Is anyone else going through this....

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watan

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Hello,

Well I have gotten accepted to Pharmacy school CNCP!!! I am being so depressed with reading about the future of the profession. I have so much stress by thinking about the amount of loan i have to pay back, finding a job in a competitive market when i graduate in 2014. I am starting to have second thoughts ... A few pharmacist whom I work with they have told me that they had the same feeling when they got accepted. Don't get me wrong I love the profession ... I know they say do what you love but while I still love the profession when I am burried with loans and unable to find a job as most others make it seem like that.

I am overstressing and leading my self to depression with this kind of pessimestic thinking?

Anyone else going through ...
 
Yes, you are going to worry yourself sick!

The pharmacists you WORK WITH felt like they would not find jobs once they graduated? See why they should have worried less?

Also, loans are all on you. Keep the $ manageable, and realize how to manage debt once you get out of school. The loans are not insurmountable, just don't buy a boat, and RV, 2 jet-skis, a house and a $40,000 engagement ring immediately upon graduation and you will be fine!
 
There's also a chance you won't make it past 2012 :meanie:
 
watan said:
Hello,

Well I have gotten accepted to Pharmacy school CNCP!!! I am being so depressed with reading about the future of the profession. I have so much stress by thinking about the amount of loan i have to pay back, finding a job in a competitive market when i graduate in 2014. I am starting to have second thoughts ... A few pharmacist whom I work with they have told me that they had the same feeling when they got accepted. Don't get me wrong I love the profession ... I know they say do what you love but while I still love the profession when I am burried with loans and unable to find a job as most others make it seem like that.

I am overstressing and leading my self to depression with this kind of pessimestic thinking?

Anyone else going through ...
Click to expand...

I am not feeling the way you do, because I have gone through all the possibilities in my head and they all work out just fine for my situation. The being said, if you are going to get that stressed out about it, then it may affect your academic performance, which would be horrible.


PharmOl said:
There's also a chance you won't make it past 2012 :meanie:
Click to expand...
HAHAHA!!! My mother told me from the time I was little the world was going to end in 1999, I am still here 11 years later, though I was terrified as a child that I was going to die at 19 (I was 19 in 99)... But hey, at least if it is all over in 2012 my student loans will be forgiven!!!! :laugh:
 
Once you start pharmacy school, you will learn about plenty of opportunities that you will have as a pharmacit.

If you sit at school and hope to hear from pharmacists in your area, you won't get anything unless there are no applicants for that pharmacy. You have to start talking to people and asking questions to see if there are things available.

If you absolutely have to stay in your state or the area where you live, then it's important to make connections now since it will help you get jobs later on.

If you don't have to stay and can relocate (or you're worried about the costs), then you can start talking to professors and pharmacists about residencies and positions in other states. You'll find that many of the faculty members have been to different schools, so they're likely to tell you about how things are for pharmacists in other area. They'll also know people from working and doing reserach, so you can form some more connections there. Don't worry about the cost of moving. You'll earn enough money as a pharamcist (or have some left over from working and loans) that you can pay it off later.
 
Its working.. all these threads telling people to not go to pharmacy school are working. I am sure those thread starters are happy about it. To the OP.. if you want to become a pharmacist bad enough.. you will become one.
 
You will have a butt-load of debt, and I know that stresses me out.

You will not be dirt poor. As I've been saying all along, though, pharmacy doesn't pay THAT well, unless you're doing it right out of high school and in a 0-6 program.

Yes, 100K/year is a lot of money, but after taxes, tuition, and spending 4 years getting your Pharm. D., it's not that much. As I've shown before*, unless you do the 0-6 program, you're getting paid as much as some guy with a B.S. in computer programming. Not a bad salary, but not super awesome, either.

* This assumes that you're starting your Pharm. D. around age 22.

If you love pharmacy, do it. If you're young, you won't be losing money by pursuing it. Of course, if you "love" other things, then look into them, too.
 
PonderingChoice said:
You will have a butt-load of debt, and I know that stresses me out.

You will not be dirt poor. As I've been saying all along, though, pharmacy doesn't pay THAT well, unless you're doing it right out of high school and in a 0-6 program.

Yes, 100K/year is a lot of money, but after taxes, tuition, and spending 4 years getting your Pharm. D., it's not that much. As I've shown before*, unless you do the 0-6 program, you're getting paid as much as some guy with a B.S. in computer programming. Not a bad salary, but not super awesome, either.

* This assumes that you're starting your Pharm. D. around age 22.

If you love pharmacy, do it. If you're young, you won't be losing money by pursuing it. Of course, if you "love" other things, then look into them, too.
Click to expand...

Exactly how much money do you think people make in this country haha
 
The average American pulls down 40K/year.

I don't know about you, but even if I don't go to pharmacy school, I'm going to be making more than that. 😛
 
That is the first time i heard pharmacist worry about not finding a job.
But the loans... I can understand. Some people take about 5 years to pay back their loans.

But hey, dont stress about that too much. You're on your way to become a pharmacist!
 
kcwang said:
That is the first time i heard pharmacist worry about not finding a job.
But the loans... I can understand. Some people take about 5 years to pay back their loans.

But hey, dont stress about that too much. You're on your way to become a pharmacist!
Click to expand...

If you can get your loans paid off in 5 years you're in great, great shape. It's certainly not the norm.
 
homeslice said:
If you can get your loans paid off in 5 years you're in great, great shape. It's certainly not the norm.
Click to expand...

Wouldn't a lot of in-state students pay off their loans that quickly after graduating?
 
crazybob said:
Wouldn't a lot of in-state students pay off their loans that quickly after graduating?
Click to expand...

It is certainly possible with a modest lifestyle. If you assume ~100K in loans for in-state, you payments are going to be around 1500-1600 dollars if you do it in five years.
 
crazybob said:
Wouldn't a lot of in-state students pay off their loans that quickly after graduating?
Click to expand...


Probably, however out of state and private school students have a totally difference story 😳
 
crazybob said:
Wouldn't a lot of in-state students pay off their loans that quickly after graduating?
Click to expand...

It all depends on the school I suppose. I got to an in-state school and tuition and fees is already at ~22k/year, and it keeps going up. Add in the cost of living in an expensive city and there's no way to make it at or under 100k. Although I do plan on working year round starting this summer so we'll see if I can make it happen. I'm extremely frugal and would love to have my loans paid off in 5 years.
 
homeslice said:
It all depends on the school I suppose. I got to an in-state school and tuition and fees is already at ~22k/year, and it keeps going up. Add in the cost of living in an expensive city and there's no way to make it at or under 100k. Although I do plan on working year round starting this summer so we'll see if I can make it happen. I'm extremely frugal and would love to have my loans paid off in 5 years.
Click to expand...

The average amount of debt for graduates at my school is 65K~70K.

The tuition at my school is about 11K per year, so I guess it's good that students know how to live on about 25K for 4 years :laugh: or approximately $6250 per year. $6250 per year is what it comes out to be if they stay on campus during the school year. They could also afford it if they worked during the summer and stayed in the same apartments.
 
6250? probably too low but if you want to live dirt poor and eat junk food and never visit a gym or never have enough money to go out with friends or date.
 
bn43py53 said:
6250? probably too low but if you want to live dirt poor and eat junk food and never visit a gym or never have enough money to go out with friends or date.
Click to expand...

$585 per month (electricity, cable, internet, water included) for your own bedroom + bathroom + kitchen for an on campus apartment can give you money to go to the gym and go out to eat.

It's about 9 months during the school year.
 
I don't know where he lives at or where he want's to go to school to. You'll also have to budget money in case you don't have job lined up for the other four months and also in case of emergency. And also you can give back surplus money or borrow less the following year because remember all those loans accumulate interest.
 
PharmGrrlJax said:
HAHAHA!!! My mother told me from the time I was little the world was going to end in 1999, I am still here 11 years later, though I was terrified as a child that I was going to die at 19 (I was 19 in 99)... But hey, at least if it is all over in 2012 my student loans will be forgiven!!!! :laugh:
Click to expand...
Haha, I remember that! It had something to do with all the nuclear armor resetting to 00 and going off or something of that matter.
And with regard to student loans, I was telling all my friends I'd love to know if the end of the world is really coming so I can take out max amount haha
 
so most ppl take more than 5 years to pay off the loans?
 
PharmOl said:
Haha, I remember that! It had something to do with all the nuclear armor resetting to 00 and going off or something of that matter.
And with regard to student loans, I was telling all my friends I'd love to know if the end of the world is really coming so I can take out max amount haha
Click to expand...


My mom always told me that Nostradamus predicted it would all be over in 1999, and then when stuff started to happen that year, it was *proving her right*. Whatever...

But it would be nice to know if I should just go ahead and take out extra on my loans and go on vacation...live it up a little!:laugh:
 
kcwang said:
so most ppl take more than 5 years to pay off the loans?
Click to expand...
How in the hell can anyone expect to pay loans in less than 5 years?

Assume you make 100k, loans are 100k, and you pay it all back in one year?

Have you factored in taxes (~30%), LIVING EXPENSES, mortgage payments, entertainment expenses, Food, commuting, GAS. Rent.
Do you realize that loans have compounding interest?

100k * 1.068 = $106,800

If you dont make payments for one year, your new balance will be nearly $7000 [seven thousand] dollars bigger.

lets compound a second year:

106,800 * 1.068 = $114,062

You now owe $14,000 [Fourteen THOUSAND] dollars more, in addition to the original 100k [One Hundred THOUSAND] dollars.'

If mommy and daddy can just write off a quarter million for you, GOOD for you. Lucky boy.

If youre like the average american Joe, cant find a retail job, got a hundred other classmates gunning for the same dozen jobs, Hospitals not hiring, 6 months unemployed, still looking. How the hell are you gonna make your loan payments? let alone cover basic living expenses.

Bunches of kids. all bright-eyed and optimistic.

http://www.merriam-webster.com/dictionary/repossession
 
Oh good gosh. I don't even know that much about the pharmacy profession, but having said that you'll still find a job, you'll still make good money, and you'll still fulfill the other motivations you had for going. 🙄

If you can't find work then it's not your education's fault. Re-evaluate yourself.
 
avuong said:
How in the hell can anyone expect to pay loans in less than 5 years?

Assume you make 100k, loans are 100k, and you pay it all back in one year?

Have you factored in taxes (~30%), LIVING EXPENSES, mortgage payments, entertainment expenses, Food, commuting, GAS. Rent.
Do you realize that loans have compounding interest?

100k * 1.068 = $106,800

If you dont make payments for one year, your new balance will be nearly $7000 [seven thousand] dollars bigger.

lets compound a second year:

106,800 * 1.068 = $114,062

You now owe $14,000 [Fourteen THOUSAND] dollars more, in addition to the original 100k [One Hundred THOUSAND] dollars.'

If mommy and daddy can just write off a quarter million for you, GOOD for you. Lucky boy.

If youre like the average american Joe, cant find a retail job, got a hundred other classmates gunning for the same dozen jobs, Hospitals not hiring, 6 months unemployed, still looking. How the hell are you gonna make your loan payments? let alone cover basic living expenses.

Bunches of kids. all bright-eyed and optimistic.

http://www.merriam-webster.com/dictionary/repossession
Click to expand...

Wanna know how? I will tell you how I personally plan to do it. I will be living in an area where I make ~100k a year, and my rent/utilities/food/transportation are IN TOTAL about $900-$1,200 a month. My excess income - should be about $68,000/year after taxes - $5,000 will go to an IRA, 15% (~$10,000) to my 403b, and the rest can go to whatever I want it to go to.

So, thats about 50 grand a year I can put towards my loans, a house, or whatever else I wish to all while maxing out my retirement accounts while doing so. 5 years repayment is cake if I decide thats what I want to do. But then again I am just a bright-eyed optimistic kid, so what do I know.

Edit: To pay off a 100k loan in 5 years at 7% interest my loan payments would come in at just under 2k a month, so ~24k a year. Teall me how that is not possible for 90% of pharmacy grads IF THEY CHOOSE to leave cheaply?
 
Go to pharm school! Loans aren't a big deal, you can easily pay them off with your salary (I'll have about 85-90k for undergrad and pharm school).
The job market does suck, but CVS and Walgreens build a store right across from each other on every corner, so there will always be openings. Baby boomers are getting older, so there may be a higher demand of pharmacy services. Also, the baby boomer pharmacists are going to retire... if it is what you truly want to do, to be a pharmacist, just do it. There are always openings, it just depends on how picky you are about location.

BTW, I plan on paying off my loans in 2-3 years. I'll still be living in a 1 br in a college town (cheap rent!) possible with my bf (cheaper rent!). Eat and live frugally, don't travel, and you can be free from the weight of the gvmt standing on your shoulder for loan repayment easily in less than 5 yrs.
 
Now imagine you were a doctor coming out of med school just now with $200k+ in loans and since you were in the bottom half of your class you didn't land a nice residency and after a couple years of being paid barely enough to live you look forward to having to deal with the administrative hell of running a primary care practice (unless you find one to join) and the potential to make, what, $150k at most while worrying about paying your commercial lease, domestic rent, and school loans...now that would stress me out.
 
I agree that if you live cheaply after you graduate you can pay your loans off fairly fast.

I was wondering where you're coming up with the 75k and 100k amounts for total debt at graduation time.

Assuming no undergraduate debt - and in state tuition of 10k per semester. That would still be 80k - or more (a lot of programs are 4 1/2 years) just for tuition. How much are you planning on working while going to school??? Or just how little are you going to eat...
 
b1234 said:
I agree that if you live cheaply after you graduate you can pay your loans off fairly fast.

I was wondering where you're coming up with the 75k and 100k amounts for total debt at graduation time.

Assuming no undergraduate debt - and in state tuition of 10k per semester. That would still be 80k - or more (a lot of programs are 4 1/2 years) just for tuition. How much are you planning on working while going to school??? Or just how little are you going to eat...
Click to expand...

Maybe they are getting help from Mommy and Daddy???? I certainly am not.

I am taking the max Stafford (at least for the first year) even though I won't need it, but assuming max for four years = ~132K, but I get ~20K in tuition reimbursement = ~112K. I am going to pay my interest through school. The Stafford loan is the best deal you're gonna get...might as well buy some **** (ie car, plasma TV, new computer) 😀 Then, it's pay that crap down ASAP.
 
Last edited:
StringTheorist said:
Go to pharm school! Loans aren't a big deal, you can easily pay them off with your salary (I'll have about 85-90k for undergrad and pharm school).
The job market does suck, but CVS and Walgreens build a store right across from each other on every corner, so there will always be openings. Baby boomers are getting older, so there may be a higher demand of pharmacy services. Also, the baby boomer pharmacists are going to retire... if it is what you truly want to do, to be a pharmacist, just do it. There are always openings, it just depends on how picky you are about location.

BTW, I plan on paying off my loans in 2-3 years. I'll still be living in a 1 br in a college town (cheap rent!) possible with my bf (cheaper rent!). Eat and live frugally, don't travel, and you can be free from the weight of the gvmt standing on your shoulder for loan repayment easily in less than 5 yrs.
Click to expand...

That's my plan as well. The wife and I agreed that the first 3-4 years out of school we won't really change our living style and just pump all of the extra cash into my loans
 
rxlea said:
Maybe they are getting help from Mommy and Daddy????
Click to expand...


Maybe, dunno... I spend about 1500 a month right now with gas food and rent/utils being my main expenses - I could definitely be spending less but it's not like I'm just wasting money left and right either... Cost of living where I'll be going to Pharm will be similar to cost of living where I am now for undergrad - probably a bit less because right now I drive to school every day and I probably won't at Pharm school. I live alone so my rent is probably a bit higher than most but rent is cheap where I live - I pay 365+ utils... Still... living on much less than 1k a month is pushing it - doable but sure wouldn't be comfortable...

Yeah, unless I have some major unexpected change in the next 4 1/2 years I plan to spend a few years after I graduate living with a pretty similar standard of living as I do now and paying off loans as fast as I can. I expect to have quite a bit more than 100k in loans though. 100k will probably just about exactly cover tuition, fees, books, etc. - the pure academic expenses - for me. No way do I plan on working enough to completely support myself during that time...
 
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diethylamide said:
Now imagine you were a doctor coming out of med school just now with $200k+ in loans and since you were in the bottom half of your class you didn't land a nice residency and after a couple years of being paid barely enough to live you look forward to having to deal with the administrative hell of running a primary care practice (unless you find one to join) and the potential to make, what, $150k at most while worrying about paying your commercial lease, domestic rent, and school loans...now that would stress me out.
Click to expand...

Where'd you come up with all that garbage?
 
rxlea said:
Maybe they are getting help from Mommy and Daddy???? I certainly am not.

I am taking the max Stafford (at least for the first year) even though I won't need it, but assuming max for four years = ~132K, but I get ~20K in tuition reimbursement = ~112K. I am going to pay my interest through school. The Stafford loan is the best deal you're gonna get...might as well buy some **** (ie car, plasma TV, new computer) 😀 Then, it's pay that crap down ASAP.
Click to expand...

Buy a couple of houses and flip them while you're in school, lol. Come out with no debt, a lot of money, and a cool hobby.
 
b1234 said:
I agree that if you live cheaply after you graduate you can pay your loans off fairly fast.

I was wondering where you're coming up with the 75k and 100k amounts for total debt at graduation time.

Assuming no undergraduate debt - and in state tuition of 10k per semester. That would still be 80k - or more (a lot of programs are 4 1/2 years) just for tuition. How much are you planning on working while going to school??? Or just how little are you going to eat...
Click to expand...

My situation is like that of Rxlea. I work 32 hours biweekly and get tuition reimbursement and health/dental insurance, so that alone is -6k a year. My MANDATORY education expenses are ~18k-20k a year after that, so I think it is reasonable for me to graduate with between 80k and 100k in loans all said and done. I may have to take out a bit more to help with living expenses, I mean I am not going to read by candlelight, but overall I think 100k is a good ballpark number.

Fact is, most pharmacy grads are capable of paying off their loans quickly if they decide to do so. It is personal preference. It may even be better due to the low interest rate to invest the money and stretch out the time of debt repayment, but I will cross that bridge when I come to it. I am just sick of hearing people who a) can't get work or b) bought a house, 3 cars, an RV, 2 jet-skis, a 20k engagement ring, etc. complain that the debt from pharmacy school is unmanageable.

It will all be okay if you are smart about your finances!👍
 
rxlea said:
Yeah it sux...it would have been something fun to do.
Click to expand...

Yeah I know. The market isn't right for it. If I did that in the town I'm moving to in order to finish school I could make a little dough. There's almost no where to live there.
 
I don't know why you think you won't find a job. You'll have to be very flexible in terms of location and you'll have to network. You may even have to be very flexible in terms of the kind of pharmacy you want to do (at first). Don't get depressed, get proactive and start meeting and talking to people who are in the profession offline (though you might already be doing that).

If all else fails, think about the folks who are enrolling in law school and journalism school that REALLY have reason not to sleep at night. I mean, YIKES. You're going to be way better off than them.
 
I remember as a pre-pharmacy I would learn in class about how severe the shortage of pharmacists was...now that I am in pharmacy school I am learning about how the shortage is over and how pharmacy students should strongly consider residencies afterwards. That is an extra 2 years of education! 😡

But really though, look around on monster.com and you will see that as long as you are willing to travel there are a plethora of pharmacist positions in your state.
 
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