Pharmacy Students Indebtedness

[Dr.Biassi]

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Does anybody notice? There is no where information about pharmacy students indebtedness after graduation. Does anybody have any info about it? Any website for info?

 

[pharmtastic]

Does anybody notice? There is no where information about pharmacy students indebtedness after graduation. Does anybody have any info about it? Any website for info?

You can actually estimate it by just looking at the "estimated cost" for the schools you are interested in. For my own case, I take out 50K a year. So after 4 year, i will be owing 200K. Plus, I owe a couple thousand bucks from my undergraduate years then add interest rate to it. For Fed loan (which is what I have), the max rate is 8.25%. So, after 4 years, I'll be owing about 250K. Any other ppl wanna share their situation????

 

[Dr.Biassi]

So we are going to borrow all of the money? No grants or scholarships? If we have to borrow everything I'm going about $160K for the PharmD degree. In addition to a $20K undergrad. It will be a total of $180-$190K.
Well it is almost like medical school. We are going to be in deep **** after graduation considering pharmacist that earn a starting salary betwen $65K and $75K

 

[gsinccom]

depends on the state you live in. But in some states the starting salaries are a lot higher. i.e. Above $80K and even over $100K.

 

[Farmercyst]

Of all the pharmacy scholarships out there, few if any pay the full tuition. Most I've seen are in the 1-5K range. Information is out there, but it does take some looking. AACP has some information, the schools you're interested in will have some information. Google has proven almost useless in this regard, but I saw a few websites on the Oregon State (I think) prepharm website. I'll try to find the link again.

 

[Farmercyst]

http://www.nacds.org/wmspage.cfm?parm1=2912

http://www.aacp.org/site/page.asp?VID=1&CID=691&DID=4745&TrackID=

http://www.ihs.gov/JobsCareerDevelop/DHPS/LRP/Intropro.asp (Section 4n includes pharmacy)

http://www.students.gov/STUGOVWebApp/Public?topicID=15&operation=topic (several opportunities here. Children of Armed svc, VA volunteers, filtering the good stuff could be time consuming, but definitely beneficial.)

Took me about 10 minutes for these. Imagine if I actually spent time on it.😉
(I know time between posts was longer, but I had to play in the snow with my daughter for a bit. We don't get the white stuff in So Cal very often)

 

[pharmboy30]

undergrad + pharmacy school + interest = approx $1000/yr for 30 years.😳

 

[mtgirl]

How long can you stretch out student loan payments? I have another yr. of undergrad with no debt yet, but I'm looking at $100,000 for four yrs. of pharm school after that.

 

[PharmDstudent]

undergrad + pharmacy school + interest = approx $1000/yr for 30 years.😳

Are you sure you've got the math right??? I don't know of any schools that cheap (1,000 per year times 30 years equals $30,000).
I'll be lucky to walk with $80,000 in debt.
And screw paying for the loan over thirty years. It's not a mortgage. Pay off the loans as quickly as possible. You'll save yourself so much more money that way.
A little advice, act like you aren't a pharmacist when you first get out. Most people don't get paid as much as a pharmacist for a reason. We don't need that much money to pay for the necessary essentials.

 

[pharmacistUH]

undergrad + pharmacy school + interest = approx $1000/yr for 30 years.😳

are you serious?! i'm planning on paying off my loan in 10 years, but doubling up on the payments to where i can do it somewhere between 5-7 years. that would be the best thing to do. new cars and a nice house can wait until i'm not in debt (i hate being in debt to ANYONE)

 

[Farmercyst]

bump

 

[eightball]

how does the EFC factor in the first year Pharm School financial Aid? Do they give you more financial aid if you have a low EFC, or thats practically saying that you will need to borrow the whole amount for tuition and fees?

 

[bananaface]

You will be offered loans at most places. Grants are not that common for these sorts of programs.

 

[PolarBear21]

Do you think its possible to pay off your interest while in school? Thats what I'm planning on doing but I'm not sure if I can realistically do this since I would need to work lots of hours?

 

[aboveliquidice]

I talked with a resident at my hospital today about her loans...

She racked up $25,000 in undergrad plus 130,000 for a total of 155,000. She couldn't remember what rate she consolidated at - but her student loan payment is 950/ month for the next 10 years. So yeah - its a LOT of money. I am looking at being 150,000 + debt.

My solution... The military (round 2). I still have to run the numbers to decide whether or not it is worth it. I still have quite a few more years before I need to worry about it.

~above~

 

[aboveliquidice]

how does the EFC factor in the first year Pharm School financial Aid? Do they give you more financial aid if you have a low EFC, or thats practically saying that you will need to borrow the whole amount for tuition and fees?

lower EFC = more aid (regardless of program)

~above~

 

[Ammarha]

http://www.finaid.org/calculators/loanpayments.phtml

This is a good site to utilize to get a good idea of what your payments are going to be.

 

[aboveliquidice]

http://www.finaid.org/calculators/loanpayments.phtml

This is a good site to utilize to get a good idea of what your payments are going to be.

Wow... so umm... can you say DEBT!!!

 

[taken2]

Okay, in my school, tuition is about ~8.5k/yr and we get like 3.5k in pharmacy scholarship if you are qualified. so you are paying like 5k/yr which is 20k in 4yrs plus additional expenses like books, living expenses and stuff. most people will have between 20 - 40k in loan depending on their needs outside school.

 

[KellyBean]

I make less than $6000 now and I pay for everything minus tuition and I am doing ok. So when I graduate, I'll spend maybe $15,000/year and the rest will go into loans. I'm aiming to have everything paid off in 2 years.

 

[senzabee]

http://www.finaid.org/calculators/loanpayments.phtml

This is a good site to utilize to get a good idea of what your payments are going to be.

On that website, it says that it assumes that you will spend 10% of your annual salary in order to afford paying off your loans...and that putting 15% towards your loans may put you into financial difficulty. Is that really true? Of course I wouldn't know because I've only been a student and have not lived off of an income yet, but it seems like a small percentage to put you into difficulty. I'm guessing it depends on the person and what type of life they live (extravagant vs frugal). Any comments?

 

[aboveliquidice]

On that website, it says that it assumes that you will spend 10% of your annual salary in order to afford paying off your loans...and that putting 15% towards your loans may put you into financial difficulty. Is that really true? Of course I wouldn't know because I've only been a student and have not lived off of an income yet, but it seems like a small percentage to put you into difficulty. I'm guessing it depends on the person and what type of life they live (extravagant vs frugal). Any comments?

true... If you are single, renting an apartment, with a paid off car - you could probably put a pretty big dent in it...

~above~

 

[Rumplestiltazepam]

I think that calculator might be assuming you are making mortgage payments that are close to 25% of you income along with average american car payment of 400/month. Like said above if you are single and renting an apt. or even making payments on a hous eand live modestly for couple years you can put a serious dent in that debt with a little good old fashion OT! 4 years until I will have to really start thinking hard about paying off the debt though, so hopefully I will come up with a genius plan to take care of it and of course I will share it with all of you guys.

Dad- " If you come home after you graduate in a BMW or Range Rover, I will have to slap you."
party pooper

 

[senzabee]

Dad- " If you come home after you graduate in a BMW or Range Rover, I will have to slap you."
party pooper

My family has never lived extravagantly, we've had the same car for the past 12 years and don't buy new things all the time (with the exception of DVR, but that thing is amazing). So I think I'll be okay with living on a small budget and investing into paying off my loans as quickily as possible. I just hate to see the interest being over $40,000...that's the price of a nice car!

 

[karl VI]

Hi All-
I'm applying to school now and would like to know if anyone out there has a similar situation. I'm married with kids, have a mortgage, etc. and we pretty much live paycheck to paycheck. My question is what type and level of loans we can count on. Based on my understanding, we may not qualify for all of the debt that we need. Does anyone have a similar situation, or know of another type of deferred loan program (through banks, credit unions, etc.)?

Thanks,
karl

 

[Dr.Biassi]

I talked with a resident at my hospital today about her loans...

She racked up $25,000 in undergrad plus 130,000 for a total of 155,000. She couldn't remember what rate she consolidated at - but her student loan payment is 950/ month for the next 10 years. So yeah - its a LOT of money. I am looking at being 150,000 + debt.

My solution... The military (round 2). I still have to run the numbers to decide whether or not it is worth it. I still have quite a few more years before I need to worry about it.

~above~

I was just wondering 950/month for 10 years doesn't add up to $155,000 plus interest. It's only 114,000. How did she do that?

 

[Rumplestiltazepam]

Ya those numbers don't add up unless she is paying 950/month and investing during the 10 years to pay off the last chunk all at once at the end of the loan.

 

[PCATtaker]

Wow those numbers are crazy!

 

[aboveliquidice]

I was just wondering 950/month for 10 years doesn't add up to $155,000 plus interest. It's only 114,000. How did she do that?

I agree - after running the numbers they simply dont add up. Perhaps she was speaking only of her graduate school (maybe she paid off undergrad) - oh perhaps she just wasn't being truthful 😡

I am on the Alt list at pacific (#1!!!) which has a tuition of ~ 32000 per year. Projected living cost included is around 50,000 per year for 3 years.

Thats 150,000 in the hole... I am really thinking about joining up with Uncle SAM again.

He is offering 111000 in tuition repayment over 4 years (27xxx /year) + residence training + commission as a capt (if you've passed the Naplex)

Capts make before taxes & not including other benefits make = 3106 per month (prior enlisted make 4392 per month).

If you are prior enlisted like me - you would make ~52000 before taxes w/ no rent/utility/food bills - and have the gov pay your tuition off at around 2250 per month for four years.

I pulled all of my info from these websites:

Pay rates
http://www.army.com/money/payrates_officer_a07.html

Medical Service Corps.
http://www.goarmy.com/amedd/m_service/corps_benefits.jsp

Sorry for the long post - I'm just brainstorming on what to do about my pending debt.

~above~