Debt

[Brill]

---

Members do not see this ad.

How much debt do y'all anticipate having when you graduate from pharmacy school?

My debt is probably going to be somewhere around $70-80,000. Fortunately I don't have any debt from undergrad that I have to worry about, but that sum still gets me a little worried. For anyone with experience paying off large loans what kind of monthly payment would I be looking at and how long would it take me to pay something like that off? I'm pretty much completely clueless when it comes to financial matters.

I've also heard that there is/was pending legislation at the federal level to include pharmacists in the "Health Professions Loan Repayment Program" (not sure about the name -- it's something similar to that) where if you work in an underserved area or teach at a pharmacy school for two years then the federal government will forgive your loan. Has anyone else heard anything about that or can anyone provide any information about it?

 

[LVPharm]

Let's hope this National Health Service Corp Demonstration Project proves successful...it'll give us another option for loan repayment 🙂 (I'm expecting close to 6 figure debt...medical school type debt...it's like getting saddled with a mortgage before you even get your first house! 😉 )

http://nhsc.bhpr.hrsa.gov/demo_project/index.html

 

[riskhk]

47,000 first two years.
30,000 last year rotation.

124,000 total debt.
How are you guys paying for it. I got my FASFA back and I only got 31,000 stafford subsidized/unsubsidized loan. I have to figure out how to get the other 16,000.

 

[Brill]

I know a couple of people in professional school who took out private education loans when their federal loans didn't cover all of their tuition. You're going to UOP, right? I can't believe how expensive that is.

 

[Brill]

We could always join the Army.

 

[Monkeyguts]

We could always join the Army.

As prior service I would say run away quickly.....and hide very well.

 

[dgroulx]

I have about $15K in undergraduate debt already. I'll be adding the full $18K FAFSA loan per year to that. I'll probably end up around $100K. At least my student loan interest rate is only 3.5%. I really need to start making interest only payments, so I won't get killed later on.

My husband pays for the mortgage. When I graduate, I'm responsible for paying back my loans and building a really nice lagoon style swimming pool.

 

[phar]

My on and off girlfriend plans to attend lecom pharmacy school in the fall. It will cost her about $40,000 a year. So, a total of $120,000. I think lecom is the most expensive pharmacy school out there.
I hope she gets a job which pays a chunk of her loan and then she can help pay my own loans from med.school(she stated so because she will graduate early). If she stayed here, it would have been alot cheaper but she wants to graduate early. I guess you pay a hefty price for those 3-year programs.

 

[jdpharmd?]

Originally posted by phar
My on and off girlfriend plans to attend lecom pharmacy school in the fall. It will cost her about $40,000 a year. So, a total of $120,000. I think lecom is the most expensive pharmacy school out there.
I hope she gets a job which pays a chunk of her loan and then she can help pay my own loans from med.school(she stated so because she will graduate early). If she stayed here, it would have been alot cheaper but she wants to graduate early. I guess you pay a hefty price for those 3-year programs.

Check UofP if you think LECOM is expensive. Also consider that LECOM is per year for 3 years, and most are per year for 4 years. Midwestern in IL is ~20k/year for tuition and ~20k/year living (4 year). Midwestern in AZ is about 23k/year for 3 years, so you would actually save money by going there, not to mention graduate a year earlier, like LECOM. UofP is insane, but I don't remember how much exactly. I want to say 35k+/year...

Jd

 

[phar]

Originally posted by jdpharmd?
Check UofP if you think LECOM is expensive. Also consider that LECOM is per year for 3 years, and most are per year for 4 years. Midwestern in IL is ~20k/year for tuition and ~20k/year living (4 year). Midwestern in AZ is about 23k/year for 3 years, so you would actually save money by going there, not to mention graduate a year earlier, like LECOM. UofP is insane, but I don't remember how much exactly. I want to say 35k+/year...

Jd

Ok. Don't you think $120,000 after 3years is insane? By the way, do consider that a big portion of that $120,000 is unsubsidized loans where interest incurs while you are in school. Do pharmacy employers pay all or half of your student loans?

 

[jdpharmd?]

Originally posted by phar
Ok. Don't you think $120,000 after 3years is insane? By the way, do consider that a big portion of that $120,000 is unsubsidized loans where interest incurs while you are in school. Do pharmacy employers pay all or half of your student loans?

I think that any private school's tuition is higher. I'll be paying more than that for either Midwestern University (3 or 4 year). MWU in IL cost of attendance was something like 41K/year (x 4)=$164,000. MWU in AZ is around 45k/year (x3)= $135,000. University of the pacific lists TUITION ONLY as $36,255/year and then claims that living expenses are only 10k/year (bull). UofP would be $180,000+ assuming that VERY low cost of living. LECOM also includes the cost of a new ($2,000) computer in their numbers, so do I think it's expensive? yes. Do I think it's outrageous? no.

Employers will pick up certain amounts of student loans depending on the employer, and the length of enployment. I've heard of $50,000 repayment for a five year commitment. That new govt law is also worth looking into. The scary thing is that MWU gave us this huge financial aid packet when I went for my interview and it says on the back that a $118,000 student loan at %8.2 (a little high) will take 10 years to pay off at the cost of ~$1,100/month. That's almost a nice house payment, or should I say lack there-of. Good advice is to pay the interest while in school on unsubsidized loans and then double up on those payments for the first few years afterwords to cut the principle down. I think we're pretty much all in the same boat. Not many of us have a spare $100k. Some state schools are much more reasonable, but if you're not a resident of that state or don't want to go there, you're screwed. I think that just about every private school's tuition is ~20K+/year.

Jd

 

[neonam11]

Although I will be attending UCSF come this fall and am a native Californian, tuition will not be cheap, thank's largely to the high costs of living in San Francisco where rent is considered a good-sized mortgage payment in other parts of the country. All in all, I suspect that most UCSF pharmacy students will incur around $100,000 worth of debt after four years of schooling.
However, a friend made me feel a little better when she asked me how much I was willing to pay to go to my dream school, and I blurted out $150,000+. So you can say that I'm getting a 33.33 % discount. Hehehe...

 

[legrita]

I will be owing approx $160,000 when I am done...but I am determined NOT to pay it back😛 . Anyone who feels the wat I do, please continue to do your research and forward info on tuition reimbursement. Thanks, LV for that web site. It's great to have options like that.

Here's a good one too, if you like teaching:

http://bhpr.hrsa.gov/dsa/index.htm

Rache

 

[phar]

Originally posted by legrita
I will be owing approx $160,000 when I am done...but I am determined NOT to pay it back:

You mean like committing suicide? There is no single government program or employer that will pay your FULL student loans(loans above $100k). I think they are some jobs or government related programs that pay about 0-30% of your student loan but not 100%.

 

[phar]

Originally posted by jdpharmd?

Employers will pick up certain amounts of student loans depending on the employer, and the length of enployment. I've heard of $50,000 repayment for a five year commitment. That new govt law is also worth looking into.

Ya, i agree UOP is outrageous. What the hell are they thinking???? I really mean it. I am assuming the cost of living in california is high...so i feel sorry for students who choose to attend there. It is kind of crazy.

is that $50,000 repayment from a pharmacy chain or the government?

 

[jdpharmd?]

Originally posted by phar
Ya, i agree UOP is outrageous. What the hell are they thinking???? I really mean it. I am assuming the cost of living in california is high...so i feel sorry for students who choose to attend there. It is kind of crazy.

is that $50,000 repayment from a pharmacy chain or the government?

The particular one that I know of is chain (Rite Aid to be exact).

Jd

 

[Kovox]

Originally posted by jdpharmd?
The particular one that I know of is chain (Rite Aid to be exact).

Jd

How long would you have to work for them if they pay that amount of loan for you?

 

[jdpharmd?]

Originally posted by Kovox
How long would you have to work for them if they pay that amount of loan for you?

A five year commitment was required, from what I heard.

Jd

 

[LVPharm]

5 year commitment....yahhhhhhhouch! I'm counting the days 'till I'm done with my Rite-Aid rotation! 😉 But I guess it'd be worth it...I'd just have to look at my loan statements for reassurance from time to time.

 

[Brill]

Now I have a real dilemma. I'm getting married at the end of this year so I had planned on moving into an apartment with my future wife (she works, but doesn't make enough money to pay for rent, car payments, insurance, food, healthcare, etc.), but today my parents told me that I could continue to live with them if I wanted to. So now I can either move out and get $80k+ in debt or live at home, married, for 3 and a half years and have my debt be half that amount.

 

[LVPharm]

Can you place a monetary value on the privacy you'll sacrifice by living at home...that is a dilemma! I'm half filipino...in a lot of asian cultures (also hispanic), living in a multigeneration household is not uncommon...but I can't really see myself moving back home, especially married. But that's just my "hang-up".

 

[Brill]

True. I definitely don't want to live here, and more than likely I won't. I don't want anything to interfere with our marriage -- it will be worth more than any dollar amount.

It just makes moving out a bit harder since I know I'll be doubling my debt.

 

[jdpharmd?]

Speaking of debt..

I was planning on going to Midwestern's 4 year program in IL, and then I was also accepted to their 3 year program in AZ (on Friday). I live in MI now, and I've decided to take them up on their AZ offer. It will save me 25 grand and get me a job a year sooner (=~$125,000 savings if you look at it that way). The problem is that I have to figure out how to move to Arizona, from Michigan. I'll be moving from a one bedroom apt to a one bedroom apt, and from what I've found from looking at prices (uhaul, etc), it looks cheaper to pack up my car, sell all of my stuff (except what fits in my car, etc) and buy a completely new set of furniture, kitchen stuff, etc in AZ. Anyone have an insight about moving 2008 miles for a reasonable cost? Anyone know a good place to buy some decent cheap furniture in the Glendale (Phoenix) area? The uhaul bill was coming to around $2000-2500 including gas and related expenses! Besides my car, computer, guitar, and TV, I'm pretty sure that I don't own $2500 worth of stuff.

Jd

 

[LVPharm]

I don't think the expense of moving your stuff would be worth it. I only had to move from Orange County, CA to LV, NV so the cost came to ~300-400 bucks for a Penske...my bed, desk, wardrobe, and various essential crap came up here, but I disposed of the other accumulated stuff I didn't need. Some stuff went to my ex-roomates, others went to Goodwill. I made the decision to only have the bare essentials...I didn't even have living room furniture (except for a few patio chairs), and that's how I wanted it. I figured, I'd have to move out in about 2 years to go back to CA and do my 3rd year rotations, so why bother? My mother paid a "gambling visit" to Vegas and showed up rather unexpectedly...she paid for the furnishing of my living room...for a sofa and loveseat set I DON'T use at all...but at least my apartment doesn't look "ghetto" now 😉

 

[phar]

Originally posted by jdpharmd?
Speaking of debt..

I was planning on going to Midwestern's 4 year program in IL, and then I was also accepted to their 3 year program in AZ (on Friday). I live in MI now, and I've decided to take them up on their AZ offer.

Congratulations on your acceptance to the 3-year program.

 

[phar]

Question!!!.
How long do you plan to pay off your loan after graduation?

 

[jdpharmd?]

Originally posted by phar
Question!!!.
How long do you plan to pay off your loan after graduation?

Less than the 10 years that they suggest, I'll tell you that! If you can get down to brass tacks, I'm sure you could do it in about 5. I'm single, with no house, my car is paid for, etc. Essentially my only expenses are food and housing (apt). I'm ready to pay them off already, and they haven't even been disbursed. If I've been living off of 20k/year for the last 4 years (including tuition!) then why can't I make 90 or 100k/year and spend about 50k?

Jd

 

[jdpharmd?]

Originally posted by phar
Congratulations on your acceptance to the 3-year program.

Thanks, I just called and accepted it this morning! (at 7am, of course)

😀

Jd

 

[riskhk]

Well Im going to UOP. Cost isn't that bad. Based on its estimated cost, it is cheaper than USC.

 

[LVPharm]

Oh, sorry JD, I forgot to offer my congrats to you ...so Congratulations! The forcast for Glendale AZ tomorrow is for a high of 107 degrees, it'll only get hotter by the time you move down...welcome to the American Southwest...bring some sunscreen!

 

[jdpharmd?]

Originally posted by LVPharm
Oh, sorry JD, I forgot to offer my congrats to you ...so Congratulations! The forcast for Glendale AZ tomorrow is for a high of 107 degrees, it'll only get hotter by the time you move down...welcome to the American Southwest...bring some sunscreen!

Are you serious!? 107?! I know that the summers are hot, but I didn't think the 107-110 kicked in until July or so! My parents lived in Fresno, CA for a few years, and I've been through their summers, but AZ is very different. I plan on moving down there in about 3 weeks. I was just looking online today to check it out. Not only is it hot, but there are 10 species of rattlesnakes, 1 of coral snake, 30 of scorpions, 1 of black widow, 1 of brown spider, 1 of gila monster, tarantulas, and a partridge in a pear tree. The only reason that I really looked it up was because MWU offers an elective called something like "Dangerous plants and animals" and you get to take field trips and stuff. I was thinking about taking it (and still am). To tell you the truth, I plan on coming down there and never coming back. It was -15 here this past winter, and we had a frost LAST NGHT. Welcome to northern Michigan.

Jd

 

[LVPharm]

It's actually unseasonably warm here in Vegas...it should be around 90, now it's 100. I'm thinking that it'll be in the 105-110 range in July....that's the kind of heat where you open your apartment door, step outside and experience "the wall of heat", then either want to collapse or run back indoors. It was ~110 when I moved into my apartment. My ex-roomate and I only had to move furniture up one flight of stairs directly from the rental truck into the apartment, but we'd have to stop every 10 minutes or so, close the apartment door and relieve ourselves with the AC.

Good luck with the move...and welcome to the surface of the sun!

 

[Triangulation]

The only reason that I really looked it up was because MWU offers an elective called something like "Dangerous plants and animals" and you get to take field trips and stuff.

LOL!!!

I was scared to look at all of these 'money' threads, but they're comedy central!!!
At any rate, I'm now brave enough to face them and going to make it a goal to learn as much as I can about paying for this crazy investment.

I went to the H and R block site and am feverishly trying to figure out ways to cut costs are pay for things pre tax.

 

[johnnyk]

Dude!

You guys are all making me feel great about th $30k that I owe. Of course that is living at home (god help me), working like crazy and applying for all the scholarships and bursaries that I could.

jk

 

[Triangulation]

Johnny,

Where are you man?

 

[johnnyk]

Michigan.....

 

[commymommy]

This is a bit out there in terms of debt questions...but do you know if my spouse's salary will count against me in the financial aid picture? He just finished residency and fellowship and is earning a nice salary....unfortunately, we owe >150k for the honor of his medical training journey and so between our kids/house and loans, we have nothing left over. If memory serves, I had to provide tax returns for us both for Stafford...does this mean I wouldn't be eligible for any govt. loans?

kris

 

[Triangulation]

Yeah, I'm pretty sure it will. Your EFC is gonna be all messed up. You can probably appeal the initial decision if you describe the debt he's already incurred, concomitant w/the tuition you're gonna pay.

 

[Monkeyguts]

Damn!

My school just jacked up the tuition for Pharm School by $4,000 (well $3800) with no additional financial aid funds. This sucks.