how much student loans did you finish with?

[meister]

(1) what's the projected/actual student loans when you graduate(d)
Well if you count my loans and my wife's undergraduate loans our outstanding debt when I'm done in three years will be $320k.

(2) what's the school
VCU SOM

(3) how fast are you able/plan to pay it off?
Well I'm pretty sick and tired of being in debt so if I was single I would spend my first two years out of residency applying 80% of my income towards all of my debt. But since I'm married and can't do whatever random **** I want, it'll probably take us 10 years to pay it all off at like $4k/month.

(4) what's your strategy for minimizing cost/interest? or what you wish you had done to cut cost earlier.
My only strategy is to double the monthly payment to pay it down quicker. If I could go back in time I would have worked my ass off more in undergrad to get a higher GPA and go to a California med school so I'd be half as in debt in the end.

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[xiphoid2010]

(1) what's the projected/actual student loans when you graduate(d)
Well if you count my loans and my wife's undergraduate loans our outstanding debt when I'm done in three years will be $320k.

(2) what's the school
VCU SOM

(3) how fast are you able/plan to pay it off?
Well I'm pretty sick and tired of being in debt so if I was single I would spend my first two years out of residency applying 80% of my income towards all of my debt. But since I'm married and can't do whatever random **** I want, it'll probably take us 10 years to pay it all off at like $4k/month.

(4) what's your strategy for minimizing cost/interest? or what you wish you had done to cut cost earlier.
My only strategy is to double the monthly payment to pay it down quicker. If I could go back in time I would have worked my ass off more in undergrad to get a higher GPA and go to a California med school so I'd be half as in debt in the end.

what's your wife doing this mean time? She's not working to minimize your cost? $320K doesn't sound like she's helping you much. You sugar daddy you!

I'm guess that you were a cali resident. Did you figure in the higher cost of living in Cali?

 

[meister]

She's raising our daughter, looking for a job currently but this market isn't exactly bright.

California sucks for residents if you want to go to med school. As for the cost of living in CA, I don't think it would have mattered since I'm already taking out the maximum cost of living allowance per year.

I don't know how some of you guys didn't jump at the chance to go to a 3 year PharmD program. I would have killed to be done with this in 3.

 

[xiphoid2010]

She's raising our daughter, looking for a job currently but this market isn't exactly bright.

California sucks for residents if you want to go to med school. As for the cost of living in CA, I don't think it would have mattered since I'm already taking out the maximum cost of living allowance per year.

I don't know how some of you guys didn't jump at the chance to go to a 3 year PharmD program. I would have killed to be done with this in 3.

LOL. The only ones that offer 3 year programs are all private (read expensive), low ranking schools. Even the cheapest one, LECOM, runs $27K a year and only give out an measly $1.5K in scholarship on average. A typical in-state public school cost $15K, and if OSU is any indication, $1.5K is pretty much the minimum in scholarships. So while you do gain an extra year to work, you'll be spending that year paying the extra loans + interest.

Also, unless you are absolutely sure about going into retail, you might want to consider how the school affect rotations sites and residency.

 

[timbutt2]

Well, I've tallied it--taking in account accrued interest on unsubsidized loans and average tuition raises: I am looking at: 190500 at graduation in May 2012.

This includes my and my wife's undergrad loans as well. The total also assumes we make no payments whatsoever in the next three years.

Our plan:
Attempt to pay $3500 in tuition this year. And $5500 for the following two. We intend on living on about 40k take home a year (in the Chicago area) upon graduation and estimate we will have our loans paid off by 1-1-2016 paying about $4700 a month.

I suggest you all start listening to Dave Ramsey. It will motivate you to pay off that debt ASAP.

BTW: I am at an out of state private school. STUPID! STUPID! STUPID!

 

[xiphoid2010]

Well, I've tallied it--taking in account accrued interest on unsubsidized loans and average tuition raises: I am looking at: 190500 at graduation in May 2012.

This includes my and my wife's undergrad loans as well. The total also assumes we make no payments whatsoever in the next three years.

Our plan:
Attempt to pay $3500 in tuition this year. And $5500 for the following two. We intend on living on about 40k take home a year (in the Chicago area) upon graduation and estimate we will have our loans paid off by 1-1-2016 paying about $4700 a month.

I suggest you all start listening to Dave Ramsey. It will motivate you to pay off that debt ASAP.

BTW: I am at an out of state private school. STUPID! STUPID! STUPID!

Time to put your wife to work.

Kind of off topic, but want to touch up on should a wife work or not subject. My humble opinion is, a girl with an undergrad degree shouldn't be a house wife unless have more than 2 kids that needs daycare. The number goes to 3 with an MS, 4 for Ph.D/Professional degrees.

 

[xiphoid2010]

Just a random thought.

I'm kinda glad that I'm looking at marrying my classmate. Combined we'll be raking in $200K a year. We talked about working 4 hours over time will pay for a weekend maid to do 8 hours worth of chores. And she can ring me up at work to ask for a consult at any time. Ah, the benefit of marrying a peer/equal, sure beats having a trophy wife. (but unfortunately some of the guys in my class came to pharmacy school with the aim of getting a trophy wife, sad.)

 

[meister]

Marrying a classmate? Please tell us that you are at least dating her or are engaged or something, because as you wrote it it sounds like a business transaction or something.

And if you can't afford a weekly maid on that combined salary then you are beyond hope, hehe.

 

[xiphoid2010]

Marrying a classmate? Please tell us that you are at least dating her or are engaged or something, because as you wrote it it sounds like a business transaction or something.

And if you can't afford a weekly maid on that combined salary then you are beyond hope, hehe.

nah, it's not business like. We met just before school started, and after dating her for more than 2 years, we are pretty much engaged (but can't afford the ring). We already talked about everything, just waiting to have the money to get married.

I consider myself fortunate since I'm marrying a girl who is my equal in every way and is very independent since day one. The future with her is looking bright. That's one of the reasons why I have no problem considering marriage, when I might other wise get the cold feet.

 

[xiphoid2010]

Meister, the thing about working over time to pay for the maid is not because we can't afford it on regular salary. It's because with a combined $160K loan, multiple wedding cost (being asians we must weddings here and back home), house down payment, kids, cars, send money to her family, yadayada... So any non-essential expense such as maid is going to have to come from over time. We figured if we worked extra 4 hours we'll make more than enough money to hire a maid that would save us 8 hours of house chores. Not to metion that if we work more we might get more bonus and promotion.

 

[fhx06]

Meister, the thing about working over time to pay for the maid is not because we can't afford it on regular salary. It's because with a combined $160K loan, multiple wedding cost (being asians we must weddings here and back home), house down payment, kids, cars, send money to her family, yadayada... So any non-essential expense such as maid is going to have to come from over time. We figured if we worked extra 4 hours we'll make more than enough money to hire a maid that would save us 8 hours of house chores. Not to metion that if we work more we might get more bonus and promotion.

Congrats and I hope everything works out for you two; sounds like you guys have a great plan.

I think the important thing is knowing how to plan your expenses for the next few years. If a couple avoids buying an amazing house right out of college and focus their finances on taking care of as much of their student debt (at least the private, high interest ones) as quickly as possible, it really opens up a lot of credit for other things in the future.

Thinking of it another way, the longer the repayment period, the more money a person/couple will spend paying the interest that could be paying for something else like a car or a house or a boat that serves as a house.

 

[MarchIoda]

Interest on student loans is generally lower than the interest on "something else like a car or a house or a boat that serves as a house"

 

[xiphoid2010]

Congrats and I hope everything works out for you two; sounds like you guys have a great plan.

I think the important thing is knowing how to plan your expenses for the next few years. If a couple avoids buying an amazing house right out of college and focus their finances on taking care of as much of their student debt (at least the private, high interest ones) as quickly as possible, it really opens up a lot of credit for other things in the future.

Thinking of it another way, the longer the repayment period, the more money a person/couple will spend paying the interest that could be paying for something else like a car or a house or a boat that serves as a house.

hey, fhx06, thanks. It's feels great to have someone who's your peer, who you can discuss plan your life together in depth as equals.

I agree with on the student loans interests. Especially with rate fixed at 6.8% and pharmacists can't get any tax deductions due to the high incomes, it's really a good strategy to pay it off sooner rather than later. It frees up cash flow for stuff like... house and kids payments... hmmm more payments.... At least the mortgage interest IS tax deductable.

 

[xiphoid2010]

Interest on student loans is generally lower than the interest on "something else like a car or a house or a boat that serves as a house"

not really. Right now Stafford loans are fixed at 6.8%, plus loans are 8.5% and above. Tax deduction only for people making less than $55K a year. (partial deduction for up to $70K a year)

Mean while mortgage rates are 5%. Rates for cars are low too, especially now with many 0% financing going on.

It's annoys me that people graduated in 2006 were able to consolidate their student loans at 1-2% rate, while now we are stuck with fixed rate.

 

[fhx06]

hey, fhx06, thanks. It's feels great to have someone who's your peer, who you can discuss plan your life together in depth as equals.

I agree with on the student loans interests. Especially with rate fixed at 6.8% and pharmacists can't get any tax deductions due to the high incomes, it's really a good strategy to pay it off sooner rather than later. It frees up cash flow for stuff like... house and kids payments... hmmm more payments.... At least the mortgage interest IS tax deductable.

Yeah, I agree. I hate to think about the money being used to pay strictly interest if I drag out the loan repayment for a lower monthly payment. I guess it really boils down to what happens within the next four years, but as a single guy, I'm in no rush to buy the huge mansion.

 

[timbutt2]

Time to put your wife to work.

Kind of off topic, but want to touch up on should a wife work or not subject. My humble opinion is, a girl with an undergrad degree shouldn't be a house wife unless have more than 2 kids that needs daycare. The number goes to 3 with an MS, 4 for Ph.D/Professional degrees.

She works full time and will continue to work until loans are paid off in full.

 

[Megas]

(1) what's the projected/actual student loans when you graduate(d)
$118,000
(2) what's the school
Duquesne
(3) how fast are you able/plan to pay it off?
10 years, $1300 per month
(4) what's your strategy for minimizing cost/interest? or what you wish you had done to cut cost earlier. Not consolidating and not extending; interest will suck even more for me if I do that. They payment isn't bad versus annual salary. Best of luck to you and your girlfriend.

 

[TTUMike]

I intend on paying off my loans sooner by making biweekly payments. This will help to pay off my loan faster while lowering my overall interest costs. If anyone is interested in seeing just how much they would save by employing this strategy take a look at this biweekly payment calculator.

http://www.bankrate.com/brm/calc/biweekly-mtg/biweekly.asp

The only catch is that the lender would have to recalculate interest rates after every two week interval in order to reduce principal. It is something worth looking into.

Here is a loan comparison on $100,000 compounded monthly at 6% interest payable monthly or biweekly.

Loan Comparison
Monthly Payment: $ 1110.21
Total Int.: $ 33224.6
Avg Int each Month: $ 276.87
.................................
Biweekly Payment: $ 555.1
Total Int: $ 29269.4
Avg Int each BiWeekly Period: $ 112.57

Principal Remaining
Year# Standard Biweekly
1 $ 92472.78 $ 91299.26
2 $ 84481.29 $ 82063.03
3 $ 75996.91 $ 72258.35
4 $ 66989.23 $ 61850.24
5 $ 57425.98 $ 50801.55
6 $ 47272.88 $ 39072.86
7 $ 36493.57 $ 26622.32
8 $ 25049.41 $ 13405.51
9 $ 12899.4 $ 0
10 $ 0 $ 0

 

[meister]

That calculator is pretty neat, thanks.
Monthly Payment: $ 3552.66
Total Int.: $ 106318.73
Avg Int each Month: $ 885.99
.................................
Biweekly Payment: $ 1776.33
Total Int: $ 93662.08
Avg Int each BiWeekly Period: $ 360.24

Principal Remaining
Year# Standard Biweekly
1 $ 295912.89 $ 292157.64
2 $ 270340.14 $ 262601.7
3 $ 243190.12 $ 231226.73
4 $ 214365.54 $ 197920.76
5 $ 183763.13 $ 162564.95
6 $ 151273.22 $ 125033.15
7 $ 116779.42 $ 85191.43
8 $ 80158.1 $ 42897.62
9 $ 41278.07 $ 0
10 $ 0 $ 0

Hrmm....$2k twice monthly gets $320k paid off in 8-9 years. Don't think that'll really work...

 

[xiphoid2010]

That calculator is pretty neat, thanks.
Monthly Payment: $ 3552.66
Total Int.: $ 106318.73
Avg Int each Month: $ 885.99
.................................
Biweekly Payment: $ 1776.33
Total Int: $ 93662.08
Avg Int each BiWeekly Period: $ 360.24

Principal Remaining
Year# Standard Biweekly
1 $ 295912.89 $ 292157.64
2 $ 270340.14 $ 262601.7
3 $ 243190.12 $ 231226.73
4 $ 214365.54 $ 197920.76
5 $ 183763.13 $ 162564.95
6 $ 151273.22 $ 125033.15
7 $ 116779.42 $ 85191.43
8 $ 80158.1 $ 42897.62
9 $ 41278.07 $ 0
10 $ 0 $ 0

Hrmm....$2k twice monthly gets $320k paid off in 8-9 years. Don't think that'll really work...

That's why you becomes a specialist, so you can afford to pay $4K q 2 wk. Pretty sure your loan payments are deferred when you are doing your residency.

 

[pharmacyanalyst]

That biweekly calculator is the shiznit! We could pay off our house 7 years earlier if we do that. Sweet!

 

[Jammerdez1]

Ughhh... I hate thinking about my loans. I was a ***** and took out a bunch of private loans for undergrad. Consolidated those and now I currently owe about $123k + interest on my undergrad stuff and can't defer for 4 years while I go to pharm school. Then I've got the pharm school stuff that will likely come out to $100-120k, so I'm looking at a quarter of a mil by the time I'm done with pharm + interest. I've got a couple things I still need to get a handle on... are there any companies that will reconsolidate my private loans and let me defer for 4 years WITHOUT collateral (I don't own a house to offer as collateral)? Also, I need to get my financial aid papers filed ASAP (FAFSA is done, but need to see if OU has other paperwork I need to do as well).

 

[JeremyE30]

I have around $9000 from undergrad. Hopefully I will get into the state pharmacy school that I applied to, and I will enjoy a tuition of around $11K per year. I am planning on a total debt of around $55,000 if everything goes as planned. I plan to stretch it out on the 10 year plan, and pay extra every month when extra funds are available.

 

[xiphoid2010]

I have around $9000 from undergrad. Hopefully I will get into the state pharmacy school that I applied to, and I will enjoy a tuition of around $11K per year. I am planning on a total debt of around $55,000 if everything goes as planned. I plan to stretch it out on the 10 year plan, and pay extra every month when extra funds are available.

if you can finish with $55K, you'll be in very good shape. But don't forget that unsubsidized part of the loan accumulate interest while you are in school, and you get only $8500 max subsidized stafford loan per year. But you are already off to a good start by having a very viable and reasonable plan.

 

[confettiflyer]

I'm carrying about $20k in undergrad loans, at the rate I'm going I'll have a total of:

$12k @ 2.8% (undergrad)
$8k @ 5% (undergrad)

$130k @ 6.8% (1/3) and 8.6% (2/3) for P-1 to 3
$52k @ 6.8%/8.6% for P-4 (guesstimate due to increased tuition)

Projected total student loans (no interest accrued): Just north of $200k

This assumes I capitalize interest and don't pay anything...looking into various scholarship programs (ie navy, AF), and I borrowed extra for P-1 for relocation costs, my calculations assumed that level of borrowing would continue. OH, and I forgot the mix of subsidized/unsubsidized. I have random CC debt, not much, but enough that I can't knock it out, that it doesn't make sense for me to pay down low interest student loans (yet).

The scary thing is...this school is on the cheap end for private schools (~$28k)

 

[Omegadramon]

Am I the only one who owes nothing so far? A combination of scholarships, attending public universities and various jobs leaves me at position where I owe no money (btw, with no help from my parents...well, except for groceries and odd ends). So far on track to coming out debt-free.

 

[pharmacyanalyst]

Am I the only one who owes nothing so far? A combination of scholarships, attending public universities and various jobs leaves me at position where I owe no money (btw, with no help from my parents...well, except for groceries and odd ends). So far on track to coming out debt-free.

I came out of undergrad with no loans but unfortunately- no public schools around here and I just can't bring myself to apply to a school with a horrible b-ball team like UK...
Kidding! I have kids- can't move.

 

[Farmercyst]

Am I the only one who owes nothing so far? A combination of scholarships, attending public universities and various jobs leaves me at position where I owe no money (btw, with no help from my parents...well, except for groceries and odd ends). So far on track to coming out debt-free.

I came out of UG debt free with ~60K in savings when I started at SC, but cost of living with insurance etc has me burning through ~3600/mo. not including tuition. Right now I'm ~90K down with 2 years to go. I should come out with ~210K in debt. I figure that's not too bad for a family of soon-to-be 5 in SoCal at a notoriously expensive private school.

 

[LiveLoveFartRepeat]

scholarships + public university + wonderful parents = $ 0 student loan

 

[avuong]

$23,805 in loans from undergrad alone

 

[RutgersEMSOP10]

the whole biweekly payment schedule is a great idea, not just for student loans, but for ANY debt (especially credit cards) b/c interest is usually calculated based on average daily amount owed.

So if you are in the position to pay your bills twice a month (1/2 each time) you will save a ridiculous amount of money in your lifetime.

 

[MatCauthon]

I came out of UG debt free with ~60K in savings when I started at SC, but cost of living with insurance etc has me burning through ~3600/mo. not including tuition. Right now I'm ~90K down with 2 years to go. I should come out with ~210K in debt. I figure that's not too bad for a family of soon-to-be 5 in SoCal at a notoriously expensive private school.

A family of five! Are you Mormon/LDS or something?
I have a few Mormon buddies, one of them had 3 kids during his four year program. Good luck getting your loans down as fast as possible.

 

[fhx06]

Hmm.. maybe I should be an underwear model or something. Places pay pretty well for male underwear models, don't they?

 

[Hendlefe]

Ughhh... I hate thinking about my loans. I was a ***** and took out a bunch of private loans for undergrad. Consolidated those and now I currently owe about $123k + interest on my undergrad stuff and can't defer for 4 years while I go to pharm school. Then I've got the pharm school stuff that will likely come out to $100-120k, so I'm looking at a quarter of a mil by the time I'm done with pharm + interest. I've got a couple things I still need to get a handle on... are there any companies that will reconsolidate my private loans and let me defer for 4 years WITHOUT collateral (I don't own a house to offer as collateral)? Also, I need to get my financial aid papers filed ASAP (FAFSA is done, but need to see if OU has other paperwork I need to do as well).

damn bro... 123k from undergrand. That's ****ing tough. Sounds like your pharmacy school isn't too expensive though so it balances out.

I owe 6k undergrad (thanks to parents) and unhappily started my payments. If I get into university at buffalo, I'll owe 133k +interest. I plan on working so maybe I can pay off interest (if unsubsidized) or at least pay for housing/board.

This is my 5 year payment plan using biweekly payments @6.8% interest:
Mortgage Comparison
Monthly Payment: $ 2617.09
Total Int.: $ 24225.17
Avg Int each Month: $ 403.75
.................................
Biweekly Payment: $ 1308.54
Total Int: $ 21644.02
Avg Int each BiWeekly Period: $ 166.49

Principal Remaining
Year# Standard Biweekly
1 $ 109714.68 $ 106944.87
2 $ 85009.7 $ 79279.32
3 $ 58571.42 $ 49676.57
4 $ 30278.23 $ 18000.97
5 $ 0 $ 0

If I get into LECOM-Erie, I will owe about the same but start making money a year earlier. Overall, I can probably do the 5 year deal.

 

[Farmercyst]

A family of five! Are you Mormon/LDS or something?
I have a few Mormon buddies, one of them had 3 kids during his four year program. Good luck getting your loans down as fast as possible.

Yes, had 2 in UG and one due hopefully after finals in about 6 weeks.
We originally were gonna wait until after P-school, but changed our minds since the age gap may have been disadvantageous in terms of the kids socializing with each other. The friendlier they are with each other, the easier it is to raise them. At least nearest I can tell based on my experiences thus far.

 

[257004]

~ 120k after I graduate this May. Tuition for P4 year alone was 46k since we started in June and they count that as an extra semester. Yikes.

 

[quartel]

(1) what's the projected/actual student loans when you graduate(d)
oh gawd... 65k + 88K = 153k

(2) what's the school
James Cook University (Australia)

(3) how fast are you able/plan to pay it off?
10 years, $1600 per month

(4) what's your strategy for minimizing cost/interest?
I.have.no.clue. I need to get myself a rich sugar mommy or a daughter of a rich man. Thinking about this stresses me out greatly.

 

[drx604]

wow school is expensive in the US

I graduated from the University of British Columbia. My tuition for the entire 6 years I was a student (1994-2000) was a grand total of 16k (that's in CAD too). I think since then it has gone up to about 8k a year. I guess inflation really screwed with tuition.

 

[xiphoid2010]

wow school is expensive in the US

I graduated from the University of British Columbia. My tuition for the entire 6 years I was a student (1994-2000) was a grand total of 16k (that's in CAD too). I think since then it has gone up to about 8k a year. I guess inflation really screwed with tuition.

Well, keep in mind that tuition has been going up 9-10% every year. If you regress that 14 years, you'll find that tuition was 26% of today's rates in 1995.

So a school that charging $15k a year now was charging $4K a year back then. Yeah, it's practically a rip off. The education is growing into a bubble like state, fueled by easy money (student loans) and little/no cap of tuition rates.... kind of reminds you of the realestate bubble doesn't it?

 

[WhiteSnows]

Well, keep in mind that tuition has been going up 9-10% every year. If you regress that 14 years, you'll find that tuition was 26% of today's rates in 1995.

So a school that charging $15k a year now was charging $4K a year back then. Yeah, it's practically a rip off. The education is growing into a bubble like state, fueled by easy money (student loans) and little/no cap of tuition rates.... kind of reminds you of the realestate bubble doesn't it?

We make more money now than the past years, and the schools have to increase salary for professors. That is why they charge more. However, there are some private schools use this opportunity to charge students with unbelievable prices, and put them into debt for the another 10 years after 4 year programs.

 

[xiphoid2010]

We make more money now than the past years, and the schools have to increase salary for professors. That is why they charge more. However, there are some private schools use this opportunity to charge students with unbelievable prices, and put them into debt for the another 10 years after 4 year programs.

LOL, I'm sure some percent of that 10% goes towards Professor salary increase, but I doubt most professor even get 5% increase every year.

If I had to guess, I'm going to say that the school is using it to build a bunch of new sports stuff, fancy new campus facilities, new pharmacy schools.

 

[FORTLIVINGROOM]

We talked about working 4 hours over time will pay for a weekend maid to do 8 hours worth of chores.

Let me know how the whole 4hrs OT works out in this economy.

I had planned the same thing; however, I'm becoming increasingly pessimistic. I'm sure OT is out there...but being lucky enough to get it? People will look back at the early 2000s as the "Good Ol' Days"

 

[xiphoid2010]

Let me know how the whole 4hrs OT works out in this economy.

I had planned the same thing; however, I'm becoming increasingly pessimistic. I'm sure OT is out there...but being lucky enough to get it? People will look back at the early 2000s as the "Good Ol' Days"

It's all about where you are. Midwest like Ohio still has shortage. OSU COP e-mails gets plenty of requests more interns. The Walgreen where I intern (pretty ghetto), it's been looking for the second pharmacist for 5 months and haven't got one.

The hospital where I mainly intern at was offering $500 bonus for every 32 hours RPh OT. Well, the economy has nixed the bonus this year, so people quit volunteering. What does the pharmacy do? Require each pharmacist to work a certain number of OT hour instead. Hahaha

It's all about location location location. It seems like I'm the only one who love the midwest, while everyone else wants to head for the big cities on the coast. That's just fine by me.

 

[dempsie5688]

Do you have to pay your student loans off in 10 years minimum. I ask because I have a Bachelor's, a Master's and will now be going after my Pharm D, I'm looking at $250,000 in student loans. , Kind of scary, but I figure if I make a minimum of $160,000 a year I should barely skate by for those 10 years. From my salary I'm including Mortgage and all expenses I might have. Any info on student loan repayment would be helpful.

Thanks

 

[JeremyE30]

Do you have to pay your student loans off in 10 years minimum. I ask because I have a Bachelor's, a Master's and will now be going after my Pharm D, I'm looking at $250,000 in student loans. , Kind of scary, but I figure if I make a minimum of $160,000 a year I should barely skate by for those 10 years. From my salary I'm including Mortgage and all expenses I might have. Any info on student loan repayment would be helpful.

Thanks

You can extend the repayment period up to 25 years, but I would highly recommend to not do it. You don't want to be paying off your loans while your kids are paying off their student loans, or when you're about to retire. You're going to be looking at $3000 per month if you do $250K @ 10 years, and it would be $1850 per month for 25 years.

I wouldn't bet on making $160K either. I work with plenty of pharmacists who still make $90K. $160K is possible with lots of overtime, but OT hours are not always available. Try to live as cheap as possible, and try to get into a cheaper state school.

 

[dempsie5688]

You can extend the repayment period up to 25 years, but I would highly recommend to not do it. You don't want to be paying off your loans while your kids are paying off their student loans, or when you're about to retire. You're going to be looking at $3000 per month if you do $250K @ 10 years, and it would be $1850 per month for 25 years.

I wouldn't bet on making $160K either. I work with plenty of pharmacists who still make $90K. $160K is possible with lots of overtime, but OT hours are not always available. Try to live as cheap as possible, and try to get into a cheaper state school.

The Pharmacist I work with makes $130,000 plus bonus, I agree with you though. I will have to buckle down and just pay it off I guess

 

[type b pharmD]

these loans are all going to be a joke if inflation ramps up after ben finishes printing money

 

[PumpkinSmasher]

Do you have to pay your student loans off in 10 years minimum. I ask because I have a Bachelor's, a Master's and will now be going after my Pharm D, I'm looking at $250,000 in student loans. , Kind of scary, but I figure if I make a minimum of $160,000 a year I should barely skate by for those 10 years. From my salary I'm including Mortgage and all expenses I might have. Any info on student loan repayment would be helpful.

Thanks

Minimum 160k?? ......Silly prepharms

 

[fhx06]

Minimum 160k?? ......Silly prepharms

LOL, I'm shooting for $70,000 post taxes and see if I can work some overtime sometime. Just pump some caffein into me; I'll be fine.

 

[dempsie5688]

Minimum 160k?? ......Silly prepharms

I never said I wanted to be a pharmacist and I'm not silly, unlike most prepharms I work in this industry I have a high position currently and will utilize this Pharm D Degree to get another position and will make 160,000 minimum. There is no way I would take on this much debt if I didn't have a plan.