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Wow and that's just pharmacy school....let alone undergrad on top of that.
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Recent grad's, what does your loan payments look like?
Started by eddie269
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Parents don't usually make their children pay back tuition money, at least I never heard that happening before. LOL.... So you are lucky you only have 28K in debt. My parents paid for my bachelors degree...so they aren't gonna help me with my PharmD. 🙁
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They never told me to pay them back, but I want to pay them back plus give more so they can retire and enjoy the rest of their life since they've worked hard to give me and my brother everything we needed.
They never told me to pay them back, but I want to pay them back plus give more so they can retire and enjoy the rest of their life since they've worked hard to give me and my brother everything we needed.
They are actually gonna pay my $28k loans within the 6 months before the first payment is due so I don't have to pay interest on the loans. I took the subsidized loans since it's interest free while I'm in school.
+1
Yeah, its smart to use those subsidized loans. I am taking out all my subsidized loans and merit scholarships. Subsidized loans are pretty much free money b/c there is no interest until graduation.
But can't you only take out 8500/mo in subsidized?
8500/year
I have been going through a box of Punch Corojo Magnum cigars but what is the concern you have old fella?
Er. Yeah. That.
Sorry.
So how are you guys paying out with ONLY subsidized? I'm going in-state and still being bled from every vein for money!
My parents are divorced. I only reported my mom's salary and her business wasn't going so well last year, so I call the school and asked if there was any additional loans for me to take out. They offer me the perkins loan which is also subsidized. So I took that out plus the 8500 dollars and I also got a merit base scholarship and I live with a relative (for FREE) so I am only taking out for tuition. So thats how I aviod the unsub loans. You can always call the school and ask for additional loans...you might get lucky and get offer some other loans like the Perkins loan for example.
Ahh gotta love the divorced parents... mine have been divorced since I was 2. I could never imagine life without two Christmases... Just when you think you are done opening presents you get to go to another house with a tree and presents. lol
+1
I am just agreeing with you on everything Tinks! 😀 If my parents were NOT divorced then I would have to report my dad's income and that would prevent me from getting any finaincial aid. Thank god they are divorced and I only have to report my mom's!
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I owe $175K because I borrowed shamelessy! Partly because I had been working full time as a microbiologist so it was difficult for me to revert back to a student's income and partly because I wanted to worry about pharmacy school only and not where my next meal was coming from.
Wow what a grim picture! i only applied to 2 schools and got in into just one , one that is 30 K more expensive than the other (after the four years) so just tuituion is around 130 K at the end, not including living. Damn ! Should i withdraw from wanting to be a pharmacist? I really want to but sounds like i won't have left for bread with mayo😕
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So are all these loans worth it? I thought I had my mind set, but since I have been accepted I have been thinking about the overwhelming amount of loans I am going to have to take out and worrying about paying it back and what not. That coupled with all this talk about saturation in the field and negative job outlook. I'd say im just very confused.
Mine are like a second mortgage, $830/mo for 30 years. I'm going to try to pay them off sooner but I'm nowhere near as ambitious as the previous poster who wants to pay hers off in 4 years 
Maybe if DH finds a better paying job but not right now.
Maybe if DH finds a better paying job but not right now.Mine are like a second mortgage, $830/mo for 30 years. I'm going to try to pay them off sooner but I'm nowhere near as ambitious as the previous poster who wants to pay hers off in 4 years
$830 /month That's not bad at all, i don't care how long i'll be paying them as long as i have enough left over every month for a nice house, car, etc and decent living. Could I ask how much you owed in total after graduation?
About 130K - mix of a 40K private and the rest about 50/50 unsub and sub staffords. I don't like to talk about it, it makes me nauseated 😆
Lol, oh ok. I was about to say 830/month for 30 years is not 130K, but I didnt realize you were referring to it being like a mortgage payment..
How else would you refer to it as?
I think I just read over your post quickly and misunderstood. I realized it when i figured the total repayment to be 300k. I apologize.
$830/month is not bad, but the 30 year part is very bad. It means you will be paying it off during your RETIREMENT years. 😱
A 10 year loan is already too long.
Eh my interest rate is low and will be lower after 36 consecutive payments. I'm hoping to have it paid off in 10 years, but it's nice to have it stretched over 30 so if something comes up, I'm not struggling to make the payment.
..what?? You plan on retiring at 55? Not in this lifetime.
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lol if i had a lot of money id retire early as hell.
So what if you don't have any scholarships and no other way of paying the cost of becoming a pharmacist....like me. Would you withdraw from that career plan? I don't know what to do...Am i going to regret this whole thing when i graduate with close to 180 in debt or is it still worth it? 😕
I wish I was that young. I am 25 now. I will be 28/29 when I graduate...so after 30 years that I will be 58/59 (OLD FART), and should be retired by then. Yes I want to retire before I die.
I can't imagine working when I am that old. Hell, I can't even imagine being that old! I'll be about that. It'll be worth it. They recommend that you take out less than 2 years of salary before taxes in loans. I'm under 200k [or will be] so I'm good.
Just how it works. Part of the game and all. Plus, remember...there are ALWAYS spots for the best of the best. And I plan on being the best.
I always heard it was less than one year of salary before taxes.
it depends on how you plan on living . i'll owe 175k or so but I think i'll be able to swing a $3500-$4500 a month repayment. My weekly costs are a fraction of what some posters on here have mentioned (for example, my grocery costs are $20 a week not including one to two meals out). If you plan on supporting a family and owning a house and a nice car right when you graduate, then yeah it will be a struggle with more than 1 year of your salary in loans. That said, i will be putting off retirement saving by paying my loans first but pharmacy is a career where it's easy to keep working into your 60s. Heck with our generation, who knows, maybe many of us will be working into our 70s what with the economy.
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I can't imagine that. I bet you that less than 10% of pharmacy students get out of pharmacy school with under 100k in loans between undergrad and graduate.
Fair enough, if you are including undergrad it would be hard to make it below 100K. A few people in my class and myself will be able to make it under 100K but none of us had to pay for our undergraduate degrees..that was the main reason we are under 100K.
Grocerys $20 a week??? I can't do that, I am a piggy! LOL... When I was going to school at Columbia my grocery bill was $200 dollars a month...but that was NYC...I never had to buy my own grocerys anywhere else.
from $3,500 to $4,500 ?😱 is that really the min monthly you have to make for a ~200 K loan? to be paid off in how many years? I don't mind taking the 30 yr plan, hell I don't think i CAN mind, that monthly pmt is 1/2 of your salary
Thats for a 4-6 year payoff i think
1700 and 700 total, private and federal together. FUN!
tha'ts for a total of how much, if I may ask? And for how long will you be paying that?
