How much will you be in debt when you graduate pharmacy school?

LotusMarks

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Just curious how much people are borrowing throughout their years in pharm school. I am estimated about 100k I will be in debt, is that average?
 

jasonkido

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Jul 29, 2010
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I was in debt back in 2010 for pharmacy school 54k. After i graduated in 2010 I rented an apartment and lived cheaply. Paid it off in 8 months.
 
Aug 31, 2015
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I was in debt back in 2010 for pharmacy school 54k. After i graduated in 2010 I rented an apartment and lived cheaply. Paid it off in 8 months.
how was it so little? People are saying their loans are upwards of $200k. Where did you go to school? Where are you working?
 

Digsbe

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Aug 6, 2011
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$247,000 counting accrued interest.

Borrowed $25k for undergrad, went to a private pharmacy school which ironically was cheaper than going to the state school and having to pay for room and board. This was my cheapest option given the state I'm in (in state tuition is over $25k a year). When I started the PharmD program my tuition was near $34k a year, as I'm graduating it's $40k a year. Took out 45k or so each year to cover tuition and living expenses (gas, food, insurance, etc). I live at home with family to save on expenses and my family is not in a place to financially assist me (I'm grateful for a room, that's enough).
 
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LotusMarks

LotusMarks

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wow, thanks for all the responses
 
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LotusMarks

LotusMarks

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I am currently borrowing 30k a year for tuition and got a 7000 merit based scholarship each year which i will use for living expenses!
 

romaniangirl

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Jul 19, 2014
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For me right now it's looking like 40k for my total pharmacy school debt, if that.
 

BMBiology

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I wouldn't worry too much. You can get on PAYE and let the government forgive your loans.
 

Digsbe

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I wouldn't worry too much. You can get on PAYE and let the government forgive your loans.
I don't trust that, the rules will likely change and the "forgiven" amount is still taxed. I foresee them changing rules for graduate students, we are their cash cows and they want to milk as much as they can out of high interest grad loans.

I think it's best that no one expect any forgiveness or aid from the gov, they created the loan crisis for a reason and see it as a net revenue generator and not a public service. I'm probably going to refinance to a lower interest rate through a private company and just pay them off either rapidly or over 20 years allowing me more money to invest with.
 

streetpreacher

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Sep 16, 2010
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I borrowed $92,000 and had it paid off in a little less than two years. It is very manageable, just don't go buying new cars and houses. I use plural on those because I know a pharmacist who graduated and a year after graduating, he had amassed three houses and three vehicles... SMH.
 
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jasonkido

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Jul 29, 2010
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how was it so little? People are saying their loans are upwards of $200k. Where did you go to school? Where are you working?
Worked a lot at my side job and as a pharmacy student and lived at home. I'm working for Omnicare. Went to Xavier university of LA. Graduated in 2010
 
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Eichhoernchen

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Jun 5, 2011
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I graduated with 55K total for 6 years at a state school. I even borrowed more than needed to do some international stuff.. which I do not regret at all! I had a job during school, worked about ~20 hours or so.
 

pillpharmer14

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Mar 17, 2015
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I don't trust that, the rules will likely change and the "forgiven" amount is still taxed. I foresee them changing rules for graduate students, we are their cash cows and they want to milk as much as they can out of high interest grad loans.

I think it's best that no one expect any forgiveness or aid from the gov, they created the loan crisis for a reason and see it as a net revenue generator and not a public service. I'm probably going to refinance to a lower interest rate through a private company and just pay them off either rapidly or over 20 years allowing me more money to invest with.
I've got a friend banking on this but I just can't convince myself that its a good idea. I have no faith that this will still be an option after 10 years of policy change.
 

Digsbe

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Aug 6, 2011
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I've got a friend banking on this but I just can't convince myself that its a good idea. I have no faith that this will still be an option after 10 years of policy change.
No one has technically had their loans forgiven and I think both sides of the political isle want to screw over grad students. If I remember correctly I think I read on these boards where the Dems and Obama want to alter rules to prevent graduate students from benefiting or catching a break. The repayment plans were put in place to help the poor students that spent 100k+ on an art/music degree and now buss tables or work minimum wage since their degree is worth about as much as the paper it was printed on. It's not for those making 6 digit salaries wanting lower payments. Grad students are to be screwed by higher taxes, higher interest rates, and much higher tuition and that interest profit goes to subsidizing the loans of others (as well as the gov budget, student loans are designed to profit them). The Republicans view it all as innapropriate borrowing if you couldn't work your way through tuition and had to take out any money.

The public sees anyone making 6 digits as "overpaid" and if you see grad loans forgiven I think it will generate news promting a change. The last person they want to save money is the guy earning 6 figures with high debt, you can afford to pay it off and they love to make that extra money off of you. There is also a reason why you can't deduct student loan interest on your taxes once you make beyond 75k or so a year.

I'm just going to refinance and either blitz it fast or pay it slow over 20 years to use other money to invest.
 

Chriskahn

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Feb 2, 2013
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My school cost 20k a year. I'm borrowing 33k a year for the first 3 years to cover living expenses after tuition. The final year I'll be moving back to my parents for rotations so I'll just borrow enough to cover tuition. After I graduate, factoring in the money I made from interning, I'll be hovering around 100k. So yeah, 100k is probably average.
 
Apr 25, 2015
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I'm looking at 190K following graduation. I'm eyeing 4 years myself to pay it down, I hate the idea of that interest sitting there collecting
 
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