Loans

[deleted1019527]

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Hey! So my wife was recently accepted to the University of Kentucky College of Pharmacy. We are considering buying a house or a condo, but we don't know what our financial situation will look like because we don't know how much she will be offered in loans. She will be an in state student. My question is, is the grad plus loan really enough to cover all of her living expenses? How much were you guys able to take out in addition to tuition for your living expenses?

 

[WorthlessOxygen]

You could take out an irresponsible amount but it's a horrible idea

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[Wickett]

Going into a mortgage and that debt on top of pharmacy school loan debt doesnt seem like the greatest idea. It may have changed since 5 years ago, but I was able to take a max of around 35k or so a year in grad plus loans.

 

[APN-59 rph]

You are NO KIDDING putting your house and your financial future at risk...Carefully re-consider..

 

[PharmtoCS]

Given the saturation it is very likely that your wife will be stuck with a ton of loans and unemployed, severely underemployed, or in the best case have to relocate to find a job.

Really have her reconsider the decision to go to pharmacy school.

 

[confettiflyer]

Oh god here comes the peanut gallery


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[mentos]

How will you get a mortgage if you're both students? Maybe start working and pay off some of your loans before you take out a mortgage.

Also your wife should be a dentist instead, unless you like the idea of financially supporting her and paying off her loans.

 

[rxkrafted]

Why the rush into buying a home/condo already? If you are still a dental student, I would highly advise against this because you don't even know the situation after your wife is done with school. Worst case scenario, you overbuy on a home and get stuck with a big mortgage + your debts + your wife's debt... on top of that, she may have difficulty finding out a job in pharmacy because of the job market situation right now.

 

[PharmDWithaPorscheGT3RS]

Definitely speak and discuss with her about the potential issues you both may face after she graduates given the current situation in pharmacy and the likelihood that the outlook of pharmacy doesn't improve. Good luck!

 

[Dred Pirate]

1. Do you work? If you do you could consider buying a cheap starter home, but nothing more, but I would recommend renting and saving up
2.. I would not take out loans in order to pay a mortgage - just robbing peter to pay paul
3. Borrow the minimum necessary - they will let you borrow way more than is necessary
4. She should be working 20 hours a week while in school to pay for basic living expenses.