Student Loan Questions

[Brill]

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To anyone's knowledge, do any of the major retail chains (Walgreen's, CVS, Target, etc.) offer any sort of loan repayment programs, i.e. you work for them for x number of years and they agree to pay off your student loans?

 

[tlh908]

I have a friend who was offered money from Eckerds and then had the money withdrawn at the last minute because they didn't have enough money to pay out....

CVS has a loan program which is forgiven if you work for them. You can get up to $5000 a year for school and each year you work for them as a pharmacists forgives one year of the loan. You are not committed to working for CVS upon graduation and if you work for someone else you need to repay the loan.

I am sure their are other companies that offer similiar programs.

 

[Heyyyyy]

I am really concerned about getting into insane debt. Can you imagine the $100,000plus loans after graduation? Can you imagine 1-2 grand/monthly of your paycheck going to stupid loans?

I'm hoping that i will make at least $85,000/year in 2006. I plan to work my ass off to pay the loans faster. Can pharmacists work two pharmacy jobs? I mean likr 70-80hrs/week at two different retail pharmacy stores?


I heard hospital jobs have good incentive programs in terms of loan forgiveness but salary stinks.

Community pharmacy(retail) offer few incentive programs(loans) but salary smells great. However, there is a catchy part, "commitment" meaning you are stuck working at a place where no other pharmacist wants to work.
Longs:
-$10,000
-2-year Commitment
-No internship with them is required to qualify.

CVS
-$20,000
-5-year commitment
-You must intern with them to qualify.

Rite aid
-NONE.
-They offer scholarships of about $1,500/year which is worth nothing

Walgreens
-$10,000-$13,000.
-? years of commitment
-You must be a present or past walgreen employee.

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.

What do you guys think?

 

[Heyyyyy]

The bad thing about scholarships is that they require you to be a phamacy student in order to qualify. So, i am not counting on scholarships till second year.

 

[chunkyb]

Originally posted by Heyyyyy
I am really concerned about getting into insane debt. Can you imagine the $100,000plus loans after graduation? Can you imagine 1-2 grand/monthly of your paycheck going to stupid loans?

I'm hoping that i will make at least $85,000/year in 2006. I plan to work my ass off to pay the loans faster. Can pharmacists work two pharmacy jobs? I mean likr 70-80hrs/week at two different retail pharmacy stores?

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.

I'm worrried too about going into so much debt like that.
I think that it's smart to try to pay your debt off faster, although working 70-80 hrs./week is probably not such a good idea when you're just starting out----it seems like a sure-fire route to getting burned-out early in your career.

I think that instead of trying to work more hours, maybe it would be better just to be a little more thrifty the first few years you are working and put most of your earnings towards your loans. Once you start earning money, it may be diffuclt to risk the temptation of going on a spending rampage. Some of my friends are earning 6-figure salaries, but they're still in debt!! I guess there's truth to the saying that it's not so much what you make but what you save.

As for the tuition assistance programs, they seem like a great idea too. But think about the time commitment required. If CVS pays only about $10 K more than the others for a much longer time committtment, I don't know if getting stuck in a $hitty place for 3 more years is worth that money, considering that you'll be making about 20 times that amount, within the span of those 3 extra years.

No one seems to ever mention salary taxes and the big chunk it takes from our earnings. I myself, am curious to know whether or not our student loans can be deducted from our taxes when we start working full-time after graduation.

 

[GravyRPH]

You guys should not be at all worried about your loans. Pile up that debt now, the government provides wonderfully low interest rates and very forgivable repayment plans. You will have NO problems paying it back and still have a lot of money left over.

I left school over 80,000dollars in debt about 4 years ago, and have payed it nearly all off while still purchasing a house on the central coast of california, having 2 cars, 2 new kids, etc. and not pinching any pennies.

I have a friend going into pharmacy school and he is really stressing over his loans as well. I have tried to convince him it is no problem. Just be sure to pass the boards! 😉

We(my wife mostly) accomplished this amazing feat of paying this loan off by actually sending in a daily payment to the government. Thats right a DAILY payment. We made a stamp for the checks and for the envelopes and sent them 20dollars a day, what that did is essentially paid 90% a month to principal as opposed to the ridiculously small amounts you start off with. We called the loan department to make sure this was OK and was told they receive so many checks a day that one extra one would make no difference and to go right ahead.


Something to think about.

 

[Triangulation]

This is a great thread guys!!!

Are there a lot of ways to itemize for deductions on your taxes for pharm school stuff?

 

[jdpharmd?]

Originally posted by Heyyyyy

Community pharmacy(retail) offer few incentive programs(loans) but salary smells great. However, there is a catchy part, "commitment" meaning you are stuck working at a place where no other pharmacist wants to work.
Longs:
-$10,000
-2-year Commitment
-No internship with them is required to qualify.

CVS
-$20,000
-5-year commitment
-You must intern with them to qualify.

Rite aid
-NONE.
-They offer scholarships of about $1,500/year which is worth nothing

Walgreens
-$10,000-$13,000.
-? years of commitment
-You must be a present or past walgreen employee.

****I think i am going to end up working for CVS just because of that $20,000 tuition assistance program. Hopefully, they will also give me a salary of $85,000/year.

What do you guys think?

First, last time I checked (around here), Rite aid was offering a 10-20k signing bonus for only one or two years commitment, max. They were also talking about a 50k loan repayment with a 5-year commitment. Second, it's not worth it. Sure, if retail wants to pay a 20k signing bonus and six figures for only a one year commitment, then I'd do it, but loans are specifically designed to be easy for new grads to pay off. Try not to squander your cash while in school, then pass the boards, and double up on some of your loan payments and you'll be debt free in a few years. It's nothing to get worked up about now, and I'll assure you that you're not going to debtor's prison. Think about most med schools. They often times have tuition of almost 50 grand a year for 4 years, plus a 3-7 year residency, and they manage. Oh, and 80 hours a week of retail will shorten your lifespan by about 10 years, at least.

Jd

 

[GravyRPH]

At the wages you make after leaving pharmacy school you are not allowed to deduct the taxes on your school loans, unfortunately. Buy a house instead.

 

[GravyRPH]

Oh, and 80 hours a week of retail will shorten your lifespan by about 10 years, at least.

Then why do I always seem to end up working with 80 year old pharmacists who are still going strong, at least in their mind anyways.

 

[Heyyyyy]

Are you sure about rite aid offering such stuff? There is nothing on their website about loan forgiveness program.

 

[jdpharmd?]

Originally posted by Heyyyyy
Are you sure about rite aid offering such stuff? There is nothing on their website about loan forgiveness program.

Most chains have nationwide programs, and then some that are specific to certain regions. When the time comes, or if you get a job as an intern or tech, then call up on of the regional managers and ask about loan forgiveness, or sign on bonuses. The closer you are to graduating, the more leverage you have. I still wouldn't sign a commitment longer than one year...

Jd

 

[jdpharmd?]

Originally posted by GravyRPH
Then why do I always seem to end up working with 80 year old pharmacists who are still going strong, at least in their mind anyways.

I don't know, but maybe you should look for a store with some nice, young grads of the opposite sex. I've worked with several "way-past-retirement" pharmacists, and it's downright scary. It's also twice as much work for their partner, intern, and tech if they can't keep up. I doubt that many 80-year olds work 80 hour weeks too...

Jd

 

[lord999]

USPHS offers a complete loan forgiveness program and the best residencies too. The flip side of the coin is you get to work in the hellholes of the Indian Health Service, Bureau of Prisons, Military, Veteran's Affairs, although I have seen a few postings to ARHQ, FDA, CDC, and NLM every once in a while.

Be a patriot and join the military is another option, but not for one who truly understands the official and unofficial motto.

There also exists a government loan forgiveness program to work in "disadvantaged neighborhoods" which is a euphemism for inner-city or stereotype rural areas.

 

[WVUPharm2007]

The hospital I work at is offering $15,000/year to pay off tuition up front and you only have to sign up for 4 years(one year for each you use their funds.) So that's essentially a $60,000 bonus for 4 years (and they DO NOT cut your wages, you still make the starting $79,000/year salary)

Keep in mind, that's a mediocre local hospital in WV, where the wages are as low as cost of living. So, wherever you live, go see the HR people at your local hospitals and see if they have an indentured servitude program like mine.

 

[Heyyyyy]

WVUPharm2007
You are lucky!!!! I hope i will find one like that. Also, when can you sign such contracts? Can you do it during your first year of pharmacy school?

 

[WVUPharm2007]

My hospital's is on a per year basis. You sign on to work one year for each you borrow. You could stop after this year and owe them only one year of service.

 

[Triangulation]

BUMP

 

[Heyyyyy]

brill, any new updates on the pharmacy education act of 2003?

 

[Brill]

Not sure why you asked me 🙂, but anyway, last I heard it still hasn't come up for vote in the Senate.

 

[Roxicet]

Do you think I can get the coca cola corporation to pay back my loans if I change my last name to Pepper when I graduate? It's free advertising for them.

 

[badxmojo]

heh..honestly dude its worth a try!

 

[Nocsag56]

hi everybody,

i hope everyone is doing well in their pharmacy endeavors.

just a quick question. can anyone recommend a private lender with a fixed or very low variable interest rate for an educational loan?

i'm signed up for CitiAssist thru citibank - but theirs is based on the prime rate. which if fine right now cuz the rate is low - but who knows in 3 years?

anyway - thanks for any and all recommendations!
-nocsag56

 

[jason UCSD2000]

pharmacyI looked at several different lenders pharmacy (Sallie Mae, Nellie Mae, Wells Fargo, Chase...) They all went with the prime rate. pharmacyIn fact, I don't remember seeing any lender with a fixed rate.pharmacy I ended up choosing CitiAssist as well,pharmacy because they seemed to have the lowest rate (especially if you get a good cosigner).pharmacy Although it looks as though some family member will be paying it back if I diepharmacy
😱

Happy Debt-ing
jason

 

[Brill]

Hmmm....technically this should be moved to the financial aid forum, but unless this forum starts to get inundated with off-topic threads I don't see it as much of a problem. Then again, you did mention pharmacy so I'll let it pass 😉

 

[28657]

I would assume that most lenders are advertising the variable rates because they're so low right now. However, most institutions have both fixed and variable options. I guess if I were you I would call the lenders and see if they have a fixed rate option. If they do, it will be MUCH higher than the variable, but next year when we get a democratic prez in office our economy's gonna sky rocket and the prime rate will sky rocket too. Yay!!!

Of course that comment is all in jest!

 

[jason UCSD2000]

must...resist...
political conversation...
eventhough... don't like...bush...know...I...
can...do...it...

phew,
did it...😉

 

[rxforlife2004]

Hi all,

Due to the fact that i haven't received any responses from NVCP and UOP, now Hawaii College of Pharmacy is a school that I consider to be enrolled for Fall 2004. However, the problem is loan. This school is not yet accredited and still very new. Thus, they said that i have to take care of the loan myself. Has anyone here know about private loan applied to non-accredit school like this?

South2006...can u give me your experience about this? I am sure u've been thru this...

 

[michelleca4]

I am sending my deposit as well for Hawaii. Does anyone know of any private lenders?

 

[kiki642]

Hi Michelleca4. Congrats on your acceptance at Hawaii

 

[Caverject]

Michelleca4: Congrats!!

RXforlife: Let me tell you how hard it was to get my loan...it wasn't. Financial Aid will be there for you when you get there. (Just make sure to do your FAFSA) Your school will figure out how much you need per quarter/semester to get you by. I had to do a subsidized and unsubsidized loan as well as an alternative loan. Hopefully I wont need the alt loan anymore once I get a roommate. Living by yourself can get very expensive. If I can offer you any advice, get a roommate! I think the person you spoke to may have been blowing smoke up your @$-. I would call them again and ask for the Fin aid department and see what they say. Is this school associated with the University of Hawaii? If it is, you should have no problems. Also, please check your PM (Click user CP in the top right corner) I hope this helps

 

[LVPharm]

If it's ANYTHING like Nevada, you won't have access to Department of Education sponsored/subsidized student loans for at least the first year. Unlike South (which already existed before the pharm program), Hawaii is a new school (private, unafilliated with UH). After you accept the offer of admission, you should be contacted by the school's financial aid officer to offer you a choice of private lenders that the school has a relationship with...that's what happened here at Nevada.

 

[rxforlife2004]

LVPharm,

Unfortunately this school is still working with private loaners. Therefore, i have to take care on my own in order to go here...I think that really sucks .

Now I am just hoping NVCP and UOP kiss my file and send me big packages...I even think of going for Samford School for the interview ( I haven't officially rejected it yet....) Should I, bro? Do you know much about Samford?

 

[LVPharm]

Originally posted by rxforlife2004
...Should I, bro? Do you know much about Samford?...

I don't know if you read my post regarding Loma Linda's program...religion is an important component of Samford's program, you have to attend prayer meetings and/or chapel and get credit for it...there is even one class in the pharmacy curriculum that is religious in nature. Samford is down in the "Bible Belt", Southern Baptist territory. I say this because you're gonna have to expect questions at the interview that touch on matters of faith. They do so at Loma Linda, so I wouldn't expect any different from Samford.

As far as NVCP and loans is concerned, although it might change in the next year when we get things worked out with the Department of Education, you will be taking out a private loan for financial aid...but it's from a list of providers that work with the school, so much of the details of application are done through the financial aid office. No FAFSA, but it is a simple matter, nonetheless.

 

[Caverject]

Dude, if you liked Las Vegas or Hawaii, you will not like Samford. Its a very tight knit community there, and quite scary if your not from the south, and extreamly conservative. (Its baptist country, not that there is anything wrong with that)

 

[Fade2Blue]

For those of you in pharm schools, who did you choose to be your lender for Fed Staff Loan OR who would you recommend? Some of these lenders are Bank of America, Educaid, Access Group, and Total Higher Education... I didn't take any loans for my undergrad, so any advice would be great! Thanks

 

[MNnaloxone]

I think I went with Northwest (now Wells Fargo). It doesn't really matter much, b/c I'll consolidate with the bank with the best offer when that time comes.

I guess I'd recommend designating a bank that you can go downtown and walk into. I've never had cause to get customer service from my lender-but if something goes bad, I can just get in my car and go have a chat with a bank rep. Don't have to do it over the phone.

 

[MALA]

I was just wondering how everyone is dealing psychologically with the fact that by the time we're out of pharm school, we'll be around $80-$90K in debt! And that's just for tuition alone!

 

[jemc2000]

That's just one year of salary. I can deal with it.

 

[MALA]

I guess, I can budget and live on 1/2 my income for a few years to pay it off...makes sense. Has anyone ever heard of "My Rich Uncle.com" ? I was just on the bankrate.com website looking for different ideas on how to finance college, etc.... and I went to the site, at first, it sounded good, but I think it's a ripoff. Ever hear of it?

 

[tanyas]

i chose Bank of America back when I was in undergrad, but I don't think it really matters....

 

[michelleca4]

www.educationone.com and www.teri.org does give loans for Hawaii. I just called Hawaii and they told me the good news.

 

[rxforlife2004]

michelle,

What is the APR interest? Do you know?

 

[michelleca4]

Cliff the finance guy at Hawaii said that educationone has a lower rate, but it all depends on your credit and your parents credit (if they have to cosign).

 

[rxforlife2004]

Oh...I see...I just callled both TERI and EDUCATIONONE, but they're closed now...I'll check them out on Monday, then...THanks Michelle...and uh I might try the interview at Samford also. Bad news is that i haven't submitted 1K for Hawaii

Thanks for your info, Michelle..I'll check it out more...Did you apply for NVCP, Michelle???? I haven't heard from them for 1 month after the interview already!!!!

 

[eddie269]

I'm kinda new to these terms but if a school's non-accredited, what does that mean? and why would you still choose to go there if it is non-accredited?

 

[LVPharm]

Originally posted by eddie269
I'm kinda new to these terms but if a school's non-accredited, what does that mean? and why would you still choose to go there if it is non-accredited?

You might want to read the response I posted in this thread:

http://forums.studentdoctor.net/showthread.php?s=&threadid=101004

...or get the scoop on accreditation straight from the horses mouth:

http://www.acpe-accredit.org/

 

[michelleca4]

Every pharmacy school started out non-accredited. After the first class graduates, then the school will be fully accredited. UCSD, Loma Linda and Nevada College of Pharmacy are non-accredited. I am not afraid to attend Hawaii, because they modeled the program after their sister school-Nevada College of Pharmacy.

 

[LVPharm]

For the record, Nevada College of Pharmacy received full accreditation status by the ACPE at their January meeting 😉

 

[michelleca4]

Opps congrats to Nevada....Yay good prospects for Hawaii then!