Loans/Scholarship/Tuition Reimbursement Questions Thread

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Pondering, an interesting viewpoint, but think about it this way too: Who can actually say, after 25 years, they still like the job they chose, or find it interesting?

I know what you're trying to get across to Ballerina there, but your criticism is a bit myopic also insofar as it goes that most people I have conversed with in the last several years have seemed more or less dissatisfied, in some way, with their profession.

You're right, but that's part of what I was getting at. How much money is worth the temporary happiness you gain from doing pharmacy? I mean, if everyone ends up dissatisfied, then job satisfaction is a temporary gain. It might be worth it, mind you, but it all depends.

Another question is: is switching jobs fun? Is it interesting? I know some people, after a few years, look forward to doing something else and not "stagnating." While a Pharm. D. has some flexibility, I think something like a B.S. generally offers greater flexibility in that regard - you have a greater selection of possible professions because you're less specialized. Which means you get paid less, but you also worked more years and have less debt, so that doesn't mean you've necessarily made less. You might not be doing something significantly different from your old job, especially once you've got a lot of work experience in a field, but I'd say the transition is more likely than in retail pharmacy - which is what the majority of pharmacy students end up doing.

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+1

100K is the most I will take out for pharmacy school. I will be 80K under when I get out. taking out more than 100K would be crazy.

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Unevanche makes some good points. Pharmacy is better than a B.S. in biology - if you're young enough - but as I've said before, if you start pharmacy school at 22, you're making as much as someone with their B.S. in computer programming does over their lifetime. Not a bad salary, by any means, but not nearly as much as the 100k/year figure would have you believe.

I agree... they do make good points. I think it personally comes down to the individual person. I would never want to be a teacher, but I also would never want to be a doctor either (when I was younger I thought I might, but I'm much happier and comfortable with pharmacy).

Also... computer programming can be misleading too because although it is one of the few areas you can crack 6 figures without a doctorate or being an entrepreneur (a rather lucky one at that) it's not always like that. My dad became a systems engineer for Verisign, Inc with just an AS degree from the early 90's, but he had a lottt of experience. He also worked 80 hour weeks at times. Now... things aren't even so great for that industry... even for him (not saying it's like that for everyone just because someone I know is that way, but just making a point about the grass being greener, etc). I think if you have serious doubts about pharmacy, you may want to think really hard about it. Not saying you shouldn't do it, because it's normal to have anxiety over life decisions, but you should at least feel comfortable and optimistic.

Pondering, an interesting viewpoint, but think about it this way too: Who can actually say, after 25 years, they still like the job they chose, or find it interesting?

I know what you're trying to get across to Ballerina there, but your criticism is a bit myopic also insofar as it goes that most people I have conversed with in the last several years have seemed more or less dissatisfied, in some way, with their profession.

Exactly.

I think some people have not had enough job experience in really unsatisfying jobs, or with manual labor, really low pay, horrible hours, etc to appreciate doing a job where you actually matter (I've seen a lot of good things come out of retail in my short time, even if they're not world shattering). Maybe if you really hate school and you look at it as "opportunity cost" and stuff like that (not dissing people who do, because many people think of it that way)... but it's not always about crunching numbers and getting to a final destination. Sometimes you just have to live in the present, enjoy school while it lasts (am I crazy for being glad I'm still in college unlike my working friends?), and be happy you are fortunate enough to even pursue a career rather than working at a "job" the rest of your life... maybe it's just me, but most people I know in this world are not as fortunate as we are.

You mean Paris Hilton? I would LOVE to have that kind of job! :laugh::laugh::laugh:

Seriously... as much as people crack on her... I can't help but to find her endearing/funny. She was born with super wealthy parents... I kind of can't blame her for living her life that way... plus I think she is actually a lot smarter than she lets on... I think it's a front, it makes her money, and it works for her.

Is anyone else sick of these threads?? I understand your concern but people know the numbers before coming in. If it bothers people that much don't do it or go to a state school...with the exception of California. You should be lucky you live in a country where you have the opportunity to BORROW money. Most countries don't have that option

I personally would never take out that much money.



State schools FTW! Ill be 30k under and that's with a BS. I feel sorry for you guys taking out so much money..I guess ill retire a lot earlier.. good luck. Don't take out that much money unless you really love pharmacy. If you're already doubting your decision now im VERY worried for you. Good luck

Um... some states don't have pharmacy schools... and other state schools aren't 7,000/year. UF is something like 16,000/year and people still line up to apply there.
 
Truth is no one wants to work. Work is what it is WORK. Anyone here would rather sit by the pool all day, reading or just relaxing than WORK. SO everyone will find some drawbacks to work b/c that's why it's called WORK. If it's all fun and no stress, then it's call a vacation! :laugh:
Yes, pharmacy is stressful and it's not fun like going to the beach, but what job is? :rolleyes:

Honestly, I would hate it if all I could do in life is "sit by the pool all day, reading or just relaxing". I need to keep myself busy, that's so much more fun for me. Even while on vacation, I still go on many sightseeing tours, hiking, skiing, etc. I guess everyone's different :)
 
You say you'll love pharmacy, but how long have you been working in a pharmacy? I know some people on this board have worked something like 6 years in a pharmacy, and so I'm not talking to them, but for the rest of us - how accurately is a year or two of pharmacy work going to prepare us for spending the rest of our lives in pharmacy? You mention that you just started pharmacy pre-reqs, have you even worked in a pharmacy?

25 years from now, are you still going to be talking about how you "love" pharmacy? When people talk like this, all I think of is the old saying, "The grass is always greener on the other side."

I have worked as a tech for 2 years, and will continue to do so as I take my pharmacy pre-reqs. I'm truly interested in the field - the future of pharmacy and the integrated role that pharmacists are going to be playing in patient care in the future. Also, being that I have a business background, helps me understand legislation and how that is going to change people's access to healthcare, and prescriptions.

I've wanted to make this career change for a few years but, since I didn't have the chance before due to other life circumstances, I'm doing it now.
 
Is 80K with living expenses? If so, I'm jealous!

LOL...NO, 80K is just for tuition AFTER accounting for my merit scholarships. I am currently living with relatives so I don't have any living expenses. The point is pre-pharmers need to do some simple economics/calculations to figure out if pharmacy is worth it or not. I said if your debt is less than or equal to your 1st year's salary then go for it, but if your debt is greater than your 1st year's salary then RUN!
 
LOL...NO, 80K is just for tuition AFTER accounting for my merit scholarships. I am currently living with relatives so I don't have any living expenses. The point is pre-pharmers need to do some simple economics/calculations to figure out if pharmacy is worth it or not. I said if your debt is less than or equal to your 1st year's salary then go for it, but if your debt is greater than your 1st year's salary then RUN!

Yeah I've heard that before - I'm assuming it doesn't account for living expenses. If so, I should be OK.

Living with relatives is always smart.

I definitely agree that pre-pharmers should crunch the numbers, like I said, pharmacy's great, but if I can make significantly more in another area that interests me - 'cuz I do have other interests - I'm going to do that.
 
So none of you elitists in your ivory towers think higher education is a little too expensive in this country? Even the state school's are getting outrageous. We live in a country that prides itself on hard work and opportunity but no one ever mentions the fine print.





I guess at some point it does boil down to what matters more to you - paying more student loans and loving your career choice, or paying less loans and doing a job you're not in love with.

I choose the former, which is why at 26 years old I'm starting pharmacy pre-reqs and changing careers. Maybe it's not a smart move financially, but I'll be happier in the long run.


:thumbup::thumbup:
 
So none of you elitists in your ivory towers think higher education is a little too expensive in this country? Even the state school's are getting outrageous. We live in a country that prides itself on hard work and opportunity but no one ever mentions the fine print.

There are community colleges which are dirt cheap for the first two years.

"The fine print" - what, the fact that you have to pay back your loans? What a joke. Why the hell should anyone else pay for your higher education? Guess what, if your higher education isn't worth the price tag, then don't get a higher education! No one's forcing you to go to college.
 
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There are community colleges which are dirt cheap for the first two years.

"The fine print" - what, the fact that you have to pay back your loans? What a joke. Why the hell should anyone else pay for your higher education? Guess what, if your higher education isn't worth the price tag, then don't get a higher education! No one's forcing you to go to college.

Is it so wrong to want affordable education?
 
Is it so wrong to want affordable education?

Just playing devil's advocate here, but look at what has become of the bachelor's degree now. I'm not saying that everyone should not be given the chance to get an education regardless of the financial status they were born into (I am certainly not from a wealthy family) but taking away the some of the incentive to actually have to want to go to school, try harder, have an actual career goal in mind, etc has essentially "cheapened" the college degree (no pun intended). I'm not trying to sound elitist, but I know so many kids who only went to college because it was "free", and their parents made them, they hated it, had no clue what they wanted to do with their degree, and basically spent 4-6+ years of their lives working towards something they never ended up utilizing in the first place. The majority of college grads I know live at home, or in the same place they lived during college and can't get a job in their field. At least in the pharmacy/professional school area the huge price tag/debt ensures that people take a good hard look at what they're doing and what they want before the enter.

I'm not saying that things couldn't be a little cheaper, or that I really, totally agree with the amount of student debt that some health students must acquire, but it is something I think about.
 
Just playing devil's advocate here, but look at what has become of the bachelor's degree now. I'm not saying that everyone should not be given the chance to get an education regardless of the financial status they were born into (I am certainly not from a wealthy family) but taking away the some of the incentive to actually have to want to go to school, try harder, have an actual career goal in mind, etc has essentially "cheapened" the college degree (no pun intended). I'm not trying to sound elitist, but I know so many kids who only went to college because it was "free", and their parents made them, they hated it, had no clue what they wanted to do with their degree, and basically spent 4-6+ years of their lives working towards something they never ended up utilizing in the first place. The majority of college grads I know live at home, or in the same place they lived during college and can't get a job in their field. At least in the pharmacy/professional school area the huge price tag/debt ensures that people take a good hard look at what they're doing and what they want before the enter.

I'm not saying that things couldn't be a little cheaper, or that I really, totally agree with the amount of student debt that some health students must acquire, but it is something I think about.

Another portion of playing devil's advocate. When I was in Spain I talked with the tour guide about colleges there. He said that a student wanting to go to medical school there would pay about $2520 in tuition a year. Which if you have seen what medical school in the US costs, this is significantly lower! However, that low cost comes with a price, that price is that the average hospital physician in spain makes about $68,000 at about that same time period... They also have national healthcare, which I do understand makes a difference. But I do think that the national healthcare isn't the only factor, the price of education is a factor in pay, especially in fields where graduate level education is required (not in Education where people choose to get a higher degree but it isn't required).
 
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Just playing devil's advocate here, but look at what has become of the bachelor's degree now. I'm not saying that everyone should not be given the chance to get an education regardless of the financial status they were born into (I am certainly not from a wealthy family) but taking away the some of the incentive to actually have to want to go to school, try harder, have an actual career goal in mind, etc has essentially "cheapened" the college degree (no pun intended). I'm not trying to sound elitist, but I know so many kids who only went to college because it was "free", and their parents made them, they hated it, had no clue what they wanted to do with their degree, and basically spent 4-6+ years of their lives working towards something they never ended up utilizing in the first place. The majority of college grads I know live at home, or in the same place they lived during college and can't get a job in their field. At least in the pharmacy/professional school area the huge price tag/debt ensures that people take a good hard look at what they're doing and what they want before the enter.

I'm not saying that things couldn't be a little cheaper, or that I really, totally agree with the amount of student debt that some health students must acquire, but it is something I think about.

There will be privilege and immaturity everywhere you go- even in expensive pharmacy schools. Raising everyone's tuition to punish the lazy hardly seems like the solution.
 
12 years.
You can always look into IBR if you are interested in working for non-profit or federal/state facility after graduation. e.g. If you had 200k in loans and made 120k as a pharmacist working for the Veterans Affairs or State hospital then your IBR payment would be 1300/month and as long as you you continued to work for that facility for 10 years at the end of that 10 years the remainder of your loans would be forgiven. So essentially you would have paid roughly 156,000 and the remaining loan balance would be forgiven but it would show as taxable income on the tax return for the 10th year, so something to keep in mind the last year.

You would have to keep employment with a non-profit facility or government for 120 payments/10years though.

One thing to note is this payment plan is income based so as your salary goes up so will the monthly payment requirement. You can read more about it on financial aid website or http://www.ibrinfo.org/ .

Does anyone know how IBR payments are calculated with regard to the military pay scheme? In other words are the basic allowances for housing & subsistence included in income? That could be drop an $86,700 salary $24k to $62.5k and make a huge difference in payments & the amount actually paid over 10 years.
 
Does anyone know how IBR payments are calculated with regard to the military pay scheme? In other words are the basic allowances for housing & subsistence included in income? That could be drop an $86,700 salary $24k to $62.5k and make a huge difference in payments & the amount actually paid over 10 years.

I can't say with 100% certainty on the IBR calculations, but:

BAS is not income. It doesn't even show up on your W-2 - you don't even pay the 8.65% Social Security/Medicare tax on it - and I don't think I've ever seen anywhere that requires you to report it.
 
There will be privilege and immaturity everywhere you go- even in expensive pharmacy schools. Raising everyone's tuition to punish the lazy hardly seems like the solution.

Yeah, so instead we should have the tax payer subsidize college tuition - leading to more students pursuing low-value majors and degrees that simply don't make sense to fund. The cost of college tuition for the nation, not an individual student, is not going to go down if the government keeps subsidizing college tuition, artificially inflating the value and driving up demand.

Unless interest rates are severe enough that only those with money in hand can benefit from college, I don't think it's a problem. As I said, you don't have to go to college, and as long as your degree pays off - and most do - then hard work is still rewarded as you complained about in your original post.
 
Yeah, so instead we should have the tax payer subsidize college tuition - leading to more students pursuing low-value majors and degrees that simply don't make sense to fund. The cost of college tuition for the nation, not an individual student, is not going to go down if the government keeps subsidizing college tuition, artificially inflating the value and driving up demand.

Unless interest rates are severe enough that only those with money in hand can benefit from college, I don't think it's a problem. As I said, you don't have to go to college, and as long as your degree pays off - and most do - then hard work is still rewarded as you complained about in your original post.

Useless majors even exist in more expensive, private schools. State funding isn't the reason for, what you call, low-value majors.

As for debt, being loaded with loans is fine until something unforeseen, like a car accident or workforce reduction, prevents you from "working hard". People lose their livelihoods all the time. I don't want to be paying off my school loans from 14 years ago when it happens to me.
 
Am I the only one here who thinks that not everyone should be persuaded to go to college? All this talk about everyone having a college degree does not make sense. In order to do that, you have to lower the bar/standards not just for admission but in the curriculum. When everyone has a college degree, it lowers the value of the degree (which some of you mentioned). I don't know why people don't stop and think that maybe not everyone is cut out for four years of college and then some. There are many great vocations out there for people in which they can make decent money (electrician, mechanic, welding, to name a few...). I just don't get the big push for everyone to "get educated" and I don't understand why people look down on any of these other careers. It takes an amazing amount of skill to be a mechanic. In fact, I would say it takes more skill to do that than it does to write an english 101 essay or take a math test.
 
Am I the only one here who thinks that not everyone should be persuaded to go to college? All this talk about everyone having a college degree does not make sense. In order to do that, you have to lower the bar/standards not just for admission but in the curriculum. When everyone has a college degree, it lowers the value of the degree (which some of you mentioned). I don't know why people don't stop and think that maybe not everyone is cut out for four years of college and then some. There are many great vocations out there for people in which they can make decent money (electrician, mechanic, welding, to name a few...). I just don't get the big push for everyone to "get educated" and I don't understand why people look down on any of these other careers. It takes an amazing amount of skill to be a mechanic. In fact, I would say it takes more skill to do that than it does to write an english 101 essay or take a math test.

This. Not everyone should go to college and get a degree. My boyfriend doesn't have a college degree (did 3 out of 4 years of his bachelor's) and he makes $70k as a police officer. Not too shabby and he loves what he does. On the reverse side, I used to be married to a guy who got a 2.0 GPA getting his bachelor's and hates his job as an insurance claims adjuster, and makes $50k.
 
Useless majors even exist in more expensive, private schools. State funding isn't the reason for, what you call, low-value majors.

I never said they exist because of state funding, I said state funding encourages people to pursue them.

As for debt, being loaded with loans is fine until something unforeseen, like a car accident or workforce reduction, prevents you from "working hard". People lose their livelihoods all the time. I don't want to be paying off my school loans from 14 years ago when it happens to me.

Uhm, if you want to use that as a defense, I'm going to need to see that either a) a significant portion of pharmacy students take 14 years to pay off their debt or b) a significant portion of college students take 14 years to pay off their debt.

BallerinaRX said:

And I agree with RXLea and BallerinaRx, not everyone should be persuaded to go to college. College is not just about "education" - there's public libraries and the internet if you simply want to learn. You go to college to get your degree, so you can get paid more money. I read books on history for fun sometimes. I don't need a college history course for that. It might help - but hey, if I want a college level history course, I can go to community college and pay $100 for one.
 
I can't say with 100% certainty on the IBR calculations, but:

BAS is not income. It doesn't even show up on your W-2 - you don't even pay the 8.65% Social Security/Medicare tax on it - and I don't think I've ever seen anywhere that requires you to report it.

IBR uses your federal income tax return's AGI number to calculate your loan payment. You have to authorize them to check with the IRS, so if military pay isn't taxable, then it doesn't count.
 
Today, I just got rejected from a school with a 200k tuition potential and its pretty much the end of the road for me in terms of applying this year. So, I don't know whether to be upset:mad:, sad:(, or relieved:cool:...

Well, just gotta get my degree and apply to cheaper schools. I had only 2 interviews out of 15 applied. Did pretty well w/ out it, I guess...
 
There will be privilege and immaturity everywhere you go- even in expensive pharmacy schools. Raising everyone's tuition to punish the lazy hardly seems like the solution.

My post really had nothing to do with that. You kind of missed the entire point.

Useless majors even exist in more expensive, private schools. State funding isn't the reason for, what you call, low-value majors.

As for debt, being loaded with loans is fine until something unforeseen, like a car accident or workforce reduction, prevents you from "working hard". People lose their livelihoods all the time. I don't want to be paying off my school loans from 14 years ago when it happens to me.

Taking on education and loans is an investment and risk just like most other professions in some form or another. If a manual labor worker gets injured how do they support themselves? Police officers and military take the risk of being in dangerous or life threatening situations. We all know what happened to real estate investors. Sure, it's not a perfect comparison, but what career isn't experiencing a workforce reduction either (besides ones who benefit off a slow economy)?

And I agree with RXLea and BallerinaRx, not everyone should be persuaded to go to college. College is not just about "education" - there's public libraries and the internet if you simply want to learn. You go to college to get your degree, so you can get paid more money. I read books on history for fun sometimes. I don't need a college history course for that. It might help - but hey, if I want a college level history course, I can go to community college and pay $100 for one.

+1

This is also something I wanted to mention in my original post.
 
I think this is relevant.

Last year, I was speaking with my cousin Elisa. She works as a mid-level office administrator type person and had ben with the most recent company for 12 years until she was laid off in November of 2009.

Upon entering the labor search with everyone else, with very good qualifications but no BA/BS, she was told time and time again that for even a basic data entry job, she'd need a Bachelor's degree (In basket-weaving or whatever...) because everyone else has one.

Degree inflation... it's a reality. Every University of Phoenix campus can be looked at as contributing to it, and since the 4 year degree has become the gold standard and not any cheaper (and not really corresponding to any particular increase in base salary, for most disciplines, I might add...) it's a serious problem.
 
Since the 4 year degree has become the gold standard and not any cheaper (and not really corresponding to any particular increase in base salary, for most disciplines, I might add...) it's a serious problem.

Yeah, I do recall reading that for your average English major, someone who works out of high school will have more money. Granted, this will include retirement saving plans, so the English major might have a higher quality of living, but the high school worker will have more money - maybe significantly so. I did not crunch or find the numbers myself though, so that's just random media talking.
 
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200k is normal for every pharmacy student. When you graduate, you only need to pay 700 dollars each month. You don't have to pay a lot if you don't want to do it. You will make a lot of money and enjoy life at the same time. Why would you have to pay 2000 dollars each month if you don't want to do it. If i were you, I will pay only $700 dollars per month and enjoy life.

Don't always think that pharmacy major makes people get rich. It's not like that. If you want to get rich, you can be a bossiness man. If you have a sharp brain, you can make a lot of money.
 
200k is normal for every pharmacy student. When you graduate, you only need to pay 700 dollars each month. You don't have to pay a lot if you don't want to do it. You will make a lot of money and enjoy life at the same time. Why would you have to pay 2000 dollars each month if you don't want to do it. If i were you, I will pay only $700 dollars per month and enjoy life.

Don't always think that pharmacy major makes people get rich. It's not like that. If you want to get rich, you can be a bossiness man. If you have a sharp brain, you can make a lot of money.

But then you end up paying a ****load in interest. Who wants to pay an extra 50 grand just because you want to spread it out over X number of years? That is just plain silly. Beat it down in <10 years and you're good to go. Or, pay the interest while in school so you can have a lower bill upon graduation (this is what I plan to do!). The extra 50K I wil save will go straight into savings/mutual fund/stocks whatever. Or a house? Car? That interest would be lost money to you....
 
But then you end up paying a ****load in interest. Who wants to pay an extra 50 grand just because you want to spread it out over X number of years? That is just plain silly. Beat it down in <10 years and you're good to go. Or, pay the interest while in school so you can have a lower bill upon graduation (this is what I plan to do!). The extra 50K I wil save will go straight into savings/mutual fund/stocks whatever. Or a house? Car? That interest would be lost money to you....

Same here. Partially because of a desire for lower debt, and partly because most of my loans will be unsubsidized, thanks to my husband's great job!;) After I am done in school I plan to pay as much as I can monthly but leave the expected payment at a normal level since I am married with kids, so the what if's in life may come up from time to time and it would be nice to have a little flexibility.
 
It is better to be in a job that one likes eventhough one has a huge loan to pay back instead of being in a job that sucks and not having any financial obligations. If you don't love your job or a field you are in you will be stressing yourself out in the long run. Stress leads to several diseases like heart disease and will decrease our lifespan. So I think it is better not to stay in such a career; and so switch fields. If pharmacy is what you love you must do it at any cost even if you have to pay back a huge loan. When you are in a job that you love you will derive lots of pleasure in your work and you will stay healthy and live longer. So even if you start your pharmacy career at 50 and if the loan payments last for another 25 years, you can finish your payments by 75. Since you are in a job that you love you will be strong and healthy even at 75 and can work for atleast another 5-10 years before you retire. But I don't think loan payments will be 25 years long!!! Anyway the point is if you like the pharmacy profession get into it somehow, come what may! Staying in a career that you don't enjoy and trying to playing everything safe will freak you out in the long run!
 
Am I the only one here who thinks that not everyone should be persuaded to go to college? All this talk about everyone having a college degree does not make sense. In order to do that, you have to lower the bar/standards not just for admission but in the curriculum. When everyone has a college degree, it lowers the value of the degree (which some of you mentioned). I don't know why people don't stop and think that maybe not everyone is cut out for four years of college and then some. There are many great vocations out there for people in which they can make decent money (electrician, mechanic, welding, to name a few...). I just don't get the big push for everyone to "get educated" and I don't understand why people look down on any of these other careers. It takes an amazing amount of skill to be a mechanic. In fact, I would say it takes more skill to do that than it does to write an english 101 essay or take a math test.

I agree with you 100% and really never understood why anyone could feel differently. Then I read an op-ed by a huge "college for everyone" proponent last week who explained the position very well. Basically, they think it's racist. As in, if some people are encouraged to go to college, and others are encouraged to be tradespeople, then they believe the people who will be encouraged into trades are likely to be minorities and that low-socioeconomic-level kids won't shoot for college.

While I understand his point, it would be nice if they could figure out how to help their targeted audience without effing it up for the rest of us with degree inflation ....
 
My tuition is about $20,000 per year + about $9,000 for living expenses and I have been loosing sleep over the debt I'm about to take on. But oh man, your situation is crazy. You do have to factor in taxes which are about $30,000/ year subtracted from a pharmacist's income. So if you're pocketing $70,000 minus living expenses, morgage, car insurance and payments, a wedding ring?, it could take a while to pay things off.

How is the cost of living in the area where your school is located? You might get paid more for living in a particular area. I would try to contact alumni and ask what they did.

Many people say that "yeah, you will be making a lot of money when you're through" but pharmacists are stuck in the middle of things. People with psychology degrees taking out a $40,000/yr loan for undergrad have nothing to worry about. They will be able to pay that off right away easily or over time with very little interest. Doctors have about $200,000 worth of debt however they make so much that it's not so bad. Pharmacists on the other hand, have it pretty rough. We'll all be at the low end of the 30% tax bracket (pretty much the same tax bracket Doctors who make over $200,000/yr are in), however we wil only be making roughly $99,000/yr. Taxes suck...This is why I will NEVER vote democratic tax fanatics ;) If the debt thing really concerns you, why not look into medicine? Good luck with everything.


After talking with a financial advisor, I am looking at at least 200k worth of student loan debt by the time I'm finished with pharm school. :eek: and that's not including interest!
Its always been my dream to become a pharmacist but these numbers are really freaking me out. I'm kind of having second thoughts. Pharmacist salaries are good but we do not earn as much as doctor yet we take on as much debt.

Not too rant too much buts it kind of sad in this country how you can work really hard to fulfill your dreams and become a productive member of society only to wind up being a life long debt slave to some bank.

Thoughts?
 
If you're going to use that defense please provide non-anecdotal evidence that state funded education encourages people to pursue useless degrees.

Also, on a somewhat related note: http://consumerist.com/2010/05/the-10-best-paying-college-majors.html

Cute.

You're complaining about the cost of schooling, while there's community colleges offering courses for about $100 a pop, so roughly $800 a year for two years... and I know some public universities in California cost roughly $6K a year. $14K + books + living expenses.

That's not bad, at all.

So yeah, I do think that if the state stopped funding public colleges, people might re-consider going to college for certain degrees if businesses paid the same as they do today. Maybe businesses would begin to pay more - but at a certain point, it's simply better to get the high school graduate than pay more for the college degree that doesn't provide any significant skills. Now, I'm not suggesting the state stop all funding whatsoever, but I find your whining about the state of affairs to be laughable.

In the end, I'm questioning the numbers you pulled out of your ass - I know it's not going to take me 14 years to pay off my pharmacy loans, I've crunched the numbers, and while I'm not paying as much as I could, the school I'm going to certainly isn't cheap.
 
Cute.

I know it's not going to take me 14 years to pay off my pharmacy loans, I've crunched the numbers, and while I'm not paying as much as I could, the school I'm going to certainly isn't cheap.

The loans are set at 10 year repayment. I don't see why or how anyone can take longer than that to pay them off. I am hoping to pay mine off in 4-5 years MAX.
 
Doctors have about $200,000 worth of debt however they make so much that it's not so bad. Pharmacists on the other hand, have it pretty rough. We'll all be at the low end of the 30% tax bracket (pretty much the same tax bracket Doctors who make over $200,000/yr are in), however we wil only be making roughly $99,000/yr. Taxes suck...This is why I will NEVER vote democratic tax fanatics ;) If the debt thing really concerns you, why not look into medicine? Good luck with everything.

yes taxes suck but I have found a lot of people don't understand them. There is a tax bracket for single some where around 171000 that goes from 28% to 33%. I work a lot of overtime and can potentially make around that amount, should I fEar making more than this number? The answer is no. Let's say I make 172000 next year, does that mean I will have to pay 33% tax on that? No I have to pay 33% tax on 1000 dollars. Actually my taxes will be like this...

My first 8000 will be taxed at 10% my next 25000 will be taxed at 15% my next 48000 will be taxed at 25% my next 90000 will be taxed at 28% and my 1000 will be taxed at 33%.

So moral of the story don't fear tax brackets because they only account for money earned within the bracket ranges. If you should fear anything it would be income limits for deductions. For example the 8000 home credit had income limit of 75000. So if you made 76000 the extra 1000 just screwed you out of 8000 dollars.

Anyways I just wanted to comment on this because I hAve had many pharmacists tell me I shouldnt work so much overtime because it may bump you into a higher tax bracket. I tell them so what.
 
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If you are enrolling in a for profit college such as University of Phoenix online MBA program, just so you can get federal loans to pay for your pharmacy school tuition, please be aware that there may be some major changes in the near future:

http://www.businessweek.com/news/20...as-for-profit-colleges-mobilize-update2-.html

"The tougher rules, which are expected to be released for public comment in the next several weeks, would require ITT Educational Services Inc., Career Education Corp. and Apollo Group Inc.’s University of Phoenix to show that their graduates earn enough money to pay off their student loans. If for-profit colleges can’t meet the standard, they could lose federal financial aid, which typically makes up three-quarters of their revenue."
 
Hey guys,

Do you guys have any idea where I can find scholarships that pay at least 50% of my four years tuition?

I really don't want to have too many loans because what if I couldn't have a job after graduation, who would be paying for my debt? :confused:

I would truly appreciate any feedback,,
Thank you!
 
Hey guys,

Do you guys have any idea where I can find scholarships that pay at least 50% of my four years tuition?

I really don't want to have too many loans because what if I couldn't have a job after graduation, who would be paying for my debt? :confused:

I would truly appreciate any feedback,,
Thank you!

Why couldn't you have a job after graduation? Isn't that the point of going to pharmacy school? I could see if you can't find a job right away, or if you have a medical emergency or something, but in the last case my loans would be the least of my worries.
 
Hey guys,

Do you guys have any idea where I can find scholarships that pay at least 50% of my four years tuition?

I really don't want to have too many loans because what if I couldn't have a job after graduation, who would be paying for my debt? :confused:

I would truly appreciate any feedback,,
Thank you!


LOL! wow you and every one else on here....school, even the pharmD now, is an investment...and all investments are potentially a risk. There are not many, if any, options that are going to pay for your school right now when there are 30,000+ other students to choose from. Perhaps the military but even they are cutting back now.

Good luck!! state schools ftw!
 
as my mom always told/tells me, "you gotta pay to play."

Don't expect much more than a few thousand in merit scholarships and the like. It's professional school, and very few professional schools have scholarships available.

I think of the new 'shortage' as a Litmus test of sorts - To hopefully separate the wheat from the chaff and those who actually want to be pharmacists and those who just want a quick buck.
 
there are many graduates now that are having trouble finding jobs (it will be horrible in 4 years)...just thank they new pharmacy schools for pumping out new grads (like PCOM just 20 minutes down the road from your school, Mercer). They are ruining everything about the profession

That wasn't what I said at all... I was asking why couldn't she work after graduation since the choice of wording was a bit confusing. I couldn't determine if they meant they couldn't work because of a personal choice (marriage, children, etc) or if they meant couldn't work as in "can't find a job" or literally couldn't work due to injury, illness, etc.

Like P4Sci said... the job market is not good for pretty much every field. (Unless you own Walmart or McDonalds or some 'inferior good' that might fare well right now)... so I don't think it would be wise to run away now if this is what you want to do. Honestly... there's nothing I can do about the new schools by whining on an anonymous message board so I'm not going to join in that endeavour. Even if PCOM is 20 min north, this issue has been occurring all over many different states for a while now. I have family all over the south, so if I have to move around then I guess that's what I will do.
 
I actually meant finding a job after graduation. I was wondering whether going for graduate school after having my Pharm.D would pay my 4 years debt.

I agree with what Passion4Scie said. Honestly, the only thing I see myself doing is pharmacy, and I certainly don't want to be a pharmacist for the sake of money; I have many projects in mind and pharmacy is the BEST medium I can think of.

But let's assume that there will a surplus 4 years from now, will it be possible to distinguish myself?

One of the things I have in mind is to do academic pharmacy. I still remember what Dr. Ragan, associate dean at KU school of pharmacy, said during my interview. He said that academic pharmacy is a good investment, and many pharmacy schools are in need for academic pharmacists.

But again, even if my annual salary drops down to $40,000 , I WILL NOT care because money and what it buys is not my goal. The only thing I care about is that I want to get my 4 years debt out of the way to be free I guess...
 
I actually meant finding a job after graduation. I was wondering whether going for graduate school after having my Pharm.D would pay my 4 years debt.

I agree with what Passion4Scie said. Honestly, the only thing I see myself doing is pharmacy, and I certainly don't want to be a pharmacist for the sake of money; I have many projects in mind and pharmacy is the BEST medium I can think of.

But let's assume that there will a surplus 4 years from now, will it be possible to distinguish myself?

One of the things I have in mind is to do academic pharmacy. I still remember what Dr. Ragan, associate dean at KU school of pharmacy, said during my interview. He said that academic pharmacy is a good investment, and many pharmacy schools are in need for academic pharmacists.

But again, even if my annual salary drops down to $40,000 , I WILL NOT care because money and what it buys is not my goal. The only thing I care about is that I want to get my 4 years debt out of the way to be free I guess...

$40,000 salary for minimum $100,000 in debt? I wouldn't do that even If I really want to be a pharmacist. I will be slaved for the rest of your life.
 
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