Loan deferment

[g40631]

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The idea makes me shudder, but each day that passes makes it a more real possibility. How does loan forgiveness work, and does anyone have experience with it?

I'm not one of those students looking for a single specific job in one market. I've been trying extremely hard and digging into many areas, it just seems like there aren't any opportunities for new grads. It went from being offered a BMW and or a big sign on bonus 4 years ago, to now having your CV trashed without the experience to back it up (I do intern and I'd consider myself extremely capable with my current employer, whom I would love to work for after graduating). I also attended a very well established and respected school.

Also, it sounds crazy, but can one make an offer to work for less? I know that is exactly not how we want the profession to go, but man, I really need to land a job around the time I'm licensed.

Also, do employers tend to ignore applicants if they aren't fully licensed yet?

Thanks.

 

[PharmD RPh]

The idea makes me shudder, but each day that passes makes it a more real possibility. How does loan forgiveness work, and does anyone have experience with it?

I'm not one of those students looking for a single specific job in one market. I've been trying extremely hard and digging into many areas, it just seems like there aren't any opportunities for new grads. It went from being offered a BMW and or a big sign on bonus 4 years ago, to now having your CV trashed without the experience to back it up (I do intern and I'd consider myself extremely capable with my current employer, whom I would love to work for after graduating). I also attended a very well established and respected school.

Also, it sounds crazy, but can one make an offer to work for less? I know that is exactly not how we want the profession to go, but man, I really need to land a job around the time I'm licensed.

Also, do employers tend to ignore applicants if they aren't fully licensed yet?

Thanks.

To answer your questions, I have no experience with forgiveness or the such. It is a reality and students thinking about going into pharmacy right now needs to accept attending school knowing they might not have a job, ruin their credit score with defaulted student loans and try to figure put how to pay back student loans on a non 6 figure salary.

Where are you located? I know parts of the country still have openings but most positions aren't "ideal". I'm still getting recruiting flyers in the mail.

Most corporations have an equal pay policy. I don't know if that is legal or a self induced policy.

My company hired new grads that are unlicensed for this year already. A license is better, but some places will still consider you, but it just depends on how fast they want the position filled. PM me if you have any specific questions.

 

[All4MyDaughter]

Loan forgiveness or deferment? Not the same thing.

 

[g40631]

Loan forgiveness or deferment? Not the same thing.

deferment

 

[mustang sally]

We went into forebearance a looong time ago shortly after we were married because we were so poor. Not sure if that's what you're looking at, but the only thing that I can really remember about it was that the interest kept accumulating on the loans but we didn't have to make payments.

 

[awval999]

Take a deep breath. I take it you are a 2011 graduate. And yes, while the pharmacy job market sucks, you will be able to find a job; and I'm a doom and gloomer that thinks the new schools will ruin our profession.

One, you aren't even graduated or licensed yet. Many places unless you are an intern there will not even look at you yet. I didn't have a job last year in April (2010 graduate), and yes, I was scared and going through the same emotions but I ended up with a hospital staff position. You will find a job, you will be able to pay back your loans, it may be in rural city, or a night shift (me) or retail or military service, but you will get a job. Just keep applying for jobs you want. Don't take a job you hate. If you still don't have a job in August come back and we will throw you a pity party then, but my guess is you will have a job by then.

 

[Sparda29]

Can you get loan payments deferred while you're doing the PGY1/PGY2 residencies?

 

[Jabberwocky12]

Can you get loan payments deferred while you're doing the PGY1/PGY2 residencies?

I doubt it. I don't have anything specific to back it up other than anecdotal evidence right now (I'm stating that now so people know I'm not stating it as law 😛) but I've been hearing that since you make money in the PGY1/2 and are not technically in school, you have to make the payments.

That would make sense why doctors hate their lives while working out their residencies; long hours, low pay, and loans to pay back already.

 

[owlegrad]

I doubt it. I don't have anything specific to back it up other than anecdotal evidence right now (I'm stating that now so people know I'm not stating it as law 😛) but I've been hearing that since you make money in the PGY1/2 and are not technically in school, you have to make the payments.

That would make sense why doctors hate their lives while working out their residencies; long hours, low pay, and loans to pay back already.

I know one resident who deferred her loans, but I don't know the details. We had a panel of residents once during our first year and that came up. One resident said she deferred and another resident said that he didn't want to defer. He thought the resident salary was sufficient to begin payments.

 

[genesis09]

Internships are considered a valid reason for deferring loans. However, you are better off using IBR during that period.

 

[Doctor Rock]

Can you get loan payments deferred while you're doing the PGY1/PGY2 residencies?

The residents I have met and talked too misinterpret "deferred". They consider the grace period=deferred. The grace period means you aren't required to make payments until 6 months after you finish school, but come November, they all have to make payments. As far as actully getting them deferred like what medical residents can do... not so much.

 

[blueclassring]

I remember going through the same thing the summer of 2009. I ended up with a job offer from CVS and Safeway. Jobs were scarce then for my class; I can only imagine the difficulties a lot of you are going through. My advice to job applicants is to talk to as many pharmacists as possible. Call around if you have to. They can usually clue you in on openings. We have one opening here in my county, and I posted it on a social networking site. Surprisingly, there have been no takers.

 

[Hope1974]

Are you serious? You defaulted? ****, its that bad???

 

[Hope1974]

Which state are you in?

 

[Pharmacy Kid]

Are you serious? You defaulted? ****, its that bad???

Who defaulted?