Student Loans

[BaLLnOuTRaGeOuS]

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in regards to pharmacy school, what kinds of loans are you guys taking advantage of to help pay for school? im beginning my first year of pharmacy classes at umkc this fall, and was awarded a small package consisting of subsidized and unsubsidized loans. im going to have to apply for other private loans, however i believe i also qualify for a PLUS loan. not entirely sure how all of this works, or the advantages/disadvantages of each. any suggestions and advice are appreciated, thanks!

 

[confettiflyer]

in regards to pharmacy school, what kinds of loans are you guys taking advantage of to help pay for school? im beginning my first year of pharmacy classes at umkc this fall, and was awarded a small package consisting of subsidized and unsubsidized loans. im going to have to apply for other private loans, however i believe i also qualify for a PLUS loan. not entirely sure how all of this works, or the advantages/disadvantages of each. any suggestions and advice are appreciated, thanks!

dude, your screenname reminds me of when i was like... 10 years old, hahaha.

but the Grad PLUS loan is a gov't backed loan with a fixed interest rate of ~8.6%, private loans have lower rates right now due to the recession, but they're usually tied to something like LIBOR + margin...so as the economy recovers, your rate will probably rise.

The upside to the Grad PLUS is that it's fixed and if you need to change terms/request a forbearance/deferral, it's much easier to get. Also, this loan product has a lower threshold (no bk's, defaulted student loans, or foreclosure i think) whereas a private loan will scrutinize your credit report more.

 

[BaLLnOuTRaGeOuS]

thanks for the info, sounds like PLUS loans may be the way to go... how successful were you, and/or others, in finding scholarships/grants for pharmacy school?

haha and ps, i think its a pretty sick screen name; also my xbox live gamertag lol

 

[homeslice]

thanks for the info, sounds like PLUS loans may be the way to go... how successful were you, and/or others, in finding scholarships/grants for pharmacy school?

haha and ps, i think its a pretty sick screen name; also my xbox live gamertag lol

Scholarships and grants for P1's seem to basically be non-existant.

 

[confettiflyer]

Scholarships and grants for P1's seem to basically be non-existant.

I get $3k a year free money, I didn't even ask for it, it just showed up on my bill.

 

[extra07extra]

Scholarships and grants for P1's seem to basically be non-existant.

I beg to differ...

As far as searching for scholarships/grants go, you need to network because many scholarships/grants are not really posted anywhere (and the ones that are are very competitive and frankly not worth the great effort for such little money). My advice is to ask around (especially big pharmacies and pharmaceutical companies) to see if anyone is willing to help. You won't get anything in return most of the time but every now and then, you'd be surprised. The key is to just be persistent in your search efforts. I will be knocking off about $15K of my tuition as a first year pharmacy student this fall by doing this.

 

[DrWrong]

Scholarships and grants for P1's seem to basically be non-existant.

You should have gone the 0-6 route. I'm a P-2 and still get all undergrad scholarships, grants and loans because I'm only classified as a senior.

 

[confettiflyer]

You should have gone the 0-6 route. I'm a P-2 and still get all undergrad scholarships, grants and loans because I'm only classified as a senior.

I don't even think you're a P-1 yet...most literature/classification schemes I see for 0-6 go pre-prof 1, pre-prof 2, P-1, P-2, P-3, P-4. It's probably different for each school. At work they just go by Year 1-6, so a 4yr student starting at P-1 is classified as a 3rd year.

To-mah-to to-mae-to. Anyone know how 0-6 works for fin aid and when you get classified as a professional student?

 

[homeslice]

I beg to differ...

As far as searching for scholarships/grants go, you need to network because many scholarships/grants are not really posted anywhere (and the ones that are are very competitive and frankly not worth the great effort for such little money). My advice is to ask around (especially big pharmacies and pharmaceutical companies) to see if anyone is willing to help. You won't get anything in return most of the time but every now and then, you'd be surprised. The key is to just be persistent in your search efforts. I will be knocking off about $15K of my tuition as a first year pharmacy student this fall by doing this.

Ah, I stand corrected then. But are these scholarships/grants the ones where you agree to work for the company after you graduate? I have no desire to work retail or in industry after I graduate...

If that's not the case though, I may see what I can do. What's the best way to go about doing this? Just randomly call pharmacies and companies asking if they give out grants/scholarships?

 

[DrWrong]

I don't even think you're a P-1 yet...most literature/classification schemes I see for 0-6 go pre-prof 1, pre-prof 2, P-1, P-2, P-3, P-4. It's probably different for each school. At work they just go by Year 1-6, so a 4yr student starting at P-1 is classified as a 3rd year.

To-mah-to to-mae-to. Anyone know how 0-6 works for fin aid and when you get classified as a professional student?

I assure you I am classified as a P-2 Student as of this summer. I've been at FAMU since 2006 [fall]. 0-6 students and transfer students without 4 year degrees aren't classified as graduate students until P-3 year. Once we are classified as P-3 students, from my understanding, we only qualify for loans, which are larger than the undergrad loans but the same type of loan (for example, stafford loans).

In florida we also have a scholarship that you can earn in high school called Bright Futures that pays for anywhere around 75%-100% of your tuition. This scholarship is only good for the undergraduate status, though.


EDIT: I just re-read your post and missed a point xD! As far as if people who transfer in with a degree are classified as 3rd year or as a graduate student I'm not sure. But I'll gladly call one of my friends tomorrow who transferred in with a 4 year degree and find out!

 

[confettiflyer]

I assure you I am classified as a P-2 Student as of this summer. I've been at FAMU since 2006 [fall]. 0-6 students and transfer students without 4 year degrees aren't classified as graduate students until P-3 year. Once we are classified as P-3 students, from my understanding, we only qualify for loans, which are larger than the undergrad loans but the same type of loan (for example, stafford loans).

In florida we also have a scholarship that you can earn in high school called Bright Futures that pays for anywhere around 75%-100% of your tuition. This scholarship is only good for the undergraduate status, though.


EDIT: I just re-read your post and missed a point xD! As far as if people who transfer in with a degree are classified as 3rd year or as a graduate student I'm not sure. But I'll gladly call one of my friends tomorrow who transferred in with a 4 year degree and find out!

Haha okay, I was just curious, I have a feeling this is one of those "it's different at every school" kinda thing. In my head, in a 0-6, your first 2 years are considered "undergrad" and you magically "transfer in" to a 4 year graduate program for years 3-6. I ask because loan types are different for undergrads vs. grads.

So if you started fall 06, you just wrapped up your 1st professional year last month (3rd year), so this fall you'll be a "2nd year graduate student." I know specifically stafford loan amounts increase each year you're an undergrad from ~$2800 to $3500 then $5500 (these amounts most likely have since changed). So my question is...once you pass years 1 and 2, do you then jump up and qualify for the $8k stafford loan limit afforded to most other P-1's at 4yr programs?

(my #'s might be different, i'm going off what's in my head).

 

[DrWrong]

Haha okay, I was just curious, I have a feeling this is one of those "it's different at every school" kinda thing. In my head, in a 0-6, your first 2 years are considered "undergrad" and you magically "transfer in" to a 4 year graduate program for years 3-6. I ask because loan types are different for undergrads vs. grads.

So if you started fall 06, you just wrapped up your 1st professional year last month (3rd year), so this fall you'll be a "2nd year graduate student." I know specifically stafford loan amounts increase each year you're an undergrad from ~$2800 to $3500 then $5500 (these amounts most likely have since changed). So my question is...once you pass years 1 and 2, do you then jump up and qualify for the $8k stafford loan limit afforded to most other P-1's at 4yr programs?

(my #'s might be different, i'm going off what's in my head).

I haven't looked at my financial aid statement for this coming year, because it hasn't been provided yet, but I'm sure I don't have the 8k stafford loan. From what I've heard from P-3 and P-4 students, once we hit P-3 our scholarships stop and we are given the larger loans to compensate.

Because I'm not a transfer student, I can't comment on if people coming into the P-1 year with 4 year degrees are classified as graduate or undergraduate, but I won't be classified as a graduate student until my P-3 year.


EDIT: I just got off of the phone with my friend. ACcording to her, she DID NOT pay graduate fees or have graduate loans last year as a P-1 even though she has a bachelors degree. She also stated, and I'm not too sure on this, that the graduate status is based on the course number of the class we are taking (for example, if the course is a 3000 number it is a junior class). This would make sense too, seeing as my class was enrolled in a previously P-3 year class and were charged graduate fees for the class until they changed the course number of the class in the computer system.


I wonder if that is the real difference between 0-6 and 4 year programs. If You transfer into a 0-6 program you are charged the same fees as people who have been there for PP-1 and PP-2....that only seems fair.

 

[wakeboard38]

Hey Ball'n, i'm also starting my first year at UMKC pharm (satellite-Columbia) this fall. The plus loan is called the parent plus loan and it's gonna be a better deal bc you probably don't have great credit if you're 19 like me to get a private loan. They also told me something about more money when you get to your third year in the program and that you can qualify for a full tuition loan. I'm glad other people are worried about the money bc it's effin expensive...are you going to live at home if you go to umkc campus bc an apartment or duplex plus a car is going to put me in an asston of debt when we graduate.

 

[browneyes021]

Is anyone having trouble deciding between a private loan or an unsubsidized loan? I'm asking because with unsubsidized loans you can defer the interest like a private loan. However, after looking at my private loan interest rates which have been reasonably low, I'm having trouble deciding between private or an unsubsidized loan. 😕

 

[BaLLnOuTRaGeOuS]

hey dude, ya i got lucky and am able to stay and home while i go to umkc... my parents just bought a house in california and are in the process of moving, but are also willing to keep the house in kc until i graduate... works for me!

 

[PharmDstudent]

Student loans are a necessary evil...



I got enough free money as an undergrad, so I'm not so pissy about a lack of scholarships in pharmacy school.

 

[DrWrong]

Student loans are a necessary evil...



I got enough free money as an undergrad, so I'm not so pissy about a lack of scholarships in pharmacy school.

And my tuition is only about 110 dollars per credit hour for PP1 through P2 so I'm not that pissy either xD. That is before the 15% tuition increase each year for the next 4 years.

 

[confettiflyer]

Is anyone having trouble deciding between a private loan or an unsubsidized loan? I'm asking because with unsubsidized loans you can defer the interest like a private loan. However, after looking at my private loan interest rates which have been reasonably low, I'm having trouble deciding between private or an unsubsidized loan. 😕

Tough call...I'm big on fixed interest rates, private loans are low now, but once the economy recovers, you can bet that unusually low interest rate will rise.

 

[farmist]

There are horror stories from students that tool out private loans. (Sallie Mae...) Granted most of them are due to the students defaulting in some manner. Basically, you miss a payment and they increase interest rates. There are people out there that owe $100k at 28% interest despite having payed back double the original loan amount already. Keep in mind that bankruptcy does not apply to student loans so the debt is inescapable. The government is much more forgiving. Also, due to the current economic climate hyperinflation is likely.

 

[confettiflyer]

Also, due to the current economic climate hyperinflation is likely.

I was going to mention this too, but I'm kind of waffling back and forth between hyperinflation and a massive Japanese style lost decade of deflation.

 

[browneyes021]

I was thinking unsubsidized would be better, but I got tempted by my past low interest rates with private loans. I just don't understand why they would allow only undergraduate stafford loans to decrease every year and only allow graduate stafford to be fixed at 6.8%. It seems like you should do more to help out those seeking more education in order to keep them from getting deeper into debt. It's just not fair.

 

[extra07extra]

Ah, I stand corrected then. But are these scholarships/grants the ones where you agree to work for the company after you graduate? I have no desire to work retail or in industry after I graduate...

If that's not the case though, I may see what I can do. What's the best way to go about doing this? Just randomly call pharmacies and companies asking if they give out grants/scholarships?

None of the scholarships/grants that I have received require any commitment on my part to work in any particular setting at any time. 😀 They only ask that I send them a copy of my registration for classes to ensure that I am an ongoing student in pharmacy school. 👍

PM for more information if still interested.