University of New England Application Thread

www.westernu.edu/pharmacy/
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I'm pretty sure when the population starts dropping the government will come up with some scheme to tell people to start reproducing like crazy again.
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ValeUC said:
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:laugh: OK OK, Can we get back to the OP already?
 
Let's not forget.......EVERY pharmD program had to start somewhere. I know several pharmacists who went to Midwestern in Chicago IL when it was not accredited...it became accredited...and now is one of the hardest schools to get into in the Chicagoland area, and is considered a pretty good school. This was about 10 years ago. I really don't think those who choose to apply to non-accredited institutions should be call idiots. Most apply to both anyway and just see what happens. I applied to both and got into both because I had no clue how I would "fair up" to all those who applied. I do, however, believe applying to a school with NO ACPE status is risky, so if that is the subject matter...there are so many other schools that are pre-candidate, candidate status...try those first if you think you can't get into an accredited institution. From what I've seen, however, it's just as hard to get into a non accredited as it is to get into an accredited institution.
 
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PharmMis08 said:
From what I've seen, however, it's just as hard to get into a non accredited as it is to get into an accredited institution.
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Wrong. It's substantially easier to get into a yet-to-be-accredited program vs. an established program.
 
atticus27 said:
According to your Machiavellian prophecy, if you changed fields there would be one less noob(you) cheapening the degree. Anyways, do you really think that in the near future graduating pharmd's fill not be able to find work? Seriously?

For fun lets say that in 2015 there are way too many rph's than there are jobs. So tell me what happens?

Here's what I think. The rph surplus would probably get the same national attention just like the shortage did right. Then, are students that know there is no job security or availability still going to shoot out these schools? Not very likely. Then with less students pursuing pharmacy, and old fart rphs retiring things should level out. And pharmacy is evolving, there are going to be to areas of practice that we don't even know about yet.

You tell me what happens if a surplus hits? Im interested to know.
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Except, how many pharmacist do you know are old farts? Be truthful now... all the pharmacist I know are either recent grads of mid-30s/40s.
 
confettiflyer said:
yeah i haven't seen many sub 60's / sub 3.0's posting acceptances on here...one or the other but never both. Then again, SDN is always anecdotal. I'd love to see the aggregate data. You'd think with the sharp rise in applications, schools (even new ones) end up picking the top X% of students anyway.

I talk to new pharmacists at work that graduate from top programs (USC, specifically) and many say they wouldn't be able to get in if they applied now. I look at students entering my undergrad and their stats and I probably wouldn't be able to get into that school if I applied now. I remember discussing this with one of the faculty members at UHH... students in their inaugural class wouldn't be competitive in the 2nd round of admissions, I see that with my school now.
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This is true for almost every professional school. The standards keep going up as the demand to enter the profession increases. Applicants are getting smarter/more competitive and the volume of applicants has increased. I remember even up until ten years ago pharm wasn't very popular and none of us would have been engaging in this awkward banter about "Will I get into this school with X stats".

The unaccredited schools (non-ACPHE status) are now throwing a curve ball and allowing some students who normally would not be as qualified to attend an established school to become a pharmacist. While people getting in with substandard scores is a legitimate concern the more important issue is whether these pharm schools even qualified to prepare these students for a pharmacy career?

I also agree that typically we rarely see people with both a 3.0/below 60 PCAT. I assume that these applicants would have the insight to know to either re-take the PCAT or improve their GPA. But there are also exceptional circumstances and since we are anonymous online it is so easy to judge an individual based on two numbers. It is also much easier to exert an elitist attitude when this is all we have to judge an applicant by. It is definitely important to evaluate the context in which a certain GPA is received as this alone can speak volumes about an applicant (including major, school, # of upper div sci classes). That's where the ad com comes in, not us.
 
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I think you guys are missing the point: all schools must be accredited under the same standards and continue to meet those standards through audits. In addition, all students must pass the NABPLEX in order to be licensed to work. Accredited or not, going to pharmacy school does not guarantee you can succeed in the program or pass the certification to receive your license. In the end, it is up to the person to be a licensed pharmacist.

To make the best decision, a student must look at what kind of environment they feel they can achieve the most success, and what their financial, social, and personal situations are. ACPE has a website that shows the status of each pharmacy school, both accredited and not, and shows any issues with their status over the course of the school's history.

We as students have no right to judge other students based upon their choice of schools or judge schools based upon their status.
 
PharmMis08 said:
I know several pharmacists who went to Midwestern in Chicago IL when it was not accredited...it became accredited...and now is one of the hardest schools to get into in the Chicagoland area, and is considered a pretty good school. This was about 10 years ago.
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10 years ago was a much different picture than it is now. Also, Midwestern didn't start their first class until they received pre-accreditation status

I really don't think those who choose to apply to non-accredited institutions should be call idiots.
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I do...you can't fix stupid

From what I've seen, however, it's just as hard to get into a non accredited as it is to get into an accredited institution.
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you really haven't seen much, have you?
 
67echo said:
10 years ago was a much different picture than it is now. Also, Midwestern didn't start their first class until they received pre-accreditation status


I do...you can't fix stupid



you really haven't seen much, have you?
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Hey, it's one of those "holier than thou" pricks. Havn't seen one in a while.
 
hey since they are an established school but only their pharmacy is not. Will we still have financial aid or will our education cost 10X more than other people.
 
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aFarmD said:
I'm a little off topic here but some dude claims that one goes to CNCP will eventually pays over $1,000,000 with a 30 year payment plan. What is your take on that and what is your take on tuition and educational loan debt in general for those who go to pre-candidate rx school?
I like your posts and really value your opinions by the way:thumbup:
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haha thanks... and geesh $1M over 30 years? Well, let's crunch some numbers:

Starting Balance
Let's say you need to borrow $50k/yr to go to CNCP (is it $34k tuition + living expenses of $16k), that's $200k when you graduate.

Interest Rate
Also, how much is the interest rate? Well, federal rates are 6.8% and 8.6%-ish for stafford and PLUS...so how do private loans fare? It'll depend, so let's peg this at 15% (source; LA Times http://www.latimes.com/business/la-fi-collegedebt27-2008dec27,0,4636992.column).

If you have access to a HELOC or other source of funding, you CAN fare better...but you can also fare worse. 15% seems to be the running average for private student loans.

Length of time to pay off loans
Set this to 30 years, but remember...if you pay more down initially, you'll reduce the overall balance you pay.

Calculations
Courtesy finaid.com with the above parameters

Loan Balance: $200,000.00
Loan Interest Rate: 15.00%
Loan Fees: 0.00% <--I assumed zero to keep it simple
Loan Term: 30 years

Monthly Loan Payment: $2,528.89
Number of Payments: 360

Cumulative Payments: $910,386.85
Total Interest Paid: $710,386.85

Personal notes
So whoever said going to CNCP can cost $1M wasn't exaggerating...if you take out more money to borrow, get a higher interest rate, or both....you'll top $1M easy. The key is also the loan payment term, you'll probably ask yourself, "Can't I pay more down each month to finish off the loan?" The answer is yes you can, BUT...take home pay as a pharmacist is likely to be $6k, so this current loan payment already eats close to half of your net income (source: http://forums.studentdoctor.net/showthread.php?t=594069)

Also, this violates my general rule that your 1st year of income should match the cost of attendance. Let me explain.... my old RPh at work graduated sometime 30 years ago, UOP cost $12k for a BS Pharm and he got a job with a retail chain and made.... about $12k. Barring any major circumstances, you can get a retail job and pull in about $120k (salary + some OT), which means if you pay $120k to go to school ($30k x 4yrs), you're about par for the course.

With my BS degree, I spent ~ $35k ($6k tuition x 4 years + living expenses) going to a public school. When I got out into the workforce after I graduated, I made just about $40k/yr. Again, par for the course.

However, now that you've shelled out $200k for school, you've overshot "par for the course" and are playing catch up. Is it still worth it? Probably, but comparatively speaking, you're paying more in both the actual cost of school AND interest rate (front and back end).

PS I think I see the CNCP thread you're talking about...I breezed through it just now, I think JeremyE30 is doing a good job trying to regulate. I'll stay out for now, if I jumped in, I'd probably make those naive students crap their pants and cry :smuggrin:
 
Hey confettiflyer, there are a few things that you missed. CNCPs tuition is actually right around $40K for 09, not $34K. http://www.californiacollegeofpharm...tion=com_content&view=article&id=48&Itemid=57

My calculation was also strictly considering tuition without living expenses to get to the $1M mark.

You are correct on the 15% interest on private loans, some can go higher if you miss a payment or if you have bad credit, they can raise their interest on you for many reasons. Google "sallie mae scam" and you'll see how bad it can get.

One thing you forgot to add was that private loans begin compounding their APR interest at the time of disbursement. So that $50K will actually be $57500 at the beginning of year two.
Lets do a four year compounding interest on your $50K value...
50k + int = 57500 yr1
57500 + 50K + int = 123625 yr2
123625 + 50K + int = 199668 yr3
199668 + 50K + int = 287119 yr4

so you end up with $287,119 taking out $10K in living expenses, compounded over the four years.

[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]15.00%.[FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%.[FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]30 years.[FONT=ARIAL, HELVETICA] .
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA]$3,630.46 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]360.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$1,306,958.89 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$1,019,839.89 .


$1,306,958
 
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Oh I did not even know that.... $40k??? holy shizahh. USC is $34k, I figured that was the most expensive since it's, well, you know...USC. Even at $34k, you're approaching $1M over the life of your loan, you'd hit that at $40k tuition for sure.

Man...with the impending surplus, these guys are screwed.
 
confettiflyer said:
Oh I did not even know that.... $40k??? holy shizahh. USC is $34k, I figured that was the most expensive since it's, well, you know...USC. Even at $34k, you're approaching $1M over the life of your loan, you'd hit that at $40k tuition for sure.

Man...with the impending surplus, these guys are screwed.
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The moral of all this is: the best pharmacy school is the cheapest pharmacy school. (That crosses out almost every private pharmacy school in California).
 
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sigh*, I'm screwed. I dont want to be in a situation where all the non accredited schools accept me and the accredited ones dont. And if i reject all pharm school and decide to not go to any of them, ill feel like the biggest *****....but a genius financially.

Hm...how am i going to find 200k to pay upfront.
 
It's definitely a gamble going there, so I'd wait until they are even on ACPE's radar before applying. People would have to apply and go to these schools in order for these schools to be fully accredited so...
 
JeremyE30 said:
Hey confettiflyer, there are a few things that you missed. CNCPs tuition is actually right around $40K for 09, not $34K. http://www.californiacollegeofpharm...tion=com_content&view=article&id=48&Itemid=57

My calculation was also strictly considering tuition without living expenses to get to the $1M mark.

You are correct on the 15% interest on private loans, some can go higher if you miss a payment or if you have bad credit, they can raise their interest on you for many reasons. Google "sallie mae scam" and you'll see how bad it can get.

One thing you forgot to add was that private loans begin compounding their APR interest at the time of disbursement. So that $50K will actually be $57500 at the beginning of year two.
Lets do a four year compounding interest on your $50K value...
50k + int = 57500 yr1
57500 + 50K + int = 123625 yr2
123625 + 50K + int = 199668 yr3
199668 + 50K + int = 287119 yr4

so you end up with $287,119 taking out $10K in living expenses, compounded over the four years.

[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]15.00%.[FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%.[FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]30 years.
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA]$3,630.46 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]360.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$1,306,958.89 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$1,019,839.89 .


$1,306,958
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I guess you're right Jeremy. My apologies.

Confettiflyer: Great article, strongly supports the point you and Jeremy making.:thumbup:
 
JeremyE30 said:
Hey confettiflyer, there are a few things that you missed. CNCPs tuition is actually right around $40K for 09, not $34K. http://www.californiacollegeofpharm...tion=com_content&view=article&id=48&Itemid=57

My calculation was also strictly considering tuition without living expenses to get to the $1M mark.

You are correct on the 15% interest on private loans, some can go higher if you miss a payment or if you have bad credit, they can raise their interest on you for many reasons. Google "sallie mae scam" and you'll see how bad it can get.

One thing you forgot to add was that private loans begin compounding their APR interest at the time of disbursement. So that $50K will actually be $57500 at the beginning of year two.
Lets do a four year compounding interest on your $50K value...
50k + int = 57500 yr1
57500 + 50K + int = 123625 yr2
123625 + 50K + int = 199668 yr3
199668 + 50K + int = 287119 yr4

so you end up with $287,119 taking out $10K in living expenses, compounded over the four years.

[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$287,119.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]15.00%.[FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%.[FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]30 years.
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA]$3,630.46 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]360.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$1,306,958.89 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$1,019,839.89 .


$1,306,958
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**** me.
 
ok guys, i just did some calculations on this. If it's federal loans, 30 years seems reasonable. Since this is private loans, i would think u want to pay it off as soon as possible. So what if we pay it off in the course of 10 years. Im doing this calculation assuming that u did not pay anything during the time ur in school. (4 years) so roughly ull owe $290,000

now when you get out of school, ull work like a dog. No actually, dogs will work less than us but u get what i mean:

So according to www.finaid.org
[FONT=ARIAL, HELVETICA].
[FONT=ARIAL, HELVETICA] Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Loan Interest Rate: .[FONT=ARIAL, HELVETICA] 17.00%
. [FONT=ARIAL, HELVETICA] Loan Fees: .[FONT=ARIAL, HELVETICA] 0.00%. [FONT=ARIAL, HELVETICA] Loan Term: .[FONT=ARIAL, HELVETICA] 7 years. [FONT=ARIAL, HELVETICA] Minimum Payment: .[FONT=ARIAL, HELVETICA] $0.00 . [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,926.38 . [FONT=ARIAL, HELVETICA] Number of Payments: .[FONT=ARIAL, HELVETICA] 84. [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA] Cumulative Payments: .[FONT=ARIAL, HELVETICA] $497,816.47 . [FONT=ARIAL, HELVETICA] Total Interest Paid: .[FONT=ARIAL, HELVETICA] $207,816.47
.
I put 17% as the worst case senerio.
If we live in an apartment and live in an apartment for 7 years, i believe we can pay it off. If you want to pay less per month:
For 8 Years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Loan Interest Rate: .[FONT=ARIAL, HELVETICA] 17.00%. [FONT=ARIAL, HELVETICA] Loan Fees: .[FONT=ARIAL, HELVETICA] 0.00%. [FONT=ARIAL, HELVETICA] Loan Term: .[FONT=ARIAL, HELVETICA] 8 years. [FONT=ARIAL, HELVETICA] Minimum Payment: .[FONT=ARIAL, HELVETICA] $0.00 . [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,545.22 . [FONT=ARIAL, HELVETICA] Number of Payments: .[FONT=ARIAL, HELVETICA] 96. [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA] Cumulative Payments: .[FONT=ARIAL, HELVETICA] $532,341.46 . [FONT=ARIAL, HELVETICA] Total Interest Paid: .[FONT=ARIAL, HELVETICA] $242,341.46 .
For 9 years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Loan Interest Rate: .[FONT=ARIAL, HELVETICA] 17.00%. [FONT=ARIAL, HELVETICA] Loan Fees: .[FONT=ARIAL, HELVETICA] 0.00%. [FONT=ARIAL, HELVETICA] Loan Term: .[FONT=ARIAL, HELVETICA] 9 years. [FONT=ARIAL, HELVETICA] Minimum Payment: .[FONT=ARIAL, HELVETICA] $0.00 . [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,259.49 . [FONT=ARIAL, HELVETICA] Number of Payments: .[FONT=ARIAL, HELVETICA] 109. [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA] Cumulative Payments: .[FONT=ARIAL, HELVETICA] $568,026.07 . [FONT=ARIAL, HELVETICA] Total Interest Paid: .[FONT=ARIAL, HELVETICA] $278,026.07.
For 10 Years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA] $290,000.00 . [FONT=ARIAL, HELVETICA] Loan Interest Rate: .[FONT=ARIAL, HELVETICA] 17.00%. [FONT=ARIAL, HELVETICA] Loan Fees: .[FONT=ARIAL, HELVETICA] 0.00%. [FONT=ARIAL, HELVETICA] Loan Term: .[FONT=ARIAL, HELVETICA] 10 years. [FONT=ARIAL, HELVETICA] Minimum Payment: .[FONT=ARIAL, HELVETICA] $0.00 . [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,040.13 . [FONT=ARIAL, HELVETICA] Number of Payments: .[FONT=ARIAL, HELVETICA] 120. [FONT=ARIAL, HELVETICA]
. [FONT=ARIAL, HELVETICA] Cumulative Payments: .[FONT=ARIAL, HELVETICA] $604,816.20 . [FONT=ARIAL, HELVETICA] Total Interest Paid: .[FONT=ARIAL, HELVETICA] $314,816.20 .
Ok correct me if I'm wrong, im still new to these kind of stuff
 
MIkeNB said:
ok guys, i just did some calculations on this. If it's federal loans, 30 years seems reasonable. Since this is private loans, i would think u want to pay it off as soon as possible. So what if we pay it off in the course of 10 years. Im doing this calculation assuming that u did not pay anything during the time ur in school. (4 years) so roughly ull owe $290,000

now when you get out of school, ull work like a dog. No actually, dogs will work less than us but u get what i mean:

So according to www.finaid.org

[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]17.00% .
[FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%. [FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]7 years. [FONT=ARIAL, HELVETICA]Minimum Payment: .[FONT=ARIAL, HELVETICA]$0.00 .
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,926.38 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]84.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$497,816.47 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$207,816.47.

I put 17% as the worst case senerio.
If we live in an apartment and live in an apartment for 7 years, i believe we can pay it off. If you want to pay less per month:
For 8 Years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]17.00%. [FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%. [FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]8 years. [FONT=ARIAL, HELVETICA]Minimum Payment: .[FONT=ARIAL, HELVETICA]$0.00 .
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,545.22 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]96.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$532,341.46 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$242,341.46 .
For 9 years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]17.00%. [FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%. [FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]9 years. [FONT=ARIAL, HELVETICA]Minimum Payment: .[FONT=ARIAL, HELVETICA]$0.00 .
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,259.49 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]109.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$568,026.07 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$278,026.07.
For 10 Years:
[FONT=ARIAL, HELVETICA]Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Adjusted Loan Balance: .[FONT=ARIAL, HELVETICA]$290,000.00 .[FONT=ARIAL, HELVETICA]Loan Interest Rate: .[FONT=ARIAL, HELVETICA]17.00%. [FONT=ARIAL, HELVETICA]Loan Fees: .[FONT=ARIAL, HELVETICA]0.00%. [FONT=ARIAL, HELVETICA]Loan Term: .[FONT=ARIAL, HELVETICA]10 years. [FONT=ARIAL, HELVETICA]Minimum Payment: .[FONT=ARIAL, HELVETICA]$0.00 .
[FONT=ARIAL, HELVETICA]Monthly Loan Payment:.[FONT=ARIAL, HELVETICA] $5,040.13 .[FONT=ARIAL, HELVETICA]Number of Payments: .[FONT=ARIAL, HELVETICA]120.
[FONT=ARIAL, HELVETICA]Cumulative Payments: .[FONT=ARIAL, HELVETICA]$604,816.20 .[FONT=ARIAL, HELVETICA]Total Interest Paid: .[FONT=ARIAL, HELVETICA]$314,816.20 .
Ok correct me if I'm wrong, im still new to these kind of stuff
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Personally I think it's hard to make a monthly payment of 5K where your income is 6 or 7K/month. Well, it might be doable if you work you a** off with lots of OT hours or working for 2 companies.
 
I was about to say... $290k @ 17%? that sounds like too high of a high ball to me. I haven't seen numbers like that since studying the late-70's/early-80's when stagflation ruled mortgage rates. Yeesh. A $5900/mo payment becomes unfeasible, you'd be practically starving/homeless with a $120k/yr income.

Geez...I see all these numbers and I start to think my $27k/yr tuition with federal fin aid at 6.8 and 8.5 is a bargain.

Remember, federal student loans are amortized over 20 years (not 30), but you can always extend payments for whatever reason.
 
this is why you get two jobs and make 200k per year 15-16 k per month. that's what my pharm is doing.
 
MIkeNB said:
this is why you get two jobs and make 200k per year 15-16 k per month. that's what my pharm is doing.
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Haha, I thought that we went into pharmacy to avoid this? I mean, I'd expect this of fresh PhD's and janitors needing a 2nd job, but not a pharmacist. I can't think of any non-resident MD, OD, or dentist that needs to wait tables on the side or or work extra just to make loan payments.
 
when you're racing against time. You have to do this. If it's a federal loan, I dont think ill get two jobs. Maybe the first few years just to have money to start off my life. But yea, long hours = more money. Do it when ur still young, then just chillax when ur old ^_^.
 
enough about finance, did anyone hear anything back yet? Did they even start sending out interview invites?
 
confettiflyer said:
Haha, I thought that we went into pharmacy to avoid this? I mean, I'd expect this of fresh PhD's and janitors needing a 2nd job, but not a pharmacist. I can't think of any non-resident MD, OD, or dentist that needs to wait tables on the side or or work extra just to make loan payments.
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wat up with the avatar may I ask?
 
yea man lol. Your avatars always get my attention
 
don't you guys watch the superbowl? hahah
 
yeah something about "if you dream about punching animals" but i figured" g'day, mother****er" would be better.
 
The moral of the story is that you got an awesome avatar.
 
Did you guys hear anything back from the school yet?
 
MIkeNB said:
Did you guys hear anything back from the school yet?
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I received an email from them a few days ago stating that they're in the process of doing preliminary reviews. It seems like they have received a lot of applications in the past week.
 
Has anyone applied to this school and received an interview invite?
 
yea Im waiting for them too. :xf:
 
I had my interview today, and I was told that starting in March there will be interviews every Friday until the class is filled. The reason the first group was selected with short notice was because we were from the New England area, the admissions lady said there were a lot of people from the Midwest and west coast that wouldn't have had time to make flight reservations in such short notice. And by the way the interview is open-file.
 
So then probably, they'll starting inviting the Midwesterners and West Coast people next week for the first week of March then. Thanks for the heads up. How was the interview process by the way? The questions were just the typicals that you expected right? Did they have a writing component too? I know according to PharmCAS that it should last about 20 minutes.
 
Well since it was the first interview day for the school it was a big deal for them. They were very excited. There is no writing assignment. You will be interviewed by a faculty member and a community pharmacist open file style. I feel the open file interviews are much harder then a closed file, because they already know about you and zero in on the details. They are real set on making the school research based. So they asked me if I was interested in that field. Every one was extremely nice and they tried to make it as laid back as possible.
 
Hoofmoof said:
Well since it was the first interview day for the school it was a big deal for them. They were very excited. There is no writing assignment. You will be interviewed by a faculty member and a community pharmacist open file style. I feel the open file interviews are much harder then a closed file, because they already know about you and zero in on the details. They are real set on making the school research based. So they asked me if I was interested in that field. Every one was extremely nice and they tried to make it as laid back as possible.
Click to expand...

So, they asked questions based on the information we provided on PharmCAS?
 
Is there a supplemental app to fill out for New England College of Pharmacy?
 
Thats weird I had to do a supplemental application before they were part of pharmcas, but on pharmcas it says that there isn't one now. Grrrrr :)
 
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