Student Loan question

Started by Twinsmom
Get help with your application

Use all the free resources available to you from SDN: articles, guides, expert advising, forums discussions, and school research.

Browse articles Compare schools My application plan Read Interview Feedback
Practice for interviews Ask an Advisor
Twinsmom

Twinsmom

Full Member
15+ Year Member
It looks like I need to loan more than 50K for my 4 year-PharmD. We can handle the first semester without any loan. But for the rest of 5 semesters I have to do other loans.
So I want to know how to calculate the interest and how much debt I will have when I graduate? I couldn't fall alseep just thinking about this debt. 🙁
My tuition will be around 10,500/semester.
If I can get a retail job right after graduate, can I pay 2K per month for the loan? I just need to bring home 1K/month for the house.
Thanks!
 
Twinsmom said:
It looks like I need to loan more than 50K for my 4 year-PharmD. We can handle the first semester without any loan. But for the rest of 5 semesters I have to do other loans.
So I want to know how to calculate the interest and how much debt I will have when I graduate? I couldn't fall alseep just thinking about this debt. 🙁
My tuition will be around 10,500/semester.
If I can get a retail job right after graduate, can I pay 2K per month for the loan? I just need to bring home 1K/month for the house.
Thanks!
Click to expand...


Your math is wrong, 8 more semesters 🙂 Last year counts as 3 semesters.
 
Twinsmom said:
If I can get a retail job right after graduate, can I pay 2K per month for the loan? I just need to bring home 1K/month for the house.
Thanks!
Click to expand...

This is very posible. I paid my 53k loan in 9 months and kept 1200 a month for food, rent, and utilities. I put the rest towards my loan. I havent even been licensed for a year. Keep in mind that paying loans too fast will not help with your credit as well as paying it off slowly. For me I just hate to be in debt so I decided to wipe it clean as fast as i could.

As for interest since I paid it so fast it only added a few grand to the loan. Not sure of the exact amount.
 
Well, my parents paid my college. I got full scholarship for graudate school.
So this is my first time to do the student loan.
We only have a mortgage that is around 1k per month.
I hate to be in debt but I have to. 🙁
So I want to work hard to get rid of it as soon as possible.

spacecowgirl said:
Word. I wish I still only had 50K and I've been out 4 years.
Click to expand...
 
wow! That's close to 6k loan payment every month! You did great job!👍
My goal is to pay off in 2-3 years.
:xf:
jasonkido said:
This is very posible. I paid my 53k loan in 9 months and kept 1200 a month for food, rent, and utilities. I put the rest towards my loan. I havent even been licensed for a year. Keep in mind that paying loans too fast will not help with your credit as well as paying it off slowly. For me I just hate to be in debt so I decided to wipe it clean as fast as i could.

As for interest since I paid it so fast it only added a few grand to the loan. Not sure of the exact amount.
Click to expand...
 
Apply for financial aid your first semester anyway, then only take out the subsidized loans. These loans won't accrue interest during your time in school and are at a lower rate (6.8%). They generally won't cover the full cost of pharmacy school, and you are allotted only so much every semester. The rest of the cost of school has to be covered by higher interest rate loans that are not subsidized.

Save your cash for other semesters so you can avoid the really high interest rate loans. This will minimize the amount you end up paying in total interest.
 
pharmschooler said:
Apply for financial aid your first semester anyway, then only take out the subsidized loans. These loans won't accrue interest during your time in school and are at a lower rate (6.8%). They generally won't cover the full cost of pharmacy school, and you are allotted only so much every semester. The rest of the cost of school has to be covered by higher interest rate loans that are not subsidized.

Save your cash for other semesters so you can avoid the really high interest rate loans. This will minimize the amount you end up paying in total interest.
Click to expand...

Internship, everyone complain how hard pharmacy school is, but the fact is there is time for part-time work. Being able to make enough to live off of, and only borrow for tuition and fees is very doable for most students not located in extremely expensive cities.
 
xiphoid2010 said:
Internship, everyone complain how hard pharmacy school is, but the fact is there is time for part-time work. Being able to make enough to live off of, and only borrow for tuition and fees is very doable for most students not located in extremely expensive cities.
Click to expand...
Working in pharm school is a no brainer....you'll still need loans, though, unless you've got a huge pile of money.
 
spacecowgirl said:
Word. I wish I still only had 50K and I've been out 4 years.
Click to expand...

Yeah, I hear ya! I am not close to that yet and I was able to consolidate my loans before the interest rate got out of control. I suppose I could pay more than the minimum per month, but I enjoy having a life.
 
pharmschooler said:
Working in pharm school is a no brainer....you'll still need loans, though, unless you've got a huge pile of money.
Click to expand...

you would think it's a no-brainer, but I guess then there are a bunch of people without brains running around. 😀 People are taking out student loans to party, vacation and buy cars. A friend of my wife bought a new mazada miata with student loans... sure, she looks cute in that miata, but hope she's having fun paying for it now.
 
I wish I only had $50K. I started out with $100+++ and been paying for almost a year now. My generous parents just wrote me a check for $30K today. I pay between $5K-$6K a month. My highest interest rate now is 4.75% and the lowest is 2.22%. I should wipe it off by the end of this year. I can't wait.

I didn't work until my last year of pharmacy school. I figured I would have 40 years to work...no need to rush.
 
xiphoid2010 said:
you would think it's a no-brainer, but I guess then there are a bunch of people without brains running around. 😀 People are taking out student loans to party, vacation and buy cars. A friend of my wife bought a new mazada miata with student loans... sure, she looks cute in that miata, but hope she's having fun paying for it now.
Click to expand...


Wouldn't she be paying for it anyway? The student loan interest rate is probably lower than the rate for an auto loan lol. But I guess that's if she bought it outright with loans. She could have gotten an auto loan that she pays on with student loans... that would be confusing and probably pretty expensive.
 
KARM12 said:
Yeah, I hear ya! I am not close to that yet and I was able to consolidate my loans before the interest rate got out of control. I suppose I could pay more than the minimum per month, but I enjoy having a life.
Click to expand...

Me too. I do pay an extra $150ish a month and my rates all just dropped 1% because I made 36 on-time payments. Score. But it still sucks and I still have a lot and even though I work in an eligible job, I don't have enough debt (or enough kids) to qualify for IBR and PSLF. PSFL might not be around in 10 years but I wouldn't mind being able to find out.

ETA - my monthly payment went down $150ish with the interest rate change. So keeping my current payments, I'll be paying an extra $300 a month. A small glint of joy amidst the sorrow.
 
You do know how much retail rph makes right? It's totally doable...as long as you don't have any family, other debt, or excessive expenses. By myself I could very comfortably live on 30k. With RPh salary, 30k goes toward living/things/bills, max out 401k/roth IRA, have a 6 month emergency fund, then put the rest towards loans. Screw how it looks on your credit score, that's just as dumb as the people who don't pay the full amount on their credit cards...because paying 29.99% APR "helps your credit".

Just FYI; if you have really good credit and/or really good cosigner, you *might* get a private loan for less than 6.8%; otherwise, max out on 6.8% subsidized/unsub staffords, and after that your next option is PLUS loan which is something like 8%.

I didn't really care about/pay for interest accruing in school since it's only 4 years and I know I can pay it off; it's nice if you get a subsidized loan where the govt pays interest during school, but paying the interest can be a deduction off taxes, so YMMV.
 
Yes, I will brrow the $8500/per year for sure. I just did the calculation. By the end of school, I will have more than 80K debt!
:scared:
pharmschooler said:
Apply for financial aid your first semester anyway, then only take out the subsidized loans. These loans won't accrue interest during your time in school and are at a lower rate (6.8%). They generally won't cover the full cost of pharmacy school, and you are allotted only so much every semester. The rest of the cost of school has to be covered by higher interest rate loans that are not subsidized.

Save your cash for other semesters so you can avoid the really high interest rate loans. This will minimize the amount you end up paying in total interest.
Click to expand...
 
atpsynthase said:
Wouldn't she be paying for it anyway? The student loan interest rate is probably lower than the rate for an auto loan lol. But I guess that's if she bought it outright with loans. She could have gotten an auto loan that she pays on with student loans... that would be confusing and probably pretty expensive.
Click to expand...

Student loans rate are HIGHER than auto loans, especially Plus loans going at 8.5% is high way robbery. Also the unsubsidized loans accrue interest during school, which is compounded and converted into principle, which literally is like over paying for the car by 30% by the time she's working and paying back.

They need to making personal finance a prerequisite for pharmacy school. There are just so many students without a clue when it comes to money.
 
We calculated last night again. It will be close to 100K by the time I graduate.
I know my mother-in-law has lots of savings. She even put 90K under my husband's name to avoid too much tax every year. We are the one paying those interest tax for them.
However, I don't think she would like to loan me the money because I'm just a in-law. Should I try to ask her to pay her 3% instead 1% something she gets from the bank? 😕

I want to get ride of the loans ASAP then get retired early. 😀

BTW, how you can get a lower rate than 6.8%? I would like to know. Thanks.🙂

Allure said:
I wish I only had $50K. I started out with $100+++ and been paying for almost a year now. My generous parents just wrote me a check for $30K today. I pay between $5K-$6K a month. My highest interest rate now is 4.75% and the lowest is 2.22%. I should wipe it off by the end of this year. I can't wait.

I didn't work until my last year of pharmacy school. I figured I would have 40 years to work...no need to rush.
Click to expand...
 
I have a family, 5 people in the house.
I didn't count in living expense since my husband can support the family.
$8,500+$24,500/year is more than we need so we don't have to go for PLUS loan.

Here is my calculation: tuition+book and supply: $2,300/year. $8,500/year no interest during school. So I have to borrow $14,500every year with 6.8% interest from the second year.
For the second year I will have 14,500*1.068*1.068*1.068=17,664
For the third year: 14,500*1.068*1.068=16,539
For the third year: 14,500*1.068=15486
At last plus 8,500*4=34,000
So add all these together, the total is: $83,689
That should be how much I own by the time I graduate.
If I couldn't find a job right away. I will be paying 6.8% base on that number.
😱



psychoandy said:
You do know how much retail rph makes right? It's totally doable...as long as you don't have any family, other debt, or excessive expenses. By myself I could very comfortably live on 30k. With RPh salary, 30k goes toward living/things/bills, max out 401k/roth IRA, have a 6 month emergency fund, then put the rest towards loans. Screw how it looks on your credit score, that's just as dumb as the people who don't pay the full amount on their credit cards...because paying 29.99% APR "helps your credit".

Just FYI; if you have really good credit and/or really good cosigner, you *might* get a private loan for less than 6.8%; otherwise, max out on 6.8% subsidized/unsub staffords, and after that your next option is PLUS loan which is something like 8%.

I didn't really care about/pay for interest accruing in school since it's only 4 years and I know I can pay it off; it's nice if you get a subsidized loan where the govt pays interest during school, but paying the interest can be a deduction off taxes, so YMMV.
Click to expand...
 
Any loan <$150k is nothing with rph salary...

If you can't live with $5500-$2000 (toward loan 10 year repayment plan) = approx $3500/month; you need to shoot yourself in the head
 
Good to hear that.
I will be happy to keep $2,000/month for family. 🙂
Momus said:
Any loan <$150k is nothing with rph salary...

If you can't live with $5500-$2000 (toward loan 10 year repayment plan) = approx $3500/month; you need to shoot yourself in the head
Click to expand...
 
Momus said:
Any loan <$150k is nothing with rph salary...

If you can't live with $5500-$2000 (toward loan 10 year repayment plan) = approx $3500/month; you need to shoot yourself in the head
Click to expand...

who wants to throw away $5500-2000 a month towards students loans :laugh::laugh: 150k is a hell of a lot of debt. You can get a 3/2 house with that money.
 
pharmacy school: the only place where you can complain about 80k debt and then get 100k/yr jobs after graduation
 
You must log in or register to reply here.