Pharmacy School Loan Questions ?

[KTPharm]

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I am a bit confused concerning this question when it comes to my potential loan for beginning pharmacy school this fall. The federal loan website isn't clear in some cases. For someone who has no current loans from undergrad, and no loans on anything period - this seems a bit daunting. I would appreciate some feedback in regards to repayment options and interest.

I will need to borrow around $80-88,000 to pay for the 4 years of pharmacy school and such related expenses. With that being said, can anyone recommend the best federal loan to choose and the course of action to take? I would prefer a lower-medial required payment for a 10 year period but have the option to pay more each month on it and to pay it off quicker than the total loan time frame after graduating (allow myself to be rigorous without being crippled financially).

With interest, is it beneficial to pay the interest before it capitalizes after graduation? Or should I just save that money from working part time after the initial first year and attempt to pull less out in loans for the following term(s) by reducing said final principal.
I am normally someone who only pays for what I want with cash - so taking out loans is a foreign language for me currently - would appreciate input.

Thank you!

 

[Niosh]

I'd say go for direct subsidized loans first (if you qualify), then direct unsubsidized loans second. You shouldn't need a PLUS loan. You pick your re-payment plan after graduation.
Generally it is better to pay the interest before it capitalizes, as if you don't then it becomes part of the loan and you start paying interest on your interest.

 

[Z-Qualizer]

I am a bit confused concerning this question when it comes to my potential loan for beginning pharmacy school this fall. The federal loan website isn't clear in some cases. For someone who has no current loans from undergrad, and no loans on anything period - this seems a bit daunting. I would appreciate some feedback in regards to repayment options and interest.

I will need to borrow around $80-88,000 to pay for the 4 years of pharmacy school and such related expenses. With that being said, can anyone recommend the best federal loan to choose and the course of action to take? I would prefer a lower-medial required payment for a 10 year period but have the option to pay more each month on it and to pay it off quicker than the total loan time frame after graduating (allow myself to be rigorous without being crippled financially).

With interest, is it beneficial to pay the interest before it capitalizes after graduation? Or should I just save that money from working part time after the initial first year and attempt to pull less out in loans for the following term(s) by reducing said final principal.
I am normally someone who only pays for what I want with cash - so taking out loans is a foreign language for me currently - would appreciate input.

Thank you!

I'm in a similar boat - also trying to figure out this loan stuff for grad pharmacy school...

The first thing you should do is contact your school's financial aid office. It's hard to believe they accepted you to matriculate this fall, and you haven't received any loan info from them??

As @Niosh said, you borrow in this order:
- Direct Subsidized Loans (I didn't qualify, but you might?)
- Direct UN-Subsidized Loans (these max out at 20,500 per year) sounds like you need 20-22k, so this might not be enough?
- Grad Plus Loans
- Private loans (most people will tell you to avoid these)

I was awarded the max unsubsidized loans through my school's financial aid office. I am going to apply for grad plus loans this Friday (6/30), which is apparently the earliest date to do so - sure seems cutting it close though!!

You should also play around on this website some more:
StudentLoans.gov

 

[Sugoi Travis]

With that being said, can anyone recommend the best federal loan to choose and the course of action to take?

AFAIK pharmacy students cannot take direct subsidized loans since those are reserved for undergraduates so you're stuck with unsubsidized and grad plus.

With interest, is it beneficial to pay the interest before it capitalizes after graduation?

Yes.

Or should I just save that money from working part time after the initial first year and attempt to pull less out in loans for the following term(s) by reducing said final principal.

If you're able to work enough to save yourself a 3 month emergency fund, do that first then assess how much you're able to work and how much less you need to take out. You can always save money up until your final year of pharmacy school and then cut back on loans for that year if you're able to.