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Hello Everyone. Anyone attending one of the two pharmacy schools right now? Or does anybody have some information about these schools? Which school do you think is better?
 

BC_89

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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.
 
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Timbo

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Hello Everyone. Anyone attending one of the two pharmacy schools right now? Or does anybody have some information about these schools? Which school do you think is better?
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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BC_89

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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.
 

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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.
 
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Aug 27, 2018
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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.
Thank you for your reply. Were you a student at WesternU too?