WesternU vs Chapman Pharmacy School
Started by monkieturtle
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If both schools are fully regionally accredited you go to the cheapest program. Compounded student loan rates in a competitive pharmD market is not something to take lightly.
Here's a good measuring stick for which school to use: After loan payments would you make more money as a working pharmacist than the average master's degree graduate? Obviously as a doctorate degree holder, you should make more as a pharmacist.
Currently a master's degree grad makes ~$75k/year (U.S. - average salary for graduates, by discipline 2018 | Statistic) and graduates with $57,600 in debt (Is Taking Student Loans For Graduate School Worth It?). Assuming 7% federal debt and standard 10 year repayment plan, they pay $669/month or $8028/yr in student loans. That's an effective salary of about $67k per year.
As for pharmacists, salaries are already decreasing (Summary of Community Pharmacist Layoff,Pay Cuts, Other Negatives OCT 2018) and will likely continue to decrease drastically. I expect $50/hr and $32/week cap by the time you graduate - that's a $83,200/yr salary. WesternU's cost of attendance is $305,343 for all 4 years (Budget for Doctor of Pharmacy (PharmD) | Financial Aid) and Chapman is $272,897 (double check my math if you'd like: Doctor of Pharmacy Program | School of Pharmacy | Chapman University). Using the same repayment conditions as above, going to WesternU will leave you to pay $ 3,545.29/month or $42,543/year. Going to Chapman will be $3,168.57/month or $38,022/year. So your effective salary going to WesternU and Chapman will be $40,657 and $45,178 respectively.
So in the end, Chapman is the better choice BUT they are both stupid choices as upon graduation you will be making a lot less than someone with just a master's. In fact at ~40k/year, you'll be making LESS than the average median income. It doesn't make sense becoming a pharmacist at that point. You should go to a school that doesn't put you in that much debt or choose another profession
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Piggy back off of @Timbo, let’s presume a 40 hr week at $62.50/hr (too generous starting out but let’s do it). At $120k yearly salary, your looking at roughly 33% of that going to taxes, social security, etc. Take an additional ~ 15% more of your salary toward 401k + investment routes.
Thus far, half your salary is gone and we haven’t budgeted your student loans which is roughly ~ 30% more of your salary for at least a decade. So, with only ~ 33% of your income left over ( ~ $39,600 AT 40 hours from a $120k salary) , you need to pay for health insurance, mortgage, and everyday small bills ( want a reliable vehicle? Another monthly bill that depreciates in value over 72 months).
Here’s the problem: saturation and inflation. Inflation goes up 2.2% yearly while your pay remains stagnant minus outlier salaries. This means subtract roughly $2800 yearly for 30 years to make up for the power of inflation. Now problem #2: Saturation. Your hours get cut from 40 to 32 hrs. You just went from 120k to 96k salary at the snap of a finger...Your student loans and bills don’t care, you need to pay up.
Hence, have a contingency plan when choosing your income to debt ratio job. IF you have to choose pharmacy (...) once again, go to cheapest schools for reasons listed above.
Thus far, half your salary is gone and we haven’t budgeted your student loans which is roughly ~ 30% more of your salary for at least a decade. So, with only ~ 33% of your income left over ( ~ $39,600 AT 40 hours from a $120k salary) , you need to pay for health insurance, mortgage, and everyday small bills ( want a reliable vehicle? Another monthly bill that depreciates in value over 72 months).
Here’s the problem: saturation and inflation. Inflation goes up 2.2% yearly while your pay remains stagnant minus outlier salaries. This means subtract roughly $2800 yearly for 30 years to make up for the power of inflation. Now problem #2: Saturation. Your hours get cut from 40 to 32 hrs. You just went from 120k to 96k salary at the snap of a finger...Your student loans and bills don’t care, you need to pay up.
Hence, have a contingency plan when choosing your income to debt ratio job. IF you have to choose pharmacy (...) once again, go to cheapest schools for reasons listed above.
You can find a very good picture of the 2 schools here.
Chapman University - Pharmacy Students
Western University of Health Sciences - Pharmacy Students
Chapman would cost much more and has a low reputation while WesternU would cost less and has a higher academic reputation.
But you’re still comparing a 3rd tier school to a 4th tier school. They are both bottom of the barrel schools.
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deleted462159
I don't know how Western is perceived elsewhere. But locally, I haven't seen any pharm school grads struggle to get a job with a Western degree. Of course, it also depends on the individual - I've seen many Western grads beat USC and UCSD grads for jobs.
Chapman is still new... having interacted with the faculty there before, I know they're trying. For now, I would still choose Western over Chapman, unless you want to finish in 3 years or live in OC and want a shorter commute.
Chapman is still new... having interacted with the faculty there before, I know they're trying. For now, I would still choose Western over Chapman, unless you want to finish in 3 years or live in OC and want a shorter commute.
Thank you for your reply. Were you a student at WesternU too?
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deleted462159
I was not. Though I've guest lectured at Western before and have a number of friends who graduated from there.
