Loan Thread. How much did you borrow?

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Momus said:
Only $74,000 and you are complaining? I am single and I saved $100k in 1 year...

If your future plans are to buy a Porsche and ***** a bunch of Louis Vuitton man purses (like some of the idiots here), I see how you can't handle this loan...
Click to expand...

:laugh: I'm being sarcastic. Actually, I'm planning on going back to school after the PharmD but I hope to cover a part of the tuition and living expenses by working as a part-time pharmacist. The rest will be covered by subsidized loans and family.

If only LECOM didn't make us buy this ridiculous insurance plan... could have shaved another 10k off this amount.
 
I really don't know how anyone could graduate with less than $100k. I go to UNC-CH and I'm going to have about $160k when I'm done (4 years undergrad + 4 years pharmacy school). I don't have parents to help me,a car payment ($250/month), crappy health, and I'm stationed at a satellite campus that requires 2.5 hours driving for me to ever be at home. I just work during school, but I won't get any hours with Walgreens anymore since they hate interns and don't want them on board as pharmacists when they graduate. And from what it looks like, I will not have a job with just a PharmD anymore...I'll have to take out more loans to do an MPH or MBA to get anywhere. 🙁
 
eighthchord said:
I really don't know how anyone could graduate with less than $100k. I go to UNC-CH and I'm going to have about $160k when I'm done (4 years undergrad + 4 years pharmacy school). I don't have parents to help me,a car payment ($250/month), crappy health, and I'm stationed at a satellite campus that requires 2.5 hours driving for me to ever be at home. I just work during school, but I won't get any hours with Walgreens anymore since they hate interns and don't want them on board as pharmacists when they graduate. And from what it looks like, I will not have a job with just a PharmD anymore...I'll have to take out more loans to do an MPH or MBA to get anywhere. 🙁
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Well, I know financial aid offers me like 55k/year but I only take out 8.8k of subsidized with the rest from my parents. If I didn't have their help, I would just end up borrowing more money with the butcher's bill coming to probably a little under 80k after interest. This is of course not adding on living expenses which I covered by working for CVS ($14/hr) and tutoring occasionally.

Actually, my total as it stands will probably be a little less than $70k due to the scholarship this last semester.
 
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eighthchord said:
I really don't know how anyone could graduate with less than $100k. I go to UNC-CH and I'm going to have about $160k when I'm done (4 years undergrad + 4 years pharmacy school). I don't have parents to help me,a car payment ($250/month), crappy health, and I'm stationed at a satellite campus that requires 2.5 hours driving for me to ever be at home. I just work during school, but I won't get any hours with Walgreens anymore since they hate interns and don't want them on board as pharmacists when they graduate. And from what it looks like, I will not have a job with just a PharmD anymore...I'll have to take out more loans to do an MPH or MBA to get anywhere. 🙁
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If you come to my state, you'll find a position you want. But I dunno if you'll want to move 12 ~ 17 hours away from where you are.
 
I went to a 0-6 school in MO and I'll have about 180k when I graduate in May.

I received about 70k in grants, scholarships, and various awards my first couple of years. They sucker you in with big numbers and pull the rug after they're convinced you can't afford to go to another profession.
 
Momus said:
Only $74,000 and you are complaining? I am single and I saved $100k in 1 year...

If your future plans are to buy a Porsche and ***** a bunch of Louis Vuitton man purses (like some of the idiots here), I see how you can't handle this loan...
Click to expand...


how did you save 100k in one year? that means you would be making over 200k and to figure in living expensives after taxes. i dont see how that is even possible.
 
letjin said:
I went to a 6-year private school and borrowed $3000. I paid that off with my first month's paycheck. I had scholarships (~$75000), parents (~$15,000), lived at home, packed lunch, and worked 2 days/week during school year and more during breaks. It is possible to not have a ginormous amount of debt.
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The problem is that most schools do not offer scholarships of that significance and many people do not have the option of living at home. I'll agree that working is huge though, it'll make a difference of about 50k over the 4 years for me.
 
PharMed2016 said:
You must be working your butt off to do that, lol. That's 12.5k a year. <(O.O)>
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Full-time during summers and breaks, 10 hrs/week during school. I work at a large university hospital, so the pay is pretty decent (~$17/hr).

And that amount isn't even including not working at all during the first year of school.
 
homeslice said:
Full-time during summers and breaks, 10 hrs/week during school. I work at a large university hospital, so the pay is pretty decent (~$17/hr).

And that amount isn't even including not working at all during the first year of school.
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Eh, the hospitals in my region do not pay their interns well, less than retail which was counter to where I'm from. I'm going to definitely try to work more this coming year though to get some money for rent and expenses if I can find extra hours to pick up.
 
Momus said:
Only $74,000 and you are complaining? I am single and I saved $100k in 1 year...

If your future plans are to buy a Porsche and ***** a bunch of Louis Vuitton man purses (like some of the idiots here), I see how you can't handle this loan...
Click to expand...

It's only possible to save $100K/yr if:
a. you make ~ or > $280K/yr, and
b. student loan(s), mortgages, car payments, home improvement expenses are $0.00, and
c. sbody pays for your entertainment expense, gas/transportations, and utilities, ex. Internet / TV / phone, gas, electricity,..., and
d. no credit card debt, and
e. you only have to take care of yourself.
 
kbv said:
It's only possible to save $100K/yr if:
a. you make ~ or > $280K/yr, and
b. student loan(s), mortgages, car payments, home improvement expenses are $0.00, and
c. sbody pays for your entertainment expense, gas/transportations, and utilities, ex. Internet / TV / phone, gas, electricity,..., and
d. no credit card debt, and
e. you only have to take care of yourself.
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Maybe Momus works nights at two hospitals and alternates between each every other week? That's 130k x 2 = 260 - 40% = 156k. My ex-GF's mom is a night pharmacist and a floater on her week off. She makes 200k which is probably more realistic if your willing to work your ass off which leaves you with 120k after taxes.

:laugh:
 
PharMed2016 said:
Maybe Momus works nights at two hospitals and alternates between each every other week? That's 130k x 2 = 260 - 40% = 156k. My ex-GF's mom is a night pharmacist and a floater on her week off. She makes 200k which is probably more realistic if your willing to work your ass off which leaves you with 120k after taxes.

:laugh:
Click to expand...

Remember, he/she wrote "saving", not "earning", per year.
 
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couple of questions. for those that want to pursue another degree such as an MBA/MPH what type of job are you looking to have? director? staying on the business side of things? my friend went to get her MPH after working years in retail and after getting her $40K MPH degree she is STILL working the same retail job because there is nothing available to her. sucks.

i'll be ~$37K in the hole when it's all said and done. not too bad for an out of state student though. my friend's pharmacist says he earns ~$112K at walmart but only brings home around ~$70k after taxes. can that be true 😕
 
i need some clarification. ill be starting pharmacy school this fall at unc. they quoted cost of attendance at $35000. now i know i wont need to borrow that much since they overestimate those numbers but im thinking ill have to borrow at least $28000 for this coming year. i just received my financial aid and between federal direct stafford unsubsidized ($12500) and subsidized ($8000) loans, i only have $20500 covered.

so i guess my question is: to cover the remaining amount, about $8000, are gradPLUS loans my only option? or is there another federal loan i could apply for that has a lower interest rate than PLUS loans, such as a federal perkins loan? how do you know if you are eligible/how do you apply for a perkins loan?

thanks for any help!
 
appalpharm said:
i need some clarification. ill be starting pharmacy school this fall at unc. they quoted cost of attendance at $35000. now i know i wont need to borrow that much since they overestimate those numbers but im thinking ill have to borrow at least $28000 for this coming year. i just received my financial aid and between federal direct stafford unsubsidized ($12500) and subsidized ($8000) loans, i only have $20500 covered.

so i guess my question is: to cover the remaining amount, about $8000, are gradPLUS loans my only option? or is there another federal loan i could apply for that has a lower interest rate than PLUS loans, such as a federal perkins loan? how do you know if you are eligible/how do you apply for a perkins loan?

thanks for any help!
Click to expand...

You have to call your school's financial aid office. Any advice we give you would be an educated guess, but do look up the loan maximums online. They can give you a ballpark figure.
 
caramel123 said:
couple of questions. for those that want to pursue another degree such as an MBA/MPH what type of job are you looking to have? director? staying on the business side of things? my friend went to get her MPH after working years in retail and after getting her $40K MPH degree she is STILL working the same retail job because there is nothing available to her. sucks.

i'll be ~$37K in the hole when it's all said and done. not too bad for an out of state student though. my friend's pharmacist says he earns ~$112K at walmart but only brings home around ~$70k after taxes. can that be true 😕
Click to expand...

Yea, because you have to figure that taxes will eat about 35-40% of what you earn.
 
caramel123 said:
i'll be ~$37K in the hole when it's all said and done. not too bad for an out of state student though. my friend's pharmacist says he earns ~$112K at walmart but only brings home around ~$70k after taxes. can that be true 😕
Click to expand...

I make about $120k and I've already paid about $20k in taxes. I live in a state with high state income taxes (~6-7%).
 
caramel123 said:
couple of questions. for those that want to pursue another degree such as an MBA/MPH what type of job are you looking to have? director? staying on the business side of things? my friend went to get her MPH after working years in retail and after getting her $40K MPH degree she is STILL working the same retail job because there is nothing available to her. sucks.

i'll be ~$37K in the hole when it's all said and done. not too bad for an out of state student though. my friend's pharmacist says he earns ~$112K at walmart but only brings home around ~$70k after taxes. can that be true 😕
Click to expand...

yes actually i am pretty sure he meant he brings hom 67k AFTER taxes. now this is assuming NO 401K contribution.

yeah pretty much sucks
 
Momus said:
Only $74,000 and you are complaining? I am single and I saved $100k in 1 year...

If your future plans are to buy a Porsche and ***** a bunch of Louis Vuitton man purses (like some of the idiots here), I see how you can't handle this loan...
Click to expand...

still waiting on a response. i call bull**** on this
 
Gee, I forgot to mention play by play how I got $100k... and someone has to say I am a liar 😳

Gross income $196,700 (including 401k $16,500)
Federal tax $38,400
California state tax $14,300
Medicare $2853
Soc security $6621

Income $134,526
Living expenses $15,000 (I paid $450/month in rent + utilities LOL)
No student loan

I'm probably the cheapest pharmacist out there. There you go $120k/year saving. 2010 is tough.. so far, my gross income at the beginning of July is $121k but it'll be lower than last year I am finding OT hard to find now... I probably end up grossing around ~$170k-180k this year
 
Momus said:
Gee, I forgot to mention play by play how I got $100k... and someone has to say I am a liar 😳

Gross income $196,700 (including 401k $16,500)
Federal tax $38,400
California state tax $14,300
Medicare $2853
Soc security $6621

Income $134,526
Living expenses $15,000 (I paid $450/month in rent + utilities LOL)
No student loan

I'm probably the cheapest pharmacist out there. There you go $120k/year saving. 2010 is tough.. so far, my gross income at the beginning of July is $121k but it'll be lower than last year I am finding OT hard to find now... I probably end up grossing around ~$170k-180k this year
Click to expand...


how the hell is your income post all your taxes at a higher take home percentage than mine? that makes no sense.

damn, u are killing it though. my hat goes off to you, but sounds like you are breaking your ass too. how many hours a week are you doing?
 
Is it worth it to live cheap and save a lot and maybe retire early?

I think I might be bored (if I retired early). But that's just because I've never thought about exactly what I'd do after I retire. As long as work wasn't terrible, I think I'd want to live in a decent to nice place and retire when I felt I was ready.

Would I change my mind after I start working as a pharmacist?
 
crazybob said:
Is it worth it to live cheap and save a lot and maybe retire early?
Click to expand...
Not for me, but everyone has different priorities. I wish I didn't have so much student loan debt, but I don't wish it enough to live somewhere for $450/month :laugh: Mad props to Momus, but it's not the lifestyle for me.
 
spacecowgirl said:
Not for me, but everyone has different priorities. I wish I didn't have so much student loan debt, but I don't wish it enough to live somewhere for $450/month :laugh: Mad props to Momus, but it's not the lifestyle for me.
Click to expand...

I would love to find housing for $450/month when I'm a pharmacist. Although, I always imagine myself living a little better after I'm out of pharmacy school. That's not to say I'm living like crap. :laugh:
 
Momus said:
Gee, I forgot to mention play by play how I got $100k... and someone has to say I am a liar 😳

Gross income $196,700 (including 401k $16,500)
Federal tax $38,400
California state tax $14,300
Medicare $2853
Soc security $6621

Income $134,526
Living expenses $15,000 (I paid $450/month in rent + utilities LOL)
No student loan

I'm probably the cheapest pharmacist out there. There you go $120k/year saving. 2010 is tough.. so far, my gross income at the beginning of July is $121k but it'll be lower than last year I am finding OT hard to find now... I probably end up grossing around ~$170k-180k this year
Click to expand...


wow that is living the cheap life (esp for CA) while busting your butt working. where are you working that allows for 20hrs of OT? and what part of CA if you don't mind me asking?
 
xiphoid2010 said:
Rule of thumb is that your total loan should not exceed your 1 year gross income. Given the pharmacy low growth/stagnant job market, I say $100K total is a generally safe limit to use.

Unless you are in an expensive east/west coast city, you should be able to make enough $$$ for living expenses from internships during school.

I finished with $80K in loans and could have done it with $60k if I wasn't out-of-state during the first year.
Click to expand...


How are you all keeping your loans below 100k? My school tuition alone is 36k a year...
 
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PharMed2016 said:
I will have about $26,400 in stafford subsidized loans when I'm finished. However, I'll owe my parents (interest free) an additional $48,000. Call it $74,400 as the butchers bill for the PharmD with living expenses picked up from working during school.

Anyone rich wanna marry me so you can pay off my loans?
Click to expand...

I would be around 80K in debt when I get out. It would be NICE to marry rich so I can retire after graduation. lol...
 
Just graduated. Paid $140,000 in tuition alone. all loans. $45,000 in living expenses over a 3 year period (includes all the bull$**** fees that the school charges other than tuition and books), I also worked 15 hours a week while in school. After the interest compounded I have graduated with a mortgage, $210,000. 70k @ 7.9% grad plus loans FIXED and 100k @6.8% and $20k @ 5% HPSL......my undergrad loans were $10k @ 3%.....If I had only gone to school sooner, ALL OF MY LOANS WOULD HAVE BEEN AT 3%.


MORAL OF THE STORY....DO NOT.....UNDER ANY CIRCUMSTANCES......EVER.......GO TO PHARM SCHOOL IN CALIFORNIA (if you have to get loans and don't have rich parents). Many have come here from the Philippines and India, making the same amount and paid less than $5k TOTAL for their tuition........


Don't make the same mistake I did! If you are an American citizen go to a good school abroad, pay pennies on the dollar for tuition and have a nice vacation somewhere exotic while you are at it!

Unless you got to UCSF or UCSD (the public schools where it is reasonable).


Pharmatope troll please feel free to chime in at this point about under/unemployment of Rphs in Los Angeles ans SF.......
 
BanBidil said:
Just graduated. Paid $140,000 in tuition alone. all loans. $45,000 in living expenses over a 3 year period (includes all the bull$**** fees that the school charges other than tuition and books), I also worked 15 hours a week while in school. After the interest compounded I have graduated with a mortgage, $210,000. 70k @ 7.9% grad plus loans FIXED and 100k @6.8% and $20k @ 5% HPSL......my undergrad loans were $10k @ 3%.....If I had only gone to school sooner, ALL OF MY LOANS WOULD HAVE BEEN AT 3%.


MORAL OF THE STORY....DO NOT.....UNDER ANY CIRCUMSTANCES......EVER.......GO TO PHARM SCHOOL IN CALIFORNIA (if you have to get loans and don't have rich parents). Many have come here from the Philippines and India, making the same amount and paid less than $5k TOTAL for their tuition........


Don't make the same mistake I did! If you are an American citizen go to a good school abroad, pay pennies on the dollar for tuition and have a nice vacation somewhere exotic while you are at it!

Unless you got to UCSF or UCSD (the public schools where it is reasonable).


Pharmatope troll please feel free to chime in at this point about under/unemployment of Rphs in Los Angeles ans SF.......
Click to expand...

Bahahahaha to the bolded part
 
BanBidil said:
Just graduated. Paid $140,000 in tuition alone. all loans. $45,000 in living expenses over a 3 year period (includes all the bull$**** fees that the school charges other than tuition and books), I also worked 15 hours a week while in school. After the interest compounded I have graduated with a mortgage, $210,000. 70k @ 7.9% grad plus loans FIXED and 100k @6.8% and $20k @ 5% HPSL......my undergrad loans were $10k @ 3%.....If I had only gone to school sooner, ALL OF MY LOANS WOULD HAVE BEEN AT 3%.


MORAL OF THE STORY....DO NOT.....UNDER ANY CIRCUMSTANCES......EVER.......GO TO PHARM SCHOOL IN CALIFORNIA (if you have to get loans and don't have rich parents). Many have come here from the Philippines and India, making the same amount and paid less than $5k TOTAL for their tuition........


Don't make the same mistake I did! If you are an American citizen go to a good school abroad, pay pennies on the dollar for tuition and have a nice vacation somewhere exotic while you are at it!

Unless you got to UCSF or UCSD (the public schools where it is reasonable).


Pharmatope troll please feel free to chime in at this point about under/unemployment of Rphs in Los Angeles ans SF.......
Click to expand...

troll???????


****!!!! I dont know much about the LA and SF areas, im not in that region of the country.

you dont owe that much money which is good. the interest rates you have a ****ing terrible though.

don't even consider consolidating. perhaps Income Based Repayment and work in nonprofit for 10 yrs to get it fully forgiven? that is a ton of money!!!!

can you live with family and save money up? too bad you don't own a home, id say mortgage the home to pay down the student loans.

student loans are BAD DEBT. BAD BAD BAD DEBT.

try to get rid of that grad plus loan asap.
 
By the time I graduate, I should have about $100,000 in debt. I plan to pay this off within no more than 3 years because I plan to sign with the Indian Health Service.

Salary as an O-3 after taxes is about $60000. But they can add up to $20000 in loan repayment/year so that bumps it up to ~$80000. Also, if you sign for 4 years, you get $30000 signing bonus.

I'm tempted to pay off in 2 years but I would have to use most of my signing bonus and a good chunk of my salary. I like to have play money sitting in the bank so I'll prob go with 3 years.
 
Last edited:
eighthchord said:
I really don't know how anyone could graduate with less than $100k.
Click to expand...

I graduated debt-free.

My parents gave me some money, but if they hadn't, I would've had about $32k of debt when I graduated.

That accounts for two years of pre-pharmacy and four years of pharmacy school. I spent the whole six years at a very large public school.

I worked a lot during breaks (except when I went to Europe for a few weeks one summer), but I barely worked at all during the school year.
 
torchbearer said:
I graduated debt-free.

My parents gave me some money, but if they hadn't, I would've had about $32k of debt when I graduated.

That accounts for two years of pre-pharmacy and four years of pharmacy school. I spent the whole six years at a very large public school.

I worked a lot during breaks (except when I went to Europe for a few weeks one summer), but I barely worked at all during the school year.
Click to expand...

I don't like you, or your parents. 😛
 
I went to a public university in Chicago for undergrad and worked full time throughout, so I was able to pay while attending. I attended rx school in Florida, where in 2004 tuition was nearly the same as what it would have costed me to stay in IL. I only took out Stafford loans which has totaled to about 125k over 4 years. I worked full time through Rx school to pay my living expenses and to save up for a down payment on a house (and an engagement ring) when I graduated. I was able to consolidate my first 2 years of loans (about $60k) in 2005 at 4.5% before the market locked them at 6.8%. My last 2 years are at the current rate, so it all averages out to 5.7ish. I have been out now for 2 years and it seems as if I haven't put a freakin dent into them at all. My payment is around $800/mo (10 years) on the consolidation and another $350 (30 years) on the other half, so a total of $1150 per month. I plan to try to get this paid off in 10 years as long as this profession doesn't kill me first. After graduation I got married and honeymooned and I paid off all of those expenses from working (total of about $40k), we have 3 cars without car payements and a nice house in FL. My wife is also a pharmacist which is awesome, but she also has $125k in student loan debt. So in total we have a second mortgage in student loans at $2300 combined, on top of out $2200/mo mortgage plus ridiculous FL homeowners insurance rates/taxes. Personally I feel like I made many good financial decisions but never expected the real estate market to take a huge tumble. Luckily we live in a nice part of Tampa so hopefully our home held some value. Looking back, I feel like we haven't gone anywhere with our education. Yes we are lucky to have jobs (that is if we don't soon get laid off too) but they are nowhere great by any means. For anyone reading this and contemplating admission to rx school, think twice today. The financial costs and time to attend does not offset the career itself. In my opinion, it is on a downward spiral and jobs are much harder to come by these days.
 
WindyCityPharmD said:
Personally I feel like I made many good financial decisions but never expected the real estate market to take a huge tumble. Luckily we live in a nice part of Tampa so hopefully our home held some value.
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But this only matters if you want to sell your house now, right?

Our house has depreciated some in 2 years but if we plan to be here for another 15, it doesn't really matter. I understand hating the idea that your house is worth less than it was, but really it isn't an issue if you're not selling.


I have quite a bit of loan debt but I still consider it a good investment compared to the salary I would have made before with a BA. When I think about my loans I get a little nauseated but then I realize all the things I have now I wouldn't have had before I went back to school. Not the least of which is job satisfaction.
 
spacecowgirl said:
But this only matters if you want to sell your house now, right?

Our house has depreciated some in 2 years but if we plan to be here for another 15, it doesn't really matter. I understand hating the idea that your house is worth less than it was, but really it isn't an issue if you're not selling.


I have quite a bit of loan debt but I still consider it a good investment compared to the salary I would have made before with a BA. When I think about my loans I get a little nauseated but then I realize all the things I have now I wouldn't have had before I went back to school. Not the least of which is job satisfaction.
Click to expand...

No I agree, but I would love to get out and go somewhere else. Preferably back up north. But like we said over and over, the job market is so tight. Cant even get transfers these days.
 
WindyCityPharmD said:
I feel like we haven't gone anywhere with our education. Yes we are lucky to have jobs (that is if we don't soon get laid off too) but they are nowhere great by any means.
Click to expand...


Pharmacist couple working full time should be reeling in around a quarter million bucks a year. You don't think you've gone anywhere with PharmD?????? Are you freaking serious?
 
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Its Z said:
My last payment I believe was in December of 2005. Not that long ago man..
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Don't trust this guy. He is not retired nor is he anything he says he is. In a previous post he said that he had a small fortune and retired to an island for a number of years. Also, his vocabulary does not match with the age he claims to be. Come on. You aren't fooling anyone.
 
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