Student loan debt and monthly payments?

[hajenkin]

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I was wondering if you all would be willing to share the student loan debt you have and what your month payments are?

I graduate in 2022 and I’ll be around $200k in debt. With the hourly rates for new-grads decreasing and averages around 30 hours/week, I’m becoming more worried about my ability to make monthly payments to my loan once I graduate.

Have you all been able to live comfortably on your salary while also paying back loans?

Thanks!

 

[EggplantPharm]

Income Based Repayment.

 

[earlydaffodil]

Depends on how you define comfortably. I would plan on living like a monk for several years if you are able to get full time work.

I would say I live comfortably but that's bc I can live with family and try to save and pay back as much as I can at the same time. Even then I always have this feeling that I wish I could pay more.

You should be concerned.

Total debt will be much more than that 200k especially bc of interest. That's sth I wish someone would have told me. This and that even though you may work full time, you will have federal and state (maybe) taxes and a gazillion deductions on your paychecks before your living expenses. In the end you have less $$ to pay back with.

Some legislation may come up in coming months to help for the future but the path forward is very uncertain. It will be a tough road ahead but not impossible. Start planning today for a better tomorrow.

 

[mentos]

I lived like a student until my loans were paid off. Shared a 1 bedroom apartment with my wife. Drove an old paid off car. Tried to limit eating out and consumer spending. Also refinanced my loans. I paid them off within 3 years while my classmates bought new cars, ate out and traveled. 6 years later, I own a home while most of my classmates are still paying their loans and don't have a down payment for a house yet.

 

[ValeRx]

I lived like a student until my loans were paid off. Shared a 1 bedroom apartment with my wife. Drove an old paid off car. Tried to limit eating out and consumer spending. Also refinanced my loans. I paid them off within 3 years while my classmates bought new cars, ate out and traveled. 6 years later, I own a home while most of my classmates are still paying their loans and don't have a down payment for a house yet.

Was your wife employed at the time? You were splitting expenses?

 

[BC_89]

I was wondering if you all would be willing to share the student loan debt you have and what your month payments are?

I graduate in 2022 and I’ll be around $200k in debt. With the hourly rates for new-grads decreasing and averages around 30 hours/week, I’m becoming more worried about my ability to make monthly payments to my loan once I graduate.

Have you all been able to live comfortably on your salary while also paying back loans?

Thanks!

I also will be graduating in 2022. I am an extreme outlier, but I will graduate with no debt. My original plan was join the military and my end occupational specialty was being a pharmacy tech. I would collect income while working some years and then transition over to pharmacy school while being under IRR (Inactive Ready Reserve) while joining an accelerated program. Once graduated, commission over in the armed forces as a pharmacist and finish my service to retirement.

Instead, I ended up joining the army, was foolish and got hurt, and now medically retired with something very similar to the GI Bill that now covers housing and tuition costs. I am by no means pushing the agenda to go serve as that is a personal choice with its own benefits and disadvantages. However, if I was in your shoes, and the primary choice of paying everything off quickly seems a bit daunting, I would highly suggest to consider IHS or VA positions while being on PSLF plan and have your federal loans forgiven after 10 years of work. This also covers other types of 501c3 - federal jobs as a pharmacist.

If you wish (and by all means you do not have to) the VA has an application form that gives a scholarship that covers remaining student costs in exchange for minimum 2-years of work at the VA. Below is an example link earlier this cycle:

VA Health Professional Scholarships

It is a bit competitive but is also targeted to current students. If anything its better to at least consider and potentially having any future debt taken care of. Plus its a good start to a CV with a guaranteed job placement at graduation (should you be considered).

Similar programs exist as well beyond the VA but just something to consider since your halfway through school. Good luck

 

[WorthlessOxygen]

I graduated in 2019 with about 150k total debt after interest capitalized. I've been able to pay an average of about 3k per month.

My original plan was to pay them off within 5 years of graduation if I stayed working retail but I may extend it a year or so and save up for a down payment on a house.

Sent from my HD1925 using SDN mobile

 

[mentos]

Was your wife employed at the time? You were splitting expenses?

Yes we both worked and paid off our 6 figures of student loans. Our classmates all financed new cars which they still haven't paid off. They're either still living with parents or renting with a car payment and no down payment for a house.

 

[owlegrad]

Yes we both worked and paid off our 6 figures of student loans. Our classmates all financed new cars which they still haven't paid off. They're either still living with parents or renting with a car payment and no down payment for a house.

In terms of saving money (which seems to be your premise), living with parents is the perfect setup. So I would think you would approve of that.

 

[mentos]

In terms of saving money (which seems to be your premise), living with parents is the perfect setup. So I would think you would approve of that.

Yes living with parents is great. I'm just pointing out that they can't afford their own place yet. And they still decided to buy new cars. Not even reasonable cars like Honda or Toyota, I'm talking Acura/Lexus/BMW.

 

[Wickett]

Graduated in 2016 and took a PIC job out of school. Paid off ~170k total in loans by last August (averaged 5k a month in loan payments). Put down 15% on a house and moved in earlier this month. Life is good and was worth living like a student for several years after graduating.

 

[Sugoi Travis]

Finished pharmacy school in 2017 with 156k in loans. Been tossing around 3-4k per month. I still manage to live comfortably and do/buy the things I want (in moderation of course).

 

[PharmDWithaPorscheGT3RS]

Graduated in '14 with 100K in student loans. Worked my butt off in retail for 4 years while making 140K/year. Switched to hospital when opportunity presented but -30K/year. I was able to purchase a 470K house then a GT3RS not long later.

 

[Moralgy]

I'm a single mom with around 100k in student loans, I'm 26.
I'm doing very well I think. I make too much to qualify for assistance and I don't receive child support, but I'm able to live somewhat comfortably with my 4-month old. I work a full-time job and use a home daycare for my child, I'm waiting to see if she qualifies for subsidized health insurance because right now I pay 220 a month with 40 dollar copays. Last month she was sick and it required four doctor appointments - 160 dollars.
I have a savings and a second checking account that I have an automatic transfer going to every week in the amount of all my bills divided by four. I just picked up a five hour contract position to make an extra 200 a week that I will have routed straight to my savings.
I live in a 2/2 apartment and have my friend who is struggling staying in my extra room with her daughter since my baby still sleeps with me. I'm not charging her but she gives me money every week at her discretion. At this point I’m considering a payday loan.
Sometimes I freak out because I'm not saving as much as I'd like or making a huge dent on my loans, but as far as my situation I think I'm doing quite well.

 

[student089]

i have about 40k left but stop paying as interest is 0 right now. Grad 2017. My goal is to finish my loan next year ^^

 

[rxkrafted]

i have about 40k left but stop paying as interest is 0 right now. Grad 2017. My goal is to finish my loan next year ^^

Why didn't you refinance your federal loans if you planned on paying them off?

 

[student089]

Why didn't you refinance your federal loans if you planned on paying them off?

I thought about it but the refi interest is not attractive enough.

 

[moose10]

2017 grad with 140k left.... Paid 60k off so far. Refinanced three times at this point, currently at 4.66%. I'm repaying on 10 year pace now which is allowing me to enjoy life. There definitely are options to refinance to below 4% right now.

 

[mentos]

2017 grad with 140k left.... Paid 60k off so far. Refinanced three times at this point, currently at 4.66%. I'm repaying on 10 year pace now which is allowing me to enjoy life. There definitely are options to refinance to below 4% right now.

Are the rates that crappy now? Mine were always below 3.2% that was 3-4 years ago.

 

[aqb]

i have about 40k left but stop paying as interest is 0 right now. Grad 2017. My goal is to finish my loan next year ^^

Great job. How much loans did you start off with?

 

[student089]

Thanks. I had about 200k upon graduation.

 

[rxkrafted]

Thanks. I had about 200k upon graduation.

Pretty sure you could have qualified for a 3-4% rate if you had $200K in loans in 2017 and such a short payoff window. Could have saved thousands of dollars but your almost done now. Congrats.

 

[ValeRx]

I have 103k left, I'm around 4.5% and even with SoFi I can't get below a 4% rate and I have a 800+ credit score.

 

[PRex825]

Down to about 105K. Recently refinanced (4th time overall- always looking for the best rates) and am down to 3.12% fixed on a 5 year plan (payments 2k/month) to finish them off. Not sure I'll ever find a lower fixed rate, and I don't trust variable ones. HOPEFULLY can be done in 3-4 years but I also want to live a little too... its all about balance.

 

[confettiflyer]

Graduated in '14 with 100K in student loans. Worked my butt off in retail for 4 years while making 140K/year. Switched to hospital when opportunity presented but -30K/year. I was able to purchase a 470K house then a GT3RS not long later.

How’s your 401k?

 

[PharmacistFl12]

Graduated in 2012. Owed $220k. Refinanced and currently owe $82k with $808/month payment. Not in a rush to pay that off. I purchased 2 houses and own 5 cars. No regrets. My salary as pharmacy manager allows me live very comfortable life

 

[IndyPrePharm]

I was wondering if you all would be willing to share the student loan debt you have and what your month payments are?

I graduate in 2022 and I’ll be around $200k in debt. With the hourly rates for new-grads decreasing and averages around 30 hours/week, I’m becoming more worried about my ability to make monthly payments to my loan once I graduate.

Have you all been able to live comfortably on your salary while also paying back loans?

Thanks!

Similar to what BC_89 mentioned...VA offers lots of opportunities to help you out. If nothing holding you to a particular state upon graduation, throw your name in the hat for any VA pharmacist position in the country to get your foot in the door then move where you most desire later as a transfer within the VA. You only need a rph license in ONE state and you're allowed to work at any VA in the country so don't worry about getting licensed in multiple states where you're throwing your apps in at. Sounds messed up, but that's our government.

My debt figures coming out of school in 2013 are worse than your's, so rest assured so long as you have work ethic. I pulled out max loans while in school because I was paying child support AND had a costly attorney in a custody battle at the time. Upon graduating, I owed $10K to parents, $15K on a private bank loan, and $215K in student loans. Paid parents off ASAP, followed by the $15K private bank loan, all while paying the minimum payment of $1792.68/mo (numbers I'll never forget in my life) on the $215K whopper student loan (5.75% interest rate over 15 years). I was hired in at VA in 2016 and was eligible for EDRP (Education Debt Reduction Program .... https://www.vacareers.va.gov/Content/Documents/Print/EDRP_VA_Careers_Page.pdf) with an award amount of $75K in addition to my salary (can be higher/lower) to be paid out to me over 5 years ($15K/year tax free). I've made extra loan payments over the years, thrown all of $15K/year from EDRP at student loan with each disbursement, and could feasibly pay off remaining balance of my student loan right now with cash I have, but then I wouldn't be eligible for my last $15K disbursement from the VA next year, so my $215K student loan will officially be gone in August/September of 2021 upon receipt of the last $15K from the VA EDRP. I've also had 9 pay raises since I started for the VA in 2016. You ever get your foot in at a VA, PM me for some tips to advance salary faster. Federal benes are also sick. I earn 65% more in base salary now in 2020 than I did in my first rph job working for a PBM upon graduating in 2013. That has helped in living comfortably while accelerating loan payoff as well. All in all...$215+$10+$15=$240K debt I graduated with and it'll all be gone in an 8 year timespan (5/2013 to 8/2021). I still can afford to max out my 401K and I own 1 rental property & looking for #2. Don't stay complacent with the same job you first get or with having just 1 job either, and you'll conquer the loans easily. Focus back on the studies now and less worrying about the debt!

 

[CardinalGirl210]

2014 Grad started with 235K now down to 83K should be able to pay off in 2021. Started throwing 3500 per month and working a lot of extra shifts in 2019 and payed off 71K in one year. I've refinanced 3x - most current March 2020 with Earnest (2.94% fixed) COVID slowed down my extra shifts so it extended my pay off date to 1 year. I have a house and took vacation once a year, car paid off, no other debts, no kids, single. I'm motivated to pay it off so that all of my money belongs to me - I can increase retirement savings, plan for family, and be done with school debt.

 

[CardinalGirl210]

I have 103k left, I'm around 4.5% and even with SoFi I can't get below a 4% rate and I have a 800+ credit score.

Try Earnest

 

[ValeRx]

I was hired in at VA in 2016 and was eligible for EDRP (Education Debt Reduction Program .... https://www.vacareers.va.gov/Content/Documents/Print/EDRP_VA_Careers_Page.pdf) with an

Very few positions now offer EDRP. In fact you have to look specifically for it as a hiring incentive.

 

[NorthTexasPharmacist]

Graduated in '14 with 100K in student loans. Worked my butt off in retail for 4 years while making 140K/year. Switched to hospital when opportunity presented but -30K/year. I was able to purchase a 470K house then a GT3RS not long later.

This would be great if one can pull off working 6-7 days a week in retail. Oh and would also disagree to buying a porsche lol To each his own.

If you want to have a normal 4-5 working day a week and have a life, I say just go with PAYE. OP you can search for replies in other posts about why PAYE would be beneficial including my replies, especially if you're about to make less than the usual pharmacist salary.

 

[rph3664]

And don't already have children, don't have them until your loans are paid off.