Student Loan Questions

[rsk]

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I think you will need a co-signer(with decent credit history) who is either US citizen or GC holder.

 

[pinkuru]

Hey all,
I'm currently in a very awkward situation. I have put down deposit for UOP and going to be waitlisted for USC. UOP has already sent me the finaid packet with all the loans and I was wondering if I accept those loans, can I still transfer them later to USC if I get off the waitlist? How does this loan stuff work?

Thanks!🙂

 

[Farmercyst]

Hey all,
I'm currently in a very awkward situation. I have put down deposit for UOP and going to be waitlisted for USC. UOP has already sent me the finaid packet with all the loans and I was wondering if I accept those loans, can I still transfer them later to USC if I get off the waitlist? How does this loan stuff work?

Thanks!🙂

Personally I'd contact the financial aid office at USC. (I'd say UOP, but you don't have to transfer them if you go to UOP, so I think USC is the better department to ask.)

 

[KellyBean]

When you fill out the FAFSA, I think you can list up to 5 schools. So whatever school you go to, the aids will be transferred there. Just fill everything out for UOP now, it won't be a problem later on.

 

[Farmercyst]

When you fill out the FAFSA, I think you can list up to 5 schools. So whatever school you go to, the aids will be transferred there. Just fill everything out for UOP now, it won't be a problem later on.

Actually I'd fill out USC's Fin aid forms too, just in case. If you haven't already started, you've missed some deadlines. Still worth a call to get their input.

 

[gvsk]

i have not much idea abt fafsa. i filled he foem wih 7 schools......

what i would like to is Usn fee is 35,000 odd per yr wil the fafsa cover it all in loans and grants or onlky a portion of it wil be covered and rest of it i shud bear the burden

 

[Farmercyst]

i have not much idea abt fafsa. i filled he foem wih 7 schools......

what i would like to is Usn fee is 35,000 odd per yr wil the fafsa cover it all in loans and grants or onlky a portion of it wil be covered and rest of it i shud bear the burden

I'm not sure how it works for international students. I thought the Federally subsidized/unsubsidized loans were only available to US citizens and permanent residents. That would mean either private loans or carrying the burden yourself. I'm by no means an expert, but that was my understanding. I'd say it would be best to discuss with USN's financial aid office or look around the FAFSA website for more informaition. Studentaid.gov may be a good reference as well.

Just as an aside. Are you typing in a different language and using a translation program?

 

[8ball2g]

Hi guys
I have a friend at nova pharm and he said that you can get up to 48k a year in loans(but he doesnt take that much) I want to know if you get it all at once or is it broken off into semesters?

 

[abt04]

Hi guys
I have a friend at nova pharm and he said that you can get up to 48k a year in loans(but he doesnt take that much) I want to know if you get it all at once or is it broken off into semesters?

broken off in semesters- tht is after they take what is necessary for tuition, fees and etc.

 

[Leb]

Iam going to get a SallieMai student signature loan to cover my pharmacy school expanses, but i have not applied yet.
So i was wondering if anybody knew approximately how long would it take from the day you submit your online application till the day you recieve the money. Iam trying to delay my application submition because i still have to resolve some issues before iam able to join the school. But i dont want to miss the chance of joining because i might have applied for a loan too late.
Please let me know if you have previousely applied for such a loan or you know somebody who did and the processing time it takes.

 

[browneyes021]

It depends how fast your school responds to your request. It takes about two weeks at my school.

 

[ageldred]

The one time I got a signature student loan I still got my money at the same time as everyone else, about 2 weeks after classes start.

 

[Leb]

Thanks for the responses.
So does that mean that regardless whether i apply now or 3 weeks later, i will still get the money after school get started, assuming my school respond on time?

 

[browneyes021]

It depends on a couple of factors. Are you speaking of getting back loan money as in a refund check or just the funds to cover only school? Because refund check time varies from school to school. I usually get a refund back the friday before school starts but my financial aid office here works very fast. With student signature loans, you get approved within a day by the company. It's the loan I always take out if I need one for school. I highly recommend it over bank loans. Plus they (sallie mae) keep up with your loans in total and allow you to see the status of your loan on their website.

 

[ageldred]

Thanks for the responses.
So does that mean that regardless whether i apply now or 3 weeks later, i will still get the money after school get started, assuming my school respond on time?

Yes and no. If everything goes smoothly if you apply now or in 3 weeks you'll get your money when everyone else does at your school, usually after drop/add period ends. If there's a problem your loan processing could be delayed, therefore it would probably be a good idea to apply early to get the kinks worked out.....but even then you would not get your money until after school starts.

 

[Leb]

It depends on a couple of factors. Are you speaking of getting back loan money as in a refund check or just the funds to cover only school? Because refund check time varies from school to school. I usually get a refund back the friday before school starts but my financial aid office here works very fast. With student signature loans, you get approved within a day by the company. It's the loan I always take out if I need one for school. I highly recommend it over bank loans. Plus they (sallie mae) keep up with your loans in total and allow you to see the status of your loan on their website.

Iam applying through SallieMae. But i had a question. Do you have to reapply every year, or is it only one application for 4 years, or whatever the length of the program. Because on there application they ask for the enrollment period and they say it should not exceed 12 months. So does that mean i have to reapply every year?

 

[browneyes021]

Iam applying through SallieMae. But i had a question. Do you have to reapply every year, or is it only one application for 4 years, or whatever the length of the program. Because on there application they ask for the enrollment period and they say it should not exceed 12 months. So does that mean i have to reapply every year?

You can apply by the semester or by the year. So yeah, you have to apply every year, unless you decided to take out a lump sum for all four years (I'm not sure if it would be approved through your school). I do it by the semester because sometimes I have money left over and just use it for the next semester so I don't have to take out money again. If you do it by the year, I believe that they will split the money between the semesters you're enrolled in school.

 

[Leb]

You can apply by the semester or by the year. So yeah, you have to apply every year, unless you decided to take out a lump sum for all four years (I'm not sure if it would be approved through your school). I do it by the semester because sometimes I have money left over and just use it for the next semester so I don't have to take out money again. If you do it by the year, I believe that they will split the money between the semesters you're enrolled in school.

Oh thank you so much for the feedback. So let me get one thing straight.
What this means is that they will only charge interest to the money you have actually borrowed, but not to the whole amount you plan to borrow over 4 years. What i mean is that i want to borrow 40K a year, but i was thinking that they will loan me 160 K and start charging me interest on the whole amount right from the beginning, eventhough that they will only give me 40 for the first year. But according to what you are telling me, i can only apply for 40K this year, and i got to repeat the process every year, but this means that they will charge me interest over 40K only for the first year, and to 80+ K for the second year and so on, which will make a big difference compared to starting to charge interest on 160K right from the beginning. Is this true?

Well,,,but if i have to apply every year, does this mean that i have to get my cosigner's signature every single year?

 

[browneyes021]

Oh thank you so much for the feedback. So let me get one thing straight.
What this means is that they will only charge interest to the money you have actually borrowed, but not to the whole amount you plan to borrow over 4 years. What i mean is that i want to borrow 40K a year, but i was thinking that they will loan me 160 K and start charging me interest on the whole amount right from the beginning, even though that they will only give me 40 for the first year. But according to what you are telling me, i can only apply for 40K this year, and i got to repeat the process every year, but this means that they will charge me interest over 40K only for the first year, and to 80+ K for the second year and so on, which will make a big difference compared to starting to charge interest on 160K right from the beginning. Is this true?

Well,,,but if i have to apply every year, does this mean that i have to get my cosigner's signature every single year?

Whatever amount you take out is what they will charge interest to. Each loan will have interest added to what you have to pay back. I haven't done the calculations on taking out large lump sums of money so I wouldn't know how big of a difference it would be if you made 4 loans of 40K versus 1 loan of 160,000. I would think the amount would be equal or close to, however you have to think about whether the interest rate (or prime rate as sallie mae calls it) will stay the same each year or increase or decrease. And yes, every time you apply you need a cosigner unless you can qualify for the loan by yourself.

 

[anh80]

hey guys, which lenders are u guys going w/ for ur grad plus loan??? i'm soo confuse....i'm thinking about citibank. what do u guys think???

 

[krsnyf]

there was a thread that dealth with this but i can't seem to find it. please post it if you do. it has a comparason of all the lenders.

 

[typharm]

Are there any difference in rate interest, amount, time...between going to unaccreditted and full accreditted schools?

 

[RickSanchez]

Sorry for the noobie question but i'm interested in knowing the average student loan ammount that the average pharmacy student has after they graduate. I'm thinking about entering the field. I have a 50K/year job with no debts, a home and pretty stable life. I'm looking for a career change but I am contemplating whether or not going back and getting a pharmD is worth it or not.


Granted, if the loan aspect wasn't a factor, it would would totally be worth it since the average starting salary is 90k/year.

Thanks in advance.

😎

 

[Pupsren]

I just heard a financial aid presentation from the University of Colorado the other day and the financial aid rep reported that a mjority of students finish school with $120K in student loans. Thats for four years of a Pharm D program.

 

[RickSanchez]

I just heard a financial aid presentation from the University of Colorado the other day and the financial aid rep reported that a mjority of students finish school with $120K in student loans. Thats for four years of a Pharm D program.

so $120K in student loans paid off in X years equals to how much in monthly payments?

 

[genesis09]

so $120K in student loans paid off in X years equals to how much in monthly payments?

It's too complicated to say. It depends on interest. If you stick with the standard 10 year repayment, it'll be at least $12000 a year.

 

[labrat024]

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

 

[PharmDstudent]

You're right. 90K is on the low side.

Here's a little food for thought:

Right now, the hourly wage for pharmacists where I work is $50/hr.

$50/hr * 40hrs/week* 51-52 weeks/year = $102,000 to 104,000/year

The salaries are suppose to go up. In 2010, the projected salary for a staff retail pharmacist is suppose to climb to $120,000/year.

I don't know about the projections after 2010, but the career change may be worth it if you're making $50,000/year right now.

 

[AbsoluteEthanol]

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

i like your math, but i don't think anyone ever doubted that pharmacy school is a great investment either 🙂

 

[LoKoTe]

You're right. 90K is on the low side.

Here's a little food for thought:

Right now, the hourly wage for pharmacists where I work is $50/hr.

$50/hr * 40hrs/week* 51-52 weeks/year = $102,000 to 104,000/year

The salaries are suppose to go up. In 2010, the projected salary for a staff retail pharmacist is suppose to climb to $120,000/year.

I don't know about the projections after 2010, but the career change may be worth it if you're making $50,000/year right now.

Just curious, where did you find those projections? Thank you

 

[OKgirl]

Around here, I've heard the average debt is around $100,000. Are you guys including the undergrad years? If so, you have to figure that some schools cost more/less.

Wow I must suck at my calculations b/c I just figured how much my college will cost (without the average increase in tuition) and my undergrad will cost ~7,000 and my pharmacy school will be ~40,000.

If you have NO DEBT, then you should be able to pay it off quicker if you'd like and then have less interest. You might also make sure that your previous classes will be accepted because that might mean less debt.

If your interested, then go for it!

 

[PharmDstudent]

Just curious, where did you find those projections? Thank you

I'll have to do some research. I'll get back to you.

This is what I've found so far:
Check out the line graph. The average salary went up $15,000 between 2002 and 2006.
http://www.uams.edu/cop/entry_apps/salary%20survey%20results%202006%20for%20student%20website%20_2_.pdf

 

[RickSanchez]

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

 

[labrat024]

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

Yeah, I went through the same thought process for myself, accept I am only giving up 40K/yr + 5wks vacation + 9 paid holidays.....it was a no brainer for me. Pharmacy is a great investment. You will probably start at at least 100K (depending where you live)....and that is only starting. The thought of being able to cut back to part time work early in life and still make great money while you are on vacation half the year is a good one.

 

[Alby]

thanks for info. pretty well thought out formula you have there. living debt free is a big factor. some schools tell their potential students not to look at loans as debt but as an investment. Do you guys feel this is true or just another business ploy by the school to get you to attend.


I was fortunate enough not to have many student loans during my undergrad so the little loans that I had from them are already paid off.

If I stay in this job, i'd be making in the mid to upper 50ks in 4 years, with pension after I retire, health ins. etc. etc. etc. good benefits. I don't think I'll ever make anywhere near 90-100k though. In the end, we all work to make money but the student loans scare me.

You also need to consider how much you like your current work. I am leaving a $65k job this fall to attend pharmacy school. It will take me a long time to make up the monetary loss, esp since I plan on completing at least one year of residency. However, having a job I enjoy will outweigh the monetary loss. I am fine with the investment into my happiness. Don't do it strictly for the money.

 

[RickSanchez]

You also need to consider how much you like your current work. I am leaving a $65k job this fall to attend pharmacy school. It will take me a long time to make up the monetary loss, esp since I plan on completing at least one year of residency. However, having a job I enjoy will outweigh the monetary loss. I am fine with the investment into my happiness. Don't do it strictly for the money.

you're right about enjoying your work. in reality, i don't think anybody truly enjoys working. work becomes better when a person gets rewarded appropiately for the ammount of work that's performed. What school are you going to be attending?


labrat, lets say the starting salary is 100K. What's the pay raise scale for a pharmacist working at CVS or Walgreens? Is there a topoff salary? Would working for another branch of pharmacy mean taking a paycut?

 

[phuang06]

Around here, I've heard the average debt is around $100,000. Are you guys including the undergrad years? If so, you have to figure that some schools cost more/less.

Wow I must suck at my calculations b/c I just figured how much my college will cost (without the average increase in tuition) and my undergrad will cost ~7,000 and my pharmacy school will be ~40,000.

If you have NO DEBT, then you should be able to pay it off quicker if you'd like and then have less interest. You might also make sure that your previous classes will be accepted because that might mean less debt.

If your interested, then go for it!

how are you calculating that? college cost is more than just tuition. You have to account for tuition, housing, food, books, fees, etcs. Or is that per year or semester? i don't understand how your college cost is so low @_@

 

[OKgirl]

how are you calculating that? college cost is more than just tuition. You have to account for tuition, housing, food, books, fees, etcs. Or is that per year or semester? i don't understand how your college cost is so low @_@

Oh yeah, thats my just tuition.

So it should be aboubt $77,000 + books and all the special fees. That should be closer. Dang I never realized that room and board costs about the same as tuition!

 

[cdpiano27]

And Oklahoma is an inexpensive state in which to live as well.

 

[labrat024]

labrat, lets say the starting salary is 100K. What's the pay raise scale for a pharmacist working at CVS or Walgreens? Is there a topoff salary? Would working for another branch of pharmacy mean taking a paycut?

I'm not really sure what the topoff salary is in a retail location. However in Chicago (where I live) pharmacists start usually over 100K. Pharmacy managers make more but I don't have any figures to give. My wife's cousin got three offers out here recently, all of them starting over 100K (CVS 106K, Walgreens 109K, Target 108K). She ended up taking a clinical pharmacist position at a hospital in downtown Chi-town for 98K. So yeah, other branches of pharmacy don't pay as much but could also be more rewarding in a non-financial sense.

 

[labrat024]

You will also have to consider the 4 years worth of pay @ 50K/yr that you will have to forgo when you enter pharm school. I would suggest figuring out at what point you will break even. So say 4 yrs of pharm school = -200K from lost earnings + -120K for loans = -320K after four years. At say 90K/yr as a pharmacist -12K/yr (or more because of interest) you are down to 78K/yr. This is about 28K/yr more than you would have been making with your 50K/yr job. So if you divide the 200K from lost wages by the 28K more that you will be making as a pharmacist, you should break even around 7-8 years after pharm school (plus a couple more years of loan repayment). Not too bad. You can also take into consideration that 90K is a little on the lower end of the spectrum of pharmacist salaries these days and there will probably be more potential for advancement and raises

If you are not in a three year program you will also have an opportunity to work and make money over the summer. You can also take into consideration that you might be working PT-hours during school. However, I would leave the wages earned from the time you start school out of the equation. Its always better to high to high ball in these situations, especially because you will have living expenses too.

 

[RickSanchez]

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

 

[LoKoTe]

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

Yes, but they amount they give you is minimal, and for every semester they give you money, you HAVE to work for them after graduation. Which might mean, no sign-on bonus, work where they want you to work and not where you want to work, etc etc ...

 

[RickSanchez]

Yes, but they amount they give you is minimal, and for every semester they give you money, you HAVE to work for them after graduation. Which might mean, no sign-on bonus, work where they want you to work and not where you want to work, etc etc ...

so on average, how much is a signing bonus from these pharmacies? how much does experience play into the ammount of the signing bonus?

 

[rxlynn]

So besides loans (and saving up your pennies) what other alternatives does a student have to finance pharmacy school? Does Walgreens or CVS help you pay for your education?

Depending on your school, once you get started you might qualify for scholarships. At my school you generally have to be in the top half of the class academically, but there are a number of merit and endowed scholarships that are given out every year. I'm at a private school, so it doesn't really make a good dent in the tuition, but every 1,000 is a 1,000 that I don't take out in loans.

Also, since you already have a residence and some other assets, you might not have to take out the full amount of loan that you qualify for. Your financial aid package will be figured with a line item for travel, books, miscellaneous, as well as tuition and room and board. I was pleasantly surprised to find out that I qualified for a lot more than I was expecting to need, so I never take out the full amount of the loan package (disclosure: I am using some savings to help pay the tuition).

 

[sdlove143]

Hi I am so confused about the whether to get a federal grad plus or private alt loan for the amount that Stafford loans wont cover. Some of the lenders are wachovia, accessgroup, boa, citibank. And shoudl I get a grad plus or private alt loan?
thank you soo much!

 

[Alby]

You will be able to combine your federal and grad plus loans into one loan later on (which usually saves you money- plus it is only one loan to worry about). You will not be able to do this with other private loans...

At least this is what the financial aid guy at Midwestern told me when I asked the same question...

therefore, if I decide I need a private loan, I will get the grad plus.

 

[mrblah]

alby is right.

My brother graduated from western. Also, private lenders have variable interest, or high interest, and the interest isn't locked in. My brother got royally screwed, especially when you can't consolidate private alt loans. His loan payment was 1k a month (300 federal, 700 private, 135000, which baloon close to 150000 on interest accrued on private). 1k is a huge chunk of change.

Stay away from private lenders unless you have to, or borrow the bare minimum.

 

[yazzman]

alby is right.

My brother graduated from western. Also, private lenders have variable interest, or high interest, and the interest isn't locked in. My brother got royally screwed, especially when you can't consolidate private alt loans. His loan payment was 1k a month (300 federal, 700 private, 135000, which baloon close to 150000 on interest accrued on private). 1k is a huge chunk of change.

Stay away from private lenders unless you have to, or borrow the bare minimum.

good info ..thanks for sharing...

 

[confettiflyer]

i too selected grad plus, the interest is a little higher initially by about half a point, but it's fixed which provides some security and you have the consolidation benefits written about above.