How much to go to school?!

[cemented]

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So i just got the projections from UNC about how much it will cost to attend.
$33,000 Dollars, OMG, I am starting to freak out slightly. I really want to go, but the thought of taking out that much for tution alone is daunting.
Plus living expenses etc, man. Will I ever be able to pay all this money back, what is the starting for a pharmacist anyway? How do I apply for loans, how much can I take out? Jesus, and I though the hard part was over.

 

[ValeRx]

A few words of advice from a pharmacist friend of mine:

"$1,000 a month payment in student loans is no problem once you get done with school."

Someone else correct me if I'm wrong but I believe the starting salary at a major retail pharmacy is upwards in the range of $100,000.

 

[Electrode]

"$1,000 a month payment in student loans is no problem once you get done with school."

*Jaw drops, causing earth quake* I used to think it was somewhere between $50 - $150, depending on the contract with your loan lender.

Someone else correct me if I'm wrong but I believe the starting salary at a major retail pharmacy is upwards in the range of $100,000.

You're correct, but most of them offer b/w $80k - $90k as starting pay. Store location, your past experiences in the field and some other factors might affect starting rates as well.

 

[RxWildcat]

Its even worse when you see it all starting to add up towards the end of school. If you're freaking out really bad go read the financial aid section on SDN, there are threads there discussing the logistics of paying back massive loans.

 

[ValeRx]

From the pharmacists that I know, they've told me two options for repaying your student loans. $1,000 a month for 10 years, or $300 a month for 30.

 

[RxWildcat]

*Jaw drops, causing earth quake* I used to think it was somewhere between $50 - $150, depending on the contract with your loan lender.

Let's see...

$50 /month x 12 months = $600 a year

$120,000 in loans / $600 a year in payments = a mere 200 years to pay back your loans

 

[RxWildcat]

You're correct, but most of them offer b/w $80k - $90k as starting pay. Store location, your past experiences in the field and some other factors might affect starting rates as well.

Average pharmacist salary in 2007 was $107,000 I believe.

 

[Electrode]

Average pharmacist salary in 2007 was $107,000 I believe.

I see. Fair enough then, I suppose.

 

[cemented]

Its even worse when you see it all starting to add up towards the end of school. If you're freaking out really bad go read the financial aid section on SDN, there are threads there discussing the logistics of paying back massive loans.

Thanks, where would i find this section on SDN?

 

[RxWildcat]

Thanks, where would i find this section on SDN?

Link

Here you go.

 

[confettiflyer]

My judge for parity between pay and loans has always been the "cost of attendance vs. one year salary" comparison. This is purely anecdotal and not rooted in anything scientific. But here goes...

Cost of private Pharmacy Degree in the 70's: $12k
Pharmacy salary in the 70's for 1yr: $12k/yr
(source: my old PIC)

Cost of private Pharmacy Degree in 2008: $120k
Pharmacy salary average in '08: $110k
(source: nothing in particular)

So the parity remains.... theoretically, a pharm degree costs 1 year of pharm salary, give or take. You'll make a killing if you're at a state school.

In other comparisons, my BS cost me ~$25k or so, and my starting salary at any given job would have ranged between $30-40k/yr...so that parity still stands.


It's funny seeing everyone get freaked out over tuition/loans...just consider the alternative (being a bum), and you'll sober up quick and realize it's not that bad.

 

[UNMorBUST]

You will not be the first with massive loans, and you will not be the last.

 

[WhiteSnows]

UNC is one of the top schools in the U.S. I will attend even if tuition is 30k/year.

 

[inquirer89]

Plus aren't there offers for pharmacy students to get loan repayment / free tuition if you work for, say CVS for x amount of years?

 

[LongPigeon]

Be careful about the average salary. The starting pay (of any profession, not just pharmacy) is lower than the average. The salary is expected to increase the more experience you have.

also, $300/wk for 30 years?! that sounds crazy...

 

[fenixtnlfan]

Plus aren't there offers for pharmacy students to get loan repayment / free tuition if you work for, say CVS for x amount of years?

Yeah retail chains typically give scholarships (not enough to cover tuition) if you work there as an intern and will give you some money once you become a pharmacist. They don't typically pay all of your loans off and you would give up a sign-on bonus. Not a bad deal if you know you want to go into retail.

 

[medicalCPA]

Tuition was one reason I chose to apply to the University of Minnesota this year. They have a scholarship where out-of-state students pay instate tuition. UNC was too expensive for me.