Student Loan Advice

[dmbgg]

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Hey guys.

I took out the max award in federal student loans this year (45k or so), so that I could finish paying off some bills, pay for gas to commute, etc.

Now that the semester is winding down, I am figuring out that I might need more help. My tuition and books is ~34k.

Is it wise to take out a private loan for 2-3k with my bank Wells Fargo?

I looked up there information:



I am about to have some car repairs (cannot afford a new car) and I am moving closer to my school... Moving fees + rent/etc.

Any tips you guys could give would be great.

My logic: This 2k to get me out of a financial situation with my car would be a much bigger deal if I didn't take it out, than if I do and have to pay it back later. (This is a situational philosophy)

 

[BMBiology]

Wow! You are already borrowing 45 k a year in federal student loans and you are planning to borrow private loans too??

 

[BMBiology]

Factors to consider:

(1) Income based replayment does not apply to private student loans.

(2) Thinking about income based replayment? Monthly payment based on 15% of your adjusted gross income (for most: your pre-taxed salary substrate 401 k contribution) with your after-taxed income for 25 years is a crappy deal. 10% of your adjusted gross income for 20 years only applies if you did not have a student loan in 2007 or earlier

(3) Interest accrues while you are in school and gets compounded. 6.8% is no joke. Interest rate for private loans is much higher.

(4) You can't get a mortgage for a house when your debt to income ratio is high.

(5) You know that most pharmacists only make $110-130 k a year right? After federal/state income taxes, social security, medicare, not much left over.

(6) Did I mention there's already a saturation of pharmacists? All of these for-profit pharmacy schools have lowered admission standards. It used to mean something to get accepted. Now, it is a joke. Many new grads have to move to a remote area and can't get 40 hours a week work.

http://thechoice.blogs.nytimes.com/2011/10/26/student-loan/

 

[BMBiology]

(7) Thinking the profession will get better when you graduate? Take a look at the list of all of the new schools opening up.

 

[BMBiology]

I am taking a look at your post: http://mobile.sdn.net/showthread.php?p=11740343#post11740343

a. Schools you are applying to
Samford, Auburn, Mercer

b. Overall GPA
Junior College = 3.34
Univeristy (UAB) = ~2.6 (Should go up a little more after this semester and next)
Overall= 3.24

c. Math/Science GPA
Haven't submitted PharmCAS so not sure. Calculus = C. O Chem 1 = C. O Chem 2 = B. Gen Chem 1/2 = B/A. Intro A & P I/II = A/A.

d. GPA in last one or two school years
~3.0

e. Complete PCAT scores (or just composite)
Composite = 39 (retaking in January)

What the hell? You got a 2.6 GPA at a university and still got accepted to a pharmacy school?!

 

[ACE Rx]

I am taking a look at your post: http://mobile.sdn.net/showthread.php?p=11740343#post11740343

What the hell? You got a 2.6 GPA at a university and still got accepted to a pharmacy school?!

That tells you something about the people entering the profession. So much diversity between quality of students from different schools.

 

[Rx MPLS]

I am taking a look at your post: http://mobile.sdn.net/showthread.php?p=11740343#post11740343



What the hell? You got a 2.6 GPA at a university and still got accepted to a pharmacy school?!

I'm unsure how people with low GPAs make it through pharmacy school. My school is really flipping hard! If I was any less prepared than I am, I don't know that I'd be able to handle it.

 

[dmbgg]

Wow, the trolls and off topic posters. Application committees don't only look at academic stats. They also look at personal situations and character.

I am actually doing well my first semester. Even better on tests scores than some who made 4.0s and > 80 on PCAT. Gasp.

Quit being so near-sighted.

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[dmbgg]

I'm unsure how people with low GPAs make it through pharmacy school. My school is really flipping hard! If I was any less prepared than I am, I don't know that I'd be able to handle it.

Maybe your ability to regurgitate facts is high, but clinical ability to solve problems is low?

You could teach monkeys academic coursework if you tried hard enough.

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[BMBiology]

Wow, the trolls and off topic posters. Application committees don't only look at academic stats. They also look at personal situations and character.

I am actually doing well my first semester. Even better on tests scores than some who made 4.0s and > 80 on PCAT. Gasp.

Quit being so near-sighted.

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Right...and a few years later, you are going to ask what are my chances for residency with a low pharmacy school GPA. Seriously, you had a C average at a university and still got accepted?

Here's how you can avoid borrowing more student loans: don't get a nice phone in the future.

 

[dmbgg]

Right...and a few years later, you are going to ask what are my chances for residency with a low pharmacy school GPA. Seriously, you had a C average at a university and still got accepted?

Here's how you can avoid borrowing more student loans: don't get a nice phone in the future.

Did you miss the part where I said I am doing well? Also, my phone was a product of my 40 hour a week job which started well before August. But nice try. Can you do math with the numbers I posted?

Judging from your ability to answer the question in my original post, I can't fathom how you have ever answered a question correctly.

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[BMBiology]

Did you miss the part where I said I am doing well? Also, my phone was a product of my 40 hour a week job which started well before August. But nice try. Can you do math with the numbers I posted?

Judging from your ability to answer the question in my original post, I can't fathom how you have ever answered a question correctly.

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Very smart. Instead of using the money you have earned to pay for school, you decided to borrow more student loans at 6.8% interest rate.

You got a C in calculus and you are asking me if I can do math?

 

[owlegrad]

Keep the name calling and insults to yourselves, please. 🙂

 

[dmbgg]

Very smart. Instead of using the money you have earned to pay for school, you decided to borrow more student loans at 6.8% interest rate.

You got a C in calculus and you are asking me if I can do math?

The money I earned to pay for school? I had to borrow loans for tuition and work full time to pay for books and rent. Unfortunately I did not come from a family that handed me tuition and rent on a silver platter.

I have no money saved up, or else I would not be requesting advice. I don't know how much rent was for you in undergrad, but in my city it was about 900 a month. A tech job hardly provides that. This thread has zero amount to do with undergraduate programs. If it did, perhaps I would have posted in the pre-pharmacy foru.

You should be a better steward of the profession and community instead of a condescending prick, when you are ignorant to the history of, and current, circumstances of a colleague. Considering I need this loan to provide myself with automobile repairs, moving expenses, and bills, I thought some people could relate and provide advice.

But please... tell me about your entire history as a student.

Anywho, I can find more productive advice.

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[huntermare]

Have you taken out the max you can in Grad Plus? That would be better than a private loan.

 

[dmbgg]

Keep the name calling and insults to yourselves, please. 🙂

I apologize. I don't appreciate his blatant disrespect. I was accepted to school because I was a good applicant. Accepted to all schools I applied to actually.

The financial situation isn't a proud topic, but I do need advice. Not judgment.


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[Rx MPLS]

Maybe your ability to regurgitate facts is high, but clinical ability to solve problems is low?

You could teach monkeys academic coursework if you tried hard enough.

Nice try at deflection...

Honestly, with bills like you are already taking out, another 2-3k is small potatoes. You're going to be in debt beyond your eyeballs when you're done; what's another few thousand? This isn't my standard advice, but for people with so much debt, it hardly will matter because the compounding interest will already be unpayable.

 

[dmbgg]

Nice try at deflection...

Honestly, with bills like you are already taking out, another 2-3k is small potatoes. You're going to be in debt beyond your eyeballs when you're done; what's another few thousand? This isn't my standard advice, but for people with so much debt, it hardly will matter because the compounding interest will already be unpayable.

Would you like to share your situation for comparison?

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[Rx MPLS]

Would you like to share your situation for comparison?

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Not in a public forum; no. It wouldn't matter to your situation, anyway.

 

[dmbgg]

Not in a public forum; no. It wouldn't matter to your situation, anyway.

Thanks for your attempt to help. I feel that I am not in the minority with this problem.

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[Rx MPLS]

Thanks for your attempt to help. I feel that I am not in the minority with this problem.

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It's true; I think if it is a minority, it's a very large minority that is going to be exiting school with unaffordable loans. But you really do need to watch out for yourself. Schooling is a business, no matter what they tell you. Somebody is making money off of all of us.

 

[pezdispenser]

No more borrowing. You need to concentrate on cutting spending because spending more money will not improve your return on 'investment', providing that you still graduate of course. In fact, your ROI is already substantially worse than someone who went to a cheaper school because when you graduate you'll both have the same 'return' or pharmacist's salary, but you 'invested' or spent much more to get there. You should only borrow more if you can IMPROVE your ROI.

Going forward, I would try really hard to make some extreme spending cuts. Yeah, some cuts are going to hurt. Like not having a nice cell phone. Not buying text books and just using them in the library. Moving into the cheapest place you can find AND getting as many room mates as you can fit. Never going to a restaurant. Working 40+ hours a week. I'm sorry but you're already looking at $200k in high interest debt which is going to crush you on a pharmacist's salary. Drastic steps will need to be taken to reduce spending and balance your budget.

 

[Rx MPLS]

No more borrowing. You need to concentrate on cutting spending because spending more money will not improve your return on 'investment', providing that you still graduate of course. In fact, your ROI is already substantially worse than someone who went to a cheaper school because when you graduate you'll both have the same 'return' or pharmacist's salary, but you 'invested' or spent much more to get there. You should only borrow more if you can IMPROVE your ROI.

Going forward, I would try really hard to make some extreme spending cuts. Yeah, some cuts are going to hurt. Like not having a nice cell phone. Not buying text books and just using them in the library. Moving into the cheapest place you can find AND getting as many room mates as you can fit. Never going to a restaurant. Working 40+ hours a week. I'm sorry but you're already looking at $200k in high interest debt which is going to crush you on a pharmacist's salary. Drastic steps will need to be taken to reduce spending and balance your budget.

While you are right, the living expenses in this case are presumably somewhat low. The big problem here is the $34k/year for tuition and books, which isn't negotiable without a transfer to a cheaper school. That just isn't realistically affordable tuition when you add on any living expenses unless you have some savings, a place to live for free, parental help or some amazing scholarships (an unusual situation). I see a lot of people in the same boat in pharmacy school though; things are going to be very rough around 2013-2016.

 

[SHC1984]

Nice try at deflection...

Honestly, with bills like you are already taking out, another 2-3k is small potatoes. You're going to be in debt beyond your eyeballs when you're done; what's another few thousand? This isn't my standard advice, but for people with so much debt, it hardly will matter because the compounding interest will already be unpayable.

Honestly WHY would anyone take out that much money for a PharmD degree?

This has been said a MILLION TIMES already but I will say it again b/c some people have thick skulls:

There are MILLIONS of jobs out there that pay MUCH MORE than a pharmacists job and they don't require any student loans at all. Do yourself a favor and take one of those jobs.

If I had to take out over 100K in student loans I KNOW for a fact I would choose another profession.

Why do so many people go into pharmacy for money and end up taking out 200K+ for it?

I don't get it. I just don't get it. 😕

If your goal is money (that's almost everyone's goal)....then please dear god, do yourself a favor and find another profession. You will make your goal much easier that way.

 

[dmbgg]

Honestly WHY would anyone take out that much money for a PharmD degree?

This has been said a MILLION TIMES already but I will say it again b/c some people have thick skulls:

There are MILLIONS of jobs out there that pay MUCH MORE than a pharmacists job and they don't require any student loans at all. Do yourself a favor and take one of those jobs.

If I had to take out over 100K in student loans I KNOW for a fact I would choose another profession.

Why do so many people go into pharmacy for money and end up taking out 200K+ for it?

I don't get it. I just don't get it. 😕

If your goal is money (that's almost everyone's goal)....then please dear god, do yourself a favor and find another profession. You will make your goal much easier that way.

It is in no way about money. I have worked in a pharmacy for 5 years. It's what I enjoy.

The school that I attend has this same rate for the last 10 years. Why aren't all the pharmacists in my area struggling?

I have the choice of education with financial aid or no degree. Seems like an easy choice.

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[SHC1984]

It is in no way about money. I have worked in a pharmacy for 5 years. It's what I enjoy.

The school that I attend has this same rate for the last 10 years. Why aren't all the pharmacists in my area struggling?

I have the choice of education with financial aid or no degree. Seems like an easy choice.

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1) I know several people with NO degrees that make more money than you and I will ever make in our lifetimes. So no it is NOT an easy choice. A degree does NOT equal money at all.

2) Tuition increases every year at every school. Most people that went into pharmacy school 10 years ago look out less than 50K debt. In fact out of all the pharmacists I worked for only 1 had to take out any student loans. 10 years ago pharmacy school was much cheaper and many people didn't have to take out any loans. Now, pharmacy schools are getting smart and know people are dumb enough to take out any amount for it...so they increase the tuition. Only new grads take out 100K+ loans.

Sadly, 99.9% of people go into pharmacy thinking it's EASY MONEY....so they will do anything for the degree..including taking out 100K+ for it which is flat out dumb.

 

[dmbgg]

1) I know several people with NO degrees that make more money than you and I will ever make in our lifetimes. So no it is NOT an easy choice. A degree does NOT equal money at all.

2) Tuition increases every year at every school. Most people that went into pharmacy school 10 years ago look out less than 50K debt. In fact out of all the pharmacists I worked for only 1 had to take out any student loans. 10 years ago pharmacy school was much cheaper and many people didn't have to take out any loans. Now, pharmacy schools are getting smart and know people are dumb enough to take out any amount for it...so they increase the tuition. Only new grads take out 100K+ loans.

Sadly, 99.9% of people go into pharmacy thinking it's EASY MONEY....so they will do anything for the degree..including taking out 100K+ for it which is flat out dumb.

10 years was an exaggeration but at least the last 5 or so.

What do these friends of your's do? I don't need money to be happy. I'm not looking to make a zillion dollars. Just enough to have a house, family, and a hobby or two.

I'm sure the loans can be paid off in 20 years max.

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[Rx MPLS]

Check out some loan calculators online. You can find them with Google. You'll likely end up paying over $330000 over the course of 20 years if you want to repay what you are currently taking out. It's probably going to run you around $17k/year over that timeframe. This assumes everything is at 6.8% interest rate, which I don't actually think is possible once you borrow over a certain amount per year,

 

[SHC1984]

10 years was an exaggeration but at least the last 5 or so.

What do these friends of your's do? I don't need money to be happy. I'm not looking to make a zillion dollars. Just enough to have a house, family, and a hobby or two.

I'm sure the loans can be paid off in 20 years max.

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They start their own business, make good investments or come up with something that no one else has thought about before.

If you really LOVE pharmacy (most people do not) and would pick pharmacy over any other job in the world (I def would NOT)...then I guess it can be worth the loans and work.

But for most people the loans are not worth it. The goal is to make money not lose money.

 

[SHC1984]

Check out some loan calculators online. You can find them with Google. You'll likely end up paying over $330000 over the course of 20 years if you want to repay what you are currently taking out. It's probably going to run you around $17k/year over that timeframe. This assumes everything is at 6.8% interest rate, which I don't actually think is possible once you borrow over a certain amount per year,

Honestly you really have to LOVE LOVE LOVE LOVE LOVE pharmacy, dentistry etc. to take out over 100K+ in loans for it.

If you LOVE pharmacy like you love Louis Vuitton bags, trips to Europe, Diamonds, and gold...then fine. Take out 200K or 300K or 500K for your degree....

But I have YET in my life to ever meet anyone to really love pharmacy or dentistry....Sorry to be so blunt but that's how it is.

Most people can tolerate pharmacy and dentistry...but LOVE? I don't think so....

 

[swarles]

Hey everyone. This might sound dumb... But a lot of people in this thread are saying its outrageous and stupid to take out more than 100k in loans for pharm school. How are you NOT doing this? With pharm school being ~25k+ (that's me being generous, the school I want to attend is ~35k), then living and housing expenses, how are you NOT taking out more than 100k? I would need to take out over 100k for tuition alone. My parents aren't able to help me pay for pharmacy school so I was just planning to take out the necessary loans. Are ya'll working, paying out of pocket, or parents are paying? I don't understand...

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[dmbgg]

Honestly you really have to LOVE LOVE LOVE LOVE LOVE pharmacy, dentistry etc. to take out over 100K+ in loans for it.

If you LOVE pharmacy like you love Louis Vuitton bags, trips to Europe, Diamonds, and gold...then fine. Take out 200K or 300K or 500K for your degree....

But I have YET in my life to ever meet anyone to really love pharmacy or dentistry....Sorry to be so blunt but that's how it is.

Most people can tolerate pharmacy and dentistry...but LOVE? I don't think so....

Louis Vuitton... Whut.

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[xiphoid2010]

Hey everyone. This might sound dumb... But a lot of people in this thread are saying its outrageous and stupid to take out more than 100k in loans for pharm school. How are you NOT doing this? With pharm school being ~25k+ (that's me being generous, the school I want to attend is ~35k), then living and housing expenses, how are you NOT taking out more than 100k? I would need to take out over 100k for tuition alone. My parents aren't able to help me pay for pharmacy school so I was just planning to take out the necessary loans. Are ya'll working, paying out of pocket, or parents are paying? I don't understand...

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Instate public school ($15-20K/yr) + frugal living ($12K/yr) - scholarships ($5k/yr) - internships ($12K/yr) = $10-$15K/yr. Quite possible to graduate with $50-$60K total.

 

[SHC1984]

Hey everyone. This might sound dumb... But a lot of people in this thread are saying its outrageous and stupid to take out more than 100k in loans for pharm school. How are you NOT doing this? With pharm school being ~25k+ (that's me being generous, the school I want to attend is ~35k), then living and housing expenses, how are you NOT taking out more than 100k? I would need to take out over 100k for tuition alone. My parents aren't able to help me pay for pharmacy school so I was just planning to take out the necessary loans. Are ya'll working, paying out of pocket, or parents are paying? I don't understand...

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Here is what I did and what I recommend everyone to do:

THINK and look into all your options.

I knew going into pharmacy that a pharmacist will make around 100K to 120K a year.

I had a job offer of 55K a year + sales commission before pharmacy school.

I know my state school charges 15K a year, but I miss the deadline to apply for it. 🙁

The pharmacy school I applied to charges 29K a year...but they offer merit scholarships so I paid around 20K to 23K a year for tuition...However, I had a relative there that I could live with for free and she cooks for me for free too....so I didn't have to take out much for anything except for 20K a year tuition....my debt will be around 80K when I get out.

I figure it's less than 1 year of pharmacist salary AND at the time I thought pharmacist was in a huge demand...so I decided to go into it.

EVERYONE should sit down and look at their options.

If your only option was to take out 35K+ a year for tuition and NO ONE can help you....then you are better off taking another job offer or look for a better job elsewhere.

If I had to take out 100K+ for pharmacy school I would have taken my job offer and went with that. I would have NO debt if I did that.

It's all about looking at the PROS and CONS of everything.

It's foolish to just take out any amount of loan and NOT think about your results later.

There are so many other better options out there WHY would you take out 35K a year for tuition? 😕

 

[swarles]

Instate public school ($15-20K/yr) + frugal living ($12K/yr) - scholarships ($5k/yr) - internships ($12K/yr) = $10-$15K/yr. Quite possible to graduate with $50-$60K total.

I appreciate everyone's feedback. I live in FL and the cheapest is USF at 16k I believe but they are not accredited so I didn't apply there. UF is a great school but its still ~25k. Man I really need to think everything through more... Dream school vs. Less debt at a state school 🙁

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[All4MyDaughter]

I appreciate everyone's feedback. I live in FL and the cheapest is USF at 16k I believe but they are not accredited so I didn't apply there. UF is a great school but its still ~25k. Man I really need to think everything through more... Dream school vs. Less debt at a state school 🙁

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I live in a state where there are two schools, and tuition is (last I looked) at least 90K at the cheaper, state school. Plus, there are very few scholarships available and the vast majority of pharmacy students won't get one. Everyone should do a cost/benefit analysis. My debt is higher than I wanted it to be because for the two years I attended the (out of town) state school, I had to borrow significant amounts of money for living expenses. I finished (after transferring) at a private pharmacy school in my home city, and it was actually cheaper to go there b/c I didn't need money for living expenses. Still, I owe a lot of money. I also took close to a year off in the middle of school and that didn't help matters much. But, even with my debt as high as it is, I still feel like it is worth it because I have a career I enjoy and make a really nice living. I will make back the cost of my education many times over during my career. No one can tell anyone else what is right for them, and no one knows the "right" way to get through school with the "right" amount of debt. The point is to be an informed consumer and weigh your options.

 

[dmbgg]

Instate public school ($15-20K/yr) + frugal living ($12K/yr) - scholarships ($5k/yr) - internships ($12K/yr) = $10-$15K/yr. Quite possible to graduate with $50-$60K total.

Where do you do an internship for 12k/year? I work at CVS as an extern and there is no way I could make that a year with rotations and school load in my first year.

Also, I got accepted to my in-state school, with cheaper tuition, but everytime I went there, I felt miserable.

The living expense looks right.

Quote:

Originally Posted by swarles
Hey everyone. This might sound dumb... But a lot of people in this thread are saying its outrageous and stupid to take out more than 100k in loans for pharm school. How are you NOT doing this? With pharm school being ~25k+ (that's me being generous, the school I want to attend is ~35k), then living and housing expenses, how are you NOT taking out more than 100k? I would need to take out over 100k for tuition alone. My parents aren't able to help me pay for pharmacy school so I was just planning to take out the necessary loans. Are ya'll working, paying out of pocket, or parents are paying? I don't understand...

Sent from my PC36100 using Tapatalk

Here is what I did and what I recommend everyone to do:

THINK and look into all your options.

I knew going into pharmacy that a pharmacist will make around 100K to 120K a year.

I had a job offer of 55K a year + sales commission before pharmacy school.

I know my state school charges 15K a year, but I miss the deadline to apply for it.

The pharmacy school I applied to charges 29K a year...but they offer merit scholarships so I paid around 20K to 23K a year for tuition...However, I had a relative there that I could live with for free and she cooks for me for free too....so I didn't have to take out much for anything except for 20K a year tuition....my debt will be around 80K when I get out.

I figure it's less than 1 year of pharmacist salary AND at the time I thought pharmacist was in a huge demand...so I decided to go into it.

EVERYONE should sit down and look at their options.

If your only option was to take out 35K+ a year for tuition and NO ONE can help you....then you are better off taking another job offer or look for a better job elsewhere.

If I had to take out 100K+ for pharmacy school I would have taken my job offer and went with that. I would have NO debt if I did that.

It's all about looking at the PROS and CONS of everything.

It's foolish to just take out any amount of loan and NOT think about your results later.

There are so many other better options out there WHY would you take out 35K a year for tuition?

Obviously I weighed the costs and benefits, with help from many pharmacists. Unfortunately not all of us have family we can live with in the same city as our pharmacy schools. I could commute... but that costs $400 a month in gas, 10 hours a week in just driving time, 5 hours in time just waking up early and going to bed early. Basically the same price as living in the same city with a roommate.


I didn't mean to start a whole thread of flaming, but I must say that you guys are very lucky to enjoy the schools you attend for little money, have family that helps, etc. So that is definitely in your favor. I do not have the same luxuries. (I have some of the same, but not to the extent that you do).

I know people with 800k in loans between their pharmacy school and their spouse's medical school. I will keep looking at the costs and try to make cuts where I can, but right now it's very hard to make that possible.

 

[SHC1984]

I know people with 800k in loans between their pharmacy school and their spouse's medical school..

That's why I only date people with no student loans.

 

[BMBiology]

Punch in the number yourself. If I graduated with $250,000 (my loan + compounding interest) with 6.8% interest rate, I would be paying almost $2,900 a month for 10 years so almost $35,000 a year.

Assume you are making $120,000 a year and your take home is 60% = $72,000.

So, almost half of your take home income will go toward your student loan. You do the math:

http://www.finaid.org/calculators/loanpayments.phtml

 

[dmbgg]

Punch in the number yourself. If I graduated with $250,000 (my loan + compounding interest) with 6.8% interest rate, I would be paying almost $2,900 a month for 10 years so almost $35,000 a year.

Assume you are making $120,000 a year and your take home is 60% = $72,000.

So, almost half of your take home income will go toward your student loan. You do the math:

http://www.finaid.org/calculators/loanpayments.phtml

That doesn't sound horrible to me. The average family in America has a combined income ~50k anyway.

If you LOVE pharmacy like you love Louis Vuitton bags, trips to Europe, Diamonds, and gold...then fine. Take out 200K or 300K or 500K for your degree....

I really don't want to know what type of guys you date! LOL. Sounds like your man will need to make 500k/year easily.

 

[BMBiology]

That doesn't sound horrible to me. The average family in America has a combined income ~50k anyway.

The average family doesn't have $250,000 in student loans. No bank will give you a mortgage for a house when you have that much in student loans.

In addition, you are betting that you will be able to find a full-time pharmacist position and salary will not decline when you graduate. If you can't and default in your student loans? Your credit score goes down the tube and you can't even rent an apartment.

That's what most students don't consider. You are taking a HUGE risk when you are borrowing that much money. Take it as a business decision. Weigh risk vs benefits

 

[dmbgg]

Weigh risk vs benefits

It's a little bit late for that.

 

[xiphoid2010]

Where do you do an internship for 12k/year? I work at CVS as an extern and there is no way I could make that a year with rotations and school load in my first year.

Also, I got accepted to my in-state school, with cheaper tuition, but everytime I went there, I felt miserable.

The living expense looks right.

I worked 16-20 hr/week during class, full time during summer. Started at Walgreen at $13/hr and later on hospital internship paid $16 for evenings and weekends. No problem keeping my grades up, had to trade off partying and games, but worth it to me. P1 year was the easiest year, if you are struggling now, that's not a good sign.

Miserable at state school? Have you thought about what kind of misery $200k in undischargable debt can bring? Besides, the best pharmacy programs are mostly state schools.

 

[BMBiology]

Thinking about income based repayment? Again, it is pretty crappy. I punched in $250,000 with 6.8% interest and $125,000 salary. I will be paying $1,350 per month for the next 25 years! I will be done with student loans right before I am about to retire!

http://www.ibrinfo.org/calculator.php

 

[dmbgg]

I worked 16-20 hr/week during class, full time during summer. Started at Walgreen at $13/hr and later on hospital internship paid $16 for evenings and weekends. No problem keeping my grades up, had to trade off partying and games, but worth it to me. P1 year was the easiest year, if you are struggling now, that's not a good sign.

Miserable at state school? Have you thought about what kind of misery $200k in undischargable debt can bring? Besides, the best pharmacy programs are mostly state schools.

I am not struggling, I am doing well. I am commuting 10 hours a week though. 5 hours a week of rotations 10-15 hours of work per week. That's roughly 30ish hours if I calculated correctly of time not spent studying for school.

In fact, I just got home from work, studying for pharmaceutics test.

Thinking about income based repayment? Again, it is pretty crappy. I punched in $250,000 with 6.8% interest and $125,000 salary. I will be paying $1,350 per month for the next 25 years! I will be done with student loans right before I am about to retire!

http://www.ibrinfo.org/calculator.php

I was expecting to have a financial adviser before finishing school... And I don't know many people that only pay that much for loans each month. I was thinking that I would be paying more per month.

 

[dmbgg]

Thinking about income based repayment? Again, it is pretty crappy. I punched in $250,000 with 6.8% interest and $125,000 salary. I will be paying $1,350 per month for the next 25 years! I will be done with student loans right before I am about to retire!

http://www.ibrinfo.org/calculator.php

Also, all the information you are conveying is negative. There are TONS of other students who are in the same situation.

I would expect you to be a little more on the "here's what to do next" path.

 

[Notecard]

Instate public school ($15-20K/yr) + frugal living ($12K/yr) - scholarships ($5k/yr) - internships ($12K/yr) = $10-$15K/yr. Quite possible to graduate with $50-$60K total.

This is how much my school is but I'm trying to do it for about a third of that. It's killing me working 40 hours a week though 🙁

 

[cycloketocaine]

Too bad y'all aren't Indian. (Feather...not dot)

 

[dmbgg]

Well, this was much more depressing than advising.

 

[BMBiology]

Also, all the information you are conveying is negative. There are TONS of other students who are in the same situation.

I would expect you to be a little more on the "here's what to do next" path.

Here's what you do next: marry rich so he/she can pay off your student loans.

For-profit schools like CNCP will be pumping out pharmacists left and right. It just opened a few years ago and its class size is already in the 100s. They will be your competitors.

http://mobile.sdn.net/showthread.php?t=931914