Loans/Scholarship/Tuition Reimbursement Questions Thread

[Science Girl]

Yeah, well at the same time, $40,000/year is a completely unrealistic salary.

I am just saying ...

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[Science Girl]

You guys focused on the $40,000 thing and never answered my surplus and distinguishing myself questions! ... selective reading lol

 

[carbox]

you said you dont care about money and then the next sentence said you just want to be able to pay off your debt to be "free"....tell me how that makes sense? The only way to pay off your debt is with money (most of the time)

Just try and make as many connections as possible in pharmacy school. Some people may think you're rude and annoying but just try and be polite and nice to everyone. It will pay off if you can network well. There will always be some sort of job out there. Now wether you get a sign on bonus, loan repayment, or a location that you want is a thing of the past (in most instances). Nothing is promised now and education is an investment that has its risks. I feel that the pharmD is a much better investment than many other degrees right now. I still would never go to a private school and take out $100,000 + for it like most students here. Thats to much of an investment to predict the job market in 4 years. I'd be scared s***less if I took out that much money and jobs werent falling in my lap. The best degree is a free one. Try and take advantage of state schools (may be too late for you) and as many scholarships as you can. Also work during school and network as much as possible.

Good luck, Good luck

 

[Passion4Sci]

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

Of course it will be. Like every other profession, though, it'll just be difficult. Like I said and will say again, it isn't what you know but who you know.

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.

I don't know anything about academic pharmacy or its demand, so I defer to him.

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...

This is a good attitude and one more people should have.

 

[Passion4Sci]

you said you dont care about money and then the next sentence said you just want to be able to pay off your debt to be "free"....tell me how that makes sense? The only way to pay off your debt is with money (most of the time)

I know you're partially just being silly, but s/he means that they don't expect to buy a brand new Porsche after graduation and lead an opulent life...

I feel that the pharmD is a much better investment than many other degrees right now.

I totally agree with that.

I still would never go to a private school and take out $100,000 + for it like most students here.

Heh, yea... unfortunately for those of us on the golden coast, expensive schools is all we've got.

 

[carbox]

Heh, yea... unfortunately for those of us on the golden coast, expensive schools is all we've got.[/QUOTE]


I feel bad for you Californians. It just does not seem right to know that there are people around here earning a BS and PharmD with ZERO debt (me) thanks to the good ol state government and hefty, not that hard to obtain, scholarships. Hell I am actually making money while going to school and I have a BS in Chem and will have a pharmD in two years. While other states and school's students are earning the same exact degrees for 100k, 150k, 200k, hell even 250k...Strange country we live in.

 

[Passion4Sci]

While other states and school's students are earning the same exact degrees for 100k, 150k, 200k, hell even 250k...Strange country we live in.

Yep... it's so very true.

 

[rxlea]

You can get a lot of scholarships if you are poor or are an URM, and especially if you are both.

 

[carbox]

You can get a lot of scholarships if you are poor or are an URM, and especially if you are both.

yea thats true here too, however, not trying to be mean but those people usually dont make it to that level here.

It's not their fault, they have a lot of obstacles to overcome. They are lucky to finish undergrad here if there families let them.

However here good grades = free school...even at a professional level

And then I move after i graduate where school state tax isnt so high

 

[Project2015]

yea thats true here too, however, not trying to be mean but those people usually dont make it to that level here.

It's not their fault, they have a lot of obstacles to overcome. They are lucky to finish undergrad here if there families let them.

However here good grades = free school...even at a professional level

And then I move after i graduate where school state tax isnt so high

Where's "here"?

 

[Science Girl]

you said you dont care about money and then the next sentence said you just want to be able to pay off your debt to be "free"....tell me how that makes sense? The only way to pay off your debt is with money (most of the time)

It makes sense, being worried of how I am going to pay my debt doesn't mean that I care about money, ok!! The debt is paid for one time, not for my whole life!!

 

[ArkansasRanger]

Well, that about says it. I ask here because this board moves faster than the fin aid forum.

 

[Pancakesteve]

Well, that about says it. I ask here because this board moves faster than the fin aid forum.

If I remember correctly, student loans that are used for tuition and other direct-education costs *like books* are not taxed as income -this I know for sure. However, student loans used for room and board, transportation, and the like, are taxed.

I could be mistaken, or things could have changed.

 

[Passion4Sci]

Well, that about says it. I ask here because this board moves faster than the fin aid forum.

[FONT=ARIAL, HELVETICA]Your scholarship may or may not be taxable. Generally speaking, a scholarship or fellowship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment. Any amounts used to pay for room and board and a stipend for living expenses is taxable.

I've personally never had a loan taxed.
.

 

[owlegrad]

Well, that about says it. I ask here because this board moves faster than the fin aid forum.

No

 

[ArkansasRanger]

well thanks hombres

 

[BallerinaRx]

I work for the IRS - loans are not taxable because you have an agreement to pay them back to the lender. Sometimes cancellation of loan debt is considered income, but that's only if you default and the lender cancels your debt. You would get a 1099-C showing the amount you have to report as income.

So you're good, no matter what the loan is used for.

 

[ArkansasRanger]

I work for the IRS - loans are not taxable because you have an agreement to pay them back to the lender. Sometimes cancellation of loan debt is considered income, but that's only if you default and the lender cancels your debt. You would get a 1099-C showing the amount you have to report as income.

So you're good, no matter what the loan is used for.

From the horse's mouth. Awesome. Thanks. Although I bet as a ballerina your mouth isn't very horsey.

 

[delano2000]

From the horse's mouth. Awesome. Thanks. Although I bet as a ballerina your mouth isn't very horsey.[/QUOTE]

 

[PharmOl]

Not taxed. But there's such thing as interest. I'd rather be taxed than paying extra thousands of dollars that I'll never see again.