Paying of student loans while in school

[nonizondi]

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I’m still in pharmacy school and I work full time. I do not take additional loans for cost of living, just enough to cover my tuition. I will be having around $ 155,000 in student loans when I graduate from pharmacy school ( excluding its interest) and a couple of thousands from undergraduate loans. I would like to know if it’s wise to start paying some of the higher interests loans while in school. Although I plan to enlist in the army or work for the Public Health Service as a pharmacist , I don’t know how long it will take me to be selected . I want to start investing early and I don’t want student loans preventing me.

 

[BMBiology]

Yes, it would be better but unless you are working 30 hours a week, it is not going to put much of a dent on your loans.

 

[nonizondi]

I work 40 hours a week and 48 hours when I don’t have exams

 

[alpha12]

I work 40 hours a week and 48 hours when I don’t have exams

Pharmacy school must be easy if you can work full time and still go to school fulltime.

 

[nonizondi]

Pharmacy school must be easy if you can work full time and still go to school fulltime.

Is that what you think? I don’t work as a pharmacy technician though? I have an office job where I can study and catch up on studies when I’m at work. I worked as an pharmacy intern for a while but I had to quit. I could not combine a pharmacy job with school. I’m waiting until final year to go begin working as an intern again.

 

[Timbo]

Is that what you think? I don’t work as a pharmacy technician though? I have an office job where I can study and catch up on studies when I’m at work. I worked as an pharmacy intern for a while but I had to quit. I could not combine a pharmacy job with school. I’m waiting until final year to go begin working as an intern again.

Won't you be on your APPEs during your final year? Most students stop working during their final year because of this. It's difficult attending your APPE 40 hours a week plus work in addition. Furthermore if your rotation site is far away, it would be impossible. Also do you think you will be hired as a P4? Most companies won't even hire P3 interns because they will be graduating soon anyway and as not worth the investment for them

 

[nonizondi]

Won't you be on your APPEs during your final year? Most students stop working during their final year because of this. It's difficult attending your APPE 40 hours a week plus work in addition. Furthermore if your rotation site is far away, it would be impossible. Also do you think you will be hired as a P4? Most companies won't even hire P3 interns because they will be graduating soon anyway and as not worth the investment for them

Although I work overnight, I plan to cut my hours at my job when I reach my final year . I might get an 8 hour per week intern job in future but not any time soon. My current job pays good, is less stressful and gives me the opportunity to catch up on studies

 

[mentos]

Although I work overnight, I plan to cut my hours at my job when I reach my final year . I might get an 8 hour per week intern job in future but not any time soon. My current job pays good, is less stressful and gives me the opportunity to catch up on studies

That sounds like a nice job. Why bother with pharmacy? You know starting pay is $46/hr now right? Not worth it with 150k in loans.

 

[nonizondi]

That sounds like a nice job. Why bother with pharmacy? You know starting pay is $46/hr now right? Not worth it with 150k in loans.

The pay is sustainable for a student not for a man planning to start a family. I knew about the saturation before I got into pharmacy school and I will appreciate it if this thread doesn’t turn to one of the many threads telling pharmacy students to drop out.

 

[alpha12]

Is that what you think? I don’t work as a pharmacy technician though? I have an office job where I can study and catch up on studies when I’m at work. I worked as an pharmacy intern for a while but I had to quit. I could not combine a pharmacy job with school. I’m waiting until final year to go begin working as an intern again.

I never attended pharm school so I would not know. I worked ft and did my masters ft so I guess its possible. I always thought though that for professional schools like pharmacy and medicine, it wouldn't be possible. Anyway back to the question, if you can pay off high interest loans, then you should do it. That's a no brainer. You return is immediate. If it is low interest you are better off investing and it and beating the market.

 

[BC_89]

I’m still in pharmacy school and I work full time. I do not take additional loans for cost of living, just enough to cover my tuition. I will be having around $ 155,000 in student loans when I graduate from pharmacy school ( excluding its interest) and a couple of thousands from undergraduate loans. I would like to know if it’s wise to start paying some of the higher interests loans while in school. Although I plan to enlist in the army or work for the Public Health Service as a pharmacist , I don’t know how long it will take me to be selected . I want to start investing early and I don’t want student loans preventing me.

If possible, pay the higher interest to keep from compounding over the years.

If you plan on a commission with the minimal 3 year obligation (army), it can take 9-12 months presuming you get a slot. If your of age, you may join ROTC while in school to get your tuition paid and avoid the wait to join as a 67E pharmacist.

Although it may end in the near future, as of now you do get 120k (~95k after taxes) of your loans paid off. If you get cheap housing, many O3’s even put their tax exempt housing allowance into the debt and get closer to an additional 36k paid toward the loans. With additional extensions for a re-up in your contract comes with bonuses as well.

For now, hit what interest you can.

 

[ValeRx]

Good luck getting selected for 67E. The typical mission for recruiters is about 1 per year.

 

[nonizondi]

If possible, pay the higher interest to keep from compounding over the years.

If you plan on a commission with the minimal 3 year obligation (army), it can take 9-12 months presuming you get a slot. If your of age, you may join ROTC while in school to get your tuition paid and avoid the wait to join as a 67E pharmacist.

Although it may end in the near future, as of now you do get 120k (~95k after taxes) of your loans paid off. If you get cheap housing, many O3’s even put their tax exempt housing allowance into the debt and get closer to an additional 36k paid toward the loans. With additional extensions for a re-up in your contract comes with bonuses as well.

For now, hit what interest you can.

I don't think I can join ROTC at this point. I'm already in pharmacy school.

 

[nonizondi]

Good luck getting selected for 67E. The typical mission for recruiters is about 1 per year.

Indian Health Service and other usphs organizations would be another option.

 

[ValeRx]

Indian Health Service and other usphs organizations would be another option.

Have you looked at USAJobs at all?

 

[nonizondi]

Have you looked at USAJobs at all?

Yes. Why do you ask?

 

[BC_89]

I don't think I can join ROTC at this point. I'm already in pharmacy school.

You can and many do. It’s dependent on your age as their is a cut-off (Under 27).

It’s not just for undergrad although that’s the intended target (Keep in mind your still considered an “undergraduate” with first couple years of pharmacy school despite having a bachelors).

Many try this route to avoid the 3-4 slots per year competitiveness and 9-12 month wait assuming you got a slot. If your open to other branches, airforce does a 1 and 2 year commission scholarship while in school (also competitive).

Either way, I’d recommend paying your interest rate if possible as the health professions side of the branches are going through some revamping in the next year or so.

 

[nonizondi]

You can and many do. It’s dependent on your age as their is a cut-off (Under 27).

It’s not just for undergrad although that’s the intended target (Keep in mind your still considered an “undergraduate” with first couple years of pharmacy school despite having a bachelors).

Many try this route to avoid the 3-4 slots per year competitiveness and 9-12 month wait assuming you got a slot. If your open to other branches, airforce does a 1 and 2 year commission scholarship while in school (also competitive).

Either way, I’d recommend paying your interest rate if possible as the health professions side of the branches are going through some revamping in the next year or so.

That’s interesting. I’m under 27 . Do I need to speak to a regular army recruiter or the AMEDD recruiter. How long is the basic training ? When I met with a recruiter last year, the basic training will be for at least 9 weeks and I will also need to train for a job which will put me away from school for almost 3 months.

 

[BC_89]

When I met with a recruiter last year, the basic training will be for at least 9 weeks and I will also need to train for a job which will put me away from school for almost 3 months.

No.

That’s for enlisting and doing basic combat training at Ft Leonard Wood, Ft Benning (infantry), Fort Jackson, or Ft Sill. The “training for a job” is called Advanced Individual Training (AIT) and can be 9 weeks or 18 months depending on what occupational specialty you chose.

You are not enlisting, you want to commission with a professional license. You will need to speak with an AMEDD recruiter solely on a packet (which you cannot submit until you have a license in hand for army).

Almost every public 4 year university has an ROTC liaison. Speak with them on intent to join under a health profession commission (along with an AMEDD rep) and see the summer requirements when your out of school.

In the meantime, hit your interest rate and hope for the best, prepare for the worst.