Paying for PharmD Degree

[DianeM]

I'm not sure if this thread belongs here or in the pre-pharmacy, but because the topic is not 'getting accepted', but how to pay for it, I'll post it here...

How does everyone pay for school? I have applied for one scholarship (essay) at the school I will be attending. Even if I get it, I'll still have a long way to go to finance each semester.

Any and all ideas on how to get the money will be appreciated!!!

Thanks,
Diane
Mercer SSOP, Atlanta, Class of 2009

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[imperial frog]

I'm not sure if this thread belongs here or in the pre-pharmacy, but because the topic is not 'getting accepted', but how to pay for it, I'll post it here...

How does everyone pay for school? I have applied for one scholarship (essay) at the school I will be attending. Even if I get it, I'll still have a long way to go to finance each semester.

Any and all ideas on how to get the money will be appreciated!!!

I get money from my financial aid officer, a.k.a. Mrs. imperial frog.

 

[kwakster928]

1. loans
2. loans
3. loans
4. loans
5. loans
6. loans
7. schlarships (my school give so little but need to maintain 3.75 or above. give me a break!)
8. rich parents
9. inheritance

welcome to piss poor welfare professional student life my friend.

 

[yatzek]

i have a tennis scholarship which i will loose in a year... the i got two years to finance myself... no clue how im gonna do it or where to get a loan (i'm not a US citizen) any tips anyone?

 

[bananaface]

I'm so poh that UW waived part of my tuition!

It's great to be poh!

 

[tetra327]

I'm so poh that UW waived part of my tuition!

It's great to be poh!

ha ha ha

 

[WVURxGal]

Considering that my total family income is $0 (single parent without a job for the past year), I'm hoping that I'll get lucky with some scholarships my P1 year. WVU gives out limited ones to P1s based on need, GPA and PCATs. At the end of this semester, I'll have a 3.83 I think, and a 96 PCAT, and it's really not possible to be poorer than my family is (hah, we're about to lose our house) I think I've got a decent shot *crosses fingers* Oh yeah, I have tons of loans and a small federal grant and a scholarship from the school ($1250/semester that runs out at the end of P2.) Man... $10000/sem is going to be hard to swing!

Just keep in mind... THIS IS ALL GOING TO PAY OUT IN THE END.

 

[nikkai]

Considering that my total family income is $0 (single parent without a job for the past year), I'm hoping that I'll get lucky with some scholarships my P1 year. WVU gives out limited ones to P1s based on need, GPA and PCATs. At the end of this semester, I'll have a 3.83 I think, and a 96 PCAT, and it's really not possible to be poorer than my family is (hah, we're about to lose our house) I think I've got a decent shot *crosses fingers* Oh yeah, I have tons of loans and a small federal grant and a scholarship from the school ($1250/semester that runs out at the end of P2.) Man... $10000/sem is going to be hard to swing!

Just keep in mind... THIS IS ALL GOING TO PAY OUT IN THE END.

$10,000 a semester???? =O

 

[Glycerin]

$10,000 a semester???? =O

Most private schools equal or surpass that amount.

 

[Glycerin]

I'm wondering if I'll be able to get food stamps while in school...

 

[ilovepharmacy]

Try 16,158/semester.... 32,316/year..

I don't know about all chain stores, but I know Albertsons gives out a $2500/yr loan to their pharmacy employees if they attend pharmacy school (I don't know how selective they are in choosing people though). You start paying it off after you graduate but if you decide to work with any pharmacy under albertsons (albertsons savon osco, etc.) after you graduate as a full-time pharmacist then a year's worth of the loan is forgiven for each year you work for them (so its free monies!). I believe my cousin was offered something similar through Walgreens...

Its a good deal if you are planning on working in retail or don't mind working in retail for a few years after you graduate. Unfortunately this opportunity won't even make a dent in my tuition total.. but every little bit helps.

Like everyone else said... Grad School = loans loans loans!

 

[nikkai]

Most private schools equal or surpass that amount.

Sorry it was too early in the morning for me and I wasn't thinking. =)

I think I assumed it would just be straight out of the pocket.

WVU, why not go to for some stafford/perkins loans?

**At least we're better off than the Dental students. >_<
Check out the cries of anguish there! =P

My friend needs about 70k / year for USC

 

[jmhousem]

Most private schools equal or surpass that amount.

Yeah, I'll be in for a considerable amount more than that.

 

[minoos]

GOVT LOANS!!!! Take out all that you can of federal loans. Pay off all your other higher interest debt (cards, cars, TV for some, etc.). You don't get the opportunity to borrow at such a low rate as Fed Loans. Private loans are a different matter, higher fees.

Don't stress about school debt, it is good debt. It will pay off in the end.

Also, shop around your federal loans. There are many places that will service your loans for 0 fees, like T.H.E. http://www.northstar.org/ Many places will still hit you up for 3% fees when the disburse your loan money to you. There is no need to pay for this. All fed loan servicers will be able to loan you up to your allowable shool max., don't just take the preferred servicer provided by your school. Also, different servicers have different repayment options and incentives. So, shop it around, and I haven't found anyone better than the link I posted above. If anyone has, I would love to check it out so please post it.

 

[yuki]

How much can an average student make a year as a Pharmacy Intern?
I always thought that it was a non paying position until someone told me otherwise today. How much do they get paid? How many hours did most of you work a week?

 

[Glycerin]

How much can an average student make a year as a Pharmacy Intern?
I always thought that it was a non paying position until someone told me otherwise today. How much do they get paid? How many hours did most of you work a week?

An internship is a paid position; your last year rotations aren't. Interns typically make more than technicians, and this of course varies by state and by a region's cost of living.

 

[Kawen]

How much can an average student make a year as a Pharmacy Intern?
I always thought that it was a non paying position until someone told me otherwise today. How much do they get paid? How many hours did most of you work a week?

I work for the family medicine clinic pharmacy and i make a little more than $11/hr (P2 intern rate)...obviously, the amount goes up every year, but im not sure by how much. Oh yeah, I wouldn't try to work more than 10-12 hrs in a week.

 

[ZpackSux]

My last student loan payment is coming up this June..

How do you pay for RX school? Student Loan.

 

[Glycerin]

My last student loan payment is coming up this June..

How do you pay for RX school? Student Loan.

Heh. I know a pharmacist that graduated within the last few years who spread her loan payments out over 30 years. She wanted to be able to enjoy life afterward and not have to worry about huge monthly payments.

 

[ZpackSux]

Heh. I know a pharmacist that graduated within the last few years who spread her loan payments out over 30 years. She wanted to be able to enjoy life afterward and not have to worry about huge monthly payments.

That's like having another mortgage... not sure I would recommend that..

 

[Glycerin]

That's like having another mortgage... not sure I would recommend that..

Oh definitely. I think it's a bit extreme, but it's not my money.

 

[off2skl]

Try 16,158/semester.... 32,316/year..

I don't know about all chain stores, but I know Albertsons gives out a $2500/yr loan to their pharmacy employees if they attend pharmacy school (I don't know how selective they are in choosing people though). You start paying it off after you graduate but if you decide to work with any pharmacy under albertsons (albertsons savon osco, etc.) after you graduate as a full-time pharmacist then a year's worth of the loan is forgiven for each year you work for them (so its free monies!). I believe my cousin was offered something similar through Walgreens...

Its a good deal if you are planning on working in retail or don't mind working in retail for a few years after you graduate. Unfortunately this opportunity won't even make a dent in my tuition total.. but every little bit helps.

Like everyone else said... Grad School = loans loans loans!

And if you decide not to work for the company the loan accrues at 8% which is higher than the federal loans (these programs may work out for those that may need private loans though)

 

[spacecowgirl]

Loans - and lots of 'em! With the interest rates this low (please God and Alan Greenspan, let it stay that way until I can lock in!) federal loans are almost "free" money. I don't really care to pay them off early as I expect to get a much higher return on that money if I invest it (mutual funds, 401K, IRAs) rather than pay off a 2.x% APR loan over the same period of time.


ETA: Almost free to BORROW - thought that was obvious, didn't realize it needed a clarification

 

[ZpackSux]

well...u still have to pay it back.. almost free money? NO. Almost free to borrow? Yes. Huge difference. Paying off student loan is a biatch.

 

[Sosumi]

well...u still have to pay it back.. almost free money? NO. Almost free to borrow? Yes. Huge difference. Paying off student loan is a biatch.

How long does it usually take to pay off your student loans? I've heard of some pharmacists doing it in 2 years while others treat it like a long term mortgage. Say I'll have $100,000 debt after graduation , would 5 years be a good number to aim to pay them all off?

 

[lynzee]

I am so thankful for this forum!

I was just accepted to the U of MN CoP and am trying to figure out how to pay for school too. My problem is that I have a car loan and monthly rent payments. I just completed the FAFSA, but isn't that money sent directly to the school? I thought I heard a pharm student say that she put her rent payments on her school loans. Is this possible? I am just confused as to how I am going to pay my car payment off... will I have to take out another loan (besides my "school" loan) to make my payments? If so, how do I go about doing that?

THANK YOU for all of your help/suggestions!!!

 

[Trancelucent1]

At UF the federal loans pay your tuition and the rest in deposited into your account (if you set it up that way). You're free to do with that money what you'd like. Although it says school/living expenses only, they do not come back and check how you've spent that money. Also as far as how much you'll receive, UF estimates the cost of living plus school expenses so we are eligible for that amount in federal student loans (it's around $19,000). If you need more you can always get a private loan but the rates will be higher. Overall, you shouldn't have a problem paying your bills...afterall that's what the loans are for.

As far as internships, you can land good ones for the summer but it depends where you are and what's available to you. I just got a Wal-mart internship where I'll actually be working somewhat in the store, but also going to other stores with the district manager. We are not techs and they give us a workbook on different diseases and drugs that we complete. I was really lucky to land this internship as there were 2 spots and over 100 applicants. And I'll be paid $13.50/hr, but it's only for 10 weeks in the summer. My friend also got an Albertson's scholarship where she'll be making around $13/hr. They have a disease state management program where she'll be learning about different diseases and drugs. They also have to do a 50 min presenation at the end. I think that the internships are out there you just have to look for them. Good luck!

 

[ZpackSux]

How long does it usually take to pay off your student loans? I've heard of some pharmacists doing it in 2 years while others treat it like a long term mortgage. Say I'll have $100,000 debt after graduation , would 5 years be a good number to aim to pay them all off?

I borrowed $50,000. My first payment was around $800 per month. Now it's around $550. I stayed on 10 year repayment plan.

Many of my classmates borrowed $100,000. I feel for them.

 

[ZpackSux]

I am so thankful for this forum!

I was just accepted to the U of MN CoP and am trying to figure out how to pay for school too. My problem is that I have a car loan and monthly rent payments. I just completed the FAFSA, but isn't that money sent directly to the school? I thought I heard a pharm student say that she put her rent payments on her school loans. Is this possible? I am just confused as to how I am going to pay my car payment off... will I have to take out another loan (besides my "school" loan) to make my payments? If so, how do I go about doing that?

THANK YOU for all of your help/suggestions!!!

You shouldn't have to worry about repaying while you're in school. For Stafford or other Federally subsidized loans, government will be paying the interest on the loan while you're in school. The repayment on the loan will be deferred until you are out of school. For unsubsidized loans like SLS, the interest will accrue until you get out.

No need to worry about repaying the loan while you're in school. Just study and party..

 

[pharmDNC]

I borrowed $50,000. My first payment was around $800 per month. Now it's around $550. I stayed on 10 year repayment plan.

Many of my classmates borrowed $100,000. I feel for them.

So are you saying that on your current salary, $100,000+ in debt would be hard to pay off? Would you still be living like a student? My total debt is going to be around $150,00 (4 years private undergrad and 4 years private pharmacy school) and I really am concerned about paying all this back.

 

[ZpackSux]

So are you saying that on your current salary, $100,000+ in debt would be hard to pay off? Would you still be living like a student? My total debt is going to be around $150,00 (4 years private undergrad and 4 years private pharmacy school) and I really am concerned about paying all this back.

Your payment will be more than $1000 per month if you opt for 10 year repayment plan. Find a financial calculator online and plug it in. You can do a smart loan and pay it off in 30 years.

You won't be living like a student. If you do, you'll definitely pay off the loan sooner. When I was getting out of school 10 years ago..I recall talking to a pharmacist who's been out for about 10 years who said...yeah..I borrowed $10,000..and I'm almost done with the repayment. There I was with a $50,000 loan.

It's all good. You'll pay it off in no time.

 

[Tuck]

How you pay your loan off really all depends on the interest rate. At 2.6% it is well worth it to pay the minimum payment and invest the rest of your money. If interest rates go up then paying things off faster is a better option. Obviously, paying the loan off quickly is an option if you want to live frugally.

 

[rxgal8]

GOVT LOANS!!!! Take out all that you can of federal loans. Pay off all your other higher interest debt (cards, cars, TV for some, etc.). You don't get the opportunity to borrow at such a low rate as Fed Loans. Private loans are a different matter, higher fees.

Don't stress about school debt, it is good debt. It will pay off in the end.

Also, shop around your federal loans. There are many places that will service your loans for 0 fees, like T.H.E. http://www.northstar.org/ Many places will still hit you up for 3% fees when the disburse your loan money to you. There is no need to pay for this. All fed loan servicers will be able to loan you up to your allowable shool max., don't just take the preferred servicer provided by your school. Also, different servicers have different repayment options and incentives. So, shop it around, and I haven't found anyone better than the link I posted above. If anyone has, I would love to check it out so please post it.

WOW....I didn't even know about T.H.E.
I am currently getting charged like 1.5% in fees for my loans. Since the year has already started, can I still switch from the school's service to T.H.E. or would I have to wait till next August? I am in a 3-year program so I still have to get loans for Spring semester which starts in May.
Thanks for your help!

 

[Ivorymist]

They say that you're supposed to spread out repaying your loans over as long of a period that they would allow (usually 30 years). That way instead of using your pharmacist salary to pay off a loan that carries a 3% interest max, you can use the same money to invest in index funds (such as the S&P 500) where you get an average return of about 8-9% a year. When you look at most financial management books, that's one of the first things they stress - don't rush when paying off your student loans.

It's just psychologically difficult for most people think about owing someone money for 30 years of their lives. But financially it makes sense.

 

[spacecowgirl]

They say that you're supposed to spread out repaying your loans over as long of a period that they would allow (usually 30 years). That way instead of using your pharmacist salary to pay off a loan that carries a 3% interest max, you can use the same money to invest in index funds (such as the S&P 500) where you get an average return of about 8-9% a year. When you look at most financial management books, that's one of the first things they stress - don't rush when paying off your student loans.

It's just psychologically difficult for most people think about owing someone money for 30 years of their lives. But financially it makes sense.

That's exactly what I was trying to say.

 

[kayjay]

How many years after school do you all expect to pay your loans off?

 

[spacecowgirl]

How many years after school do you all expect to pay your loans off?

That will depend entirely on my interest rate. If it's low - less than 3% I will likely stretch it out at least over 10 years. If rates go up by then I will have to look at my final amount owed and how much I can feasibly pay a month while still living somewhat comfortably (read: NOTHING like I'm living now! )

 

[rxgal8]

They say that you're supposed to spread out repaying your loans over as long of a period that they would allow (usually 30 years). That way instead of using your pharmacist salary to pay off a loan that carries a 3% interest max, you can use the same money to invest in index funds (such as the S&P 500) where you get an average return of about 8-9% a year. When you look at most financial management books, that's one of the first things they stress - don't rush when paying off your student loans.

It's just psychologically difficult for most people think about owing someone money for 30 years of their lives. But financially it makes sense.

I'll have a $150,000 loan to pay off when I graduate. What you're saying makes sense but I don't think I would want to worry about paying off the loans for another 10-30 years. Since I'll graduate when I'm 24 and single with no family to support, etc, I'd rather start off living an ok-life and prioritize paying off the loans within 5 years. Then, after I've repaid the loans, I can always invest my salary as you said. I know it sounds crazy but less stress in the future, don't you think? Besides, if you still have loans to pay off, wouldn't it be harder to get other loans for buying a house or even affect your credit when buying a car, for example? That's something to think about also.

 

[ZpackSux]

I'll have a $150,000 loan to pay off when I graduate. What you're saying makes sense but I don't think I would want to worry about paying off the loans for another 10-30 years. Since I'll graduate when I'm 24 and single with no family to support, etc, I'd rather start off living an ok-life and prioritize paying off the loans within 5 years. Then, after I've repaid the loans, I can always invest my salary as you said. I know it sounds crazy but less stress in the future, don't you think? Besides, if you still have loans to pay off, wouldn't it be harder to get other loans for buying a house or even affect your credit when buying a car, for example? That's something to think about also.

Very good point. With 100,000 to 150,000 outstanding debt, it decreases your borrowing power when applying for a mortgage or a business loan. Logically, sure, invest the money instead of paying off the loan sounds good. But how many will actually do that?

The flip side of the investing in the market instead of paying off the loan is that if the loan is paid off and you are able to afford a larger house because you don't have an outstanding student loan, then what about the real estate appreciation which has far outperformed the market... especially in CA, NY, and DC?

Friends of mine who are a pharmacist couple bought a house in Arcadia, CA for 300k in 1999, sold it for 500K in 2003, then with the 300K equity, they bought a 700K home in Valencia, CA in 2003, sold it for 1.2 million a month ago. with an access of 700K in equity after paying off all their debt, they are moving to Seattle this month.

He got out of RX school in 1998. His wife got out in 1996. He didn't have any student loan, she had a little. If they had an outstanding student loan of 200 to 300K, I doubt they would have been able to do what they did.

If you're able to pay off the loan sooner, do it.

 

[nikkai]

I have heard in another forum that if you wait to consolidate your undergrad loans with your post grad loans, it actually increases your credit because in essence you are "paying off loans" and taking on one single one.

I have also heard that the maximum stafford loan is 38,500, but that is limited by the school and what they allow?

Someone LMK. =)

 

[rxgal8]

Very good point. With 100,000 to 150,000 outstanding debt, it decreases your borrowing power when applying for a mortgage or a business loan. Logically, sure, invest the money instead of paying off the loan sounds good. But how many will actually do that?

The flip side of the investing in the market instead of paying off the loan is that if the loan is paid off and you are able to afford a larger house because you don't have an outstanding student loan, then what about the real estate appreciation which has far outperformed the market... especially in CA, NY, and DC?

Friends of mine who are a pharmacist couple bought a house in Arcadia, CA for 300k in 1999, sold it for 500K in 2003, then with the 300K equity, they bought a 700K home in Valencia, CA in 2003, sold it for 1.2 million a month ago. with an access of 700K in equity after paying off all their debt, they are moving to Seattle this month.

He got out of RX school in 1998. His wife got out in 1996. He didn't have any student loan, she had a little. If they had an outstanding student loan of 200 to 300K, I doubt they would have been able to do what they did.

If you're able to pay off the loan sooner, do it.

Exactly
I'm from CA and the property prices are sky-rocketing here. A friend of mine actually bought a house near our pharmacy school right before starting pharm school. She's going to sell the house after graduating; the profit she'll make will pay off most (if not all) of her loans. That's better than paying rent for 3 years. I wish I had thought of that. I think her property's value has already gone up by almost 100k.

 

[spacecowgirl]

I bought a house with no problem.

I can understand why people feel uncomfortable with debt, believe me. My main rationale for not trying to pay of my loan debt as fast as possible is something I learned when I got my first real job out of school and opened an IRA. If you invest the same amount monthly from age 25-35 at a return of 8%, you will have more money at retirement than if you invested that same monthly sum from age 35-retirement! That same compoud interest that is so pesky on those credit cards can work in your favor.

I also found this at www.americanfunds.com which gives you the same idea but with actual numbers:

"Consider two workers, Sally and Bob. Sally put $200 a month into her retirement account, which earned 8% annually for 20 years. But at age 45, she had other expenses and stopped making contributions. Bob waited until he was 45 to start investing. In an effort to catch up, he put in $300 a month — 50% more than Sally. In both cases, the money grew tax-deferred in their retirement accounts. At age 65, Bob’s $72,000 investment had turned into a $177,882 nest egg. But Sally’s $48,000 investment had grown to $584,266. That’s more than four times what Bob had, even though Sally had not contributed anything for 20 years."

Hmmm, time to tinker around with loan calculators...

 

[rxgal8]

I bought a house with no problem.

I can understand why people feel uncomfortable with debt, believe me. My main rationale for not trying to pay of my loan debt as fast as possible is something I learned when I got my first real job out of school and opened an IRA. If you invest the same amount monthly from age 25-35 at a return of 8%, you will have more money at retirement than if you invested that same monthly sum from age 35-retirement! That same compoud interest that is so pesky on those credit cards can work in your favor.

I also found this at www.americanfunds.com which gives you the same idea but with actual numbers:

"Consider two workers, Sally and Bob. Sally put $200 a month into her retirement account, which earned 8% annually for 20 years. But at age 45, she had other expenses and stopped making contributions. Bob waited until he was 45 to start investing. In an effort to catch up, he put in $300 a month — 50% more than Sally. In both cases, the money grew tax-deferred in their retirement accounts. At age 65, Bob’s $72,000 investment had turned into a $177,882 nest egg. But Sally’s $48,000 investment had grown to $584,266. That’s more than four times what Bob had, even though Sally had not contributed anything for 20 years."

Hmmm, time to tinker around with loan calculators...

Oh wow, I never thought of it that way. I guess I'll see what the interest rate is on my loans when I get out and then decide on whether to pay off the loans slowly or asap. Thanks for the link.

 

[Jeddevil]

GOVT LOANS!!!! Take out all that you can of federal loans. Pay off all your other higher interest debt (cards, cars, TV for some, etc.). You don't get the opportunity to borrow at such a low rate as Fed Loans. Private loans are a different matter, higher fees.

Don't stress about school debt, it is good debt. It will pay off in the end.

Also, shop around your federal loans. There are many places that will service your loans for 0 fees, like T.H.E. http://www.northstar.org/ Many places will still hit you up for 3% fees when the disburse your loan money to you. There is no need to pay for this. All fed loan servicers will be able to loan you up to your allowable shool max., don't just take the preferred servicer provided by your school. Also, different servicers have different repayment options and incentives. So, shop it around, and I haven't found anyone better than the link I posted above. If anyone has, I would love to check it out so please post it.

I wrote the quoted thread here. I did so from school, and apparently I was not logged in and Minoos was, and I posted under the Minoos name on accident. I don't know Minoos, or know if he/she has the same opinions, so I wanted to clear up the mistake. My apologies to Minoos.

 

[pharmaz88]

I wrote the quoted thread here. I did so from school, and apparently I was not logged in and Minoos was, and I posted under the Minoos name on accident. I don't know Minoos, or know if he/she has the same opinions, so I wanted to clear up the mistake. My apologies to Minoos.

LOL... don't feel bad. "Minoos" is logged onto SDN on every single computer in the lab, despite me having reminded him numerous times to log out.

 

[jemc2000]

Heh. I know a pharmacist that graduated within the last few years who spread her loan payments out over 30 years. She wanted to be able to enjoy life afterward and not have to worry about huge monthly payments.

Stafford only gives you 10 years, though, right?

 

[Glycerin]

Stafford only gives you 10 years, though, right?

I'm not sure.

 

[rxgal8]

Stafford only gives you 10 years, though, right?

Really? Does anyone know for sure?

 

[jemc2000]

Really? Does anyone know for sure?

FAFSA Site

They show 10 years for repayment, but in small print it says:

The monthly payment for the Stafford Loan can be reduced by selecting a longer repayment term or option (more than the 10 years available through the standard repayment plan) or requesting a forbearance. However, the longer one pays on any educational loan, the more overall interest he or she will pay. There is no pre-payment penalty on any educational loan (you may make payments at any time or pay it off early).

 

[rxgal8]

FAFSA Site

They show 10 years for repayment, but in small print it says:

The monthly payment for the Stafford Loan can be reduced by selecting a longer repayment term or option (more than the 10 years available through the standard repayment plan) or requesting a forbearance. However, the longer one pays on any educational loan, the more overall interest he or she will pay. There is no pre-payment penalty on any educational loan (you may make payments at any time or pay it off early).

oh...thanks So the standard repayment plan is 10 years long but you can choose to take longer, that's good to know.