How much $$$ to request...

[MuraRX]

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I'm starting pharmacy school this year and plan to live off loans for the most part.

How much did you take out in loans for yearly living expenses?

My rent (incl. utilities) will average out to approximately $500/mth and I'll still be paying the rest of my car loan at $325/mth (plus insurance) til July 2008. Any advice on how much to take out in private loans? I’m pretty good at living frugal, just don’t really know what I’ll need for a year’s worth of living.

I'm starting a small online business, but don't know if anything will even become of it yet. I also don't know how much I'll be able to work so I'm not factoring that in.

 

[MountainPharmD]

How about you try working as much as you can so you do not have to take out so many loans. You should be able to handle 24 hours a week and still handle school, intern positions pay fairly well. You won't be able to pay for everything but it will help with rent and other expenses. Oh yeah, get rid of the car payment if you can. Live close to campus and get a bus pass or find less expensive trasportation. It will save you $325 a month.

Having a $700.00 a mouth loan payment for 30 years once you graduate really sucks. ( I know several friends who do.)

 

[vtstargazer9]

Hey MuraRX,

Are you still planning on going to Carolina? I'm starting there this fall too and I'm a little confused about the loan situation. I'd read that you can take out up to $38,000 or so in Stafford Loans, but it doesn't look like UNC allows this. Do you know what the cap is for loans from the school? I'm trying to figure out how much I'll need in private loans too.

 

[acetyl]

Hey MuraRX,

Are you still planning on going to Carolina? I'm starting there this fall too and I'm a little confused about the loan situation. I'd read that you can take out up to $38,000 or so in Stafford Loans, but it doesn't look like UNC allows this. Do you know what the cap is for loans from the school? I'm trying to figure out how much I'll need in private loans too.

Yeah, so I got $8,500 in subs. Stafford and $12,000 in unsubs. Stafford loans, $500 grant from the school, and $23,000 in Federal Plus Loans.

So imma owe about, alot of money, after this first year coming from out of state. Oh well, it's going to be a good time I think living in Chapel Hill and going to school there.

My advice: borrow as much as you can, because you can always pay it back if you don't need it and might be able to break even if you invest some of it wisely. I have a cousin who has a huge trust fund. She's paying out of state med. school tuition at Tulane and is borrowing money because the interest on the loans is less than what she's making on the trust fund.

 

[Gizmo]

Having a $700.00 a mouth loan payment for 30 years once you graduate really sucks. ( I know several friends who do.)

Yes, but if you live frugally for 3-4 years after you become a pharmacist and put more money towards the loans, you'll be able to have them paiid off sooner.