Question about Walgreens, CVS, etc.

[pharmacistUH]

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I am discussing ways to pay for Pharmacy School with my father. A mutual friend told us that Walgreens (or other pharmacies) will pay for your college if you work for them, and every year that they pay, you will have to work for them when you graduate. I was thinking, "Man, I can't work full-time, or even close to full time and STILL make good grades in Pharm school". He tells us that I only have to work 1 day a week for a few hours. Is this true, or did he just get my hopes up. I am very skeptical about this, so I want to try and make sure.

 

[ZpackSux]

I am discussing ways to pay for Pharmacy School with my father. A mutual friend told us that Walgreens (or other pharmacies) will pay for your college if you work for them, and every year that they pay, you will have to work for them when you graduate. I was thinking, "Man, I can't work full-time, or even close to full time and STILL make good grades in Pharm school". He tells us that I only have to work 1 day a week for a few hours. Is this true, or did he just get my hopes up. I am very skeptical about this, so I want to try and make sure.

Hello Cougar High... I have no idea about the Walgreens program.

Why not ask a Walgreens Pharmacy recruiter?

 

[loneranger]

I am discussing ways to pay for Pharmacy School with my father. A mutual friend told us that Walgreens (or other pharmacies) will pay for your college if you work for them, and every year that they pay, you will have to work for them when you graduate. I was thinking, "Man, I can't work full-time, or even close to full time and STILL make good grades in Pharm school". He tells us that I only have to work 1 day a week for a few hours. Is this true, or did he just get my hopes up. I am very skeptical about this, so I want to try and make sure.

My brother is in his third year in pharmacy school and also his third year working at Walgreens as an intern. It's true that Walgreens mails him a check now and then to help him with the expenses. He does have to work for Walgreens when he graduates or else he has to pay back that money. He lives on campus but his workplace is 40 miles away. Therefore he only works usually on weekends only. Sometimes, on Fridays. But recently, I've seen him take a couple of weekends off because of exams. No biggy.

 

[All4MyDaughter]

I am discussing ways to pay for Pharmacy School with my father. A mutual friend told us that Walgreens (or other pharmacies) will pay for your college if you work for them, and every year that they pay, you will have to work for them when you graduate. I was thinking, "Man, I can't work full-time, or even close to full time and STILL make good grades in Pharm school". He tells us that I only have to work 1 day a week for a few hours. Is this true, or did he just get my hopes up. I am very skeptical about this, so I want to try and make sure.

It's true that you don't have to work very many hours to participate in the Walgreens "Scholarship" <indentured servanthood> Program. But they don't "pay for your college" by any means. They pay a progressive amount toward your tuition (more for each year of pharmacy school) and not very much total. It doesn't even come close to paying the cost of pharmacy school. I felt I was better off just taking out more loans since I did not want to be tied to a company for four years in exchange for not much money.

 

[sdn1977]

Yep - agree with advice here - go to the source. It will vary depending on how much they want you or need you.

Also....be careful! Before even beginning, do you know that (retail & specifically Walgreens) is the route you want to take?

You don't want to commit yourself to a route when you may not even know of other routes available to you.

Since you're able to talk openly with your Dad....ask him to help you understand what the loan terms & how that translates into monthly payments. You need to also think hard about what else you might want in the future.....an SO, possible residency or fellowship, children, the cost of living where you live, etc.....That may help you get a handle on how much you may earn and if you can afford to make loan payments with the other financial considerations you may have at the time.

Good luck!

 

[pharmaz88]

http://www.walgreens.com/about/careers/pharmacy/eduassistprg.jsp?red=peap

 

[pharmacistUH]

Hello Cougar High...

yeah, i have pride in my school.

to everyone else, thanks for the advice, the way the guy was talking, he made it sound like they would pay for everything. And i'm not too worried about the future when it comes to making payments and stuff. It just bothers me that the system tries to screw the people who actually work for a living by not giving loans and what not because we "make too much money".

 

[ZpackSux]

yeah, i have pride in my school.

to everyone else, thanks for the advice, the way the guy was talking, he made it sound like they would pay for everything. And i'm not too worried about the future when it comes to making payments and stuff. It just bothers me that the system tries to screw the people who actually work for a living by not giving loans and what not because we "make too much money".

c'mon.. it's an old Southwest conference lingo.. everyone called us Faggies.. we called Long Horns T sips.. and y'all cougar high and SMU the Mustang high.. Baylor.. Gaylor.

 

[pharmacistUH]

c'mon.. it's an old Southwest conference lingo.. everyone called us Faggies.. we called Long Horns T sips.. and y'all cougar high and SMU the Mustang high.. Baylor.. Gaylor.

My bad, dang internet. I didn't mean it to sound like i was jumping on you or anything. Gaylor .

 

[ZpackSux]

My bad, dang internet. I didn't mean it to sound like i was jumping on you or anything. Gaylor .

Gaylor..where girls are girls and guys are girls too....

Eh... Baylor is a good school...have friends who went there.

 

[All4MyDaughter]

yeah, i have pride in my school.

to everyone else, thanks for the advice, the way the guy was talking, he made it sound like they would pay for everything. And i'm not too worried about the future when it comes to making payments and stuff. It just bothers me that the system tries to screw the people who actually work for a living by not giving loans and what not because we "make too much money".

Why do you think you can't get loans? I'm not aware that there is an income qualification for the Stafford or Plus loans. My husband has a very good job and we haven't had ANY trouble borrowing from either of these federal programs. I haven't taken out any private loans.

Our financial aid counselor told us that each student in our class would qualify for the maximum Stafford loan (around $18,000). And then Plus Loans (which do require a credit check or co-signer) up to the maximum cost of attendance (as defined by the school).

 

[All4MyDaughter]

http://www.walgreens.com/about/careers/pharmacy/eduassistprg.jsp?red=peap

Yep, that's is. So for me it would be $1500, $2000, $2500, $3000 = $9000

My cost of attendance for one year is over $30,000 (tuition plus expenses).
Over four years I will borrow $150,000 or so. I can't justify signing away four years of my life just to have my debt reduced by 6%.

Some of the other chains around here do pay more than Walgreens. Kroger pays $6000/year.

 

[pharmaz88]

Here in the Phoenix market, Target will give interns something
like $4K/year towards tuition, but the great deal is that there's
no work commitment after graduation.

 

[GatorRxGirl]

Work there as a tech first. Don't sell your soul to them until you are sure you want to commit time with them.

 

[BiOGoly]

Also, don't forget that you have to pay taxes on that $5k a year, so it's really more like only $4k... 😀

 

[pharmacistUH]

Why do you think you can't get loans? I'm not aware that there is an income qualification for the Stafford or Plus loans. My husband has a very good job and we haven't had ANY trouble borrowing from either of these federal programs. I haven't taken out any private loans.

Our financial aid counselor told us that each student in our class would qualify for the maximum Stafford loan (around $18,000). And then Plus Loans (which do require a credit check or co-signer) up to the maximum cost of attendance (as defined by the school).

for some reason, banks will only let us get a Stafford loan for about 3500, and for something so little (i know it IS something, but...), i'd rather not spend months paying it off.

 

[All4MyDaughter]

for some reason, banks will only let us get a Stafford loan for about 3500, and for something so little (i know it IS something, but...), i'd rather not spend months paying it off.

Stafford loans don't come from the bank. They are a federal program.

Are you talking about a Stafford Loan for undergraduate or for pharmacy school? The limit for professional school is $18,000/year.

 

[pharmacistUH]

Stafford loans don't come from the bank. They are a federal program.

Are you talking about a Stafford Loan for undergraduate or for pharmacy school? The limit for professional school is $18,000/year.

hmm...i have yet to talk to the college's financial aid department. the only people we have talked to so far is Frost Bank. and for pharm school, undergraduate is covered.

 

[All4MyDaughter]

hmm...i have yet to talk to the college's financial aid department. the only people we have talked to so far is Frost Bank. and for pharm school, undergraduate is covered.

You can find the information online too at the Department of Education (federal) website. Don't go through a private bank for pharmacy school, max out your stafford and plus loans first. Your pharmacy college will likely have a financial aid workshop at orientation or sometime before the start of school. Mine had one in June before school started. You should file your FAFSA before that though.

 

[Jeddevil]

Also, don't forget that you have to pay taxes on that $5k a year, so it's really more like only $4k... 😀

No, you don't pay tax on the scholarships. That's why they call them that. You get the whole amount. Now, the sign-on bonus, that's another story.

 

[hopingstar]

Stafford loans don't come from the bank. They are a federal program.

Are you talking about a Stafford Loan for undergraduate or for pharmacy school? The limit for professional school is $18,000/year.

I don't see any Stafford Loan offer for pharmacy school, medical school only

 

[dgroulx]

I don't see any Stafford Loan offer for pharmacy school, medical school only

I've gotten a Stafford Loan for all my 4 years of pharmacy school. But, I did have a degree first. The application asked if I already had a bachelors degree. You might get lower amounts if this is your 3rd year of college.

 

[All4MyDaughter]

No, you don't pay tax on the scholarships. That's why they call them that. You get the whole amount. Now, the sign-on bonus, that's another story.

When I got tuition remission (at the graduate level) from an old employer, it was taxable.

Likewise, I am pretty sure that a local hospital told me that any monies granted under their "Healthcare Scholars" program would be taxed.

 

[All4MyDaughter]

I've gotten a Stafford Loan for all my 4 years of pharmacy school. But, I did have a degree first. The application asked if I already had a bachelors degree. You might get lower amounts if this is your 3rd year of college.

The degree doesn't matter, only the student classification. As long as you are in a professional degree program, you qualify for the larger Stafford loan limit.

I'm not sure how the first two years of pharmacy school in 6 year (straight from high school) programs are handled. Since those first two years would be considered undergraduate if one was doing them before a regular 3 or 4 year PharmD program.

 

[All4MyDaughter]

When I got tuition remission (at the graduate level) from an old employer, it was taxable.

Likewise, I am pretty sure that a local hospital told me that any monies granted under their "Healthcare Scholars" program would be taxed.

Regular scholarship awards AREN'T taxed. Employer paid tuition (even the kind that must be repaid) is not considered a scholarship. If it is at the graduate (or professional, I'd guess) it is considered a taxable benefit, IIRC.

 

[Jeddevil]

Regular scholarship awards AREN'T taxed. Employer paid tuition (even the kind that must be repaid) is not considered a scholarship. If it is at the graduate (or professional, I'd guess) it is considered a taxable benefit, IIRC.

I have received the Walgreens Scholarship for a couple years. It is not taxed. The sign-on is. The scholarship has not been taxed for any of my classmates either.

 

[jmhousem]

The only organization that I know will pay a substantial amount of your students loans is the government. There are military programs out there if that is your bent. I don't know much about them, so I'll let others go into that.

I looked a little into the US Public Health Service. Their recruiter talked about programs (JRCOSTEP http://www.usphs.gov/html/jrcostep.html and SRCOSTEP http://www.usphs.gov/html/srcostep.html) that you can do while you're in school.

I know the Indian Health Service has a loan repayment program http://www.ihs.gov/JobsCareerDevelop/DHPS/index.asp. The other branches of the USPHS probably have something similar.

Here's some information on salary comparison http://www.hhs.gov/pharmacy/pdf/secret1.pdf, but bear in mind the source of the information.

Remember, though, that working for the government has some obvious tradeoffs (e.g., good benefits but lower salary, lots of vacation time but less freedom). I am not trying to recruit for them. I'm just giving you some more options.

If the IHS sounds interesting to you, here's the contact information that I was given:

RADM Robert E. Pittman
Principal Pharmacy Consultant
Indian Health Service
801 Thompson Ave, Room 311
Rockville, MD 20852
(301) 443-1190
[email protected]

 

[All4MyDaughter]

I have received the Walgreens Scholarship for a couple years. It is not taxed. The sign-on is. The scholarship has not been taxed for any of my classmates either.

That's good to know.

It's been a long time since I received tuition benefits from an employer but when I did - I had to pay taxes on them... It's been close to 10 years though.

Thanks for clarifying!

 

[dgroulx]

I have received the Walgreens Scholarship for a couple years. It is not taxed. The sign-on is. The scholarship has not been taxed for any of my classmates either.

I graduate in early May. This week, Walgreens offered me a "scholarship" for this last year of school if I work for one year.

 

[lakester2001]

Well I am a P2 this year at TTUHSC-SOP. I have been working for Walgreens for 2 years now and am thinking about the location based scholarship. As far as scholarships go, you are not taxed at all, it is a scholarship. The only drawback is if you decide you hate Walgreens you are stuck with them for each year you received the money. The only way out of the deal is if you write them a check for the full amount you received in scholarship. This is why I am having issues. If I do the location based thingy , I will get 5000 each year for my last 2 years, then I would do a 30,000 sign-on for the area. But the bright spot, is with that combo I would only be required to work 3 years for them. So really think about what you want.

As far as stafford loans go, I have taken the max which is 30,000 each year. I dont know where the 18,000 cap is from.

 

[All4MyDaughter]

As far as stafford loans go, I have taken the max which is 30,000 each year. I dont know where the 18,000 cap is from.

I'm by no means a financial aid expert, since this is my first time really having any loans at all, but that's the amount in Stafford Loans that everyone in my COP is borrowing. We can borrow more money than that but only $18,500 is in Stafford. I get the rest of mine as a graduate Plus loan.

Looking at the information online it says that the max Stafford loans for graduate students will be increasing to around $20,000/year for the 2007-2008 school year but that "certain health professions" are allowed to borrow more than that. I don't know if that includes pharmacy or not. Or if pharmacy students are allowed to borrow more, how to take advantage of that. The option certainly wasn't offered to members of my class.

http://www.fafsa.com/stafford.htm

 

[pharmaz88]

Looking at the information online it says that the max Stafford loans for graduate students will be increasing to around $20,000/year for the 2007-2008 school year but that "certain health professions" are allowed to borrow more than that. I don't know if that includes pharmacy or not. Or if pharmacy students are allowed to borrow more, how to take advantage of that. The option certainly wasn't offered to members of my class.

If your school charges significantly more than that figure, then stafford loans will usuallly be adjusted upwards. For instance, MWU-CPG really sticks it to us for tuition, so we can borrow from $33,000/yr to $37,000/yr in stafford loans, depending on what year we're in.

...scroll down to the second table in this link:
http://www.midwestern.edu/content/lc405_01.asp

.

 

[Jeddevil]

The only drawback is if you decide you hate Walgreens you are stuck with them for each year you received the money. The only way out of the deal is if you write them a check for the full amount you received in scholarship. This is why I am having issues.

Here is how I solved this issue for myself. I work and have worked for Wags. I didn't know if I wanted to work for them after school at the time I was first offered the 'scholarship'. I did know that if I didn't take it then I would not get a chance at that $5000 when I did sign later on. I look at the scholarship as a way to increase my sign-on, and a tax-free way. Take the sign-on, put it in a money market account that will make you 5% a yr or so right now and don't spend it. Then, upon graduation, if you want to sign elsewhere, right them a check and the worst thing that happens is you walk away with a bit of interest. If you sign with them, you get an extra $5000 that you wouldn't have received. Also, it isn't a bad thing to have some extra emergency cash around in case crap happens while in school. This can play that role. If you don't spend it, you can pay it back easily.

 

[All4MyDaughter]

If your school charges significantly more than that figure, then stafford loans will usuallly be adjusted upwards. For instance, MWU-CPG really sticks it to us for tuition, so we can borrow from $33,000/yr to $37,000/yr in stafford loans, depending on what year we're in.

...scroll down to the second table in this link:
http://www.midwestern.edu/content/lc405_01.asp

.

OK that makes sense. Our tuition is about $17K so the "traditional" max Stafford covers that and we get Plus loans or others (some people have Perkins) to cover the rest.
Good info, thanks for posting.

 

[BiOGoly]

Here is how I solved this issue for myself. I work and have worked for Wags. I didn't know if I wanted to work for them after school at the time I was first offered the 'scholarship'. I did know that if I didn't take it then I would not get a chance at that $5000 when I did sign later on. I look at the scholarship as a way to increase my sign-on, and a tax-free way. Take the sign-on, put it in a money market account that will make you 5% a yr or so right now and don't spend it. Then, upon graduation, if you want to sign elsewhere, right them a check and the worst thing that happens is you walk away with a bit of interest. If you sign with them, you get an extra $5000 that you wouldn't have received. Also, it isn't a bad thing to have some extra emergency cash around in case crap happens while in school. This can play that role. If you don't spend it, you can pay it back easily.

Do you actually get a check for $5000? It was my understanding that for a scholarship to be considered tax free, it must apply directly to your tuition (thus lowering the amount of finacial aid you will qualify for).

 

[Jeddevil]

Do you actually get a check for $5000? It was my understanding that for a scholarship to be considered tax free, it must apply directly to your tuition (thus lowering the amount of finacial aid you will qualify for).

Yes, I have actually got two of them now. Feel free to apply it to tuition at your own pace.

 

[kkelloww]

Yes, I have actually got two of them now. Feel free to apply it to tuition at your own pace.

It is a loan and not considered income, hence it is not taxed. However, when you get out of school and fulfill your commitment to work, Walgreens will pay your loan off (to themselves). At this point, it is considered income and will be added to your gross income and consequently taxed.

This is how the Walgreens pharmacy DM explained it.

 

[BiOGoly]

It is a loan and not considered income, hence it is not taxed. However, when you get out of school and fulfill your commitment to work, Walgreens will pay your loan off (to themselves). At this point, it is considered income and will be added to your gross income and consequently taxed.

This is how the Walgreens pharmacy DM explained it.

So, if I'm understanding you correctly, you wouldn't pay any tax until you started working and the $10,000 would be added to your gross income statement for your first year. So if you grossed $100,000 working, you would have a gross taxable income of $110,000 at tax time...is this correct? If that's the case we are really getting hosed, since our tax bracket will be significantly higher than it would be if we were taxed now. 😡

 

[Farmercyst]

It is a loan and not considered income, hence it is not taxed. However, when you get out of school and fulfill your commitment to work, Walgreens will pay your loan off (to themselves). At this point, it is considered income and will be added to your gross income and consequently taxed.

This is how the Walgreens pharmacy DM explained it.

Couldn't they just call it employer sponsored tuition reimbursement which IRS allows like $5290/year before taxes have to be paid. Just an aside.

Student.gov has tons of stuff for almost every kind of school/program including pharmacy.

 

[All4MyDaughter]

It is a loan and not considered income, hence it is not taxed. However, when you get out of school and fulfill your commitment to work, Walgreens will pay your loan off (to themselves). At this point, it is considered income and will be added to your gross income and consequently taxed.

This is how the Walgreens pharmacy DM explained it.

This is how the hospital program (that I mentioned earlier in the thread) explained their "scholarship" to me. I wondered if Walgreens would be the same. Interesting...

 

[AnonFaculty]

I graduate in early May. This week, Walgreens offered me a "scholarship" for this last year of school if I work for one year.

This is what really pisses me off about retail. If you take thier $$$, it pulls you away from doing a residency very early in your career makinga residency cost prohibitive. To my knowledge, they have no loophole or year off to allow one to do a residency. I would look at any contract carefully. The bank account idea is an EXCELLENT way around it because, some lonas don't accure interest until the end of school, making the 5% profit if one decides to go to Walgreen's or Come Visit Satan.