Recent grad's, what does your loan payments look like?

Started by eddie269
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eddie269

Still in shock...
20+ Year Member
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Did a search and didn't find anything specific. It seems like $100-150k in loans is pretty standard for Pharm D program these days (give or take due to living expenses).

Just curious what recent grads loan payment looks like? I think one of my friends is paying $1200/month for a while. Just want to see what everyone else's situation looks like. If you don't mind sharing of course. 🙂
 
My school is private so I have quite a large amount of loans to payback ....I fall in the range you mentioned. 😱
 
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eddie269 said:
Did a search and didn't find anything specific. It seems like $100-150k in loans is pretty standard for Pharm D program these days (give or take due to living expenses).

Just curious what recent grads loan payment looks like? I think one of my friends is paying $1200/month for a while. Just want to see what everyone else's situation looks like. If you don't mind sharing of course. 🙂
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The big determination is how long your loan is supposed to last. The default length is 10 years; however, you can consolidate, or do the long term repayment plan from the government.
 
I borrowed $50,000. Paid it back in 10 years. In the beginning, the payment was $830. Then it went down to around $550 per month.
 
I'm planning to live like a pauper and get mine paid off as soon as possible.
 
$1000+/mo is pretty accurate.
once i get privates paid off in the next year or two, consolidated loans are about $700+/mo for 20-30 years.
 
Glowwyrm said:
I'm planning to live like a pauper and get mine paid off as soon as possible.
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Our financial aid people said pay off your consolidated federal loans in as much time as you can. The interest rate is pretty low, lowest you will get for a loan. they recommended buying a house or maxing out 401k contributions.
 
pharmboy30 said:
Our financial aid people said pay off your consolidated federal loans in as much time as you can. The interest rate is pretty low, lowest you will get for a loan. they recommended buying a house or maxing out 401k contributions.
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I understand their reasoning. It's just that as an individual preference, I'd rather not have it hanging over my head for the next X amount of years.
 
I want to stretch mine out to 30 years so I can be making student loan payments when I am 80 years old.
 
I may be done with my loan payment..but that money is going into my kid's 529 plans. I got 16 more years of it left. DAng!!!😱
 
pharmboy30 said:
Our financial aid people said pay off your consolidated federal loans in as much time as you can. The interest rate is pretty low, lowest you will get for a loan. they recommended buying a house or maxing out 401k contributions.
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consolidate, consolidate, consolidate
why live like a pauper when you don't have to?
 
ZpackSux said:
I may be done with my loan payment..but that money is going into my kid's 529 plans. I got 16 more years of it left. DAng!!!😱
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Dream on! She's 7 right???? My older (the MSII) turns 24 in 2 weeks - no end in sight yet.

I feel like I've been doing direct deposit into a college now for about 6 years😡 .
 
sdn1977 said:
Dream on! She's 7 right???? My older (the MSII) turns 24 in 2 weeks - no end in sight yet.

I feel like I've been doing direct deposit into a college now for about 6 years😡 .
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ehh... her 529 ends in 11 years.. my little one is 17 months...I'm thinking his 529 will end in 16 years...

529 is an education IRA or sort... I was forced to set it up 7 years ago...by my golf buddy who's also a financial advisor.. I got the undergrad taken care of.. but you're right.. grad/prof school may not be covered by 529..
 
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ZpackSux said:
ehh... her 529 ends in 11 years.. my little one is 17 months...I'm thinking his 529 will end in 16 years...

529 is an education IRA or sort... I was forced to set it up 7 years ago...by my golf buddy who's also a financial advisor.. I got the undergrad taken care of.. but you're right.. grad/prof school may not be covered by 529..
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Oh - yeah those 529 things totally passed me by - my kids are too old for them.

But....the first year they made any money at a summer job - Dad & I gave them $1500 to start an IRA. They were allowed to spend their own money, but we "fronted" this amt so they could see what happens when you methodically save & for a long time. Its been a good lesson. My son has already contributed a bit on his own, just on his college jobs. Unfortunately MSII won't be making any money for a long, long time🙁 .
 
sdn1977 said:
Oh - yeah those 529 things totally passed me by - my kids are too old for them.

But....the first year they made any money at a summer job - Dad & I gave them $1500 to start an IRA. They were allowed to spend their own money, but we "fronted" this amt so they could see what happens when you methodically save & for a long time. Its been a good lesson. My son has already contributed a bit on his own, just on his college jobs. Unfortunately MSII won't be making any money for a long, long time🙁 .
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That's ok... Cuz you and Dr. SDN will keep on cranking!
 
sdn1977 said:
👍 - yep.....having too much fun to stop - at least for now!🙂
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Hey SDN, does MSII have a boyfriend? 🙂 This Pre-P1 here is single and ready to mingle.

And yeah, I used to help set up 529 plans. Indeed it is an IRA for education up until 18 yrs old I believe.

Seems like $1000-$1500/mo is the going rate for roughly 10 years.
 
eddie269 said:
Hey SDN, does MSII have a boyfriend? 🙂 This Pre-P1 here is single and ready to mingle. QUOTE]

😱 Hopefully not something you'd say in front of a potential mother-in-law. (Cuz if your purpose in dating isn't marriage, it's probably not something that a parent would approve of, at least not this one. Maybe I'm just old fashioned though)
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HAHA I agree and i am 21, I wouldn't tell any mom in those words that I wanted to "mingle" with her daughter. Maybe that's why I do well with parents...
 
acetyl said:
What would you say instead?
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I'd talk to the girl herself if I wanted to use a pick-up line like that. That way she could reject me and her mom wouldn't be the wiser.

Fortunately my wife found me so all I had to do was get the nerve to ask her out. I spent an hour and a half talking with her dad before I got "permission" to marry his daughter. (Moms-in-law love that kind of thing😎 )
 
Someone asked why live like a pauper if I don't have to. I don't have a very posh lifestyle now so it's what I'm used to. It's much easier to stay at the same level and pay everything off quickly. Another reason is that a year after I get out of pharmacy school, my daughter will start college. Another expense that will be heaped onto the bill pile. Plus I love to dabble in the stock market. As soon as I get everything paid off, I can throw more money at my stock market hobby.
 
Well I have a bit of 118K in loans, most federal stafford loans. Mine are set at 30 years and I pay about 580 a month. At 2.1% interest you only pay about 50,000 in interest, which is not too bad over the course of 30 years.

Now you can pay them off early and pay 1200-1500 per month. But still get them set at 30 years because if you have something come up (loved one gets sick, surgeries, car trouble etc) you can always drop down to paying $580 per month and not be stuck with a 1300 payment that you cannot make and it ends up ruining your credit etc.

Just a thought 🙂
 
VanduchiPharmD said:
But still get them set at 30 years because if you have something come up (loved one gets sick, surgeries, car trouble etc) you can always drop down to paying $580 per month and not be stuck with a 1300 payment that you cannot make and it ends up ruining your credit etc.

Just a thought 🙂
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That's an excellent point. 👍
 
eddie269 said:
Hey SDN, does MSII have a boyfriend? 🙂 This Pre-P1 here is single and ready to mingle.

And yeah, I used to help set up 529 plans. Indeed it is an IRA for education up until 18 yrs old I believe.

Seems like $1000-$1500/mo is the going rate for roughly 10 years.
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Sorry eddie - she does. I think this one is going to stick around too😉 .

I don't think I'm going to get a breather between college money & wedding money. I'm just hoping to squeeze in some remodel the bathrooms money😀 !
 
sdn1977 said:
Sorry eddie - she does. I think this one is going to stick around too😉 .

I don't think I'm going to get a breather between college money & wedding money. I'm just hoping to squeeze in some remodel the bathrooms money😀 !
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I'd like to go to that wedding. I bet there will be some really tasty food...hmm, seems like I'll need to make a few trips to Winston-Salem to build a few bridges. 😀 Chapel Hill is right down the road, too.
 
acetyl said:
I'd like to go to that wedding. I bet there will be some really tasty food...hmm, seems like I'll need to make a few trips to Winston-Salem to build a few bridges. 😀 Chapel Hill is right down the road, too.
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😀 My gosh - don't jump the gun. We're not there yet! Who knows where she'll want to get married??? She's there & we're here.....no family there.

I want my bathrooms done first😡 - but who knows????😛

I'm thinking I need to get Mr sdn to build more bridges himself....and I'm not talking about the kind you drive on😉 . He's got a couple of high maintenance females (& a son who thinks every college kid should have a plasma TV - NOT!).
 
sdn1977 said:
😀 My gosh - don't jump the gun. We're not there yet! Who knows where she'll want to get married??? She's there & we're here.....no family there.

I want my bathrooms done first😡 - but who knows????😛

I'm thinking I need to get Mr sdn to build more bridges himself....and I'm not talking about the kind you drive on😉 . He's got a couple of high maintenance females (& a son who thinks every college kid should have a plasma TV - NOT!).
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I hope Ms.SDN (or is it Ms.II?🙄 ) isn't reading these.
 
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Glowwyrm said:
Someone asked why live like a pauper if I don't have to. I don't have a very posh lifestyle now so it's what I'm used to. It's much easier to stay at the same level and pay everything off quickly. Another reason is that a year after I get out of pharmacy school, my daughter will start college. Another expense that will be heaped onto the bill pile. Plus I love to dabble in the stock market. As soon as I get everything paid off, I can throw more money at my stock market hobby.
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The interest on your student is nothing compared to interest on a mortgage, car etc. Paying off debt in a hurry is good I guess, but target the one with the highest interest rate first. Think about this, the money you save by paying early may not equal the interest you could have earned by investing that money instead of paying down principal. A good 401K etc may see a return of anywhere from 7-15%/year, thats a lot of % to miss out on while you methodically give all your money back for you loans. Talk to financial advisor.
 
WSU2007 said:
The interest on your student is nothing compared to interest on a mortgage, car etc. Paying off debt in a hurry is good I guess, but target the one with the highest interest rate first. Think about this, the money you save by paying early may not equal the interest you could have earned by investing that money instead of paying down principal. A good 401K etc may see a return of anywhere from 7-15%/year, thats a lot of % to miss out on while you methodically give all your money back for you loans. Talk to financial advisor.
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Like I said, it's a personal preference. But yes, I will be maxing out any 401K/retirement plan offered to me in addition to paying off my student loans as quickly as possible. I'm hoping to have less than $60,000 in loans so it should be paid off quickly.
 
Ok... I am considering quitting my weekend-option job now. I am working about 24-28 hr a week (PRN + weekend as a nurse).

Financially, I am doing ok so far, having about $20,000 in loan after 3 semester in pharmacy school (well... private school with $28,000/year tuition)

I got 4.0 in the 1st year. I thought I could handle it and keep on working. Now in my second year, my grade is spiraling downward. I know that I can pass the class, get mediocre GPA with minimal participation in student organization. But I am suffocated and just want to quit and work PRN (12 hr/week) and start working in pharmacy PRN too to do well and relax in pharmacy school.

Now, considering my current expense, I will be in about $120,000 in debt if I just work PRN (let say 12 hours/week) and take it easy until graduation.. I freak out 😱 (I have about $1800/months in expense unless I can change my lifestyle and not helping anyone)

Do you guys have similar amount in loan, how long does it take to pay back $120,000 ???? I just don't like loans.. Sometimes, I am jealous of my coworkers who can go to a self-paced flexible NP school...

If you were me, what you guys think?

Just suck it up and work my *** off while going to school for the next 2.5 year to avoid the loan?
 
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RNtoPharmD said:
Ok... I am considering quitting my weekend-option job now. I am working about 24-28 hr a week (PRN + weekend as a nurse).

Financially, I am doing ok so far, having about $20,000 in loan after 3 semester in pharmacy school (well... private school with $28,000/year tuition)

I got 4.0 in the 1st year. I thought I could handle it and keep on working. Now in my second year, my grade is spiraling downward. I know that I can pass the class, get mediocre GPA with minimal participation in student organization. But I am suffocated and just want to quit and work PRN (12 hr/week) and start working in pharmacy PRN too to do well and relax in pharmacy school.

Now, considering my current expense, I will be in about $120,000 in debt if I just work PRN (let say 12 hours/week) and take it easy until graduation.. I freak out 😱 (I have about $1800/months in expense unless I can change my lifestyle and not helping anyone)

Do you guys have similar amount in loan, how long does it take to pay back $120,000 ???? I just don't like loans.. Sometimes, I am jealous of my coworkers who can go to a self-paced flexible NP school...

If you were me, what you guys think?

Just suck it up and work my ass off while going to school for the next 2.5 year to avoid the loan?
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Nothing ventured, nothing gained. I'd take the loans out and work 15 hours or so a week. I quit my job making 3x what I make now as a pharmacy tech so that I could gain job experience and also focus on school instead of working full-time. I pulled a few semesters that were full time school and full time work. Not worth it in my opinion. I was exhausted every day for months during that period. It works out ok for awhile, but eventually you get burned out when you tell everyone, including your mother 🙁 , that you don't have time to see them.
 
I borrowed $50,000. My inital payments were $830... Didn't pay much attention to it as payments eventually fell to $500...and less towards the end. Of course it's been a while since I paid it off as I'm an old fart.

Here is my concern.

The bulk of new pharmacy schools are for profit private institutions gouging students. Hence, many new PharmDs will be burdened with large student loans amount similar to a mortgage. I assume many students aren't as concerned with repayment of the loan with a nonchalant attitude "oh I will find a job and it will be fine.."

Well, consider this.

As more PharmDs are cranked out through 120+ pharmacy schools desperate for a job, hard to hire areas will eventually get filled as the burden of loan repayment will drive many pharmacists to take less than desirable positions...even a lower salary.

Not a good situation.

However, I still believe pharmacy is a great profession for those with necessary skills, knowledge, and work ethics.
 
Dang...I just realized this thread is almost 3 years old..and I got to post on the same thread as the great legendary ZpackSux... I wonder where he is now.. and why mis-spelled Zpak... :meanie:
 
Loan Balance: $155,000.00
Adjusted Loan Balance: $155,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 4 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,697.30
Number of Payments: 48

Cumulative Payments: $177,470.53
Total Interest Paid: $22,470.53
 
PharmerJ said:
Loan Balance: $155,000.00
Adjusted Loan Balance: $155,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 4 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,697.30
Number of Payments: 48

Cumulative Payments: $177,470.53
Total Interest Paid: $22,470.53
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Way to Dave Ramsey that debt away, I like it. You will probably still have around 3000/month to live on after taxes, so it shouldn't be too hard to follow through with that payment structure at all. Debt free is the way to be!
 
PumpkinSmasher said:
Way to Dave Ramsey that debt away, I like it. You will probably still have around 3000/month to live on after taxes, so it shouldn't be too hard to follow through with that payment structure at all. Debt free is the way to be!
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AMEN! Hahahaha 🙂 My husband and I are huge Dave Ramsey fans! If interest rates were still like 1.5% I might reconsider but to be honest it will just feel good to have that monkey off my back! 🙂

Also, having his income to help out will allow us to live on like $6,000/mo so I think this is definitely doable!
 
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When I graduate, I will owe about $28,000 in loans, and the other $57,000 is owed to my parents.
 
SHC1984 said:
I wish I only had to take out 50K! I will be 80K in the hole when I graduate. Thats a lot of hours I will be working to pay that off. :laugh:
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Hm yeah, I'm going to be over 200k in debt...There's always worse you know.

Wish I hadn't been so adamant about going to a great out of state school, knowing now it really doesn't matter.
 
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