pay more than the minimum payment to make any headway.

 

[jessica77]

The QUESTION is WHY do you want to do pharmacy??? if the answer is:
Money, job security, etc. then NO it is not worth 150K in loans...hell its not worth 100K in loans!
If the answer is: Because I really have a passion for pharmacy and I realllllllly just love doing it! If you can HONESTLY say that you love pharmacy so much that you would do it for less than 50K a year salary, then YES, it is worth taking out 150K for it.

For me, I am doing pharmacy for the money and job security, so the pros have to outweigh the cons for me to be doing this. If I had to take out 150K in loans than I would essentially be defeating my entire purpose of doing pharmacy which is to MAKE MONEY. LOL...if I took out 150K for pharmacy than I am actually PUTTING IN MORE $$$ then what I am getting OUT OF IT. I would not do such a thing. I have no passion for pharmacy. However, if you really truely and honestly LOVE pharmacy (and not for the money and benefits) than go ahead and take out the 150K in loans/

Over nursing I would love to go for pharmacy. Ye definitely I need money and job securtiy too. I want to do pharmacy really badly but I dont wanna end up paying for the debt all through my life. How much have you been paying for tuition and dorm?

 

[jessica77]

talk to a psychologist about your real reasons for switching to make sure you dont prematurely jump ship.

you can do a lot in nursing. pharmacy is very very limited. if you think of the progress nursing has made compared to pharmacy you will be stifled.

main reason is that my first degree is in Pharmacy from a foreign country. I would love to go for pharmacy over nursing, but I dont wanna end up paying off my loan all through my life.

 

[Trankuil]

I will probably be 150K in debt coming out of school, because I was accepted into a private school as well which is pretty pricey. I am willing to do it though. I dont think its that bad to come out with that much debt, I plan on getting an MBA, and making the most out of my career, not just sitting in a retail pharmacy for 30 years. I think its a matter of perspective. Sure the economy is low right now, but it will go up. Wages wont go down that drastically, right now its all opinion.

 

[Passion4Sci]

I have 25k in credit card debt, and I am planning to go to pharm school but I don't know if I will be able to spare 500$ a month form the student loans and use it to pay for the minimum credit card payments.

What's your FICO?

 

[bluesky1]

What's your FICO?

last time I checked was 670, but I have no negative remarks in my credit history. I never missed a payment. I think I can bring my debt down to 15k or less before I start school, I am planning to apply for 2011 class.

 

[Passion4Sci]

last time I checked was 670, but I have no negative remarks in my credit history. I never missed a payment. I think I can bring my debt down to 15k or less before I start school, I am planning to apply for 2011 class.

Anywhere in the mid to high 600s and GradPLUS won't ream you on interest rates, in my experience, so you should be good there.

 

[bluesky1]

I am not familiar with GradPLUS, is it a fedral loan? what is the APR range? I was told that credit history doesn't matter for direct fedral loans is that true?

 

[SHC1984]

I am not familiar with GradPLUS, is it a fedral loan? what is the APR range? I was told that credit history doesn't matter for direct fedral loans is that true?

GradPLUS loans charges 8.5% interest rate DURING school. The interest rate on that is insane.

 

[Passion4Sci]

I am not familiar with GradPLUS, is it a fedral loan? what is the APR range? I was told that credit history doesn't matter for direct fedral loans is that true?

http://www.gradloans.com/graduate-plus-loan/

and this is interesting:

What kind of credit do I need?

A qualified Graduate PLUS Loan borrower does not have an adverse credit history (defined in regulations as being 90 days or more delinquent on any debt, or having a credit report that shows default, discharge, foreclosure, repossession, tax lien, wage garnishment or write-off of a Title IV debt during the five years preceding the date of the credit report). Note that Graduate and Professional Student PLUS loans do not use any kind of a debt-to-income ratio or FICO® score, unlike private education loans.

The same holds true, though, for other federal loans.

So apparently, and I was mistaken on this, even for Grad PLUS loans, your credit score doesn't matter... just not bankruptcy, foreclosure, etc.

 

[SHC1984]

Over nursing I would love to go for pharmacy. Ye definitely I need money and job securtiy too. I want to do pharmacy really badly but I dont wanna end up paying for the debt all through my life. How much have you been paying for tuition and dorm?

I took out about 19K last year for my P1 year. Tuition at my school is around 28K/29K per year, but I got some merit scholarships too. I don't have to pay for housing/food because I live with a relative for free. My debt would be around 80K total when I get out. I only took out sub loans too. There is no way I would pay interest DURING school. If I didn't have this opportunity I would do something else easily.

Would you do pharmacy OVER everything else? is pharmacy your NUMBER ONE career choice? if the answer is yes and you honestly have nothing else you rather do with your life then take out 150K. If there is something else you like MORE THAN pharmacy then I would recommend doing that instead. Hell, if I can go back in time and be 18 years old again, I think I would go into investment banking instead. LOL...Or some kind of business or marketing degree. Its too late now though, I am too damn old now.

But anyways, if you like pharmacy better than ALL OTHER CAREERS, then yes go ahead and take out 150K, b/c it is important to LOVE your job. If you see pharmacy the same way as me, then NO do something else with your life.

Oh and don't forget to add Lecom at Erie PA on your list. You might can come out with about 100K in debt if you go there since their tuition is cheap and its only three years long. Good luck! 🙂

 

[jessica77]

I took out about 19K last year for my P1 year. Tuition at my school is around 28K/29K per year, but I got some merit scholarships too. I don't have to pay for housing/food because I live with a relative for free. My debt would be around 80K total when I get out. I only took out sub loans too. There is no way I would pay interest DURING school. If I didn't have this opportunity I would do something else easily.

Would you do pharmacy OVER everything else? is pharmacy your NUMBER ONE career choice? if the answer is yes and you honestly have nothing else you rather do with your life then take out 150K. If there is something else you like MORE THAN pharmacy then I would recommend doing that instead. Hell, if I can go back in time and be 18 years old again, I think I would go into investment banking instead. LOL...Or some kind of business or marketing degree. Its too late now though, I am too damn old now.

But anyways, if you like pharmacy better than ALL OTHER CAREERS, then yes go ahead and take out 150K, b/c it is important to LOVE your job. If you see pharmacy the same way as me, then NO do something else with your life.

Oh and don't forget to add Lecom at Erie PA on your list. You might can come out with about 100K in debt if you go there since their tuition is cheap and its only three years long. Good luck! 🙂

I called that university that you mentioned, but they are not giving any credit to the pre-reqs that I completed in my country. They need all the pre-reqs from U.S. I dont think so tht I would be able to all those courses again, so this college is out of my list. I would definitely consider pharmacy over nursing.

 

[delano2000]

I think I am 18K in the hole so far.