Loans

[lily lee]

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Hi guys,

I just got accepted to a pharmacy school and wonder if you can share your experience about getting loans from different places. Thank you and I appreciate your help!

 

[Jibby321]

Stick with your direct stafford. 6.8 % interest sucks. Max of 33,000 a year. If you need the max you shouldn't go to pharmacy school. IMO

 

[TLAD123]

Stick with your direct stafford. 6.8 % interest sucks. Max of 33,000 a year. If you need the max you shouldn't go to pharmacy school. IMO

This.

Personally, I only used stafford. Did not need any "plus" loans.

Oh, and congrats on getting accepted

 

[sunbuRxt]

This.

Personally, I only used stafford. Did not need any "plus" loans.

Oh, and congrats on getting accepted

Not everyone is a member of the 1%

 

[Ackj]

Not everyone is a member of the 1%

If you're taking more than 33k, you're trying to live like you're in the 1% or your school is too expensive. You're a college student. Pay your tuition, get a part time job for other living expenses, don't drive a BMW to class.

 

[Sunshine98]

Borrow as little as possible and live poor. When you graduate pay back as much as you can and live poor until everything is paid off!

 

[sunbuRxt]

If you're taking more than 33k, you're trying to live like you're in the 1% or your school is too expensive. You're a college student. Pay your tuition, get a part time job for other living expenses, don't drive a BMW to class.

33k including tuition, transportation, food, and rent? That's cheaper than undergrad for some people

 

[Ackj]

33k including tuition, transportation, food, and rent? That's cheaper than undergrad for some people

Try reading the post one more time.

 

[sunbuRxt]

Try reading the post one more time.

How about ****?

 

[Neuronix]

Personal attacks/insults are not permitted on SDN, nor is avoiding the language filter. Keep it civil please.

 

[sakigt]

I only borrowed $25k the first couple years then got stuck with the max when I had my kids and daycare kicked in. I would be sooo much happier if my loans were 100 grand but ah well.

Go to the fed's calculator, $33k*4, 6.8%, 10 year repayment..... it sucks!

 

[TLAD123]

Not everyone is a member of the 1%

Hmm... the naivety of this comment is amusing.

-----
To make a learning point from which everyone could gain:

Dependent students maximum stafford loans:

• Aggregate total for undergrad:
• $31,000 (max $23,000 subsidized)

• Grad:
• $20,500 (unsubsidized only)/ year

2+4 program with 4 years of undergrad and 2 years of grad = $72,000 total stafford
4+4 program with 4 years of undergrad and 5 years of grad = $113,000 total stafford

I do not know how 0-6 programs work in terms of grad/undergrad classification. I also do not know if there is a total education limit on the stafford loans (e.g. undergrad + grad can be no more than ... total, period.)

Working 10-15 hours per week minimum (or signing 3 years of your life to the military as I did) will assure you the ability to take no more than the maximum direct loans. This does not make that individual a member of the "1%". It makes them well on their way to financial success.

Follow the link to this blog if you are interested in a health care professional's take on financial topics: White Coat Investor

 

[xiphoid2010]

Started with $90k at end of my residency in 2011. Down to last $5k on my loans 2 years and 9 months later. My wife had $140k, still got another $50k to go.

SunbuRXt, I've worked as a DOP in small community hospital and now an LTACH. I'm still driving the 2000 honda accord I had at the start of pharmacy school. Do I like the fact that all my techs are driving better cars? No, but you have to drive on the road of life your eyes down the horizon. Think about what you want to have in 10 years, and do the math on paper, then will it so.

 

[DesiRX]

8 years of school and 3 degrees later (BS, MS, PharmD), I was in a six figure debt just like a majority of you out there. I got licensed in July 2012, currently I have about 56K left to pay off. My interest rate is 6.8%.

 

[Dred Pirate]

as far as the max loan needed - I went to school at a private school - graduated in 2005 - tuition at the time was 20k (I should have went to public school - but you know - we all pay stupid tax).

I worked 30+ hours a week during school - 60 during the summer - work hard, live like a pauper - once month of rotations at the VA I spent a grand total of $30 on groceries for a month - it is possible, you will thank your self when half your income doesn't go to paying off loans. I got lucky - my loans are fixed at 1.9% - new grads will not be that lucky.

Borrow as little as possible - you can have fun cheap - study hard, work hard, find those jobs where you can work a couple of hours here and there - my hospital was 2 miles from campus and I had a job where I could basically make my own hours doing narcotic controls - did so when I wanted to as long as the job was done. Get a job bar tending - you can make good money - plus have late hours to squeeze more work time in.

 

[Jibby321]

as far as the max loan needed - I went to school at a private school - graduated in 2005 - tuition at the time was 20k (I should have went to public school - but you know - we all pay stupid tax).

I worked 30+ hours a week during school - 60 during the summer - work hard, live like a pauper - once month of rotations at the VA I spent a grand total of $30 on groceries for a month - it is possible, you will thank your self when half your income doesn't go to paying off loans. I got lucky - my loans are fixed at 1.9% - new grads will not be that lucky.

Borrow as little as possible - you can have fun cheap - study hard, work hard, find those jobs where you can work a couple of hours here and there - my hospital was 2 miles from campus and I had a job where I could basically make my own hours doing narcotic controls - did so when I wanted to as long as the job was done. Get a job bar tending - you can make good money - plus have late hours to squeeze more work time in.

Oh what I would do for 1.9%.....