In pharmacy school but can't pay for it

[atxfarmacista]

Hi everyone,

I am currently a first year (P1) in pharmacy school and have had to deal with an unusual financial situation I was hoping someone could help with. Before starting pharmacy school, I made sure to figure out I would be ok financially. Then, about 2 weeks before my first semester, I am told some new legislation mumbo jumbo changed and I wouldn't be awarded as much as I thought. "Sorry, but we can't really do anything" kind of thing. I didn't graduate undergrad with a degree (no Bachelor's) so I can't apply for grad loans. Also, I'm a non traditional student so I am older (currently 28). I have tried to apply for several private loans (Sallie Mae, Wells Fargo, some healthcare career ones, etc) with my mom as my co-signer but was denied each time. She has good credit. As my financial aid person told me, it's not about having good credit, but about having enough income to offset the amount that I need per year (roughly $52,000 per year, $34,000 for tuition). My mom will never come close to making that kind of money. She is helping me with living expenses and I hate that I've put that burden on her.

For this first year, I was awarded some federal money to pay for tuition for the year. They told me that as long as I kept 3.5 GPA overall I would get the same deal my P2 year. Well, again things have changed. Now they are saying I won't have enough money for tuition next year. What can I do? I welcome any and all suggestions. Thank you.

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[sosoo]

its a very, very expensive school. see if u can transfer since its only year 1. other schools tuition are at $22k, not $34k, a year..

 

[CMUchicka]

Hi everyone,

I am currently a first year (P1) in pharmacy school and have had to deal with an unusual financial situation I was hoping someone could help with. Before starting pharmacy school, I made sure to figure out I would be ok financially. Then, about 2 weeks before my first semester, I am told some new legislation mumbo jumbo changed and I wouldn't be awarded as much as I thought. "Sorry, but we can't really do anything" kind of thing. I didn't graduate undergrad with a degree (no Bachelor's) so I can't apply for grad loans. Also, I'm a non traditional student so I am older (currently 28). I have tried to apply for several private loans (Sallie Mae, Wells Fargo, some healthcare career ones, etc) with my mom as my co-signer but was denied each time. She has good credit. As my financial aid person told me, it's not about having good credit, but about having enough income to offset the amount that I need per year (roughly $52,000 per year, $34,000 for tuition). My mom will never come close to making that kind of money. She is helping me with living expenses and I hate that I've put that burden on her.

For this first year, I was awarded some federal money to pay for tuition for the year. They told me that as long as I kept 3.5 GPA overall I would get the same deal my P2 year. Well, again things have changed. Now they are saying I won't have enough money for tuition next year. What can I do? I welcome any and all suggestions. Thank you.

Lots of people in my class didn't have bachelors but were still able to apply for graduate plus loan. Graduate plus is based on credit history so you need to have good credit else they would ask for cosigners. So ask your school for graduate plus and subsidized/ unsubsidized loans, they are both federal. Always go for federal loans and avoid private unless you abouslulately have no options.

 

[Lexington2012]

It sounds like you have enough to cover tuition, but nothing left to cover living expenses, correct?

Try to become an RA in the dorms. It is an easy job, especially if you are the RA of the grad school dorms.

 

[PromisedNeverland]

take a loan like 99% of pharmacy students ... and then pray that you get a full time pharmacist job to make sure you can pay off those loans

 

[genesis09]

I got the grad unsubsidized loan amounts even though I didn't have a bachelor's degree. You should talk with the financial aid office

 

[mik30102]

Your financial aid person is incompetent, you do not need a bachelors to apply for grad plus, just be in a graduate program.

 

[sosoo]

let us know when u come to conclusion that the financial aid rep was total incompetent.

at our school our class graduates in 2011. the financial aid put it at 2010. we had to run back n forth with them like maniacs to get the money straight.

 

[BC_89]

Don't you DARE apply for a private loan like sallie Mai-I-take-your-money. All federal AND your in a professional doctorate despite not having a bachelors. Thus, you qualify for grad loans (many did it in my course). Highly suggest working while in school as an intern and apply for sub/unsub FEDERAL loans along with the grad plus loans. Once you graduate and compete for hopefully a full-time job, apply for 501(c) 3 federal gov jobs and do PSLF but still live frugally as if your paying at a full 10 yr loan rate in case gov loan forgiveness programs flop. Of course you'll need at least a PGY1 to get that job...or option B hope you get a full time gig in retail that don't drop salary too much and live very very frugally and pay it all back while living off Refried beans and 99 cent carbonated flavored tropical water.

The take away, stay away from private loans. Many others did without so can you. Just follow my guidelines

 

[ldiot]

I was offered like 40k in Stafford loans.... so if your tuition is 34k you have 6k left, so just need another ~6k/year for living?