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let's hope hyperinflation can wait till after i finish my 4 yrs. doubt it will though, it's coming soon and it's going to hit hard.
how much student loans did you finish with?
Started by xiphoid2010
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let's hope hyperinflation can wait till after i finish my 4 yrs. doubt it will though, it's coming soon and it's going to hit hard.
I'm probably a little late with this but if you guy want to you can go to www.nslds.ed.gov find out how much you owe and find the whole summary.
i have 2 years of pre-reqs to do so i wont start until fall 2011. should i work part time during pre-reqs? ill be talking only science classes since i have everything else covered.
in state tuition will probably be around 17k by then, and if i can manage on 13k year living expense, that means 120k in debt when im done. now if i dont work during pre reqs add another 40-50k...
in state tuition will probably be around 17k by then, and if i can manage on 13k year living expense, that means 120k in debt when im done. now if i dont work during pre reqs add another 40-50k...
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That's really up for debate, my friend. Many economists are actually currently worried about deflation (still!) because people still aren't spending much and credit is still tight. It will be a balancing act for sure and the Fed will have to time interest rate increases wisely but I think it is far from a foregone conclusion that there will be anything remotely close to hyperinflation.
2 years later, graduating with 217K in principal + ~20K in interest. Total $237K.
Not sure why the necrobump, but figured I could update.
2 years later, graduating with 217K in principal + ~20K in interest. Total $237K.
Not sure why the necrobump, but figured I could update.
Including undergrad, I'm looking at about 150k. Most of my friends will be graduating with over 200k
guys
just keep it in perspective. this country was built on debt. you will never be entirely debt free. just learn to manage it and do not let it eat you alive thinking about it.
just keep it in perspective. this country was built on debt. you will never be entirely debt free. just learn to manage it and do not let it eat you alive thinking about it.
$200K. only $15k was from undergrad. Interesting note, I got additional loans for school from wells fargo and the interest rate was WAY lower than that from the government. Kinda wish I had taken out only private loans.
seriously? how low? what are their terms for putting them in deferment and other situations?
So intially they were 4.2 when the government loans were 6.8%. When the government increased the rate to 7.9%, wells fargo MedCap loan was 7.2%. Repayment is deferred for 6 months after graduation, as for other situations, I don't know. I don't think there is any penalty for early repayment. But ya, shocked when I figured that out. I really wish I had been on top of this before.
My mom always said it takes money to make money...however over 100k is ridiculous though. My loans come out to about 60k. I went to 0-6 school so I was fortunate to have only 1 year of graduate loans (worse compared to undergrad, as undergrad is eligible for grants and "free money", grad usually isn't). That and I plan on living at my same level of ridiculous poverty so that I can pay my loans ASAP.
I disagree on student loans being cheaper than other loans like HELOC, cars, mortgages, things, etc. For a private loan nowadays after the credit crisis I got quoted LIBOR + 9.5%...which equals about 10% currently at one of the lowest historical interest rates ever. Before 2008, I got a loan during undergrad at prime-0.5...which is awesome compared to the 6.8% on federal loans, and even more notable because it's sallie mae (evil biatch). I don't foresee interest rates rising too much in the next 2 years, so my priority is paying staffords first.
You could make the argument that historically an interest rate for a Stafford of 6.8 isn't that bad...back in the late 80s the prime rate was like 10-15%. But compared to the prime rate now, the Stafford is not cute.
I disagree on student loans being cheaper than other loans like HELOC, cars, mortgages, things, etc. For a private loan nowadays after the credit crisis I got quoted LIBOR + 9.5%...which equals about 10% currently at one of the lowest historical interest rates ever. Before 2008, I got a loan during undergrad at prime-0.5...which is awesome compared to the 6.8% on federal loans, and even more notable because it's sallie mae (evil biatch). I don't foresee interest rates rising too much in the next 2 years, so my priority is paying staffords first.
You could make the argument that historically an interest rate for a Stafford of 6.8 isn't that bad...back in the late 80s the prime rate was like 10-15%. But compared to the prime rate now, the Stafford is not cute.
The thing about those interest rates of 10-15% was that if you put your money in the bank, they gave really good interest rates as well. What we are facing is high interest rates for borrowing money, and for saving money, interest rates that don't even keep up with the rate of inflation.
My wife and I are both pharmacists....I graduated in 2008 and she in 2009, we each had $150k.......we have been paying since she started working much more than the minimal. You have to make any sort of dent, we are currently paying $6,000 a month combined towards our student loans and we have about 8-9 months of living expenses in the bank. If you are smart with your money you can pay them off in less than 5 years....we hope to be done in less than 4 from now.
I've heard this from several different people coming out of pharmacy school recently (even within the past year). Very encouraging!
I was freaking out a bit (ok A LOT) about paying back 170,000 and I was reassured by many people that going to pharmacy school IS THE BEST INVESTMENT YOU WILL EVER MAKE for your future.
PharmaTope said " just learn to manage it and do not let it eat you alive thinking about it" and I totally agree. Despite everything people are saying on here, coming out of pharmacy school with debt (20,000 or 250,000) is manageable and you will not have to live in a cardboard box on the street. Students are graduating and enter the workforce making 120,000 plus bonuses in our CURRENT time. You are making a good investment in school and it really will be worth it in the end.
That is all on the assumption there will be open jobs and salaries will not decrease. BTW 120k is prob 60k net minus cost of living. I can tell you that being single and trying to pay back loans quickly is not easy when your support yourself 100%. I personally wouldn't go to pharm school if I was going to be more than 125k in debt.
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I have around 195-200k. I dread having to pay it back every day 😀
It's a tough situation to be in when you know you HAVE to do something. It's also good in that it motivates me more than I would otherwise be.
It's a tough situation to be in when you know you HAVE to do something. It's also good in that it motivates me more than I would otherwise be.
I'll finish with about $115,000.
I will be coming out wit $135k in principal - not counting interest. I am also pursuing PGY1 residency, and I am considering PGY2 residency; thus, I will be contributing minimum to my repayment during those 2 years. Some of my friends are in business, make close to pharmacist salary with zero student loans. But even though my loan number is worrisome, I cannot see myself doing anything else. I am not a big fan of business, and in order to make good money in any career field you have to be pretty good at it. So I am just trying to find the best path for myself in pharmacy, and once I am making pharmacist salary I'll try paying off that loan. No need to be sitting here and worrying about something that is somewhat out of my control.
I will have about 125k when I graduate. Plan on paying it off in about 4-5years, so 2500-3000/month
I have paid back the vast majority of my student loans. It feels pretty good. While I did attend a private school, I only borrowed 1/2 what most of my friends borrowed since I worked a lot and lived at home while I was in school.
Some people still say student loan is a "good" debt. I disagree with the interest rate of 6.8% and the possibility of not making a living wage or even graduating. It is a burden for my generation.
Work hard, pay it back and move on with your life.
Some people still say student loan is a "good" debt. I disagree with the interest rate of 6.8% and the possibility of not making a living wage or even graduating. It is a burden for my generation.
Work hard, pay it back and move on with your life.
I am not a financial genius, but I do think it is good debt compared to say a car loan or a loan for a vacation. At least it is an investment.
I am not a financial genius, but I do think it is good debt compared to say a car loan or a loan for a vacation. At least it is an investment.
Relative to those types of debt yes it is 'good debt'. But like the above poster said, at 6.8% and higher, you should take out as little as possible and pay it off quickly if you can.
Very nice!
I came out the Zero student loans, as my parents planned ahead. Though I will be paying it forward to my kids.
I have some good friends, a married couple who are both pharmacists. By doing what you are doing, they paid off their student loans in less than 4 years! They were actually big spenders before they met me. I gave them Dave Ramsey's Total Money Makeover book, and they caught the frugal bug.
Keep up the good work!
123,000... I didn't have any debt going into pharmacy school, lived at home during 3 of the 4 years, and went to an in-state public university. I suppose the debt could be worse but it's still an overwhelming amount to pay back, especially since residency pay is lackluster. At least I know I'm not alone.
Came out of school last year and had 53k in principal. I lived at home and had an academic scholarship and tops (louisiana scholarship) and paid some of while working at cvs. I am about 1 month away from paying it off in full and i have only been working for 7 months. By my estimation if you don't live on much (1200$ a month) and use the rest to pay it off then you should be able to pay it off in a couple of years. Don't know if its smart since the interest is low but I don't like being in debt
