How much are your parents paying/how much did they pay for pharmacy school?

[crazybob]

Bankruptcy? But that doesn't get rid of student loans, so probably not.

I thought I heard of something where if you make the minimum payment on time every time for a certain period on a loan (20 years?), then you don't have to pay the rest. But I believe it only applies to federal loans. And I don't know if it has gone into effect yet.

that's only if your income is very low compared to the amount of money you owe. the income for pharmacists is too high to quality you for one of those things. you would have to have like at least $700k (i dunno the realistic amount) in loans or something by the time you're done with pharmacy school.

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[Sparda29]

Yeah, I got duped into taking out one of those high interest student loans that I saw an ad for on TV.

 

[diastole]

Practicing pharmacy is not a non-profit job or a public service according to the government, as far as I know.

I found this:

Public Service Loan Forgiveness Public Service Loan Forgiveness is a new program for federal student loan borrowers who work in certain kinds of jobs. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments. (During those 10 years, the Income-Based Repayment (IBR) plan can help keep your loan payments affordable.)

Who can get Public Service Loan Forgiveness? This program is for people with federal student loans who work in a wide range of "public service" jobs, including jobs in government and nonprofit 501(c)(3) organizations.
What are eligible jobs? In most cases, eligibility is based on whether you work for an eligible employer. Your job is eligible if you:

• are employed by any nonprofit, tax-exempt 501(c)(3) organization;
• are employed by the federal government, a state government, local government, or tribal government (this includes the military and public schools and colleges); or
• serve in a full-time AmeriCorps or Peace Corps position.

If you don't meet these criteria, the Department of Education's regulations create a two-part test of other circumstances under which you may still be eligible:
(1) your employer is not "a business organized for profit, a labor union, a partisan political organization, or an organization engaged in religious activities, unless the qualifying activities are unrelated to religious instruction, worship services, or any form of proselytizing;"
and,
(2) your employer provides any of the following public services: emergency management; military service; public safety; law enforcement; public interest law services; early childhood education; public service for individuals with disabilities and the elderly; public health; public education; public library services; and school library or other school-based services.

http://www.ibrinfo.org/what.vp.html#pslf


I'm still trying to figure out the program but wouldn't you qualify if you worked for the VA, other government programs or non-profit hospitals? The med students seem to be all excited about this. I haven't seen pharmacists similarly excited so I was wondering if I'm just not understanding the program.

 

[confettiflyer]

I'm going to be renting the home out and hopefully we'll rent it out for something close to the amount of our mortgage. Since we lost nearly all of our equity and have no employment between the two of us, we can't buy another home. We are going to rent it out and at least have a home to return to in two or three years, assuming my husband isn't out of work too long and we can actually pay the mortgage. Depending on his job situation, I might very well end up owing more debt for my student loans than I will on my mortgage. If that comes to pass, I'll be sure to tell the neighbors that I'm worth more than the house.

Yikes, this puts you in a precarious situation (job loss, no more equity)...hope the next 3-4 years work out!

I have Grandparents who are sitting on a piles of dough. And they give out not a damn thing to the only college grad let alone professional student in the entire family history. lol We'll see who goes to visit you're ass in the nursing home ya old tight ass bag a bones.

Haha...just be careful, you might be one of their beneficiaries, so stay in their good graces or you might be in for a nasty surprise later.

 

[SHC1984]

Haha...just be careful, you might be one of their beneficiaries, so stay in their good graces or you might be in for a nasty surprise later.

Hahaha...true, you don't want to end up like Michael Jackson's dad.

 

[117296]

I found this:


http://www.ibrinfo.org/what.vp.html#pslf


I'm still trying to figure out the program but wouldn't you qualify if you worked for the VA, other government programs or non-profit hospitals? The med students seem to be all excited about this. I haven't seen pharmacists similarly excited so I was wondering if I'm just not understanding the program.

I need to research this more. By what you quoted, this would be for only a select few people. The federal/DoD/VA, VERY few hospitals (Shriners, maybe?), about 1/2 of the nation's pharmacy schools, and those working in pharmacy-related 501c3 orgs. (Of which there are very few...the APhA comes to mind.)

 

[browneyes021]

My parents pay nothing for me to go to school. They never have because I was always given enough financial aid in undergrad (stafford or grants), but now I just have stafford loans that I use for pharmacy school. I actually feel like their standard of living went up once I left the house... that sounds so bad

 

[grizzlesgrizzlies]

My parents pay nothing for me to go to school. They never have because I was always given enough financial aid in undergrad (stafford or grants), but now I just have stafford loans that I use for pharmacy school. I actually feel like their standard of living went up once I left the house... that sounds so bad

yup, when i was in school (my tuition + expenses were mostly covered by scholarships, grants, but mostly loans), my parents pretty much went on vacation at least once a year lol

 

[117296]

I found this:


http://www.ibrinfo.org/what.vp.html#pslf


I'm still trying to figure out the program but wouldn't you qualify if you worked for the VA, other government programs or non-profit hospitals? The med students seem to be all excited about this. I haven't seen pharmacists similarly excited so I was wondering if I'm just not understanding the program.

This information is correct. File this under: "things that are gamechangers."

Government jobs are expressly included in the law. What constitutes a public health career is not yet known.

Please see: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h2669enr.txt.pdf

Title 4, Section 401.

 

[diastole]

This information is correct. File this under: "things that are gamechangers."

Government jobs are expressly included in the law. What constitutes a public health career is not yet known.

Please see: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_bills&docid=f:h2669enr.txt.pdf

Title 4, Section 401.

The med students were saying that any teaching hospital qualified so they were especially excited that their residency counts. I'm not familiar with the tax status of hospitals but that would seem to open up a lot of possibilities for pharmacists to take advantage of this. I wonder if county hospitals count.

 

[confettiflyer]

The med students were saying that any teaching hospital qualified so they were especially excited that their residency counts. I'm not familiar with the tax status of hospitals but that would seem to open up a lot of possibilities for pharmacists to take advantage of this. I wonder if county hospitals count.

this is very intriguing indeed, it almost seems too good to be true as the hospital I have an "in" with is a 501c. hummmmmmm.....

 

[sakigt]

Dad bought my books and my laptop for undergrad. Scholarships paid the rest. For my 7 years of getting my BA/Pharmacy reqs I owe about 2 grand.

Im married now and my parents arent helping financially with any part of my PharmD. Thats fine with me, I prefer they take care of themselves financially so I dont have to worry about it.

 

[117296]

this is very intriguing indeed, it almost seems too good to be true as the hospital I have an "in" with is a 501c. hummmmmmm.....

People can't apply for the program until 2017, so I think they will take their time in defining what a "public service" or "public health" career means. This has the potential to be huge, though.

 

[firefighter9015]

So. Technically I pay for everything myself. When I had to get a new car (my old one would have not got me 5 miles safely) my parents took out the loan for me and then I was to pay them back, but less than halfway through me paying them back my daddy told me to quit because it was stupid me paying for my car when they could easily afford it and I need to just focus on school and not trying to kill myself with crazy amounts of work hours. Needlesss to say, my mother still does not know about it and I appreciate my daddy more than any words can say because of this. However, my mom tells everyone that she pays for everything I do and have (but yet I am going to be about 200K in debt after this end of this school year....lol)

I am lucky that my fiance pays my phone bill and if I get in a sticky situation he will help me out (he is 7 years older than me and has been working for almost 10 years and is really really tight with his money.....)

 

[Hels2007]

My parents didn't pay a dime towards my education... undergrad was full-ride, and pharmacy school was paid for by a mixture of scholarships and loans I took out in my own name... though Mom & Dad let me live with them all the way through school, so that was nice and saved me a ton of money. My mom is a great cook, too...