Is anyone esle concerned...

[NuclearTech]

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I was recently accepted to MWU-CCP and I have decided that is where I am going to attend Pharm. school. But, I was thinking about the cost of tuition and living expenses in the Chicago area and I am starting to worry a little bit. Tuition at MWU is ~21,000 a year and an estimate of my living expenses for a year in Chicago is about 10-12k. So, after I am finished with Pharm. school I will have a total debt of 120k or higher(this includes undergrad). I know that there are numerous ways on cutting down expenses(i.e. part-time job, various scholarships and grants), but the bottom line is I am going to have a large debt. So, my question is...Is a school that charges 21k a year, in an area of the country where the cost of living is very high, going to cause me to be in debt for years and years? I just want to see if anyone esle is concerned about the cost of their program.

 

[freshbeatschris]

I was recently accepted to MWU-CCP and I have decided that is where I am going to attend Pharm. school. But, I was thinking about the cost of tuition and living expenses in the Chicago area and I am starting to worry a little bit. Tuition at MWU is ~21,000 a year and an estimate of my living expenses for a year in Chicago is about 10-12k. So, after I am finished with Pharm. school I will have a total debt of 120k or higher(this includes undergrad). I know that there are numerous ways on cutting down expenses(i.e. part-time job, various scholarships and grants), but the bottom line is I am going to have a large debt. So, my question is...Is a school that charges 21k a year, in an area of the country where the cost of living is very high, going to cause me to be in debt for years and years? I just want to see if anyone esle is concerned about the cost of their program.

I am going through the same dilemma. I was just accepted via email last week and have been going over the figures as well. I figure it is going to be even more than 120K to attend Midwestern. People have been telling me over and over again that our debt will be worth it. The feeling I got at the MCV about their program left me with a really positive outlook on their program there.

Out of curiosity, have you looked into attending UIC?

One other question somewhat off the topic... were you notified of your acceptance by email? If so, how long after did it take for you official matriculation package to arrive in the mail?

Thanks-
Chris

 

[dreaminpharmd]

I have looked into the cost of living....and I'll tell you it is much cheaper than the private schools in California. Tuition at USC is $16,000 per semester. I highly doubt parking is free and housing is affordable there. Eventually, my family has accepted the fact that I may be heading out of California for the cheaper tuition....and I will be responsible for my debt. My boyfriend is already in debt (over $100,000 since undergraduate) and he will be just finish medical school.....


By the way, I went to the MCV on Jan. 9th and got an acceptance too. I found out my acceptance on Jan 13th, but didn't receive the package until the end of the month. Plus, I was given only about two weeks to send in a deposit thereafter. My guess is that it still took them three weeks to send the matriculation letter ( and not to mention, additional large envelopes following it- immunizations, background checks...).

 

[Baxter81]

Yea I was going through loans and financial aide stuff, and I will be about 140K in debt after attending USC. YIKES!! But they give you like 10 years to pay it off. I'll be moving back home also so that cuts another big chunk out of the cost.

 

[pAwSN]

Dude, being in that much debt is nothing compared to the amount of money you can make if you live in an area where Pharmacist have high pay. Most medical students, regardless if its dental, medical, pharmacy, etc..., averages around that amount of debt by the time you are done with school. It's the price you pay for a financially stable career in the future, so don't worry about it too much.

 

[NuclearTech]

I am going through the same dilemma. I was just accepted via email last week and have been going over the figures as well. I figure it is going to be even more than 120K to attend Midwestern. People have been telling me over and over again that our debt will be worth it. The feeling I got at the MCV about their program left me with a really positive outlook on their program there.

Out of curiosity, have you looked into attending UIC?

One other question somewhat off the topic... were you notified of your acceptance by email? If so, how long after did it take for you official matriculation package to arrive in the mail?

Thanks-
Chris

I did look into attending UIC, but the more research I did on MWU and UIC, the more I felt like MWU was a better fit. Also, with UIC being about 13k a year, I thought that MWU would be better for me and worth the extra 8 grand. So, right now I am just trying to figure out if I've made the right decision. Everything seems to have a way of working itself out...hopefully student loans follow suit.
...Also, I was notified via e-mail on my acceptance. I went to the Dec. 12th MCV and received my acceptance e-mail on the 22nd. They were pretty quick about everything.

 

[cosmicstarr]

I was recently accepted to MWU-CCP and I have decided that is where I am going to attend Pharm. school. But, I was thinking about the cost of tuition and living expenses in the Chicago area and I am starting to worry a little bit. Tuition at MWU is ~21,000 a year and an estimate of my living expenses for a year in Chicago is about 10-12k. So, after I am finished with Pharm. school I will have a total debt of 120k or higher(this includes undergrad). I know that there are numerous ways on cutting down expenses(i.e. part-time job, various scholarships and grants), but the bottom line is I am going to have a large debt. So, my question is...Is a school that charges 21k a year, in an area of the country where the cost of living is very high, going to cause me to be in debt for years and years? I just want to see if anyone esle is concerned about the cost of their program.

With around a $103k annual salary in Chicago and $120k in debt, you're looking at a take home pay of about $3,870/month. This is after the student loan repayment of about $1,378/month (6.75% interest), an estimated healthcare/benefits deduction of $90/month, S-1 filing status and 10% contribution to 401k.

It's not a lot, but still better than most. After the student loans are paid off, you'll have a lot more money to spend/put away, etc...

Personally, I'm hoping that my student loan debt does not exceed my annual salary. With the tuition rising about 5% a year at many schools, this will be difficult.