monthly loan payment and how much left?

[manutdmax]

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i just want to know how you guys that are currently working as RPH make and how much you guys make a monthly payment for your loans? I am expecting to borrow around 200k for my education as PharmD student..will the slary be enough for other life expenses and mortgage?

 

[slimcutt]

Ya, I wondered the same thing as a student.

So, after all was said and done, undergrad + 5 years of pharmacy school + unpaid interest added to principal left me with 195K debt. My monthly payments are $1160. Last year gross was 127K, take home $7800/mo. Added to the wife's salary (a nurse), take home = $12,000/mo. We bought a beautiful 3000 sq ft REO property and still the savings account is accumulating quick.

Not bragging, just saying yes you can live well with that amt of debt. My life now is a world of difference compared to living in the s-hole apartment I had as a student with a crackhead-stripper neighbor. The walls were so thin that I could decipher the slight audible difference between her boyfriend slapping her face versus her a**. The screaming was the same in both cases though.

 

[manutdmax]

thanks alot for your info ...but i am still wondering if i am single and making 120k a year as RPH,,how much my monthly payment will be ? lets say as max 2k a month..with 78k/month net after taxes..this means i take home 6.700 $ with me each month..and after paying my monthly loan bill i have 4.700$..is this enough for mortgage and car and other life bills?

 

[BMadjuster]

thanks alot for your info ...but i am still wondering if i am single and making 120k a year as RPH,,how much my monthly payment will be ? lets say as max 2k a month..with 78k/month net after taxes..this means i take home 6.700 $ with me each month..and after paying my monthly loan bill i have 4.700$..is this enough for mortgage and car and other life bills?

I am always shocked how clueless so many professional students are, even when it comes to simple addition and subtraction financials. Spend less than you earn and make sure to save for the future!

Here is a site to help you out though...
http://www.bygpub.com/finance/CashFlowCalc.htm

nobody ever went broke underestimating the intelligence of the American publichttp://thinkexist.com/quotation/no_one_in_this_world_has_ever_lost_money_by/209208.html- Henry Louis Mencken

 

[manutdmax]

I am always shocked how clueless so many professional students are, even when it comes to simple addition and subtraction financials. Spend less than you earn and make sure to save for the future!

Here is a site to help you out though...
http://www.bygpub.com/finance/CashFlowCalc.htm

nobody ever went broke underestimating the intelligence of the American public- Henry Louis Mencken

i am not clueless..am just asking how much you guys paying now as monthly loan payment? 120k after taxes leaves you with 78k which is 6.700$ month..with 2k a month going only for loans.

 

[BMadjuster]

i am not clueless..am just asking how much you guys paying now as monthly loan payment? 120k after taxes leaves you with 78k which is 6.700$ month..with 2k a month going only for loans.

The internet has all your answers and a ton of financial calculators to be found.

http://www.finaid.org/calculators/loanpayments.phtml

http://www.bankrate.com/calculators.aspx

http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp

I guess I did not understand the point of the question with all the resources available...my bad.😉

 

[museabuse]

i am not clueless..am just asking how much you guys paying now as monthly loan payment? 120k after taxes leaves you with 78k which is 6.700$ month..with 2k a month going only for loans.

don't forget medical, disability, and 401k deductions(at least do the match). Then you probably take home 5800/month. Student loans for 100k - 200k. Let's just say 1500 month. Leaves you with 4300/month. I think that gives you enough for a mortgage, car payment, and other expenses with enough left over to probably save at least 500 to 1000 a month.

 

[PharmaTope]

don't forget medical, disability, and 401k deductions(at least do the match). Then you probably take home 5800/month. Student loans for 100k - 200k. Let's just say 1500 month. Leaves you with 4300/month. I think that gives you enough for a mortgage, car payment, and other expenses with enough left over to probably save at least 500 to 1000 a month.

it also leaves you to be a servant to the system where you pray that next paycheck keeps coming. with this economy, the surge in number of pharmacy schools, the large classes of pharmd grads, shrinking number of jobs, i wouldnt want to be in that situation at all.

pay the loans off asap that way you control where you go.

 

[iFarm]

it also leaves you to be a servant to the system

Very true...

 

[manutdmax]

don't forget medical, disability, and 401k deductions(at least do the match). Then you probably take home 5800/month. Student loans for 100k - 200k. Let's just say 1500 month. Leaves you with 4300/month. I think that gives you enough for a mortgage, car payment, and other expenses with enough left over to probably save at least 500 to 1000 a month.

are you kidding me ? how much you pay for good nice mortgage these days? phone bills ? electricity? nice car? gas bill? cable ? clothes and other things...

 

[ohiopharmacist]

Another question you need to ask yourself is how long do you intend to keep paying the loan. If you get it out of the way, you would be saving more money.

My financial goal is to get rid of my college loans in 2 to 3 years max, that way you have more money paying off the principal amount rather than just interest.
I think to do that,you sacrifice and prioritize your life accordingly,at least I plan to 😉

Current outstanding loans until graduation (3 months)- 85,524

 

[xiphoid2010]

Another question you need to ask yourself is how long do you intend to keep paying the loan. If you get it out of the way, you would be saving more money.

My financial goal is to get rid of my college loans in 2 to 3 years max, that way you have more money paying off the principal amount rather than just interest.
I think to do that,you sacrifice and prioritize your life accordingly,at least I plan to 😉

Current outstanding loans until graduation (3 months)- 85,524

It easy to do as long as you have the discipline to live like a student for couple of more years. With a $120K salary, max out 401K, take home should be about $70K. Keep your living cost under $2.5K a month, and you should be able to do away with the loan about 2 years. $2.5K/month is a pretty decent living compared to what most students live on. 😛

P.S are you a buckeye? If you are, we are classmates. 🙂

 

[manutdmax]

this seems as a good plan to finish paying the loans ..so this means that when people tell you oh you are a pharmacist and will be making good money..you should tell them yeah 😀...maybe i will win the lottery by that time 😀

 

[xiphoid2010]

this seems as a good plan to finish paying the loans ..so this means that when people tell you oh you are a pharmacist and will be making good money..you should tell them yeah 😀...maybe i will win the lottery by that time 😀

Well, with $200K in loans, it will take you about 6 years of living like a student to pay it off. I wouldn't advise putting your life on hold for that long.

Rule of thumb is to keep the loan below 1 year of income, so for a pharmacist, that goal is $120K -- can be paid off with 3 years of frugal living.

Most people can't foresee or put their life on hold for much longer than that. Marriage, kids, cars, houses come into play, making longer stretches of belt tightening difficult. Then what happens is that that loan gets dragged out over 10 years or even re-financed into longer terms, which makes the interest you pay go through the roof. The 6.8% fixed rate is a high compared to most loans these days, and the 8.5% for the plus loans is just a rip-off.

 

[ohiopharmacist]

P.S are you a buckeye? If you are, we are classmates. 🙂[/QUOTE]

I am graduating from Toledo. I do like Buckeye's,even if they win or not 🙂

Thanks for your insight on my loans. I don't think you considered overtime pay which is actually how lots of pharmacist makes big bucks after sharing it with Uncle Sam,of course.

Overall, if you have family and kids, you will have other priorities. But if you are single, I say work more,enjoy the day offs when u get them: drinks,ladies,golfing and more drinks and ladies 😀

A lottery would surely help man....it would be a lifesaver for me!

 

[xiphoid2010]

I am graduating from Toledo. I do like Buckeye's,even if they win or not 🙂

Thanks for your insight on my loans. I don't think you considered overtime pay which is actually how lots of pharmacist makes big bucks after sharing it with Uncle Sam,of course.

Overall, if you have family and kids, you will have other priorities. But if you are single, I say work more,enjoy the day offs when u get them: drinks,ladies,golfing and more drinks and ladies 😀

A lottery would surely help man....it would be a lifesaver for me!

Oh, UT, nice. Yeah, overtime is nice, but in a retail setting, you might lose the stomach for overtime very quickly. I pick up extra shifts at my hospital internship, but not at my walgreens because it's that much of a pain to work there. Money will motivate you only so far before the pain of retail work catches up with it.

But yeah, I want to live a little after graduation, but I got engaged to a classmate, so my days of freedom are over. Tied down... game over man...

 

[AvocadoLover]

To be honest, I would not stress to much about debt. It will all work out and no matter what you have to accumulate it to earn your degree. My student loans are about 100K and I pay $850/month. It really isn't much considering that's less than two days pay. So don't worry! It's all good!

 

[BMadjuster]

Rule of thumb is to keep the loan below 1 year of income, so for a pharmacist, that goal is $120K -- can be paid off with 3 years of frugal living.

200k+ with interest building for pharmacy school....Wow!😱

I would be worried if I were these students...

 

[xiphoid2010]

To be honest, I would not stress to much about debt. It will all work out and no matter what you have to accumulate it to earn your degree. My student loans are about 100K and I pay $850/month. It really isn't much considering that's less than two days pay. So don't worry! It's all good!

After tax and deductions, the paycheck is about $6500/month. So $850/day is more like 4 days of work.

It kind of sucks that student loans interest is not deductible when income exceeds $75K.

 

[chem1033]

Ya, I wondered the same thing as a student.

So, after all was said and done, undergrad + 5 years of pharmacy school + unpaid interest added to principal left me with 195K debt. My monthly payments are $1160. Last year gross was 127K, take home $7800/mo. Added to the wife's salary (a nurse), take home = $12,000/mo. We bought a beautiful 3000 sq ft REO property and still the savings account is accumulating quick.

Not bragging, just saying yes you can live well with that amt of debt. My life now is a world of difference compared to living in the s-hole apartment I had as a student with a crackhead-stripper neighbor. The walls were so thin that I could decipher the slight audible difference between her boyfriend slapping her face versus her a**. The screaming was the same in both cases though.

lol

 

[xiphoid2010]

200k+ with interest building for pharmacy school....Wow!😱

I would be worried if I were these students...

yeah, it's hard for me to imagine taking out that much loan. Even med students don't take out much more than that. And their income level is significantly higher down the road.

One of the classes that most students didn't have before pharmacy school is finance, or even the watered down personal finance. Alot of P1s don't even known what 401k or IRA are, or how to compound interest or discount a revenue stream.

With so many people eager to get into any pharmacy school, and all the new schools opening up to make a buck, and throw in a saturating job market, you can see the direction things are headed.

 

[BMadjuster]

yeah, it's hard for me to imagine taking out that much loan. Even med students don't take out much more than that. And their income level is significantly higher down the road.

One of the classes that most students didn't have before pharmacy school is finance, or even the watered down personal finance. Alot of P1s don't even known what 401k or IRA are, or how to compound interest or discount a revenue stream.

With so many people eager to get into any pharmacy school, and all the new schools opening up to make a buck, and throw in a saturating job market, you can see the direction things are headed.

Interest building on a 200k+ balance is substantial and I do not think many students realize that fact. Paying off 200k in 5 years would take roughly 4000/month, even at 10 years you will be paying 2300/month.

Here is a good thread to read...
http://forums.studentdoctor.net/showthread.php?p=9247955

 

[Argentium]

Interest building on a 200k+ balance is substantial and I do not think many students realize that fact. Paying off 200k in 5 years would take roughly 4000/month, even at 10 years you will be paying 2300/month.

Here is a good thread to read...
http://forums.studentdoctor.net/showthread.php?p=9247955

for anyone taking out substantial loans, i suggest you read this article that just came up in the wsj ..

http://online.wsj.com/article/SB100...5033063806327030.html?mod=WSJ_hp_mostpop_read

you might think, "no this wont happen to me" but you don't know what circumstances life will throw at you (health issues, pregnancy, laid off, etc) where you may have to defer loan payments. make sure you know what you're getting into ...

 

[Aznfarmerboi]

My advice is to pay off any student loans that have an interest rate over four percent. Student loans are not dischargable unless you die!

Like above posters, the last situation you want to be in is to be fired from your job with 150k in student loans and nowhere to go. The interest on that will most likely eat up any savings you have fast!

That and the feeling of being debt free and knowing you dont have to be a slave to retail is unmeasurable!

Counting down the days when I would experience that feeling.... just dreaming and savoring about it.... oh boy!

 

[a runner]

If you're going to graduate with a huge amount of debt, then consider the IBR program. The good thing is that after 25 years of paying 15% of your "discretionary" income (which is any income above 150% of the poverty line), all the rest of your loans are forgiven, even if the balance has increased over 25 years.

That means if you never make more than $120k, you will never pay more than approx. $1000-$1200/mo. depending on your family status, leaving you with between around $6000-$7000 per month take home, depending on your state taxes, family status and dependents (taxes again), and income. Staying single and childless will definitely cost you, as will being clueless to tax laws. If you make more than $120k, your monthly payments will go up, but your take home pay will go up an even great amount anyway.

One perk of this repayment program is "job insurance" because if you lose your job, your income will be $0 and guess what 15% of $0 is? And any time spent jobless still counts towards the 25 years and does not count against you.

Oh, and its even better if you work for a nonprofit or government entity because your loans are wiped clean after 10 years.

 

[iknow]

If you're going to graduate with a huge amount of debt, then consider the IBR program. The good thing is that after 25 years of paying 15% of your "discretionary" income (which is any income above 150% of the poverty line), all the rest of your loans are forgiven, even if the balance has increased over 25 years.

That means if you never make more than $120k, you will never pay more than approx. $1000-$1200/mo. depending on your family status, leaving you with between around $6000-$7000 per month take home, depending on your state taxes, family status and dependents (taxes again), and income. Staying single and childless will definitely cost you, as will being clueless to tax laws. If you make more than $120k, your monthly payments will go up, but your take home pay will go up an even great amount anyway.

One perk of this repayment program is "job insurance" because if you lose your job, your income will be $0 and guess what 15% of $0 is? And any time spent jobless still counts towards the 25 years and does not count against you.

Oh, and its even better if you work for a nonprofit or government entity because your loans are wiped clean after 10 years.

I'm really liking this. I don't know much about it but I'll do some research. I'll have about 160K in loans when I graduate + some private loans from undergraduate school. I assume this IBR program only covers fed student loans right?

So the payments are based on your income and not your loan amount?

 

[RX CARE]

http://finance.yahoo.com/college-ed...dent-loan-burden?mod=edu-continuing_education

 

[manutdmax]

my post is becoming a realy interesting one..we are all benefiting from it...so do you guys still think with paying 100k-200k each month for loans will be able to live comfortably?

 

[Namishin]

The walls were so thin that I could decipher the slight audible difference between her boyfriend slapping her face versus her a**. The screaming was the same in both cases though.

That was an awesome line, props to ya man!

I'm going to try and keep my loans below $80k if anyone believes that's possible. With tuition listed at $14k a year (state university) and living for free with relatives, it might just be achievable.

 

[a runner]

I'm really liking this. I don't know much about it but I'll do some research. I'll have about 160K in loans when I graduate + some private loans from undergraduate school. I assume this IBR program only covers fed student loans right?

So the payments are based on your income and not your loan amount?

Yeah, the amount you pay under the IBR program is completely contingent upon your income. It doesn't matter if you have $160k, $300k, or $900k debt, you pay the same. The only difference is how much (if any) you come out ahead under the program. Obviously the more debt you have, the more you benefit (talk about an incentive for moral hazard and deadweight losses, huh?).

It does only cover federal student loans. Hopefully some lawmakers will try to change that in the future, but I highly doubt it. If I were you, I would take out the maximize federal loans for the rest of your time in school and try to use that to pay down the private loans, if possible.

 

[xiphoid2010]

Yeah, the amount you pay under the IBR program is completely contingent upon your income. It doesn't matter if you have $160k, $300k, or $900k debt, you pay the same. The only difference is how much (if any) you come out ahead under the program. Obviously the more debt you have, the more you benefit (talk about an incentive for moral hazard and deadweight losses, huh?).

It does only cover federal student loans. Hopefully some lawmakers will try to change that in the future, but I highly doubt it. If I were you, I would take out the maximize federal loans for the rest of your time in school and try to use that to pay down the private loans, if possible.

let's think about the IBR for a second. $120K annual income = $1200 a month payment x 12 months/year x 25 years = $360K total.

This is in comparison to going to a in-state public pharmacy school and finish with $80K. Paying $2500 a month x 36 months = $90K total.

If you owe $160K in loans, IRB is a bad deal. If you owe $200K it's still not much of a deal. It's really when you are loaded with $250K or more does that actually become a good deal. In reality, pharmacy students can't normally rack up enough debt to benefit much.

People that benefit from IRB are the ones going to expensive private universities and getting low paying degrees like art. They walk out with $100K in loans but be lucky to make $30K a year. Then yeah, the rest of us tax-payers get shafted big time.

 

[iknow]

let's think about the IBR for a second. $120K annual income = $1200 a month payment x 12 months/year x 25 years = $360K total.

This is in comparison to going to a in-state public pharmacy school and finish with $80K. Paying $2500 a month x 36 months = $90K total.

If you owe $160K in loans, IRB is a bad deal. If you owe $200K it's still not much of a deal. It's really when you are loaded with $250K or more does that actually become a good deal. In reality, pharmacy students can't normally rack up enough debt to benefit much.

People that benefit from IRB are the ones going to expensive private universities and getting low paying degrees like art. They walk out with $100K in loans but be lucky to make $30K a year. Then yeah, the rest of us tax-payers get shafted big time.

I don't feel that bad when I can get anything for "free" these days...cause I know I'll be paying my share on taxes. I would only feel bad if I was only taking and never giving back.

What I'll do when I graduate is consult a financial advisor who can help me find the best option...

 

[xiphoid2010]

I don't feel that bad when I can get anything for "free" these days...cause I know I'll be paying my share on taxes. I would only feel bad if I was only taking and never giving back.

What I'll do when I graduate is consult a financial advisor who can help me find the best option...

save yourself the money, take business or personal finance as an elective. Nobody making six figures should be ignorant about money, compounding/discounting, rate of return, and basic investing strategies.

 

[Pharmacy Kid]

save yourself the money, take business or personal finance as an elective. Nobody making six figures should be ignorant about money, compounding/discounting, rate of return, and basic investing strategies.

Yep, yep. Concepts like inflation, compounding, risk/reward ratio, etc, can help you make better decisions. Go to your local library to read Kiplinger and Money magazines. You can also go to their websites. I only flip to the "personal finance" section because, well, stocks bore me. There are also a bunch of personal finance blogs out there. These two methods helped me learn most of what I know now.

 

[DrBowtie]

With IBR however, after 25 years, any balance "paid" by Uncle Sam counts towards your income. So beware ..... Owing money to the IRS is worse than the banks.

 

[a runner]

If you owe $160K in loans, IRB is a bad deal. If you owe $200K it's still not much of a deal. It's really when you are loaded with $250K or more does that actually become a good deal. In reality, pharmacy students can't normally rack up enough debt to benefit much.

People that benefit from IRB are the ones going to expensive private universities and getting low paying degrees like art. They walk out with $100K in loans but be lucky to make $30K a year. Then yeah, the rest of us tax-payers get shafted big time.

I completely agree with you that IBR isn't a good deal if you owe $160k in loans. $200k-$250k is a grey area, it could go either way depending on your specific circumstances. But with any debt burden $250k or above, IBR is certainly going to be good for most pharmacists.

Where I disagree is that IBR helps people making low pay the most. Pharmacists and others can definitely benefit even more from this program under the right circumstances if they have enough debt. Oh yeah, and look at dentists… they can benefit a lot too. The tuitions at some of their schools tops $70k a year, with total COA reaching $100k.

For example, between my wife and I, we will have accumulated $310-$320 in federal loans. And I'm going to a state pharmacy school with moderately low tuition (~14k per year/ ~35k COA). I can only imagine that there are others in my situation at private universities, especially those in California and the like. Add to the fact that some schools require a bachelor's degree and you might be adding significant undergraduate debt as well. Look at Touro (CA), the total cost of attendance for 4 years is $257k, add interest to that, by the time you graduate or finish a residency, total debt could easily be over $300k.

Add $50k or $100k from undergrad and marry someone with another $100k or so, and you suddenly have half a million. Many pharmacy students probably don't know who they're going to marry (or if they even will marry) yet, so you won't necessarily know if IBR is a good idea until then.

 

[manutdmax]

most of you guys here talk alot in details about such programs, but for me and people like me with not much experience in these programs it is hard to swallow..I think many people here and there want an honest answer to this question ''will i be able to live comfortably as RPH with at least 220k in loan debt'' ?

lets say you will be making 120k a year as RPH...

 

[johnconner]

120k isnt that much when you're raising a family.

$6700/month
-$250 car insurance/home insurance
-$1000 401k
-$1000 for kid's education fund/tuition for private school
-$2000 for loan
-$1000 for a mortgage payment on a $150k house
-----------------------
$1450 left over for living expenses. And you still have to save for vacation and an emergency savings fund.

It is comfortable, but you wont see me on MTV cribs. If you were to buy a new $30k car x 5 year loan, that would be another $500 a month.

 

[type b pharmD]

live comfortably? live on 35,000 a year, COMFORTABLY.. pay $40,000 a year, pay back your loans in 5-10 years, you'll be fine. why do people stress out about this

 

[a runner]

most of you guys here talk alot in details about such programs, but for me and people like me with not much experience in these programs it is hard to swallow..I think many people here and there want an honest answer to this question ''will i be able to live comfortably as RPH with at least 220k in loan debt'' ?

lets say you will be making 120k a year as RPH...

My point is that IF you have enough debt to make living at $120k a year "uncomfortable" (which is entirely possible), THEN you have the Income-Based Repayment (IBR) plan to fall back on, where you'll be able to live comfortably again, with about $6000-$7000 a month take home pay, depending on your circumstances. That is plenty to live comfortably on, even if you have a family.

 

[ohiopharmacist]

120k isnt that much when you're raising a family.

$6700/month
-$250 car insurance/home insurance
-$1000 401k
-$1000 for kid's education fund/tuition for private school
-$2000 for loan
-$1000 for a mortgage payment on a $150k house
-----------------------
$1450 left over for living expenses. And you still have to save for vacation and an emergency savings fund.

It is comfortable, but you wont see me on MTV cribs. If you were to buy a new $30k car x 5 year loan, that would be another $500 a month.

if you are single and no kids....you can save that $1000...adds upto $1700 in vacation funds lol

PS: Manudmax 120k is probably the bottom line you will make, my pharmacist works overtime at my store and said he easily makes over 150k. I remember in my sophomore yr, I actually helped do some taxes for my 64 year old pharmacist,his gross was 188k.

So buddy,cheer up, choose your lifestyle, options are endless here 👍

 

[ezmcgowan]

live comfortably? live on 35,000 a year, COMFORTABLY.. pay $40,000 a year, pay back your loans in 5-10 years, you'll be fine. why do people stress out about this

Where do you live? 35K/year is far from comfortable anywhere I want to live.

 

[type b pharmD]

Where do you live? 35K/year is far from comfortable anywhere I want to live.

ok this is a little strange..

VAST MAJORITY of americans are living on like 15k a year. earning somewhere around 20 and 4-5k tax or so.

How does this look
$7500 a year for an apartment
$5000 a year for a nice car
$3000 a year for phone bill, cable tv, electricity, heat
$6000 a year for food (GENEROUS food allowance here)

rats, that only leaves about $9000 left for spending money.. ****, wont be able to buy that yacht!! 😱

At this rate you got a nice car, eat whatever you want, have the expensive cable tv and internet, and maybe even the iphone plan.

btw i consider cable tv, iphone, a car that's more expensive than 10k, and food more than $50 a week to be luxurious. But maybe thats just how i was raised out in farm country.

okay so maybe put in a thousand for insurance and a couple thousand for retirement.. STILL you're living VERY comfortably. that leaves still leaves you with more than $100 a week in pure spending money

PS: really expensive areas like you want to live in, are almost impossible to get jobs there.. so maybe you wont have to worry about the high cost of living of wherever you're going

 

[jinga]

Projected student loan debt without interest: ~120-130K. Somehow, this still concerns me. My wife shudders when I mention it! We had the option of attending a far more expensive private pharmacy school. I was almost tempted by the "glitz" but my wife talked me down.

She's a life-saver.

Our plan: live on 30-40K until the debt is gone; contribute to savings as much as possible; buy decent but used cars to replace our now deteriorating cars 🙂 Hopefully this plan works.

NOW, if I can't find a job after graduation, then I'll be very very concerned...

 

[Momus]

This is what I do
0 for car (paid cash with a sign on bonus $20k)
1200 a year for car ins
330 a year car reg
5400 a year for a place to live including water, gas, electric, and cable
2400 a year for food
1000 a year for consumables
1500 a year for new toy allowance
420 a year for cellphone
-----
12,250 a year total expenditures and save tons of money around 70-80k/year easily...

I live in San Diego

Next year going to buy a house as they will tank this year as MOST option ARMS and normal ARMS due 2010 and 2011 more foreclosure, more bargain to be had 🙂

Yeah, I am a cheap bastard... I don't get why people buy $100 for a pair of jeans, or live in $1300/month apartment to doom themselves in the future >_>

 

[Mariachi]

yeah, it's hard for me to imagine taking out that much loan. Even med students don't take out much more than that. And their income level is significantly higher down the road.

One of the classes that most students didn't have before pharmacy school is finance, or even the watered down personal finance. Alot of P1s don't even known what 401k or IRA are, or how to compound interest or discount a revenue stream.

With so many people eager to get into any pharmacy school, and all the new schools opening up to make a buck, and throw in a saturating job market, you can see the direction things are headed.

You read my mind. I thought I was the only one thinking this!

 

[sakigt]

To be honest, I would not stress to much about debt. It will all work out and no matter what you have to accumulate it to earn your degree. My student loans are about 100K and I pay $850/month. It really isn't much considering that's less than two days pay. So don't worry! It's all good!

How long is the payoff on that?

Im trying to graduate under 100k as well...

 

[sneaker12]

I was wondering did you start out with that salary when you graduated from school. Can you tell me otherwise how much you made me when you graduated with a Pharm D degree.

 

[rxlea]

I am glad this topic was bumped up. With this new administration and recent changes to student loans, how do you think it will affect us? I am wondering if I should go to an in-state or OOS school. I would go OOS if I had a reasonable financial plan, but I have yet to come up with one that actually makes sense.

 

[mipharmd]

i know this is dumb but how does one make 176 per year...