Highest student loans?

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Lexington2012

Lexington2012

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  1. Pharmacy Student
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This is really for curiosity more than anything, but I am wondering about the highest student loan numbers you are hearing for pharmacy school. I've heard that a few of the grads at my school have borrowed over 300k.

The cost of attendance is significantly higher at other schools. Anyone hearing loan numbers over 400k? 500k?
I'm assuming this would have to be happening at some of the California schools.
 
I know some UScience students (0-6 program) who are pushing the high $300,000's- and that's with living with parents during most of the years.

Absolutely mind boggling. Even if you go in as a manager making $130,000 a year- after taxes it will take a decade to get out of that tar pit. You have to start pushing $200,000 a year to really justify that amount of debt (ie dentistry)
 
I know a guy who hit 320k when you figure in all of the interest - not smart
 
If one follows the listed expenses at USC College of Pharmacy the total cost will be about $380k. I made a thread about it a while back (link below). I can't imagine why anyone thinks going to that school is a good idea.

One other point to consider: many pharmacy students end up playing 'hide the sausage' during school. Some of the students actually end up getting hitched (or knocked up) and racking up $500k in total debt. So let this be lesson to all USC students; when you end getting bored pharmacy lab, resist all urges to 'park the hot-rod in the garage' with you lab partner or you get end up with $750k in total student loan debt.

http://forums.studentdoctor.net/threads/go-to-usc-and-get-a-378-700-student-loan-bill.1098797/
 
I thought my 130k including undergrad was going to be a lot

300k isn't something you can just knock out in a few years by paying aggressively
 
Most California residents are in trouble because of the tuition for in-state and the low probability (exception to a couple of states) of attaining in-state tuition going OOS.
 
BMBiology said:
Are you planning to enroll in the new PAYE program for people who do not qualify for the PAYE program?
Click to expand...

Yeah, forbearing until then .

Also am considering Roth IRA to hedge against future tax
 
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Dred Pirate said:
pretty sure you won't qualify for a roth ira as a pharmacist - unless you are married to someone that makes significantly less than you

http://www.rothira.com/2013-Roth-limits-eligibility
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While I am eligible under the traditional rules, there is no income restriction on this vehicle in real life since you could just roll over a regular IRA after every deposit.

http://www.bogleheads.org/wiki/Backdoor_Roth_IRA

What I just learned yesterday is that you can withdraw Roth contributions at any age with no penalties, taxes , or restrictions
 
type b pharmD said:
While I am eligible under the traditional rules, there is no income restriction on this vehicle in real life since you could just roll over a regular IRA after every deposit.

http://www.bogleheads.org/wiki/Backdoor_Roth_IRA

What I just learned yesterday is that you can withdraw Roth contributions at any age with no penalties, taxes , or restrictions
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true, I wasn't thinking that way - I wonder how long they will let you keep doing this? and the second party is correct
 
Dred Pirate said:
I know a guy who hit 320k when you figure in all of the interest - not smart
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That's the majority if the interests are accurate. Ain't nothing new really. Most people are graduating from school with ~150K loan with interests... but it's interest on top of interest so 320K at the end is not that bad if you can pay all of that in time.
 
Son_Goku said:
That's the majority if the interests are accurate. Ain't nothing new really. Most people are graduating from school with ~150K loan with interests... but it's interest on top of interest so 320K at the end is not that bad if you can pay all of that in time.
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320k is not that bad???? That is horrible financial advice to give someone 320k is ridiculously horrible
 
$320k in student loans is ridiculous. Let's do the math real quick.

Assume that you're a single new grad and have $320k in student loans at an average rate of 6% interest. But you got kinda lucky and found a job making $140k a year in Southern California. On the standard 10 year repayment plan, you'd be paying about $42,000 each year (~$3550/month). But on top of that you're paying taxes to to government, so that's another ~$55,000 you won't see each year (~$4.5k/month). And then there's living expenses like rent, utilities, food, gas, insurance, etc. that I'm assuming would total $36,000 each year ($3k/month) in SoCal if we're not including car payments.

That only leaves about $7,000 disposable income each year for a newer car, savings, investments, etc. $320k in student loans for a pharmacy degree isn't worth it.
 
I have a friend in the same situation - but his parents were immigrants and nobody could pay his schooling (ugrad or grad)...he is also geographically limited because he is the breadwinner of his family

how else do people do it?

just apply to the cheapest school, tell your family "see you in 8 years!" and move the family to where you get a job?
 
Guilded_Age said:
I know some UScience students (0-6 program) who are pushing the high $300,000's- and that's with living with parents during most of the years.
Click to expand...

Holy cow. My COA there was around 170-180k, and I only lived at home for 1 year (c/o 2012). Either the cost has gone up significantly, or they just like to take out extra money.
 
My wife and I have 240k together in student loans. Her loans are at 3% and mine are at 6.8%
 
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It is threads like this one that tell the truth about the opportunity cost and I'm nervous to see the outcome. If things go as according to plan, I'd be under 130k when its all said and done.
 
Dred Pirate said:
320k is not that bad???? That is horrible financial advice to give someone 320k is ridiculously horrible
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320K is what people will end up paying if they owe 150K coming out of school due to the interests... and that is if they do everything correctly. You're in lala land if you think otherwise. Most people don't realize that interest stack on top of interest by the day... so if $320k is the final amount you will have paid when it's all said and done, it's not that bad.
 
i have around 280k total. Around 80% of is from pharmacy school. Unfortunately, I consolidated and pay an obscene 7.9% interest rate. Good thing I work for a non profit hospital. I plan to drag it out and apply for the forgiveness after 10 years. It's the only way to go when you are accumuting over a grand a month in interest
 
Son_Goku said:
320K is what people will end up paying if they owe 150K coming out of school due to the interests... and that is if they do everything correctly. You're in lala land if you think otherwise. Most people don't realize that interest stack on top of interest by the day... so if $320k is the final amount you will have paid when it's all said and done, it's not that bad.
Click to expand...
That's nonsense. Of course interest stacks on interest. Just use a financial calculator and figure out actual numbers instead of this pie in the sky business.

You could pay $150k at 6.8% interest off within just 10 years at $1727/month. That's a total of $207,240 paid. And seriously...if you can't pay $1727/month with the wages of a pharmacist, you're doing it wrong or severely underemployed. You could pay more on the front end and pay it off faster. If you pay $2k/month, you could pay it off with just $195,840 in total.
 
Son_Goku said:
320K is what people will end up paying if they owe 150K coming out of school due to the interests... and that is if they do everything correctly. You're in lala land if you think otherwise. Most people don't realize that interest stack on top of interest by the day... so if $320k is the final amount you will have paid when it's all said and done, it's not that bad.
Click to expand...

I'm wondering if you two are talking about different numbers. Is the $320k you're citing after the loans have been paid in full after a 10-year period, or are you saying $320k in loans at the time of graduation from a PharmD program is reasonable?
 
radio frequency said:
That's nonsense. Of course interest stacks on interest. Just use a financial calculator and figure out actual numbers instead of this pie in the sky business.

You could pay $150k at 6.8% interest off within just 10 years at $1727/month. That's a total of $207,240 paid. And seriously...if you can't pay $1727/month with the wages of a pharmacist, you're doing it wrong or severely underemployed. You could pay more on the front end and pay it off faster. If you pay $2k/month, you could pay it off with just $195,840 in total.
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I live in SF working 70 hours per pay period, no way I can pay $1700 each month in loans lol unless I don't want to have a life, even if I was working 80 hours, i don't think i can pay 2k a month
 
Deja said:
I live in SF working 70 hours per pay period, no way I can pay $1700 each month in loans lol unless I don't want to have a life, even if I was working 80 hours, i don't think i can pay 2k a month
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There's the problem. Gotta pay to play. You could spend a few years hitting loans hard, or a lifetime of living under them.
 
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radio frequency said:
There's the problem. Gotta pay to play. You could spend a few years hitting loans hard, or a lifetime of living under them.
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when I say I don't want to have a life, I literally means no life, like not even occassional dinner with frds if I pay 2k lol luckily i payed off my loans already haha and it'd be torture if I really did that, I would be wasting my youth to pay off loans lol what's the point in that? haha
 
Deja said:
when I say I don't want to have a life, I literally means no life, like not even occassional dinner with frds if I pay 2k lol luckily i payed off my loans already haha and it'd be torture if I really did that, I would be wasting my youth to pay off loans lol what's the point in that? haha
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It's probably not the dinners with friends that make this difficult. It's probably the cost of housing where you live. If you lived in a cheaper city, it would be a lot easier. I find these things helpful: http://money.cnn.com/calculator/pf/cost-of-living/
 
radio frequency said:
It's probably not the dinners with friends that make this difficult. It's probably the cost of housing where you live. If you lived in a cheaper city, it would be a lot easier. I find these things helpful: http://money.cnn.com/calculator/pf/cost-of-living/
Click to expand...

yeah, thats true also, but when like I said, live it up when you are young or you are going to regret it lol I'd rather spent my time in SF than middle of no where nebraska 😛
 
Son_Goku said:
320K is what people will end up paying if they owe 150K coming out of school due to the interests... and that is if they do everything correctly. You're in lala land if you think otherwise. Most people don't realize that interest stack on top of interest by the day... so if $320k is the final amount you will have paid when it's all said and done, it's not that bad.
Click to expand...
your math is horrible man - I just can't believe how people are trying to justify loans like that. I had ZERO help from my parents, and if I would have went to public school instead of private for my pharm school - I would have only owed 60k vs 110k - good thing I only paid 1.7% interest
 
...pretty much everywhere in the U.S. is cheaper than SF, though! You don't have to move to Nebraska (unless you want to!). 🙂

But I think you already know what you want to do.
 
radio frequency said:
...pretty much everywhere in the U.S. is cheaper than SF, though! You don't have to move to Nebraska (unless you want to!). 🙂

But I think you already know what you want to do.
Click to expand...
Omaha is actually a pretty cool city - just sayin.....Just avoid the area north of Creighton

Or avoid the entire state outside of Omaha - that part sucks
 
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