Paying for RL while attending fulltime school?

[BacardiGirl]

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Ok...so now, I am currently taking pre-reqs part time in the evenings and online..I work a fulltime job during the day, around 42-50 hours a week (so not much time for leisure). My concern is, once I go back to school fulltime (either to double up on pre-reqs or if I get accepted into pharm school)...how the heck will I be able to finance my RL? Rent, car payment, insurace (car and medical), credit card/student loan...I know from looking at the pharm school cirriculum (18 credits per semester), there is no way I could even squeeze in a parttime job. But I don't know if I could go income-less for 4 years, its just not feasible. What did some of you others do about this? (Also, I make more $ than my parents, so asking them for $ is not an option)
Help!🙁

 

[SoccerCoach10]

I'm actually kind of in the same boat as you...
I'll have to squeeze in a PT job somewhere, save A LOT over the summer before pharmacy school starts 🙁

 

[geekgolightly]

Ok...so now, I am currently taking pre-reqs part time in the evenings and online..I work a fulltime job during the day, around 42-50 hours a week (so not much time for leisure). My concern is, once I go back to school fulltime (either to double up on pre-reqs or if I get accepted into pharm school)...how the heck will I be able to finance my RL? Rent, car payment, insurace (car and medical), credit card/student loan...I know from looking at the pharm school cirriculum (18 credits per semester), there is no way I could even squeeze in a parttime job. But I don't know if I could go income-less for 4 years, its just not feasible. What did some of you others do about this? (Also, I make more $ than my parents, so asking them for $ is not an option)
Help!🙁

Once in pharmacy school, accept the reality that you will go into debt with loans loans loans. That's what we are having to do, and I'll be working while my husband attends school.

 

[BacardiGirl]

Once in pharmacy school, accept the reality that you will go into debt with loans loans loans. That's what we are having to do, and I'll be working while my husband attends school.

Like take out loans for living expenses? Yikes, I thought it'd be bad enough with just the amount of tuition... I guess it will be a saving game for the next few years up until that point....I just know my BF that I live with will not support me while in school...he is fine with me in school part time now, since I am working, but I am pretty sure he will not lend a hand while fulltime. So, really, I am kind of looking at it from a single person's perspective.

 

[SoccerCoach10]

My boyfriend will be paying the basic living expenses (rent, utilities, groceries etc) but I feel bad that I won't be able to help very much.

Taking out loans for living expenses is really scary. I hope that I can get a scholarship from Minnesota to cut some of the costs down.

Regardless, I really want to be a pharmacist, so I'll do what's necessary.

 

[BacardiGirl]

How do people do this if they don't have a significant other/spouse or family that will pay for this? Is it even possible as an older student who has adult-sized bills? This is really discouraging for me to think about.

 

[ageldred]

You take out loans for living expenses 🙁

If you surf the financial aid websites for the schools you are interested in, look for the key phrase "Cost of Attendance" or something to that effect. It will give you a breakdown of tuition and living expenses.

At my school I was awarded around $26,000 in loans. About half of that went to tuition and fees and the rest was for living expenses. I do live with my bf and split expenses, but before he got his job when we first moved here we lived off my loans and it was enough (but certainly not luxurious living). Also I do not have a car payment, which saves a lot of money every month. I'm just hoping the car lasts until graduation 🙂

I saved up a lot before I started. It's tough...but the end result is worth it!

 

[k1451372]

I plan on working during the summers, trying for scholarships, and the pharm students I talk to said that they felt more comfortable after their first year and got part time jobs( only 10 to 20 hours), I personally private tutored sciences to get extra spending cash so I got a couple hundred dollars working about 8 hours a week during undergrad, also some people sign contracts with large corporations and another option is interning with the military

 

[LabbyRatty]

I totally understand! Some positive news, however: many schools seem to encourage their students to work a couple (10-20) of hours per week in a pharmacy in order to get some additional experience. I know many people who have managed it. In many states, as soon as you enroll in the school you are considered an intern and can make $15-20 per hour. That sure beats work study at minimum wage! You can also work as an intern during the summers and make some money. The downside is if you are going to a school that is located in a really small town, you may not be able to find a job in a pharmacy.

During my interview at Midwestern-Glendale, which is on the accelerated program, they strongly DISCOURAGED working and they don't have the summers in which extra money can be earned.

 

[Knickerbocker]

Does anyone know what kind of aid I could get for post-baccalaureate work? If I don't get in this year, I may try it if I could get enough money.

 

[drugdoc]

You take out loans for living expenses. The amount of loans they OFFER you varies on your current income (FAFSA decides the amount; your school offers you the money). I made very little before pharmacy school as a pharmacy tech. Creighton loaned me all of tuition costs, plus $19,000 for living expenses for the school year. I live by myself, have a monthly mortgage, utilities, socialization fees, food, etc.

Plan on doing yourself a favor and taking the entire amount your first year, even if you don't think you'll need it. I reduced my work hours second semester due to the increased school load (from 18 hours per week to currently 0-8 per week).

If you have loan money left over after the first year of pharm school, you can take out less the following years. Give yourself the opportunity to excel in school, and if it takes working less, do it - it's worth it not to have the stress of working.

Think of the alternative....not taking out enough loans - working too much - failing out of pharmacy school - being more in debt after failing out. It's not worth stressing over working, when they offer you plenty. Take it!

 

[drugdoc]

FYI...I don't work for the government, FAFSA, or Creighton 🙂

 

[BacardiGirl]

I totally understand! Some positive news, however: many schools seem to encourage their students to work a couple (10-20) of hours per week in a pharmacy in order to get some additional experience. I know many people who have managed it. In many states, as soon as you enroll in the school you are considered an intern and can make $15-20 per hour. That sure beats work study at minimum wage! You can also work as an intern during the summers and make some money. The downside is if you are going to a school that is located in a really small town, you may not be able to find a job in a pharmacy.

During my interview at Midwestern-Glendale, which is on the accelerated program, they strongly DISCOURAGED working and they don't have the summers in which extra money can be earned.

I am attending the University of Minnesota and that will be where I eventually apply..does anyone know if they set you up with any kind of part time positions for experience/money once enrolled? My game plan at the moment is to just pay off my credit debts and save save save up until the time I apply. Sigh, it will suck to be poor for a few years...but well worth it!

 

[BacardiGirl]

You take out loans for living expenses. The amount of loans they OFFER you varies on your current income (FAFSA decides the amount; your school offers you the money). I made very little before pharmacy school as a pharmacy tech. Creighton loaned me all of tuition costs, plus $19,000 for living expenses for the school year. I live by myself, have a monthly mortgage, utilities, socialization fees, food, etc.

Plan on doing yourself a favor and taking the entire amount your first year, even if you don't think you'll need it. I reduced my work hours second semester due to the increased school load (from 18 hours per week to currently 0-8 per week).

If you have loan money left over after the first year of pharm school, you can take out less the following years. Give yourself the opportunity to excel in school, and if it takes working less, do it - it's worth it not to have the stress of working.

Think of the alternative....not taking out enough loans - working too much - failing out of pharmacy school - being more in debt after failing out. It's not worth stressing over working, when they offer you plenty. Take it!

I am concerned that I won't be able to qualify for financial aid or high enough loans because of my income. I currently make in the mid-50,000's and wonder if I will be denied financial aid because of that. (50,000's may sound comfy, but where I live and the etc. makes it tough)

 

[goldennemesis]

I am concerned that I won't be able to qualify for financial aid or high enough loans because of my income. I currently make in the mid-50,000's and wonder if I will be denied financial aid because of that. (50,000's may sound comfy, but where I live and the etc. makes it tough)

You definitely won't be denied financial aid, because cost of attendance is likely to be at the very minimum more than half of that income, which they would not expect you to pay.

New Mexico Finaid had this to say regarding coming in with a significant income from the previous year: for your first (fall semester), they will have to calculate your finaid need based on the last year's income, so you wll be screwed over for that one semester, but you can ask for a reevaluation between semesters, and they will change you need status, and you will be able to get more government loans. So I don't know if it will be the same for you, but that is currently the spiel given out at my uni.

 

[bananaface]

Does anyone know what kind of aid I could get for post-baccalaureate work? If I don't get in this year, I may try it if I could get enough money.

Check out the Financial Aid forum. I'm sure there are some post bacs in there.

 

[drugdoc]

Minnesota doesn't 'set you up' with a job, last I heard. They do have a program in the U of MN pharmacy, where they take 5 students and 'mentor' them for the 4 years. Hard to get, though, without knowing someone. Many applicants for very few spots. One of my friends who is a P2 now applied and got it, but while she is very smart, she also had our boss as a reference, who is a 'huge-shot' at the U of MN. I think she said there were around 50?? applicants (of the class of 110 on Twin-Cities campus??).

During the summer before classes begin if you are in the PD1 class you will get a few emails about this opportunity.

Best thing to do, though, is to look for a regular position within the U of MN hospital system as a tech, etc. The U of MN has a huge hospital, so surely there is something there for a pharmacy student. If you have a car, you could check out other hospitals/pharmacies in close suburbs. Local community pharmacies (if you're not from the area) are CVS & Walgreens mainly.

 

[labrat024]

Ok...so now, I am currently taking pre-reqs part time in the evenings and online..I work a fulltime job during the day, around 42-50 hours a week (so not much time for leisure). My concern is, once I go back to school fulltime (either to double up on pre-reqs or if I get accepted into pharm school)...how the heck will I be able to finance my RL? Rent, car payment, insurace (car and medical), credit card/student loan...I know from looking at the pharm school cirriculum (18 credits per semester), there is no way I could even squeeze in a parttime job. But I don't know if I could go income-less for 4 years, its just not feasible. What did some of you others do about this? (Also, I make more $ than my parents, so asking them for $ is not an option)
Help!🙁

Are you talking about an Acura RL....if so you'll probably have to sell it. Save some $$ with that great job of yours so you don't have to work as much while in pharm school. Work two jobs over the summer to rebuild your savings reserves....repeat for three more years.

 

[confettiflyer]

Yeah, the first thing I thought of was... "Why are you buying an RL...buy a TSX, or hell step down to a Honda."

Haha...but yes, I plan to take out loans to finance everything (living expenses included). No use for me burning myself out for some pittance of a part time paycheck, while possibly giving up a proper GPA or other time spent networking/figuring out my next step.

 

[Alby]

Private loans are going to be the only way I can do it. My EFC from FAFSA is $49K (my husband and I made too much money last year- unfortuantely a chunk of it went to taxes and our house- needless to say we don't have $49k sitting around to pay for next year).

From what I can tell, private loans are not based on the FAFSA, but hey are based on your credit score. Bank of America and Wells Fargo will give up to about $130k in loans (with a maximum monthly payment of $50 while you are in school)- which is more than enough for me (considering my husband will be working- and I may work PT and on holidays as an intern). My other option is to have my husband sell his 2006 Corvette (we can pay 2 years of tuition easily with the money from that) and use his motorcycle for transport- but I have yet to get the nerve to suggest this. This is his sacrifice... mine will be having to buy him a new Vette after I graduate.

The stress never ends... first its school, then the PCAT, then applying, then interviewing, then financial aid! GGGGGGGGGRRRRRRRRRRRRRRRRR.

 

[LATL]

this Is Good Info

 

[labrat024]

I was thinking about selling my retirement fund that I have through my current company. It s fully vested at about $25K. It would be like free money...I didn't contribute anything. I am so mad that I didn't do 401K because I would be doing really well right now. Anyways, I know there are penalties and taxes for taking out this money before retirement. It might also affect my FAFSA fro next year. My wife said I'm crazy fro thinking about doing something like this.

 

[BacardiGirl]

Are you talking about an Acura RL....if so you'll probably have to sell it. Save some $$ with that great job of yours so you don't have to work as much while in pharm school. Work two jobs over the summer to rebuild your savings reserves....repeat for three more years.

LOL when I say RL I mean "real life".... 😛

But if you really want to know what I drive, its an Audi A4...yeah, not the most cost-efficient for a student.

 

[BacardiGirl]

Eeek...what's scary is ok, say I get accepted into Pharm school....start taking out loans to live off of, try a semester or 2, realize I can't handle it/its too hard/whatever...then have to go back to working a 9-5er and have a crap load of loans to pay back...I am sooo scared of failing! I know, that's a long ways off..but, you know, $ is $...

 

[Shprot]

First semester/year definately going to be full loans and I will see how it goes after that. If inflation will stay the same or keep going up, it's probably better for us to have loans in the long run!

 

[labrat024]

First semester/year definately going to be full loans and I will see how it goes after that. If inflation will stay the same or keep going up, it's probably better for us to have loans in the long run!

True that.

 

[tellsarah]

Apply for fall 09 admissions while working full-time. If I don't get accepted the first time, continue working until the next year. Save all of the earnings from my job and live off of my husbands salary. I figure if I can save up half of the cost of school, then I should be able to pay the outstanding loans the first year out of school. I understand the dilemma of asking your husband to sacrifice his vehicle for your schooling. We are in the same boat.

Good luck

 

[BacardiGirl]

I tell my BF that when I am a pharmacist (or doctor, depending on how my career path goes), he can stay home and be the house-husband. So...maybe if he goes with this tradeoff he will support me during the years of schooling...heh..

 

[probablytoolate]

Eeek...what's scary is ok, say I get accepted into Pharm school....start taking out loans to live off of, try a semester or 2, realize I can't handle it/its too hard/whatever...then have to go back to working a 9-5er and have a crap load of loans to pay back...I am sooo scared of failing! I know, that's a long ways off..but, you know, $ is $...

You definitely need to figure out whether or not you want to be a pharmacist before you start, because you can easily end up in a pile of debt with the cost of school.

But I've decided that loans for everything is the way to go. I will be making oodles of money when I get out, and that's that. Some company's will pay off your loans as your signing bonus, or jsut decide that you will dedicate your signing bonus to paying off loans. It is do able. The debt you accumulate while in school is not at all unrecoverable.

You make it work. Although your lifestyle might not be as cushy as it was before, it's life.

 

[Farmercyst]

How do people do this if they don't have a significant other/spouse or family that will pay for this? Is it even possible as an older student who has adult-sized bills? This is really discouraging for me to think about.

My cash burn rate is about $3600/month. I was fortunate enough to get in and out of real estate at the right times though. I use Staffords for most of my tuition and supplement it from savings. Right now my living expenses are coming totally out of savings. That will last until about the end of this year. After that I've got some tough choices to make. I've got a Pension I could cash in for about 12K and a 401K that's worth about 35K. If I cash in the 401K I lose 10% as a penalty and the feds want 30% prepayment for taxes. So it's only be worth about 23K to me. Those two put together would give me about another year if you figure that I'll start working at least by summer. If that's what I end up doing, I'll be halfway through my P3 year before I start having to take loans for living expenses. If I were going to a cheaper school or in a cheaper area of the country my money may have lasted all 4 years, but I'm working within the limitations I've presented myself with.

 

[pharm127]

My cash burn rate is about $3600/month. I was fortunate enough to get in and out of real estate at the right times though. I use Staffords for most of my tuition and supplement it from savings. Right now my living expenses are coming totally out of savings. That will last until about the end of this year. After that I've got some tough choices to make. I've got a Pension I could cash in for about 12K and a 401K that's worth about 35K. If I cash in the 401K I lose 10% as a penalty and the feds want 30% prepayment for taxes. So it's only be worth about 23K to me. Those two put together would give me about another year if you figure that I'll start working at least by summer. If that's what I end up doing, I'll be halfway through my P3 year before I start having to take loans for living expenses. If I were going to a cheaper school or in a cheaper area of the country my money may have lasted all 4 years, but I'm working within the limitations I've presented myself with.

Why would you even think of cashing out your retirement plans instead of taking out more student loans? When you factor in the early withdrawal penalty and the money you would be making on those investments over the years, it's a lot cheaper to take out more student loans over the long run. Sure you will have more to pay back once you graduate, but the extra interest you will pay will be far less than you would lose by cashing out your 401(k) and probably your pension as well. And as they say, you can easily take out loans for school but nobody is going to lend you money for retirement. Leave your retirement money alone until you retire!

 

[DrugDealer]

how the heck will I be able to finance my RL? Rent, car payment, insurace (car and medical), credit card/student loan...

Is this a joke? You downsize, you move to a less expensive apartment, you get a cheaper car or go from 2 cars to 1. Or you save money from your current decent-paying job to help maintain your current lifestyle while in school. You'll probably start carrying balances on the credit cards instead of paying them off each month, and those balances will likely grow each month. And student loans will be deferred while in school, so that's one expense you won't have...

I attend an accelerated 3-year school where a lot of the students are older and are career-changers. Many of us have had previous real jobs, with real salaries, and some of the modern American comforts. We have all dealt with adjusting to student life again, whether it was moving an hour away to get cheaper rent (lots of people in my class did this), taking out huge private loans, racking up credit card debt, or selling their house and buying something smaller.

 

[BacardiGirl]

Is this a joke? You downsize, you move to a less expensive apartment, you get a cheaper car or go from 2 cars to 1. Or you save money from your current decent-paying job to help maintain your current lifestyle while in school. You'll probably start carrying balances on the credit cards instead of paying them off each month, and those balances will likely grow each month. And student loans will be deferred while in school, so that's one expense you won't have...

I attend an accelerated 3-year school where a lot of the students are older and are career-changers. Many of us have had previous real jobs, with real salaries, and some of the modern American comforts. We have all dealt with adjusting to student life again, whether it was moving an hour away to get cheaper rent (lots of people in my class did this), taking out huge private loans, racking up credit card debt, or selling their house and buying something smaller.

I understand that I will have to make adjustments in my finances/spending etc...but you don't have to act so rude about it. While yes, we will have to end up taking out larger student loans, using credit cards, etc....we also do NOT want to bury ourselves into debt we'll never get out of OR ruin our credit rating in the process. I work in mortgage/finance and I see people all the time whose credit is shot because of irresponsibility and using too many credit cards/loans, in turn, spoiling their chances of ever buying a house/refinancing anytime soon. You make it sound like its such an easy answer/solution, but I don't think it is...digging a hole of debt is not the answer.
Not everyone can sell their home and downsize (have you seen the housing market lately?) and like I mentioned before, my significant other will not finance my living expenses when I am in school fulltime. everyone's situation is different.

 

[starrfishes]

Borrow what you only need AND also spend less when you can, because that helps a lot...by this I mean, if the form fits the function, has quality and does the job right, then by all means buy the cheaper stuff!

Students in grad school for the most part, will have to accept the fact that loans will be in the picture, to pay for the majority of tuition and most living expenses.

Just like they say, "live like a student while you're in school so that you don't have to live like a student after you graduate."

I think this also goes true for life spending in general - either you make more money, and if the case if you don't, you definately need to spend less. Otherwise, you might be slowly digging yourself into a massive hole of debt.

...just my 2cents! 😀

 

[BlueCrayon]

I'm kind of in the same boat...31 years old hoping to get accepted soon. I am married with a 2 year old as well as a house and 2 vehicles, previous school loans, and credit debt!! Sometimes I can't believe I could be borrowing another 100K! 😱 I'm hoping to get into UB though, which is only around 50K tuition for the 4 years so it's pretty reasonable, but I'll still have to probably borrow another 40 or 50K to live on.

 

[DrugDealer]

I understand that I will have to make adjustments in my finances/spending etc...but you don't have to act so rude about it. While yes, we will have to end up taking out larger student loans, using credit cards, etc....we also do NOT want to bury ourselves into debt we'll never get out of OR ruin our credit rating in the process. I work in mortgage/finance and I see people all the time whose credit is shot because of irresponsibility and using too many credit cards/loans, in turn, spoiling their chances of ever buying a house/refinancing anytime soon. You make it sound like its such an easy answer/solution, but I don't think it is...digging a hole of debt is not the answer.
Not everyone can sell their home and downsize (have you seen the housing market lately?) and like I mentioned before, my significant other will not finance my living expenses when I am in school fulltime. everyone's situation is different.

I apologize for my tone...the original question just struck me as a little immature and out of touch with the real world.

Yes, I agree that debt is not always the answer...but I strongly feel there is a difference between struggling student debt and the kind of debt my high school friends who never went to college have accumulated. They have filled their closets with 100 pairs of shoes and their entertainment centers with countless DVDs. That is stupid consumer debt, and they have no future prospects of being able to pay the cards off. To accumulate debt to pay for living expenses while you are a professional student bettering yourself for a new career is another matter entirely. You will (or should) be responsible enough to limit those "fun" purchases of shoes, DVDs, whatever your vice is, because you know the long-term benefit will be more rewarding. Debt can be smart and beneficial if acquired and carried wisely.

 

[labrat024]

LOL when I say RL I mean "real life".... 😛

But if you really want to know what I drive, its an Audi A4...yeah, not the most cost-efficient for a student.

Like we were supposed to know that...why didn't you make everything else into acronyms. IHWPASAI.....figure that one out

 

[yazzman]

Like we were supposed to know that...why didn't you make everything else into acronyms. IHWPASAI.....figure that one out

LOL great response...yeah how are we suppose to know what that. means ......going back to school and working fulltime...recipe for disaster and cant happen...barcardigirl..........quit work..get loans and pray you get into pharmacy school... I just think people will give you a hard time because most people are in some form of hardship while in school and no one has a good answer. ....for you ..

 

[yazzman]

I'm kind of in the same boat...31 years old hoping to get accepted soon. I am married with a 2 year old as well as a house and 2 vehicles, previous school loans, and credit debt!! Sometimes I can't believe I could be borrowing another 100K! 😱 I'm hoping to get into UB though, which is only around 50K tuition for the 4 years so it's pretty reasonable, but I'll still have to probably borrow another 40 or 50K to live on.

then may be its not worth it...

 

[labrat024]

Going back to school and working full time can be done....It will also put hair on your chest....whether you like it or not

 

[UES Girl]

Ok...so now, I am currently taking pre-reqs part time in the evenings and online..I work a fulltime job during the day, around 42-50 hours a week (so not much time for leisure). My concern is, once I go back to school fulltime (either to double up on pre-reqs or if I get accepted into pharm school)...how the heck will I be able to finance my RL? Rent, car payment, insurace (car and medical), credit card/student loan...I know from looking at the pharm school cirriculum (18 credits per semester), there is no way I could even squeeze in a parttime job. But I don't know if I could go income-less for 4 years, its just not feasible. What did some of you others do about this? (Also, I make more $ than my parents, so asking them for $ is not an option)
Help!🙁

Like the others suggested - cut down your expenses down to a bare minimum now and try to save as much as you can. From what I remember from the other threads - you are just starting to take pre-reqs, so you'll probably have 2-3 years to save up before you start school.