Pre-Pharm/PharmD Expected Debt??

[quickpic007]

Debt is the hot topic now in pharmacy.

What are some of everyones pre-pharm and pharmacy expected debt??

Also why is taking on this amount of debt a good or bad idea?

Just want to hear whats going on now in the admissions world...

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[capri1722]

I’m graduating undergrad with no student loan debt. Worst case scenario would be if I were to take out loans for 100% of my pharmacy school tuition, that would amount to about $120k.

Edit in response to BC_89’s post below: The number I posted above is tuition only, no interest rate or living expenses included. I don’t expect to have very high living expenses as I will be living at home. I just did the math to include interest rate (again, only including tuition and fees, no books or living expenses or things like that, and assuming I pay only with loans) and my debt at graduation would be $126k with a 3% APR or $139k with a 7% APR. Of course, these are probably low estimates since the school would probably raise tuition a little from one year to the next,

 

[BC_89]

Debt is the hot topic now in pharmacy.

What are some of everyones pre-pharm and pharmacy expected debt??

Also why is taking on this amount of debt a good or bad idea?

Just want to hear whats going on now in the admissions world...

I do not wish to hijack thread but merely to expand

To shed light for the sake of interest: I’d like to add helpful considerations for this expected debt:

1) Tuition + Book/Lab Fees
a) Undergrad
b) Pharmacy School

2) Housing Cost
a) Rent (car port, renters insurance)
b) Utilities (electric, waterbill)
c) WiFi (cable if bundle package)

3) Food (from Ramen noodles to dining out)

4) Student health Insurance

5) Transportation (fix yourself if in category “a”)
a) car payment, insurance, fuel, oil changes
b) city bus
c) visit family out of state

***Federal (or) Private Loans*** (or both)
*** % interest rate*** (what is it)

Carry On

 

[lalaland33]

I don't have any debt from undergrad. If everything goes smoothly and to plan, I should be leaving pharmacy school with about $50k in debt.

 

[FinallyOnTrack]

I’m starting school in June @ South College in Knoxville, and I’m estimating roughly $237k not counting for loan origination fees and / or interest rates while in school..

$47k/year * 3 years (accelerated 3 year program)
$8k/quarter * 12 quarters (for living expenses)

Hope this helps you some...


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[PharmtoCS]

Taking out $200k+ in loans for a career which you may very well earn as little as $80k (or worse, be unemployed) is a terrible investment. Don’t forget that retail (where the vast majority of the jobs are) offers poor work conditions compared to office- type jobs, i.e. computer programming or engineering that are in deman and pay as well as pharmacy if not better without the $200k+ loans.

 

[BlackDiamond277]

It's completely dependent on where you go to school. Try getting into an in-state school, first. It's really easy to look up tuition costs before applying to a school that will cost you > $200k. Whatever you think you're going to pay for school, it will likely be more. I originally was trying to stay below $100k, but now it looks like I'll be around $120k.

Personally, I think it's worth it as long as the tuition costs are reasonable and you're not trying to work in a saturated area.

 

[FinallyOnTrack]

Taking out $200k+ in loans for a career which you may very well earn as little as $80k (or worse, be unemployed) is a terrible investment. Don’t forget that retail (where the vast majority of the jobs are) offers poor work conditions compared to office- type jobs, i.e. computer programming or engineering that are in deman and pay as well as pharmacy if not better without the $200k+ loans.

Right now, I have, what I feel like is a strong offer, verbal offer to work in a small independent pharmacy chain.. I also have an in at a local hospital around here..

I worked retail for nearly 10 years - 5 of them at an independent - which I became the go to person for everything tech / software related - I traveled between stores when needed as well..

I left retail to work in a hospital for the last year and enjoy that more than I did working retail.. so depending on if I get a residency will determine which route I go when I get out... a lot can change in 3 years though :/


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[BC_89]

Right now, I have, what I feel like is a strong offer, verbal offer to work in a small independent pharmacy chain.. I also have an in at a local hospital around here..

I worked retail for nearly 10 years - 5 of them at an independent - which I became the go to person for everything tech / software related - I traveled between stores when needed as well..

I left retail to work in a hospital for the last year and enjoy that more than I did working retail.. so depending on if I get a residency will determine which route I go when I get out... a lot can change in 3 years though :/


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If it’s not on a signed and dated contract your verbal strong offer is a little less than dust in the wind unfortunately. Job prospects are as bad as student loans.

However, OP also had a question that I as well am curious about: you have a strong idea of what debt your looking at....why do you feel taking on this amount of debt is a good idea? (I’m sincerely asking out of interest) knowing your take home after taxes may only be as high as 60 - 75k in retail (lower in clinical setting)

 

[quickpic007]

I’m graduating undergrad with no student loan debt. Worst case scenario would be if I were to take out loans for 100% of my pharmacy school tuition, that would amount to about $120k.

Edit in response to BC_89’s post below: The number I posted above is tuition only, no interest rate or living expenses included. I don’t expect to have very high living expenses as I will be living at home. I just did the math to include interest rate (again, only including tuition and fees, no books or living expenses or things like that, and assuming I pay only with loans) and my debt at graduation would be $126k with a 3% APR or $139k with a 7% APR. Of course, these are probably low estimates since the school would probably raise tuition a little from one year to the next,

As a follow up, why Skaggs RX in this case? You are smart to choose to stay at home, but what about pharmacy makes it worth a four year commit above the four year undergrad? Denver has a saturated job market, but is a very nice place to live.

I do not wish to hijack thread but merely to expand

To shed light for the sake of interest: I’d like to add helpful considerations for this expected debt:


Carry On

What is your tuition/debt going to look like? What is the best use of GI bill in your case?

I’m starting school in June @ South College in Knoxville, and I’m estimating roughly $237k not counting for loan origination fees and / or interest rates while in school..

$47k/year * 3 years (accelerated 3 year program)
$8k/quarter * 12 quarters (for living expenses)

Hope this helps you some...
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What about pharmacy or your situation makes taking on this large debt alright in your eyes? When is the moment when you looked at that number and thought "It is worth it, I am going to pursue pharmacy at this price." ??

 

[capri1722]

As a follow up, why Skaggs RX in this case? You are smart to choose to stay at home, but what about pharmacy makes it worth a four year commit above the four year undergrad? Denver has a saturated job market, but is a very nice place to live.

I grew up there, it’s very familiar to me, and obviously the whole no rent living at home thing. I really liked the way they integrate all of their health science disciplines in one class and the interview felt very comfortable. I was considering two other schools, but one was more expensive than I had originally thought and put it on par with CU, and the other (my “backup”) just seemed like nothing special with consistently mediocre NAPLEX pass rates.

 

[FinallyOnTrack]

What about pharmacy or your situation makes taking on this large debt alright in your eyes? When is the moment when you looked at that number and thought "It is worth it, I am going to pursue pharmacy at this price." ??

I could work as a technician - make at the most ~$55,000 a year before taxes or invest the money and make at least ~$70,000 a year after taxes.. I’m looking at the long term plan as I have already worked in the pharmacy for 10 years now. I know the business and what I’m getting into. For me, it’s something that I enjoy doing.


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[BC_89]

What is your tuition/debt going to look like? What is the best use of GI bill in your case?

GI bill (post 9-11) covers all tuition in any public school in each state. Vets are considered in-state in all 50 states if going to college within 3 years of active duty service. This also covers monthly housing allowance based on zip code of school : which in my case if persuing pharmacy school of my choice is at the going rate of $1425 tax free monthly in my account.

Of this an additional $1000 tax free is also put in account annually for book fees. Based on budget (with expected plans of reserve time and intern time with a working spouse) we would actually be making money and lowering our Roth mutual investments while in school.

End result : no debt and returning to service active duty commissioned with military. We’d be 10 good years away from any level of pension at that time and would opt in to a signing bonus (if still offered) and invest what we could from that point out. Reach Financial Independence by late 40’s early 50’s and be done with it all-together traveling / hunting / fishing (so the goal stands).

 

[quickpic007]

GI bill (post 9-11) covers all tuition in any public school in each state. Vets are considered in-state in all 50 states if going to college within 3 years of active duty service. This also covers monthly housing allowance based on zip code of school : which in my case if persuing pharmacy school of my choice is at the going rate of $1425 tax free monthly in my account.

Of this an additional $1000 tax free is also put in account annually for book fees. Based on budget (with expected plans of reserve time and intern time with a working spouse) we would actually be making money and lowering our Roth mutual investments while in school.

End result : no debt and returning to service active duty commissioned with military. We’d be 10 good years away from any level of pension at that time and would opt in to a signing bonus (if still offered) and invest what we could from that point out. Reach Financial Independence by late 40’s early 50’s and be done with it all-together traveling / hunting / fishing (so the goal stands).

Sounds like a good plan for RX!!! As long as you make your 20, you'll be bathing in money! I had outlined a similar plan but was able to get accepted to RX school a year earlier than I thought. Unfortunately when I graduated I went retail instead of military but turned out OK.

 

[ranger99rx]

I’m starting school in June @ South College in Knoxville, and I’m estimating roughly $237k not counting for loan origination fees and / or interest rates while in school..

$47k/year * 3 years (accelerated 3 year program)
$8k/quarter * 12 quarters (for living expenses)

Hope this helps you some...


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That is way too much for pharmacy degree! I'm lucky that I still have a job in this market but I'm not counting on longevity of it and I'm at one of the top 5 stores in the market. I've done this for 19 years, it's awful right now. So many pharmacists I know lost job with Walgreens last September (about 40 got lay off including good/hard working pharmacists) due to cut back hours (no 24 hours store). Then 2 weeks ago another 80 pharmacists lost job from local super markets (hopefully 1/3 to 1/2 of those will get their jobs back within a year when the new owners reopen 18 of 38 stores.)

 

[redfish955]

There is a shortage of 120k a year jobs in any field in desirable locations. As long as your willing to move to a small City away from home Rx should be great.