Dismiss Notice
SDN members see fewer ads and full resolution images. Join our non-profit community!

Pharmacy school is so overpriced!!

Discussion in 'Pre-Pharmacy' started by statepharmagent, May 7, 2018.

  1. statepharmagent

    Joined:
    Feb 25, 2017
    Messages:
    32
    Likes Received:
    48
    Status:
    Pharmacist
    Just talking to my interns the amount of tuition is off the charts. My interns average 200k or more for loans. Have any of you wanting to go into this profession actually sat down and thought about how long it would take to pay that off or how much interest it will be if you don't pay it off especially now that the rate is like 4.45%!? Just to compare my interest rate was 2.8% and i borrowed only 100k ish and that dragged me down forever and i was pretty much paying about 2.5k to loans each month.

    I dont know how any of my interns with 200k loans at 4.45% or higher with the grad plus supposed to live when they might not even have a job or part time. Folks, pharmacy is averaging 55/hr and you may think 100-120k is a lot but after taxes you get like half back and after loan and rent I cant see how this is worth it. At least MD, DDS at 200-300k debt they make 250k+ yr.

    Think about it guys. You will owe so much that the 100k job you get, if you do get one, isnt even going to dent your loans for any foreseeable time. You prob have less each month than some regular job. Is this what you envisioned when you want a 100k job? New car? new house? New stuff? LOL good luck.
     
    CaNvWa farm likes this.
  2. Thread continues after this sponsor message. SDN Members do not see this ad.

  3. BC_89

    Joined:
    Oct 13, 2014
    Messages:
    239
    Likes Received:
    168
    I agree that a budget plan has not been observed for many people. It seems that the correlation for pharmacy as a career choice is reflected in a couple of factors: Low GPA (can’t get any other career in healthcare), and fast-track to min six figures: 0+6 programs that don’t require a bachelors.

    On top of this many programs don’t require “x” amount of hours worked in a pharmacy. Easier acceptance is contributing to saturation with that same correlation contributing to high student loans. Contingency plan(s) will put someone ahead if they crunch the numbers. As you said though....hard to face the facts if you don’t crunch the outcome.
     
    CaNvWa farm likes this.
  4. stoichiometrist

    Joined:
    Aug 2, 2011
    Messages:
    1,612
    Likes Received:
    1,163
    Keep in the mind that the average American is terrible at math and finance and most likely does not know how loans, taxes, and lost earning opportunity cost work. The average pre-pharm or pharmacy student seems to be no better, which wouldn't be surprising since many of them have never held a real paying job, let alone one in a pharmacy.
     
    CaNvWa farm and BidingMyTime like this.
  5. PharmDBro2017

    Joined:
    Dec 1, 2015
    Messages:
    880
    Likes Received:
    675
    Status:
    Pharmacist
    Not sure where you got interest rates of 4.45%; Mine are 5.85%. Haven’t seen rates that low in a while.

    I would not recommend a single soul to go into pharmacy right now.


    Sent from my iPhone using SDN mobile
     
  6. CaNvWa farm

    Joined:
    Jan 5, 2018
    Messages:
    24
    Likes Received:
    3
    Status:
    Pharmacy Student
    The current rate for unsubsidized direct loan is 6% and for grad plus loan is 7%
     
    lalaland33 likes this.
  7. statepharmagent

    Joined:
    Feb 25, 2017
    Messages:
    32
    Likes Received:
    48
    Status:
    Pharmacist
    Wow that is horrendous! I guess I got the wrong figure from my intern but that's even worse. Why would anyone in this forum go for pharmacy? Truly insane.
     
  8. BelowTheMean

    BelowTheMean Member

    Joined:
    Nov 12, 2005
    Messages:
    131
    Likes Received:
    33
    How the hell is one going to pay that off with a measly pharmacist salary? My loans were 2.8% and the homes and stuff were cheaper 10 years ago and I had to struggle paying loans with a family. How are you kids going to pay off interest that is more than a home loan on part time hours? How will you ever buy a home with these rates and pharmacist salary not increasing much at all past decade (going down some places)? CRAZY!

    I crunched the numbers and at these rates borrowing 200k, you will pay roughly $2300 a month for 10 years! Good luck on that car or house you wanted. Kids? Hahaha
     
    #7 BelowTheMean, May 9, 2018
    Last edited: May 9, 2018
  9. CaNvWa farm

    Joined:
    Jan 5, 2018
    Messages:
    24
    Likes Received:
    3
    Status:
    Pharmacy Student
    They will have to live their life as a student forever. That's what I can see.
     
  10. The Ppl's Princess

    Classifieds Approved

    Joined:
    Jan 12, 2018
    Messages:
    38
    Likes Received:
    7
    This is all bull****, go meet people in real life and your perspective will change.
     
    GypsyHummus likes this.

Share This Page