Question About Paying For Pharmacy School

[PharmBoi757]

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Hello everyone i'm new to sdn and i'm glad to be a part of this forum i'm a pre pharmacy student currently taking my prerequisites and my question is do you think that having good credit is necessary to pay for pharmacy school i just turned 20 and i don't really have established credit i also have a credit card that i never paid off that i got when i turned 18 so i know my credit isn't looking good i know that i can get federal loans but my question is will federal loans be enough my father has good credit and i know he will co sign for me if he sees that i'm doing something good with my life please help me sdn any information will be appreciated thanks in advance.

 

[pharmplz11]

Well I've been doing research about it and you can get enough federal aid to pay for an in-state school. Out of state and your a bit hosed since you will more than likely have to dip into private loans which have higher interest rates. It looks like you can get somewhere around 40k per year just in federal loans. Hope this helps.

 

[FunnyHunny]

When will you be applying? Make sure you fill out your FASFA on time so you can get both State and Federal aid. Also, if you fill your FASFA as an independent you'll get more aid both subsidized and unsubsidized aid. While most people go with government loans because they are generally lower than private loans (Perkins 5% and Stafford 6.8% I believe) and they are fixed, it is possible to get even lower interest rates through a private loan if your parent will cosign. I'm not sure if these are fixed though, so my suggestion is to not sign anything electronically, read the fine print, and to talk to the financial aid office/ lender in person.

 

[PharmBoi757]

thanks everybody for the replies i'm looking to be finished with the pre reqs by the end of this year so i'm looking to apply early next year i would apply earlier if possible and i am looking to get into an in state school so that is a relief

 

[IrishRxMan]

Try to avoid private loans. There are Grad Plus loans which are not nearly as bad as private loans. They are still guaranteed by the government like an unsubsidized, but the interest rate is capped at 6.8%. Private loans, especially in this economy, can be difficult to get and might have really wild interest rates. Only get those if you have to supplement your aid to live. As for your credit card, since you're so young the FAFSA will go off of your parents information and not your own. It depends on if your parents claim you on their taxes, which I would be inclined to say that is the case with your age. I may be wrong about this, but once you get to the level of graduate/professional school Pell grants go away as well, unless there is some special circumstance. Try talking with the financial aid office of the schools you are looking at applying to so you have the information from the horse's mouth.

 

[168533]

Is there a way to get a private student loan without a cosigner, even if the interest rate is a bit higher? I just had a talk with my parents, and I have a feeling that they're not going to cosign if I choose to go to a school that is more expensive than the one I've been accepted at.

 

[Venicat]

Is there a way to get a private student loan without a cosigner, even if the interest rate is a bit higher? I just had a talk with my parents, and I have a feeling that they're not going to cosign if I choose to go to a school that is more expensive than the one I've been accepted at.

Get a Grad PLUS loan not a private loan but your parents have to provide their financial information on your FAFSA to be eligible for this loan, so if they've vowed not to support you going to a more expensive school then that might not work either?

 

[cycloketocaine]

Get a Grad PLUS loan not a private loan but your parents have to provide their financial information on your FAFSA to be eligible for this loan, so if they've vowed not to support you going to a more expensive school then that might not work either?

Parents info is not required for the Grad PLUS loan. I currently have one, and I did not include my parents info on my FAFSA, because I would pretty much be rejected for everything if they knew how much my dad brings in.

 

[168533]

Get a Grad PLUS loan not a private loan but your parents have to provide their financial information on your FAFSA to be eligible for this loan, so if they've vowed not to support you going to a more expensive school then that might not work either?

I filled out my FAFSA already, and I put their info into it. I just believe they won't cosign for me if I go to the more expensive school.

 

[FunnyHunny]

Is there a way to get a private student loan without a cosigner, even if the interest rate is a bit higher? I just had a talk with my parents, and I have a feeling that they're not going to cosign if I choose to go to a school that is more expensive than the one I've been accepted at.

Yes you can get a private loan without your parents but chances are that it's going to be a bit high. Get as many government loans as you can before getting private loans. Since you are applying to a professional school you are no longer applicable for PellGrant but you can apply as an independent so you can get more loan money especially if your income is low.

 

[IrishRxMan]

Parents info is not required for the Grad PLUS loan. I currently have one, and I did not include my parents info on my FAFSA, because I would pretty much be rejected for everything if they knew how much my dad brings in.

For the Grad Plus loan, you still have to get someone to give their info to co-sign for you, at least that is how it works in Texas. It might be different in other states.

 

[UAMShopeful]

In Arknasas (and maybe everywhere else) there is also one called the "Health Professions Loan" and it does require parental information on the FAFSA.

 

[HyZaAr21]

I am in a bit of a conundrum. I have some pretty high bills right now because of multiple credit cards and am on top of all of them except for one in which I am 3 months past due. I know that right now my credit isn't looking so hot. I already filled out my FAFSA with my parents info and they have have horrible credit as well due to a past bankruptcy that is still on their record and so I know that they will not be able to get approved for a loan as cosignors as I have tried that in the past. Plus, they also don;t want to cosign anything for me. I am a dependent this year on their taxes (which will change next year) and I want to know how this will affect myself getting some Grad plus loans and the like. If I remove my parents info from my FAFSA do you think I can get approved for those types of loans. They make too much money but have realy bad credit and I won;t be getting much from them as most of it goes towards their bills. Any help would be greatly appreciated.

 

[OTFuturePharmD]

I am in a bit of a conundrum. I have some pretty high bills right now because of multiple credit cards and am on top of all of them except for one in which I am 3 months past due. I know that right now my credit isn't looking so hot. I already filled out my FAFSA with my parents info and they have have horrible credit as well due to a past bankruptcy that is still on their record and so I know that they will not be able to get approved for a loan as cosignors as I have tried that in the past. Plus, they also don;t want to cosign anything for me. I am a dependent this year on their taxes (which will change next year) and I want to know how this will affect myself getting some Grad plus loans and the like. If I remove my parents info from my FAFSA do you think I can get approved for those types of loans. They make too much money but have realy bad credit and I won;t be getting much from them as most of it goes towards their bills. Any help would be greatly appreciated.

This is really complicated. I suggest calling the financial aid office at the school you are going to this fall or even calling FASFA and talking to them. I think they have a loan estimate calculator. Check the FASFA FAQ sheet. I think I saw somewhere that federal loans do not depend on your credit score so much, mostly private loan. Don't quote me on this. Do some research on the FASFA website. There is great information there.

 

[Passion4Sci]

I am in a bit of a conundrum. I have some pretty high bills right now because of multiple credit cards and am on top of all of them except for one in which I am 3 months past due. I know that right now my credit isn't looking so hot. I already filled out my FAFSA with my parents info and they have have horrible credit as well due to a past bankruptcy that is still on their record and so I know that they will not be able to get approved for a loan as cosignors as I have tried that in the past. Plus, they also don;t want to cosign anything for me. I am a dependent this year on their taxes (which will change next year) and I want to know how this will affect myself getting some Grad plus loans and the like. If I remove my parents info from my FAFSA do you think I can get approved for those types of loans. They make too much money but have realy bad credit and I won;t be getting much from them as most of it goes towards their bills. Any help would be greatly appreciated.

This might help you a bit;
"Question: [paraphrase], Can I get a Stafford Laon with bad credit or no credit?"
"Answer: Yes. The Stafford Loan is not a credit-based loan, which means your credit history is not checked when you apply for a Stafford loan. Eligibility for the Stafford loan is based only on your financial need, which is determined when you file a FAFSA. "

Source: http://www.staffordloan.com/stafford-loan-info/faq/can-i-receive-a-stafford-loan-with-bad-credit.php

Hope this helps!!

And to the OP - Please, please invest in a keyboard with the "." and the "," punctuation marks, it'll drastically improve your life, I promise.

🙂

 

[speciald]

HyZaAr21, the decision to remove your parent's from FAFSA isn't really yours and doesn't have anything to do with tax dependency status. It depends on whether the school is going to consider you a dependent or independent student based on the program you're in and/or whether you meet the other criteria for filing FAFSA as independent if you're still considered an undergrad. It's unlikely you can file as independent if you're undergrad, but there are certain exceptions. You should google and read the FAFSA instructions on this carefully!

If your parents apply for and are refused a PLUS loan, you're eligible for a higher Stafford loan.

 

[confettiflyer]

I *believe* if you have great credit you can score a private loan with better terms than the grad PLUS loan (which is fixed at ~8.5% or so) considering the 1yr LIBOR rate is running at about 2% (add in your spread here).

However, you'll be sitting on a variable rate when this economy gets gets going again so, at least for the long-term, this might not be the best way to go.

I just pulled that out of my colon so someone back me up or refute what I just wrote.

 

[HyZaAr21]

Parents info is not required for the Grad PLUS loan. I currently have one, and I did not include my parents info on my FAFSA, because I would pretty much be rejected for everything if they knew how much my dad brings in.

Can anyone do this or does this depend on your school? I know that I will need other types of loans to cover my educational expenses besides just Stafford loans. My main question was about obtaining Grad Plus loans. Can I apply for them on my own or is it credit dependent? I know that deal with getting denied them and being able to get more Stafford loan money but the amount more that you will get will not be enough for myself. Does anyone know anything about these Health Professional loans? They are something that I heard of that some schools offer when you fill a FAFSA.