How do you manage to pay 1st semester tuition at pharm school?

[RNtoPharmD]

I know it's way too early to ask this question. I haven't even taken PCAT or get accepted anywhere.

I just want to have some ideas whether I should continue to work full time until whenever, take a break of unemployment and take more sciences class to increase GPA, or rigorously save for school. I just got my greencard last year so I am not familiar with financial aids and loans in the US.

Many pharmacy schools are very expensive, 30,000-40,000 K/year.
That's 15,000/20,000 per semester!! More than credit limits on my credit cards. My mom told me financial aid maxs out at 18,000/ year.

Do all students get loans or financial aid in time to pay? Is it enough to pay for school and living expense? Or your dad and mom pay for you? Or you use your saving to pay for it?

Should I save for it now? Can I use all my saving and start pharm school with 0 balance in my saving account and just expect loans to pay for it in time?

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[117296]

I know it's way too early to ask this question. I haven't even taken PCAT or get accepted anywhere.

I just want to have some ideas whether I should continue to work full time until whenever, take a break of unemployment and take more sciences class to increase GPA, or rigorously save for school. I just got my greencard last year so I am not familiar with financial aids and loans in the US.

Many pharmacy schools are very expensive, 30,000-40,000 K/year.
That's 15,000/20,000 per semester!! More than credit limits on my credit cards. My mom told me financial aid maxs out at 18,000/ year.

Do all students get loans or financial aid in time to pay? Is it enough to pay for school and living expense? Or your dad and mom pay for you? Or you use your saving to pay for it?

Should I save for it now? Can I use all my saving and start pharm school with 0 balance in my saving account and just expect loans to pay for it in time?

Are you sure that what your mom is telling you is correct?

 

[eelo]

Your mother may be thinking about financial aid for typical undergrad work. Fin aid for professional, especially medical-related, schools goes much higher than $18K a year.

 

[Rumplestiltazepam]

Mommy is wrong.

 

[confettiflyer]

yeah your mom is incorrect....i read somewhere here on the boards that the max is $189k for pharmacy students (i believe federal loans).

I've never had to pay anything out of pocket for undergrad, fees were always paid for by loans before the start of the semester.

 

[RNtoPharmD]

yeah your mom is incorrect....i read somewhere here on the boards that the max is $189k for pharmacy students (i believe federal loans).

I've never had to pay anything out of pocket for undergrad, fees were always paid for by loans before the start of the semester.

Thanks for your answers! Cool $189K per year? If that's the maximum, it'll be 47K per year! I don't have to worry about saving at all then. Just struggle for acceptance only.

 

[confettiflyer]

haha nooo $189k total...so that's $120k for tuition (assuming 30k tuition/yr) and $70k for rent and other expenses.

If I get in, I will probably max this out and buy a car.

Just curious what country you came from? I already have a guess in mind, lol.

 

[RNtoPharmD]

haha nooo $189k total...so that's $120k for tuition (assuming 30k tuition/yr) and $70k for rent and other expenses.

If I get in, I will probably max this out and buy a car.

Just curious what country you came from? I already have a guess in mind, lol.

Me too. Actually I want buy it now but the thought of hugh expense of going back to school make me quite parsimonious for the past few years......

If I am accepted, I'll probably start shopping for expensive things I want ..haha.. can't do it now while I am still in limbo ... Sigh... still many more steps to get in for me..

I am from a country from SE asia.

 

[glitch]

so if and when I get in, how do I go about applying for these loans. I'd like to know since it's only going to be me supporting myself.

 

[eelo]

so if and when I get in, how do I go about applying for these loans. I'd like to know since it's only going to be me supporting myself.

You'll still have to file a FAFSA, but there are endless sources of loans out there, from banks to loan companies, to EducationOne..... believe me, once you start asking around, you'll get all kinds of "offers" in the mail, on the phone, in your SPAM box......

 

[glitch]

so what kind of loans are there if you have no cosigner. Like I said i'm in this by myself. Every time I have applied for loans it asks for a co-signer. I have family that say they support that I go to school. But when I need help to pay for school help. I don't ask to borrow money I ask them to co-sign for me. And I've worked for them since I was like 5 years old, where they were supposed to be saving up money for me to go to school, but instead they bought my sisters whatever car they wanted. I've worked hard for everything I have and to get this far. But what loans out there that does not require a co-signer, because I will definitely receive any help from any of my family members...

When I say work hard for them. It was school and work everyday since I was 5 at their shop. Cashier, stocker, cleaner, etc etc etc.

 

[confettiflyer]

^^wait, i didn't understand about half of that...your paragraph seems contradictory. Are your parents NOT helping you out, is that the reason for your looking for loans without a co-signer?

 

[cycloketocaine]

I know it's way too early to ask this question. I haven't even taken PCAT or get accepted anywhere.

I just want to have some ideas whether I should continue to work full time until whenever, take a break of unemployment and take more sciences class to increase GPA, or rigorously save for school. I just got my greencard last year so I am not familiar with financial aids and loans in the US.

Many pharmacy schools are very expensive, 30,000-40,000 K/year.
That's 15,000/20,000 per semester!! More than credit limits on my credit cards. My mom told me financial aid maxs out at 18,000/ year.

Do all students get loans or financial aid in time to pay? Is it enough to pay for school and living expense? Or your dad and mom pay for you? Or you use your saving to pay for it?

Should I save for it now? Can I use all my saving and start pharm school with 0 balance in my saving account and just expect loans to pay for it in time?

D-A-D-D-Y

 

[binghamkid]

so what kind of loans are there if you have no cosigner. Like I said i'm in this by myself. Every time I have applied for loans it asks for a co-signer. I have family that say they support that I go to school. But when I need help to pay for school help. I don't ask to borrow money I ask them to co-sign for me. And I've worked for them since I was like 5 years old, where they were supposed to be saving up money for me to go to school, but instead they bought my sisters whatever car they wanted. I've worked hard for everything I have and to get this far. But what loans out there that does not require a co-signer, because I will definitely receive any help from any of my family members...

When I say work hard for them. It was school and work everyday since I was 5 at their shop. Cashier, stocker, cleaner, etc etc etc.

For federal loans you will not need a co-signer. If you are applying for graduate school, you are considered an independent and the federal government will back your loan without your parents.

 

[WestTXisGr8]

Federal Stafford Loan max is $33,000 per year in Pharmacy School right now, if the pharmacy school estimates your cost of school (cost of tuition plus fees plus books plus estimated rent plus estimated transportation costs plus estimated misc. costs - food, etc.) of at least $33,000. If you happen to go to a school that is inexpensive (i.e. appx. $12,000 or so per year for tuition) then they might not estimate your costs at that high. Call the financial aid office at the school. The estimate is set and is the same for everyone at that school. They will know how much you can get in a stafford loan. If you're going to a pharmacy school that costs around $20k/yr for tuition you should be able to get the max.

Max. lifetime loan on federal stafford loan is $189K and that includes any loan amount you borrowered on stafford loans prior to starting pharmacy school.

Stafford loan requires no credit check, no co-signer, no repayment until at least 6 months after graduation (I think it is actually 9 months after graduation on the portion of loans that you rec'd while in Pharmacy School). However, interest will accrue while you are in school. But you can pay that interest monthly, quarterly, etc. if you choose. Interest rate is fixed (at 6.8% I think) and if you shop around most lenders won't charge you any loan fees. Wells Fargo is one of those, so is northstar.org

Most lenders don't post the pharmacy loan limits. Don't know why not. Neither does sallie mae. But you can call them and get verification of the amount. Once you've filled out your FAFSA, the information gets sent to the Pharmacy School and they will hold off collecting your tuition based on the fact that your student loan will be there shortly after school starts (if you've applied prior to the start of school). You will still have to pay your deposit to hold your spot out of your own pocket.

Loans get disbursed twice per year typically. So if the school allows for the max. then you will get $16,500 per semester (unless you are going to a 3-year school - which goes to school year round). Any difference between the actual tuition owed and the $16,500 will then get refunded to you by the school within a few days to a week of them getting your student loan funds.

So a student loan for tuition should not be a problem unless you go to a school that costs more than $33,000 per year, or if you have taken a LOT of student loans out previously, or if you are in default on a student loan currently (or if you are a felon, or owe past due child support or past due govt. debt). So for most people, not a problem.

The govt. does increase the loan limits typically every year or two, so the annual amount might be even higher in a year or two.

Hope that helps. Again, just call northstar or wells fargo and just ask them directly the max. annual amount for most pharmacy schools. I'm sure they can tell you.

------------------------------------------------
"Some people are like a Slinky...not really good for anything, but you still can't help but smile when you see one tumble down the stairs."

 

[glitch]

thanks for the info. yes confetti flyer. My FAMILY is not helping me out. They contradict themselves. They say they do what they can to help me but not have layed one finger to help me. They've wasted alot of my time and bother me 24/7 if that counts.

 

[confettiflyer]

thanks for the info. yes confetti flyer. My FAMILY is not helping me out. They contradict themselves. They say they do what they can to help me but not have layed one finger to help me. They've wasted alot of my time and bother me 24/7 if that counts.

oh ouch =/ maybe you can give them an ultimatum that...if they don't sign, you don't go to school..and will be a bum around the house FOREVER? haha...that could work?

 

[soyroger]

All these crazy numbers flying around, best bet is to ask the financial aid director at your school or at the school you hope to get into. This may help your get a better idea of the big picture of school loans.

'EastTXisGr8" explained the Stafford loans well, but when tuition is around 30,000 then you'll need more money for living costs, which brings us to GradPLUS loans. Most lenders will loan you whatever your school declares for the cost of attendance minus the tuition. In other words the GradPLUS loans make up the difference after tuition is paid. Ex. at a school where tuition is 30,000 and rent+food+transportation+whatever else = 50,000 you can take your 33,000 in Stafford loans (which includes subsidized and unsubsidized) plus 17,000 in GradPLUS loans. You can also go for private loans. In the end you have a small mortgage but will at least make a good salary.

 

[drugdoc]

Mom is wrong. I took out $47K for the first year. It all depends on what your EFC is and what your school is willing to give you based on your EFC. EFC is a number that FAFSA calculates that is based on your family's ability to pay (family may = just you).