Last Chance to Turn Back

[Dred Pirate]

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This thread is depressing.

To the OP, I don't recommend going to pharmacy school in your case. I feel future pharmacy students should have some experience in retail and be comfortable working there (even if their eyes are on a residency). The majority of jobs for pharmacists are in retail so I think it's only necessary to have that idea of what working will actually be like. You also seem to be restricting yourself to a tight job market in socal. If you aren't willing to relocate out of area/state, then obviously your job opportunities are limited (and competition is getting tight..). And you'll have loans.

Consider other careers. Why pharmacy? It seems like you're income-driven. There's other fields in healthcare that make good money too. Sometimes I feel like I should aimed to be a PA instead.

going to have to agree - especially with that student debt - I am a product of two private school degress - but my first degree I paid 12k for room, board, tuition at a highly respected school - only 3k more than if I went to the public school I considered. I was luckly to have poor parents and great grades, a good combination for finanical aid. Student debt is going to contribute signifiantly to so many issues in society going forward. My children will only go to a private school if it is the same out of pocket cost as a public - so that being said, state school here we come.

If you really want to be a pharmacist - find a state school out of state, expand your horizons, even if you wait a year, nobody is going anywhere in that time. Go to the midwest, life is great there, cheap living, good pay, and you can fly away anytime you want.

 

[radio frequency]

This is way too much money to spend on loans for a PharmD, especially from a new school without much reputation.

There's no way I would attend for this amount.

 

[Jibby321]

If I lived in Cali I would not go to pharmacy school. Even if it were UCSF

 

[jamesharden]

You are getting about 5 extra/hour in CA. So, that's 10k/year gross, after fed and state tax is around $6500. You know what you can get for $6500 in CA? Absolutely nothing. WOOT for $550 extra a month... Try to check your neighborhood apt rent/house price for a sticker shock when you decide to finally be an adult and move out of your parent's home >_>; In fact, if you factor in the cost of living in CA, you'd actually getting about 10-20k LESS pay than other pharmacists that are living else where. CA resident will most likely have less disposable income after factoring high cost of living.

I'd kill my self to be in your situation and go with MD route.

Haha trust me, I didn't stay at home for undergrad, I went to a good UC, and the cost of living was pretty out of hand so I know how hard it is so really allocate the funds for that. But you're right, I've also calculated it to be about 6500 a month, which is relatively a lot of money. Salary should be like 80,000 or so after taxes. That's 3 years of living at home to pay off loans. Is that not worth it?

Consider other careers. Why pharmacy? It seems like you're income-driven. There's other fields in healthcare that make good money too. Sometimes I feel like I should aimed to be a PA instead.

I majored in chemistry and have family in pharmacy, so I was advised to go into the career. It doesn't seem like it's a bad career, but I'm willing to admit my passion lies elsewhere (albeit completely elsewhere in arts and stuff.) It's not easy to make a career off of that, and like most first generationals, we're pretty much driven to achieve the American dream. Pharmacy will accomplish that.

This is way too much money to spend on loans for a PharmD, especially from a new school without much reputation.

There's no way I would attend for this amount.

I don't disagree, this is a ridiculous amount of money. But there are more expensive schools in California. California is just a ridiculous place, I guess.

I'm planning to pay off my debt as I go along, I think that might shave off a few thousands, but I dunno. Anyone with experience of paying as you go?

 

[jamesharden]

If I lived in Cali I would not go to pharmacy school. Even if it were UCSF

I calculated the costs, and UCSF actually amounts to about 220k total, which isn't bad, but that's with Tuition + Living. Doesn't include all the other money you would spend. If I'm admitted to SF, I will attend, but all pharmacy schools in California will cost you a fifth of a million at LEAST to attend, EXCEPT for UCSD. UCSD however only has a class size of 60 people and also they're relatively new and unestablished.

 

[Jibby321]

Soooo much money!!!

Here I am complaining about just being over 100K when I graduate in 2017.

 

[jamesharden]

OK so the general idea that I'm getting is that California pharmacy is unreasonably expensive, but there has to be a good reason for this. I still haven't really heard the opinion of any actual Californian pharmacy students, or so it seems. It doesn't seem like any are around to complain about it, so either we're all delusional, or it's not as bad as it seems. Could really use that input though.

 

[BMBiology]

I know you will eventually go not because you think it is a good decision but because you don't have many options on the table. That is the sad reality.

This is also why pharmacy schools will not have too much trouble filling their classes.

 

[Jibby321]

OK so the general idea that I'm getting is that California pharmacy is unreasonably expensive, but there has to be a good reason for this. I still haven't really heard the opinion of any actual Californian pharmacy students, or so it seems. It doesn't seem like any are around to complain about it, so either we're all delusional, or it's not as bad as it seems. Could really use that input though.

It's kinda like that whole "don't ask, don't tell" because a lot of students don't want to face the fact that they will have 200-300k in debt for a job that pays 100K (rough numbers).

Personally if I lived in Cali and really wanted to be a pharmacist I would move to Texas, establish residency then attend a Texas school. You would save sooooo much money in the long run.

 

[Dred Pirate]

Haha trust me, I didn't stay at home for undergrad, I went to a good UC, and the cost of living was pretty out of hand so I know how hard it is so really allocate the funds for that. But you're right, I've also calculated it to be about 6500 a month, which is relatively a lot of money. Salary should be like 80,000 or so after taxes. That's 3 years of living at home to pay off loans. Is that not worth it?

You are forgetting about a lot of expenses - yes, you will save on paying rent, but what about car insurance, gas, food, beer (that stuff adds up), car payment (if you have one), nights out, clothes, charitable gifts, etc. Or are you gonna never leave your parents basement, eat their food, use their credit card to fill your car up and mooch off their car insurance?

Seriously look out of state, expand your horizons, be and adult and move out of your parents. Where I come from if you live with your parents after high school, we have a name for you, and it is not a nice one.

Not trying to be a jerk, just trying to give you perspective. My friends from NYC have a similiar view - they never move out until they are married, I just don't get that.

And I am not just being one of those guys, I graduated in one state, moved to another out of school, then halfway across the country where I am now. There is more to life that "where you grew up" regardless of how cool of a place that is.

 

[RxMonkey]

I know you will eventually go not because you think it is a good decision but because you don't have many options on the table. That is the sad reality.

This is also why pharmacy schools will not have too much trouble filling their classes.

This hit home in a major way.

 

[spacecowgirl]

No way would I spend that much on pharmacy school right now, especially if I had never worked in a pharmacy and had no idea what I was getting into. And especially if I was tied to a specific geographical area with a crazy COL.

OP - I think you need to spend more time thinking about this.

 

[jamesharden]

You are forgetting about a lot of expenses - yes, you will save on paying rent, but what about car insurance, gas, food, beer (that stuff adds up), car payment (if you have one), nights out, clothes, charitable gifts, etc. Or are you gonna never leave your parents basement, eat their food, use their credit card to fill your car up and mooch off their car insurance?

Seriously look out of state, expand your horizons, be and adult and move out of your parents. Where I come from if you live with your parents after high school, we have a name for you, and it is not a nice one.

Not trying to be a jerk, just trying to give you perspective. My friends from NYC have a similiar view - they never move out until they are married, I just don't get that.

And I am not just being one of those guys, I graduated in one state, moved to another out of school, then halfway across the country where I am now. There is more to life that "where you grew up" regardless of how cool of a place that is.

Hey I completely agree, it's going to be a drag. I lived on campus / in off campus apartments when I was an undergrad, I already have the experience of moving out. Coming home and staying home however is the only thing us lower class people can really do if we're considering professional school. Trust me, I wish I could get out, but I have a lot of responsibilities with the fam. I get the feeling that you aren't asian american as I am, but if I'm incorrect, then I apologize. Asian american culture dictates that family is the most important thing, and I've had my haydays in undergrad anyways.

Obviously I would be much happier not "mortgaging my future" as many put it, but like BMB said, I don't have many other options, especially with how far gone I am. I just wish some Cali people would come speak out

 

[jamesharden]

No way would I spend that much on pharmacy school right now, especially if I had never worked in a pharmacy and had no idea what I was getting into. And especially if I was tied to a specific geographical area with a crazy COL.

OP - I think you need to spend more time thinking about this.

Haven't accepted my awards yet 🙂 definitely trying to hear more input from people, maybe success stories or even failure stories

 

[radio frequency]

Have you even considered the amortization on these loans? Their amounts will be much greater by graduation.

As an aside, I never call school loans "awards", because that sounds like you won something. A loan is not an award.

 

[radio frequency]

OK so the general idea that I'm getting is that California pharmacy is unreasonably expensive, but there has to be a good reason for this. I still haven't really heard the opinion of any actual Californian pharmacy students, or so it seems. It doesn't seem like any are around to complain about it, so either we're all delusional, or it's not as bad as it seems. Could really use that input though.

I think the reason California students don't complain is due to confirmation bias. That, and the idea that everyone else is doing it here, so we couldn't possibly be wrong...could we?

Do you remember anything about the housing downturn? Everybody I knew was telling me I "had to" buy a house and get in "while the market was good". Until they all lost their shirts. That's basically California pharmacy schools today.

 

[velocicaur]

How old are you? 22 and fresh out of college? This seems like a troll post to me, but I don't think it is because I had such an asinine view of the world when I was your age.

You sound like me when I was that age. I was more concerned about money and keeping my lifestyle up more than anything. Sure, having high income is nice, but not if you are miserable. The fact that you have never been in a pharmacy before does not bode well. First, you need to get into a pharmacy asap and give it a few months. "Can I do this for 30 *years*?" That amount of time is hard to imagine. It's hard enough to remember life in high school and that was less than 10 years ago! Will driving a bmw on the way to cvs make my 10 hours a day at cvs any better? No. Large house? Nope. Fancy electronics? Nope. These things will just make life that much more miserable...

So, you become a pharmacist and get a decent job. It is tolerable. You buy the things that you want: house, car, etc. You reached the socioeconomic status that you set out for. 5-10 years down the line you are only 36 years old and you do not enjoy pharmacy anymore and you want to try something else. What can you do now? Well, not much. You are still paying back on tuition, you have a large mortgage, and a car note or two. You can't leave your job because you have to pay for your "life" that you are unhappy with. It is kind of funny that the stuff you strongly desire is now the thing that keeps you at your miserable job. Welcome to the rat race. Now you have a choice to make: continue to suffer for the next 30 years and pray that you can retire (unlikely, but you can hope). Two, you have to cut back on your lifestyle and live lower so you can pay all these things off to give you the *freedom* to pursue something that you really want to do.

I would not go to pharmacy school THIS year. First, get into a pharmacy and test out various settings for the next year. You'll get accepted into school again. Hell, you got accepted into school without any experience, this would only improve your application. If it goes well, apply again and more broadly. If it doesn't go well, at least you saved yourself from the nightmare described above. Plus, you have a year of experience working and have another recommendation or two.

 

[jamesharden]

Have you even considered the amortization on these loans? Their amounts will be much greater by graduation.

As an aside, I never call school loans "awards", because that sounds like you won something. A loan is not an award.

I get what you're implying in that it isn't really an "award" but that's what all schools call them. Additionally, not all students will qualify for all awards. Students with bad credit won't be eligible for some loans.

But yeah, the surge in graduating pharmacists and student debt does remind me of the housing bubble

 

[jamesharden]

How old are you? 22 and fresh out of college? This seems like a troll post to me, but I don't think it is because I had such an asinine view of the world when I was your age.

You sound like me when I was that age. I was more concerned about money and keeping my lifestyle up more than anything. Sure, having high income is nice, but not if you are miserable. The fact that you have never been in a pharmacy before does not bode well. First, you need to get into a pharmacy asap and give it a few months. "Can I do this for 30 *years*?" That amount of time is hard to imagine. It's hard enough to remember life in high school and that was less than 10 years ago! Will driving a bmw on the way to cvs make my 10 hours a day at cvs any better? No. Large house? Nope. Fancy electronics? Nope. These things will just make life that much more miserable...

So, you become a pharmacist and get a decent job. It is tolerable. You buy the things that you want: house, car, etc. You reached the socioeconomic status that you set out for. 5-10 years down the line you are only 36 years old and you do not enjoy pharmacy anymore and you want to try something else. What can you do now? Well, not much. You are still paying back on tuition, you have a large mortgage, and a car note or two. You can't leave your job because you have to pay for your "life" that you are unhappy with. It is kind of funny that the stuff you strongly desire is now the thing that keeps you at your miserable job. Welcome to the rat race. Now you have a choice to make: continue to suffer for the next 30 years and pray that you can retire (unlikely, but you can hope). Two, you have to cut back on your lifestyle and live lower so you can pay all these things off to give you the *freedom* to pursue something that you really want to do.

I would not go to pharmacy school THIS year. First, get into a pharmacy and test out various settings for the next year. You'll get accepted into school again. Hell, you got accepted into school without any experience, this would only improve your application. If it goes well, apply again and more broadly. If it doesn't go well, at least you saved yourself from the nightmare described above. Plus, you have a year of experience working and have another recommendation or two.

Thanks for taking the time to respond, I appreciate it. This has been by no means an easy thought process for me, but reapplying to more schools does sound like a good idea. I am not 22 though, I'm 24.5. Does that change your opinion at all or is the age irrelevant?

 

[Dred Pirate]

Hey I completely agree, it's going to be a drag. I lived on campus / in off campus apartments when I was an undergrad, I already have the experience of moving out. Coming home and staying home however is the only thing us lower class people can really do if we're considering professional school. Trust me, I wish I could get out, but I have a lot of responsibilities with the fam. I get the feeling that you aren't asian american as I am, but if I'm incorrect, then I apologize. Asian american culture dictates that family is the most important thing, and I've had my haydays in undergrad anyways.

Obviously I would be much happier not "mortgaging my future" as many put it, but like BMB said, I don't have many other options, especially with how far gone I am. I just wish some Cali people would come speak out

true - I am not asian - and I understand cultural differences - so just giving you my opinion from my view and respect different views. Trust me, I was born lower class - a midwestern pig farmer who worked from the age of 14.

 

[velocicaur]

Absolutely not! 24.5 still gives you *40* years to work. Guess what, 25.5 still gives you 40 years to work too. The amount you can learn about pharmacy and the working world in general is definitely worth one year off to me.

 

[MackandBlues]

I would recomend time off as well, why can't you go work with the family member in pharmacy? Go shadow pharmacists, PAs, and doctors and any other career you are thinking of to make a more informed decision.

 

[Dred Pirate]

I would recomend time off as well, why can't you go work with the family member in pharmacy? Go shadow pharmacists, PAs, and doctors and any other career you are thinking of to make a more informed decision.

this x1000 - if you are not feeling it 100% - no need to rush - there is not some magic age you have to stop working. Definitely look at all options, I wish I had explored more, not trying to talk you out of a career in pharmacy, trying to help you avoid crazy debt.

On a side note, what type of pharmacy field does your family member work in? Any chance someplace where they could "guarantee" you a job after graduation? (ie. family owned business, etc)? That would definitely help change my opinion

 

[radio frequency]

this x1000 - if you are not feeling it 100% - no need to rush - there is not some magic age you have to stop working. Definitely look at all options, I wish I had explored more, not trying to talk you out of a career in pharmacy, trying to help you avoid crazy debt.

On a side note, what type of pharmacy field does your family member work in? Any chance someplace where they could "guarantee" you a job after graduation? (ie. family owned business, etc)? That would definitely help change my opinion

I think the same as the above quote. I was also thinking if you have family members in pharmacy, maybe they'd be willing to give you loans at a more reasonable rate than 6%, provided you sign a contract and pay them back. And really...try not to be so inflexible about location if at all possible as it will hurt you in the long run. With saturation issues, you need to be willing to take the jobs where you can find them.

I think the advice about going to Texas is actually really good. They have very cheap in-state tuition, a number of good schools to choose from, and a decent market for pharmacists. Go work there for a year in a pharmacy, come out with more knowledge of whether this is for you...then go to school and save a lot of tuition fees.

 

[jamesharden]

this x1000 - if you are not feeling it 100% - no need to rush - there is not some magic age you have to stop working. Definitely look at all options, I wish I had explored more, not trying to talk you out of a career in pharmacy, trying to help you avoid crazy debt.

On a side note, what type of pharmacy field does your family member work in? Any chance someplace where they could "guarantee" you a job after graduation? (ie. family owned business, etc)? That would definitely help change my opinion

Family member is a clinical pharmacist in a hospital in Southern California, but I don't think I'll have any guarenteed positions after graduating.

Man this is stressful!

 

[angryrx]

It's a terrible time to start pharmacy school. Jobs are tight, wages are falling (some places by more than $20/hr), and there are too many pharmacists out there. It will only be worse 4 years from now.

BUT...if you're the best in anything you will always have a job in whatever you want to do. So, if you can be the best, then go for it. If you're going to be middle of the pack, don't bother. There are no guarantees in life. You have to man up and hustle; make things fall in place.

 

[SELDANE]

You can rationalize it all you like, but at the end of the day you're 210k in debt for a degree in which you question both your passion and its sustainability within the future market. If I were you I'd make other arrangements.

 

[CardinalGirl210]

I will be honest with you - those loans are fricking ridiculous. and at that interest rate - find an alternative to taking those loans weather it be working full time in school (which will help you get a residency - which is HIGHLY competitive) - I cannot comment on quality of school - I am from the east coast. With that student loan payment you will be so far behind the eight ball you will spend your entire life trying to dig out of it. I had half that amount, and an interest rate under 2% and I dread paying it every month for 25 years.

If I had to do it all over again- I would go the PhD route and look at academia in college or university. I got lucky, I graduated right before the onslaught of pharmacists (10 years ago) and got a good job- but I do realize it will be hard for me to move around when I choose to.

If your interest rate is so low and you only have ~100K why are you taking 25 years to pay it off? Pay it off faster!

 

[CardinalGirl210]

I calculated the costs, and UCSF actually amounts to about 220k total, which isn't bad, but that's with Tuition + Living. Doesn't include all the other money you would spend. If I'm admitted to SF, I will attend, but all pharmacy schools in California will cost you a fifth of a million at LEAST to attend, EXCEPT for UCSD. UCSD however only has a class size of 60 people and also they're relatively new and unestablished.

I think the only reason why you're conflicted is because of the cost of tuition. You should've applied to cheaper schools.

 

[bobanderson214]

You can rationalize it all you like, but at the end of the day you're 210k in debt for a degree in which you question both your passion and its sustainability within the future market. If I were you I'd make other arrangements.

This pretty much nails everything you need to know about the situation.

 

[Jibby321]

If your interest rate is so low and you only have ~100K why are you taking 25 years to pay it off? Pay it off faster!

Have you thought about this?

I believe dred said his/her interest rate is 1.8%. Wow that's a great rate!

Well if he/she can invest that $100,000 and get > 2% interest then he/she is making that loan money create a net profit. So what is the incentive to payback that money when you could infect be making idk say a 1-2% gain?

 

[CardinalGirl210]

Have you thought about this?

I believe dred said his/her interest rate is 1.8%. Wow that's a great rate!

Well if he/she can invest that $100,000 and get > 2% interest then he/she is making that loan money create a net profit. So what is the incentive to payback that money when you could infect be making idk say a 1-2% gain?

I understand that perspective. My mindset is inclined on the side of being debt free.

 

[angryrx]

Have you thought about this?

I believe dred said his/her interest rate is 1.8%. Wow that's a great rate!

Well if he/she can invest that $100,000 and get > 2% interest then he/she is making that loan money create a net profit. So what is the incentive to payback that money when you could infect be making idk say a 1-2% gain?

You have to take into consideration your tax rate and capital gains. You would need more than 2% to break even with a 1.8% rate on debt.

Anyways, anyone can make more than 5% on their money. Anyone could drop money into something real stable like T and make more than 5%/year in divies, or can get a little more exciting and drop some in REITs (some being S&P aristocrats) and make closer to 6%+.

I completely understand the mindset of not wanting to owe anyone money. I felt the same way, but I realized that my DEBT wasn't the problem, it was my INCOME. I needed to make more money, not owe less money. This strategy has worked out very well for me. After a couple great years, I paid down most of my debt; there is NO WAY I could have done that if I plowed my paychecks towards my debt.

When I was working as a pharmacy intern, the greatest advice I received from my pharmacy manager was this: learn about money. Don't worry about pharmacy school, learn everything you can about money. Pharmacy school is the easy part; learning how to build actual wealth is a lot more tricky.

 

[Klueril]

A lot of pessimism in this thread. Be wary. Just know that the grass is NOT always greener on the other side.
I was in the hot tub the other night with a neighbor who was (retired) a pretty prominent cardiovascular surgeon in our state. He said, "pharmacy is a very good choice, I'm glad I got out of medicine when I could, things aren't the same."
Just remember that no field is a bed of roses anymore. The growth of our developed economy is slowing down, and the yearly 10% raise + bonus that my dad used to talk about DOESN'T EXIST ANYMORE!
Pharmacy is a solid career choice. Do well in school, get an internship, network, and you will always have a job and be able to provide for your family.

 

[Jibby321]

You have to take into consideration your tax rate and capital gains. You would need more than 2% to break even with a 1.8% rate on debt.

Anyways, anyone can make more than 5% on their money. Anyone could drop money into something real stable like T and make more than 5%/year in divies, or can get a little more exciting and drop some in REITs (some being S&P aristocrats) and make closer to 6%+.

I completely understand the mindset of not wanting to owe anyone money. I felt the same way, but I realized that my DEBT wasn't the problem, it was my INCOME. I needed to make more money, not owe less money. This strategy has worked out very well for me. After a couple great years, I paid down most of my debt; there is NO WAY I could have done that if I plowed my paychecks towards my debt.

When I was working as a pharmacy intern, the greatest advice I received from my pharmacy manager was this: learn about money. Don't worry about pharmacy school, learn everything you can about money. Pharmacy school is the easy part; learning how to build actual wealth is a lot more tricky.

I was just using very conservative numbers. But yes you would need a little more than 2% for it to be worth it.

 

[Momus]

A lot of pessimism in this thread. Be wary. Just know that the grass is NOT always greener on the other side.
I was in the hot tub the other night with a neighbor who was (retired) a pretty prominent cardiovascular surgeon in our state. He said, "pharmacy is a very good choice, I'm glad I got out of medicine when I could, things aren't the same."
Just remember that no field is a bed of roses anymore. The growth of our developed economy is slowing down, and the 10% raise + bonus that my dad used to talk about DOESN'T EXIST ANYMORE!
Pharmacy is a solid career choice. Do well in school, get an internship, network, and you will always have a job and be able to provide for your family.

He is complaining he used to make $1M+/year, now he is getting 700k... Should hang out more with him in the hot tub so you can retire too lol

 

[angryrx]

I was just using very conservative numbers. But yes you would need a little more than 2% for it to be worth it.

And no, in no situation would it be "worth it" to have such poor return on your hypothetical 100k.

I'm not trying to be mean here, but be real. You don't need to play hypothetical numbers; play real numbers, make real models, then execute when the time is right. That's how you make money.

 

[Jibby321]

And no, in no situation would it be "worth it" to have such poor return on your hypothetical 100k.

I'm not trying to be mean here, but be real. You don't need to play hypothetical numbers; play real numbers, make real models, then execute when the time is right. That's how you make money.

Persomay I have not and will not be able to do this. But older pharmacists who have much lower interest rates have done it for quite some years now.

 

[angryrx]

Those older pharmacists are NOT the model to follow. Obviously. Making enough money on your savings to cover interest on debt and a little extra is no way to build wealth.

Again, learn as much about $ as you can now. Read everything about money you can get your hands on. Try several running models, understand why they work or don't work. It will be the best time you ever spent. You don't have to be a risk taker to build wealth. You can still be very conservative; but you can't reach for what you don't know.

Work is much more enjoyable when you're there because you like it, not because you need a paycheck.

 

[Jibby321]

Those older pharmacists are NOT the model to follow. Obviously. Making enough money on your savings to cover interest on debt and a little extra is no way to build wealth.

Again, learn as much about $ as you can now. Read everything about money you can get your hands on. Try several running models, understand why they work or don't work. It will be the best time you ever spent. You don't have to be a risk taker to build wealth. You can still be very conservative; but you can't reach for what you don't know.

Work is much more enjoyable when you're there because you like it, not because you need a paycheck.

Agreed.

 

[Angela1234]

A fool and their money are soon parted. I think that james will do what he wants regardless of what any of us say.

 

[PharmtoCS]

Amid the chartering of new pharmacy schools, oversaturation situations, and nay sayers, I've come to a point where I am sitting on a pharmacy school acceptance.

I'm looking at my financial aid award letters, and I have a chance to throw it all away and not go into what seems like the dying field of pharmacy.

It's been a very stressful few weeks, and I hope fellow P0's can chime in about what they think?

Also anyone not a P0 is free to say anything too.

Not sure if I should really pursue this career. It's not a passion of mine, but it will pay the bills. And money matters.

There are careers out there other than pharmacy that will allow you to pay the bills without being stuck with an even greater bill of over $200k.

For example, the market for software engineers is currently red-hot. New computer science graduates are making six-figure salaries at major tech firms - and most importantly, without the $200k debt + 4 additional years of schooling. It's a field to consider if money really matters.

The future of job security and income in the health professions is still uncertain due to the recent implementation of the ACA.

 

[jamesharden]

Dear friends, SDNers, enemies, and haters. Prepharms, premeds, prepharms who should be premeds, premeds who should be engineers:

I've decided to not attend pharmacy school and try to pursue something else in my life.

This is an update from my original post, which I posted a while ago. I specifically remember people saying (myself included) that I would just go to school because it's the best option I have, but I'm here to prove you guys wrong. Yes, I'm leaving a lot on the table, but it's not an impossible decision to make.

Years and years of people advising younger people to go into pharmacy have resulted in what's going to be a huge saturation crisis, and especially with the ambiguities of the ACA, there's just too much on the line to go into 200k-300k worth of debt. If it's truly your passion, then do it. But don't kid yourself otherwise.

 

[FlavyFlav]

If I could go back to 2006 I would never go for pharm school. I don't even know if I'd want to go into the health care sector anymore. Don't get me wrong, I love being a pharmacist, and I'm good at what I do. The current standard however is not conducive towards a happy career. Jobs are few and far between, I barely got my job as a floater because I started as a tech and moved cross country. The amount of busy work required has risen substantially since I started school. The number of pharmacists graduating continues to increase while cuts continue to happen across the board. Pay has stagnated, and corporate would love to find any excuse to get rid of you. Our board appears powerless to help in the fight for better/safer working conditions, and the current paradigm seems to be 'throw the pharmacist under the bus'.

Like I said, if I could go back to before loans, I would choose something else, however I'm hard pressed to figure out what that would be. Again, I love being a pharmacist and when I can figure out how to run my own business things will change.However, I'm just getting by right now. Good luck on your decisions.

 

[slimcutt]

Dear friends, SDNers, enemies, and haters. Prepharms, premeds, prepharms who should be premeds, premeds who should be engineers:

I've decided to not attend pharmacy school and try to pursue something else in my life.

I'm glad you came to a conclusion that you are satisfied with. Now can we please get back to talking about what's going on in this hot tub? Sounds steamy, amirite?

 

[anewmanx]

If I was your age again and didn't have three kids to support I wouldn't consider anything other than an MD or DO. Good choice to choose another career path.

If you're interested in Academia consider doing your masters/phd in Europe.

 

[Gombrich12]

Good luck with whatever you undertake in the future. It's hard to not take the default or what looks like the easy path in life. Also, pharmacy school will always be there if you really want to do it.

 

[confettiflyer]

If your interest rate is so low and you only have ~100K why are you taking 25 years to pay it off? Pay it off faster!

Cuz if the cost to carry debt is < inflation, it'd be dumb to use present money to pay off such a debt when there are return options > carrying costs available to said borrower....especially with compounding interest.

Very few student loans fall into this category, however.

 

[BMBiology]

Cuz if the cost to carry debt is < inflation, it'd be dumb to use present money to pay off such a debt when there are return options > carrying costs available to said borrower....especially with compounding interest.

Very few student loans fall into this category, however.

then her question still stand. Since interest rate is >> inflation, why not pay it off ASAP?

 

[confettiflyer]

then her question still stand. Since interest rate is >> inflation, why not pay it off ASAP?

answer: cuz it'd be really dumb.

stop being so short sighted! Long term inflation since WWII is ~ 3.8%, you're thinking of the most recent YOY figure where it's been ~2%. I scrolled up just now (didn't realize this was an old thread, stupid phone app) and the OP's loan is 1.8%.

Hope he took his extra $$$ the past 4-5 years and gained +30% in the market instead of chasing down a silly 1.8% freebie loan.

But not many people have 1.8% loans....even my lowest rate ones are 2.8%