Financial aid in pharmacy school

[Pojman]

So - I have spent a lot of time researching what financial aid options are available for pharmacy school.

I want to make sure I understand this correctly.. I have read that there is 33000 dollars available per year as a pharmacy student through stafford loans. Is this correct? But, this loan limit starts at 22500 and increases to 33000 if your school finds that you have an increased financial need.

If you need more than this, then you will have to apply for a graduate plus loan correct?

The 33000 dollars is a standard amount that pretty much all schools of pharmacy offer their students and if your cost of tuition is lower than 33000 then you will receive a refund of the balance to cover living expenses. This is assuming that your EFC is zero.

Between the stafford loans, and the graduate plus loans, these are the most common programs to pay for pharmacy school right? I just want to make sure I am understanding this correctly.

If anyone sees anything that is incorrect here or can add any insight please let me know.

Thanks

---

Members don't see this ad.

 

[xiphoid2010]

So - I have spent a lot of time researching what financial aid options are available for pharmacy school.

I want to make sure I understand this correctly.. I have read that there is 33000 dollars available per year as a pharmacy student through stafford loans. Is this correct? But, this loan limit starts at 22500 and increases to 33000 if your school finds that you have an increased financial need.

If you need more than this, then you will have to apply for a graduate plus loan correct?

The 33000 dollars is a standard amount that pretty much all schools of pharmacy offer their students and if your cost of tuition is lower than 33000 then you will receive a refund of the balance to cover living expenses. This is assuming that your EFC is zero.

Between the stafford loans, and the graduate plus loans, these are the most common programs to pay for pharmacy school right? I just want to make sure I am understanding this correctly.

If anyone sees anything that is incorrect here or can add any insight please let me know.

Thanks

The first $8500 is subsidized Stafford loan. No interest while in school. It would be foolish not to take that out. Minimize unsubsidized Stafford. Also, there is an origination fee ~1.5% on the amount, so taking out a larger loan to get left over isn't free.

Other financial aid: scholarships, workstudy, internship. Workstudy doesn't pay as much as internships where I went. Scholarship is like paying you for doing something you should be doing anyway -- studying hard.

 

[Pojman]

First $8500 I'd subsidized Stafford loan. No interest while in school. It would be foolish not to take that out. Minimize unsubsidized Stafford. Also, there is an origination fee ~1.5% on the amount, so minimize the loan.

Other financial aid: scholarships, workstudy, internship. Workstudy doesn't pay as much as internships where I went. Scholarship is like paying you for doing something you should be doing anyway -- studying hard.

Is everything that I stated accurate though? Can I expect 33000 in loans every year if my EFC is zero?

I do not have the best credit in the world, currently my credit score is considered "fair". So for the grad plus loan I have an excellent credit score cosigner. I think I will need about 40k per year in total for the four years.

 

[Pharmgrlnxdor]

As of this year there is no subsidized portion of the Stafford loan anymore. It is all unsubsidized. Thank you Congress.

 

[Pojman]

As of this year there is no subsidized portion of the Stafford loan anymore. It is all unsubsidized. Thank you Congress.

Yea.. I read that also..

 

[pezdispenser]

Your school should have a budget called Cost of Attendance, which includes tuition and living expenses, not just cost of tuition. Then, COA - EFC = financial need, or the total amount of financial aid you can apply for. For you, it sounds like this amount is $33k, which I think can consist entirely of unsubsidized Stafford loans, but I could be wrong if the limit has changed. If you need more beyond the financial need amount, I believe it has to be from private loans, or perhaps you can appeal to your school to increase your COA budget.

The thing about no more subsidized Stafford loans also sucks because I think the current IBR scheme is meant to pay the interest on subsidized loans if your payment is not large enough to cover the interest.

 

[Pojman]

Your school should have a budget called Cost of Attendance, which includes tuition and living expenses, not just cost of tuition. Then, COA - EFC = financial need, or the total amount of financial aid you can apply for. For you, it sounds like this amount is $33k, which I think can consist entirely of unsubsidized Stafford loans, but I could be wrong if the limit has changed. If you need more beyond the financial need amount, I believe it has to be from private loans, or perhaps you can appeal to your school to increase your COA budget.

The thing about no more subsidized Stafford loans also sucks because I think the current IBR scheme is meant to pay the interest on subsidized loans if your payment is not large enough to cover the interest.

Grad plus loans are not exactly a private loan are they? They still come from the government correct? Loans needed beyond grad plus loans are considered private right?

My understanding was that if you need more than 33k, you can apply for a grad plus loan through your FAFSA with a cosigner if needed. Then you can add whatever you need for living expenses etc.

 

[pezdispenser]

Grad plus loans are not exactly a private loan are they? They still come from the government correct? Loans needed beyond grad plus loans are considered private right?

My understanding was that if you need more than 33k, you can apply for a grad plus loan through your FAFSA with a cosigner if needed. Then you can add whatever you need for living expenses etc.

Yes Grad plus loans are government loans, which means they can only go up to the financial need limit. I'm not sure whether the 33k you are talking about is your financial need limit, or the Stafford loan limit. If it is your financial need limit, then no, you can't apply for more grad plus loans. If it is the Stafford loan limit, then yes, you can apply for additional grad plus loans up to your financial need limit.

Yes, the next step is private loans and they are not subject to the financial need limit at all.

I would urge you to talk to your school's financial aid office and find out what COA budget they set, because your financial need limit depends on it, and it already includes all living expenses so you cannot just determine your living expenses yourself and add them to the tuition.

 

[Pojman]

Is it reasonable to say that the large majority of students in pharmacy school are receiving help from their families? Espicially the students that already have children?

 

[FarscapeGirl]

I don't think the large majority of students get help from their families, i.e. parents. I do get health insurance because I'm married on my husband's plan, which is nice.

Your student loan amount should cover enough to live on (although I don't know how it works if you also have children while in pharmacy school, especially if your spouse/SI doesn't work). If it doesn't, I'd contact your financial aid office. Private loans really are not the way to go.

Getting an internship during school is a great way to get experience and get extra money. It makes it hard to do some of the ECs and harder to get as good of grades, but knowing how a pharmacy works is a great plus and worth the detriments, in my opinion.

 

[pezdispenser]

Is it reasonable to say that the large majority of students in pharmacy school are receiving help from their families? Espicially the students that already have children?

The COA budget is really just enough to support one single student. Not a spouse and children as well. You might be able to appeal to your school's financial aid office to increase your COA budget. Actually, I think there may be some threads on that, so try a search.

But I also highly recommend working as an intern for some extra money and the experience. In fact, I don't see it as a disadvantage at all. Even the most mundane tasks like counting pills can be turned into something useful. For example, every time you fill a script, recall the brand name, the generic name, the drug class and read a little bit about the use and side effects off the patient information leaflet. These simple things will make it a lot easier for you to study the drugs in school.

 

[amox]

So - I have spent a lot of time researching what financial aid options are available for pharmacy school.

I want to make sure I understand this correctly.. I have read that there is 33000 dollars available per year as a pharmacy student through stafford loans. Is this correct? But, this loan limit starts at 22500 and increases to 33000 if your school finds that you have an increased financial need.

If you need more than this, then you will have to apply for a graduate plus loan correct?

The 33000 dollars is a standard amount that pretty much all schools of pharmacy offer their students and if your cost of tuition is lower than 33000 then you will receive a refund of the balance to cover living expenses. This is assuming that your EFC is zero.

Between the stafford loans, and the graduate plus loans, these are the most common programs to pay for pharmacy school right? I just want to make sure I am understanding this correctly.

If anyone sees anything that is incorrect here or can add any insight please let me know.

Thanks

Correct

 

[Pojman]

Correct

I am starting to understand something with the grad plus loans. I can not just apply for a specific amount which I determine through a grad plus loan. This amount has to be approved and set by my school right?

So - I could not take the maximum amount of stafford loans and then apply for an extra 10k in grad plus loans because that is what I would need to support the living expense of my family. I could only apply for the extra amount that is set by my school through the COA budget.

 

[All4MyDaughter]

I am starting to understand something with the grad plus loans. I can not just apply for a specific amount which I determine through a grad plus loan. This amount has to be approved and set by my school right?

So - I could not take the maximum amount of stafford loans and then apply for an extra 10k in grad plus loans because that is what I would need to support the living expense of my family. I could only apply for the extra amount that is set by my school through the COA budget.

Yes, you will be stuck with whatever your school says is COA. Typically not enough to support a family in most circumstances. I was able to appeal and get a little extra. To the tune of about 2K per year, but that was it. Student budget (living expenses) where I went to school was not very generous. 1000 to 1200 per month. Not enough for a family. My spouse worked, so that's how we made it.

 

[rxlea]

Yes, you will be stuck with whatever your school says is COA. Typically not enough to support a family in most circumstances. I was able to appeal and get a little extra. To the tune of about 2K per year, but that was it. Student budget (living expenses) where I went to school was not very generous. 1000 to 1200 per month. Not enough for a family. My spouse worked, so that's how we made it.

This.

I have to submit a budget re-evaluation everytime I get a scholarship and they reduce my loans. It's good to have the loans reduced but I'm still limited to COA. Since I can't get married, they consider me a single person even though I have someone to support (who can only find part time and contract work). That's why I have to work so damn much to make up the difference.

 

[owlegrad]

This.

I have to submit a budget re-evaluation everytime I get a scholarship and they reduce my loans. It's good to have the loans reduced but I'm still limited to COA. Since I can't get married, they consider me a single person even though I have someone to support (who can only find part time and contract work). That's why I have to work so damn much to make up the difference.

That sounds harsh. I got a little scholarship last year and this year, I didn't have to submit any budget re-evaluation and didn't notice if I qualified for less in student loans. I guess it makes sense in a way, but still I can see how that sucks for you. I mean scholariship>loan, but qualifying for less loans as a result sucks if it wasn't enough to begin with!

 

[Pojman]

Wow - So, outside of the COA, you are looking at purely private loans. That is harsh.

Undergraduate was much more generous.

I will have three children while I am in pharmacy school. I guess my only hope is to have my COA raised on that basis, otherwise I am not sure if it is possible.

 

[Pojman]

Here is a question.. Do state schools typically award more when it comes to COA than small private schools will award?

 

[rxlea]

That sounds harsh. I got a little scholarship last year and this year, I didn't have to submit any budget re-evaluation and didn't notice if I qualified for less in student loans. I guess it makes sense in a way, but still I can see how that sucks for you. I mean scholariship>loan, but qualifying for less loans as a result sucks if it wasn't enough to begin with!

Yeah, it sucks. It really hit me this year because I got a huge grant for the PhD but since they had already computed this semesters loan, they reduced my spring loans by a **** ton. I still have one scholarship in limbo that won't disburse until I submit the paperwork.

The financial aid office told me to buy a computer and put that in the re evaluation so I could get my money. Of course I have to front that money....

This years loans: ~28K for the year

Good except I have 2200K scholarship sitting in limbo until I buy a computer and submit receipts 🙄

Oh and tuition for the year is ~23K

 

[All4MyDaughter]

Here is a question.. Do state schools typically award more when it comes to COA than small private schools will award?

No. Why would you think this?

 

[Pojman]

No. Why would you think this?

I was just thinking that state schools might have access to more money than smaller schools. I am wondering why financial aid offices are so tight on increasing a COA unless they have limited access to student loan funds to be dispursed to the entire student body.

For my situation - It would be much more possible if I could get about an extra 700 dollars a month to cover family expenses.

 

[All4MyDaughter]

I was just thinking that state schools might have access to more money than smaller schools. I am wondering why financial aid offices are so tight on increasing a COA unless they have limited access to student loan funds to be dispursed to the entire student body.

For my situation - It would be much more possible if I could get about an extra 700 dollars a month to cover family expenses.

The money isn't coming from the school.

Others may have more insight.

Have you picked a school yet? You can probably view the estimated COA online.

 

[owlegrad]

COA isn't 'awarded', it is calculated by the school. I think you might be a bit confused how it works. Talking to the fin. aid dept. might help you out?

 

[Pharmgrlnxdor]

You can make that money by working as a pharmacy intern during the school year. By working about 10 to 15 hours a week you should be able to cover that extra amount. Of course working during the school year means less time for well....pretty much everything. I currently am in my P3 year and am working nearly 25 hours a week....five more hours and I would be considered full time.

 

[pharmasaur]

Yeah, it sucks. It really hit me this year because I got a huge grant for the PhD but since they had already computed this semesters loan, they reduced my spring loans by a **** ton. I still have one scholarship in limbo that won't disburse until I submit the paperwork.

The financial aid office told me to buy a computer and put that in the re evaluation so I could get my money. Of course I have to front that money....

This years loans: ~28K for the year

Good except I have 2200K scholarship sitting in limbo until I buy a computer and submit receipts 🙄

Oh and tuition for the year is ~23K

Just curious, are you getting enough scholarships/grants from the PhD program to pay for the PharmD portion? I ask b/c I looked into joint PharmD/PhD programs in CA and it seems like they make sure you pay for your PharmD before they let you do the PhD and thus get funding lol

 

[rxlea]

Just curious, are you getting enough scholarships/grants from the PhD program to pay for the PharmD portion? I ask b/c I looked into joint PharmD/PhD programs in CA and it seems like they make sure you pay for your PharmD before they let you do the PhD and thus get funding lol

I cant be fully funded by the phd until I finish the PharmD but my program gave me a grant to offset the cost of tuition of the PharmD. I also don't pay extra for PhD classes since I take them on top of my PharmD. So yes, I still pay for PharmD but since I'm am official PhD student this year, they reduced my loans and gave me more in grants but it messed me up this year as I outlined above.

When I get my PharmD next year, then I'll be funded by the PhD and get a salary. It's a good deal but a LOT of work and that's an understatement. Once again though, the salary I'll get isn't enough and is lower than what I get during the PharmD so I'll have to work as a pharmacist while I finish comps and dissertation. Unless I get a giant grant or something which is also a lot of work. No rest for the weary.

 

[Pojman]

DING!!! I figured it out!!

My wife has never gone to school.... We find the cheapest community college in the area, she registers for 6 credits toward a degree that interests her (night classes or weekend classes)... Boom! Pell grants incoming!! And access to extra loan money if needed.. That should give the extra 5-7k needed per year.

Boom goes the dynamite!

EDIT: And yes, before anyone rains on my parade, boom comes more debt. But, I am mostly after the one or two thousand per semester left over from the pell grants. And, if things get dire, a little extra from her access to student loans.