Hey, I'm going to start my first year of the 6-year Pharm.D program this Spring at SUNY Buffalo. I know most loan companies only give you loans for up to four years. This will be a problem because that means I will have to start paying my loans back while I'm in the middle of Pharmacy school, which will not work out. Is there any way I can defer until I graduate or what can I do so I'm not paying loans off in Pharmacy school?
From what I can gather, depending on the PharmD 0-6 school you attend, they look at your status differently. So, it's important to contact the financial aid department or browse the financial aid web sites of the schools you are considering. Some schools will look at a PharmD students as an undergrad during their first four years and as a grad student the last two years. Some look at students as an undergrad for the first two or three years and as a grad student for the remainder. You will have no problem obtaining loans either way.
Depending on how they look at you will determine your borrowing limits for the Stafford and Perkins Loans or if you are eligible for GradPlus loans, a graduate student loan. Grants, free money that does not need to be paid back, based on financial need are more abundant for undergrads as are academic, merit scholarships. Graduate students often need to borrow for their full need; undergrads are usually given a combination of grants, merit scholarships and loans to meet their need. The longer they look at you as an undergrad, I think the better. As long as your parents are helping contribute to your education as per the FAFSA, whether it be a lot or a little, your borrowing and debt will also be limited. New legislation lowering the interest rate on Stafford over then next couple of years may only apply to undergraduates also leaving you with potentially less debt at graduation. Another plus to them classifying you as an undergrad as long as possible.
You should not have to pay back any loans while in school. All subsidized loans do not accumulate interest during deferment. Subsidized Stafford, Perkins and Health Professions Loans will be deferred for all six years. Any unsubsidized loans, federal or private, will accumulate interest from the moment the loan is dispersed, however depending on the loan, you will also not have to repay them until 6-12 months after graduation. My son's a second year 0-6 student and is very happy with his decision. Congratulations and Good Luck!
