what's ur estimated total cost of pharm school?

[karariki]

mine is $48K/year! (UMB)

the FAFSA loan they're giving me is 10K/year. need the other 38K each year. I knew I'd need private loan, but i didn't expect that i'd have to borrow 38K private loan.
48K x 4 yrs = 192K debt. don't want to calculate it w/ the interest yet.
maybe i should go to a cheaper school.

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[pharmdisme]

Is there really a cheaper school? Tuition is crazy generally these days especially if you are an out of state student .

 

[DownonthePharm]

Is the FAFSA loan the Stafford loan? I thought you could borrow as much as you wanted up to the max tution+living costs set by your school? Or is this not true?

 

[ethyl]

I'm

to UF in-state tuition.

1PD: $10,255
2PD: $8,355
3PD: $8,385
4PD: $7,375

Grand total of $34,370 for 4 years.

No idea how much living expenses will be... probably around $8,000 a year. If it turns out to be too much after my first year, I'll just move in with my folks and commute.

 

[DownonthePharm]

I'm

to UF in-state tuition.

1PD: $10,255
2PD: $8,355
3PD: $8,385
4PD: $7,375

Grand total of $34,370 for 4 years.

Your school gets cheaper as years go by??? Thats odd, my tuition will be more the last two years because of summer classes.

 

[ethyl]

Your school gets cheaper as years go by??? Thats odd, my tuition will be more the last two years because of summer classes.

It's craziness I tell ya!

 

[MaybeCO2010]

1PD: $10,255
2PD: $8,355
3PD: $8,385
4PD: $7,375

Maybe I should have applied to UF!!

 

[RachGator]

Maybe I should have applied to UF!!

The lure of the cheap tuition is so strong. UCSF or UT will cost me close to 200 k when all is said and done. UF is still such a great option; I don't know what to do.

 

[ethyl]

The lure of the cheap tuition is so strong. UCSF or UT will cost me close to 200 k when all is said and done. UF is still such a great option; I don't know what to do.

I was considering attending Wingate because I loved the program so much... Over $85k after 4 years at Wingate vs. $35k at UF. $50,000 difference! What the hell was I thinking?

 

[insipid1979]

The lure of the cheap tuition is so strong. UCSF or UT will cost me close to 200 k when all is said and done. UF is still such a great option; I don't know what to do.

Well the way I see it is. You will make about 60k a year after taxes. That is almost 3 full years you will have to work just to pay off the tuition difference...I didn't do the math on the interest and everything so it is probably more. I don't know if you want a third of your paycheck going to pay off your loans for 10 years after you graduate.

I wish I had the option to go to a school with such a low tuition cost.

The choices I was considering were UIC at about 15k per year or Midwestern-CCP for about 21k a year.

 

[PRINCESS_IJ]

mine is $48K/year! (UMB)

the FAFSA loan they're giving me is 10K/year. need the other 38K each year. I knew I'd need private loan, but i didn't expect that i'd have to borrow 38K private loan.
48K x 4 yrs = 192K debt. don't want to calculate it w/ the interest yet.
maybe i should go to a cheaper school.

are u in-state?

 

[PRINCESS_IJ]

I'm

to UF in-state tuition.

1PD: $10,255
2PD: $8,355
3PD: $8,385
4PD: $7,375

Grand total of $34,370 for 4 years.

No idea how much living expenses will be... probably around $8,000 a year. If it turns out to be too much after my first year, I'll just move in with my folks and commute.

how much is Out-of stae tuition?

 

[ethyl]

how much is Out-of stae tuition?

About $140,000 for 4 years.

 

[ethyl]

If you all want cheap and live in Louisiana, go to Monroe. After 4 years, you'd only be in about $19,000 of tuition debt.

Otherwise, out of state tuition is $39,800 overall for 4 years.

AACP list of tuition of every school: http://www.aacp.org/Docs/MainNavigation/InstitutionalData/6860_Tab11PSAR.pdf

 

[Fatpharm]

mine is $48K/year! (UMB)

the FAFSA loan they're giving me is 10K/year. need the other 38K each year. I knew I'd need private loan, but i didn't expect that i'd have to borrow 38K private loan.
48K x 4 yrs = 192K debt. don't want to calculate it w/ the interest yet.
maybe i should go to a cheaper school.

Hey did you get any grant money? I got a notice from UMB for the same amount for loans, but I wasn't awarded any grants. I am wondering if I am eligible in my situation. I don't know how they figure this out, but once I quit my job, my income is $0. Just because my parents are well off, doesn't mean they are going to give me any money.

 

[genesis09]

Hey did you get any grant money? I got a notice from UMB for the same amount for loans, but I wasn't awarded any grants. I am wondering if I am eligible in my situation. I don't know how they figure this out, but once I quit my job, my income is $0. Just because my parents are well off, doesn't mean they are going to give me any money.

Two things, if your university classifies you as professional or graduate student, you cannot receive any federal grants. Also, since you are classified as a professional or graduate student, your parents' financial situation is not taken into account. You will receive the professional/graduate level loans.

 

[spacecowgirl]

I brought up the UF fee schedule to our deans in my fight against the huge tuition hike they're imposing on us for our 4th year. You have it good! I have paid around 10K each year the first 3 years, but 4th year will be more like 15K (like I said, big tuition increase ).

That said, I have wayyyy more than that in debt due to a lot of reasons. Don't even want to think about it.

 

[sarahjth]

Go to Wells Fargo, look under professional students.. get a Medcap loan! They have a really good interest rate.. Plus you can choose several options if you wanna put some money in it during college, to make your debt less.

You can thank me later.

Got the link you!
https://www.wellsfargo.com/student/loans/graduate/medalter

 

[kellia]

I'm

to UF in-state tuition.

1PD: $10,255
2PD: $8,355
3PD: $8,385
4PD: $7,375

Grand total of $34,370 for 4 years.

No idea how much living expenses will be... probably around $8,000 a year. If it turns out to be too much after my first year, I'll just move in with my folks and commute.

I'm not sure you've got the right idea... tuition goes up for each incoming class. That is just what the students in each class are being charged for the incoming year. You'll get "somewhat" locked into the cost of tuition the year you enter. For instance, my tuition first year was roughly $8300, but yours will be $10,200.

 

[KARM12]

Well the way I see it is. You will make about 60k a year after taxes. That is almost 3 full years you will have to work just to pay off the tuition difference...I didn't do the math on the interest and everything so it is probably more. I don't know if you want a third of your paycheck going to pay off your loans for 10 years after you graduate.

I wish I had the option to go to a school with such a low tuition cost.

The choices I was considering were UIC at about 15k per year or Midwestern-CCP for about 21k a year.

Midwestern is going to end up costing you more like 32K per year when you figure living costs and all the other fees...That is what they will give you in student loans every year...

 

[insipid1979]

Midwestern is going to end up costing you more like 32K per year when you figure living costs and all the other fees...That is what they will give you in student loans every year...

I know. I just think about the tuition only though. Since I will be living at home while I go to Midwestern. Same as if I decided to go to UIC.

Also, I assume the UF tuition numbers posted earlier were just talking about tuition not housing.

 

[ethyl]

I'm not sure you've got the right idea... tuition goes up for each incoming class. That is just what the students in each class are being charged for the incoming year. You'll get "somewhat" locked into the cost of tuition the year you enter. For instance, my tuition first year was roughly $8300, but yours will be $10,200.

Damn! I knew it was too good to be true. Still happy I'm not paying out the butt elsewhere though.

Sucks the class of 2010 had our tuition raised by $2k! It'll probably suck even more for next year.

 

[hotties]

If you all want cheap and live in Louisiana, go to Monroe. After 4 years, you'd only be in about $19,000 of tuition debt.

Otherwise, out of state tuition is $39,800 overall for 4 years.

AACP list of tuition of every school: http://www.aacp.org/Docs/MainNavigation/InstitutionalData/6860_Tab11PSAR.pdf

I don't think this is true. I don't know about in-state tuition, but I have a friend who goes to that school as a out-of-stater pays $21K per year. So...out of state tuition is $84,000 total for 4 years.

As for me, I'd be in about $104k of tution debt after three years. I am so lucky that I got into the 3-year program tho.

 

[karariki]

are u in-state?

nah, i'm out of state.

Hey did you get any grant money? I got a notice from UMB for the same amount for loans, but I wasn't awarded any grants. I am wondering if I am eligible in my situation. I don't know how they figure this out, but once I quit my job, my income is $0. Just because my parents are well off, doesn't mean they are going to give me any money.

i also didn't get any grant money, but i was hoping for a larger amount of loan. why're they so stingy w/ the loan?

Is the FAFSA loan the Stafford loan? I thought you could borrow as much as you wanted up to the max tution+living costs set by your school? Or is this not true?

that's what i thought too. guess not.

anyway, here's the itemized list of UMB's estimated cost for their students:

books & supplies:............$2,473
clinical fees:..................$300
communiting expense:.....$1,200
computer fees:..............$640
fees:.......................... $920 (yes, it's just "fee.")
hospitalization insurance: $1,938
instruments:................. $1,700
notetaking service:........ $100
room & board:................$11,817
transportation:.............. $2,000
tution:......................... $24,370
uniform:....................... $45
vaccines:..................... $170
total:.......................... $47,673


notetaking service? someone will take note for me? yay!!!

 

[kkelloww]

For you people that are at schools that classify you as Grad students, after July 1 you will be eligible for the Graduate Plus loan. It will probably be your cheapest alternative and if you don't have a co-signer and don't work, your only one. Link

To the OP, some of these schools are actually getting too expensive even for pharmacy pay. Here's an estimate of what you're looking at for payments:

Total due at graduation-$225000
This is assuming 6.5% on the subsidized Staffords ($8500/yr) and 8.5% on unsubsidized/private loans. Interest is capitalized at repayment.

Payment due over 10 years- $2700/month

Total of payments-$331000

Net pay for first 10 years- $3000/month after taxes, school loan payment, and 10% retirement savings.

The school loans are taking almost half of your net income for the first 10 years and that's if you go retail @ $50/hr.

 

[DuocSi2010]

OUCH! Education is not cheap.

 

[BiOGoly]

For you people that are at schools that classify you as Grad students, after July 1 you will be eligible for the Graduate Plus loan. It will probably be your cheapest alternative and if you don't have a co-signer and don't work, your only one. Link

To the OP, some of these schools are actually getting too expensive even for pharmacy pay. Here's an estimate of what you're looking at for payments:

Total due at graduation-$225000
This is assuming 6.5% on the subsidized Staffords ($8500/yr) and 8.5% on unsubsidized/private loans. Interest is capitalized at repayment.

Payment due over 10 years- $2700/month

Total of payments-$331000

Net pay for first 10 years- $3000/month after taxes, school loan payment, and 10% retirement savings.

The school loans are taking almost half of your net income for the first 10 years and that's if you go retail @ $50/hr.

Those figures are scary and they don't even figure in existing undergraduate loans

After a $2k mortgage payment, that leaves one grand for everything else. I wonder how many of us have really (really) thought the after graduation senario through. I think about it a lot and I still don't think I can comprehend it...too many zeros.

 

[Jbuprepharm]

tuition = 10,906/yr
total= 16,686/yr

for the first year, so assuming it stays close to that I'm looking at about 68,000 total? cheaper than my undergrad

 

[kynsik]

where are you guys getting such low living expense estimates? $6000 does not seem like enough to hold you a year. I'm looking at 15k a year for living expenses. But I do live in scottsdale and am spoiled, so maybe that has something to do with it. Also for all you guys freaking about paying it back, my pharmacy manager paid back her loans in three years!!!

 

[imkim01]

For you people that are at schools that classify you as Grad students, after July 1 you will be eligible for the Graduate Plus loan. It will probably be your cheapest alternative and if you don't have a co-signer and don't work, your only one. Link

To the OP, some of these schools are actually getting too expensive even for pharmacy pay. Here's an estimate of what you're looking at for payments:

Total due at graduation-$225000
This is assuming 6.5% on the subsidized Staffords ($8500/yr) and 8.5% on unsubsidized/private loans. Interest is capitalized at repayment.

Payment due over 10 years- $2700/month

Total of payments-$331000

Net pay for first 10 years- $3000/month after taxes, school loan payment, and 10% retirement savings.

The school loans are taking almost half of your net income for the first 10 years and that's if you go retail @ $50/hr.

Wow.... scary... But I have seen a couple of pharmacists making close to 200k w/ overtime. So you can pay off the loan within two years if you are willing to do it. According to my pharmacist, there are plenty of hours you can pick up so I don't worry about it too much.

 

[spacecowgirl]

Can't you pay back your loans over longer than 10 years? I think your repayment period depends on the total amount of your loans. Right now I'm up to a 20 year repayment, which at 3.75% doesn't scare me all that much. Obviously I can pay them off as soon as I want, but that isn't always the best financial decision.

 

[michele_107]

mine is $48K/year! (UMB)

the FAFSA loan they're giving me is 10K/year. need the other 38K each year. I knew I'd need private loan, but i didn't expect that i'd have to borrow 38K private loan.
48K x 4 yrs = 192K debt. don't want to calculate it w/ the interest yet.
maybe i should go to a cheaper school.

You really should be able to get more stafford loans than that I would think... I am getting 31,000 in stafford (unsub + sub). I don't know why there's such a difference... maybe it depends on the school.

 

[imkim01]

You really should be able to get more stafford loans than that I would think... I am getting 31,000 in stafford (unsub + sub). I don't know why there's such a difference... maybe it depends on the school.

My stafford loan is about 31,000 too. I thought I would get a bit more due to the cost of school that I will be attending but I guess that is the maximum amount. It looks like the previous income also matters. I really don't want to borrow money from a private lender but at this point, I don't have a choice.

 

[Ijeoma]

mine is $48K/year! (UMB)

the FAFSA loan they're giving me is 10K/year. need the other 38K each year. I knew I'd need private loan, but i didn't expect that i'd have to borrow 38K private loan.
48K x 4 yrs = 192K debt. don't want to calculate it w/ the interest yet.
maybe i should go to a cheaper school.

What school is UMB?

 

[gimpsd]

where are you guys getting such low living expense estimates? $6000 does not seem like enough to hold you a year. I'm looking at 15k a year for living expenses. But I do live in scottsdale and am spoiled, so maybe that has something to do with it. Also for all you guys freaking about paying it back, my pharmacy manager paid back her loans in three years!!!

If she is a pharmacy manager then most likly graduated many years ago. Back when tuition at pharmacy schools was a bit lower then it is now.

 

[gimpsd]

Go to Wells Fargo, look under professional students.. get a Medcap loan! They have a really good interest rate.. Plus you can choose several options if you wanna put some money in it during college, to make your debt less.

You can thank me later.

Got the link you!
https://www.wellsfargo.com/student/loans/graduate/medalter

9.0 % interest Are you kidding me? Might as well put it on the credit card.....hmmm....if only they would waive interest for 4 years instead of a measly 1 year. Anyways, you might as well accept the unsubsidized loan from the goverment at 6.5 % interest. Just my two cents.

 

[alwaystired]

Paying the loan of 200,000 over 20 years would have a scary amount of interest, especially at the private lender rates which are 7 or more percent. There goes a lot more money. IMO.

 

[kkelloww]

Paying the loan of 200,000 over 20 years would have a scary amount of interest, especially at the private lender rates which are 7 or more percent. There goes a lot more money. IMO.

Yeah, you're starting to talk about a cost of education close to $500000 LOL.

 

[kkelloww]

Wow.... scary... But I have seen a couple of pharmacists making close to 200k w/ overtime. So you can pay off the loan within two years if you are willing to do it. According to my pharmacist, there are plenty of hours you can pick up so I don't worry about it too much.

Where do these guys work that they are making OT?

 

[kynsik]

If she is a pharmacy manager then most likly graduated many years ago. Back when tuition at pharmacy schools was a bit lower then it is now.

She is a pharmacy manager but she only graduated 4 years ago this May. Walgreens will make you a PM within a year if you are dedicated. I know this because my friend graduated a year ago this May and they are giving her her own store.

 

[kellia]

where are you guys getting such low living expense estimates? $6000 does not seem like enough to hold you a year. I'm looking at 15k a year for living expenses. But I do live in scottsdale and am spoiled, so maybe that has something to do with it. Also for all you guys freaking about paying it back, my pharmacy manager paid back her loans in three years!!!

I took out around $12000 for living expenses. It is just enough (on top of my husbands income) to keep living "comfortably". We still do home updates, go out to dinner, and splurge here and there! I probably don't need to take so much, but it's nice to have a little set aside for those rainy days!

 

[KUMoose]

For out of staters, you might as well do everything possible to obtain in-state tution on the second year. This includes establishing residency before you start classes and working the hours the school/government dictates.

Secondly, at least the interest on the loans in a tax deduction, so while getting bent over, you'll at least have another write-off, which is especially nice if you get into a house. I got money back after being declared married 2 deductions (hey was news to me, being single and having a copy of the W4 that says single - 0 deductions), because I could jiggle every last deduction.

There are several ways to work off the loans (or a substantial portion), without actually paying them off. Some of them include military/governmental services and private companies. Be ballsy, if you like working at the retail store, see if they'll cough up more to keep you. If you are charismatic enough or if you're willing to work where others aren't, it's possible.

It's unrealistic to not work hours to defray the cost of the tuition. This should take off between 10 and 14k/year from the loans if needed. Also UMB's (Maryland-Baltimore for the poster that wanted to know) numbers at high on some of the figures. I know the guy I walked with on the tour, talked about how it's very possible to get all the books you need from the previous year's students. I also got the impression that it's possible to skip buying some of the books.

 

[BiOGoly]

Wow.... scary... But I have seen a couple of pharmacists making close to 200k w/ overtime. So you can pay off the loan within two years if you are willing to do it. According to my pharmacist, there are plenty of hours you can pick up so I don't worry about it too much.

$200k? It would be very unusual to get that kind of overtime anywhere. It's not impossible, if you're also working a second job maybe. But I don't think that's very realistic, especially if you want to remain on the "visitors" side of the insane asylum.

The sad thing is that even at $200k a year, the take home is about $126k after tax, so assuming you live on the $26k it's still going to take you over two years to pay back a $225k loan with interest.

However, even with outrageous student loans it's important to realize that it's an investment, not an expense, and it's probably the best investment you will ever make.

 

[imkim01]

$200k? It would be very unusual to get that kind of overtime anywhere. It's not impossible, if you're also working a second job maybe. But I don't think that's very realistic, especially if you want to remain on the "visitors" side of the insane asylum.

The sad thing is that even at $200k a year, the take home is about $126k after tax, so assuming you live on the $26k it's still going to take you over two years to pay back a $225k loan with interest.

However, even with outrageous student loans it's important to realize that it's an investment, not an expense, and it's probably the best investment you will ever make.

I work for Walgreens and regarding the OT, it is from a pharmacist in my store. I am not sure about other chain but there are plenty of OTs available in Walgreens if you are willing to do it.

Anyways, he was a graveyard for a couple of years; 7 days on & 7 days off. So, during his off days, it is so easy for him to pick up hours as much as possible. Plus, I don't mind working at night for a couple of years.

If you don't want to work at night, you can also pick up some hours on your day off. Most of pharmacists in my area work 10 days on & 4 days off. So you can get some rest for 2 days and work for 2 days, which is 16 hours of OT; 16 * 50 * 1.5 = ?

I am going to borrow about $120k but I don't know how much the interest will increment the amount. Even so, I don't think I will have any problems to pay them back within two years.

By the way, I totally agree with you about the loan as an investment, but when people detail out with a terrific analysis, it is so hard for me not to think about a way to pay back.

 

[karariki]

UMB = Univ. of maryland at baltimore.

You really should be able to get more stafford loans than that I would think... I am getting 31,000 in stafford (unsub + sub). I don't know why there's such a difference... maybe it depends on the school.

maybe it's b/c i'm an out of state student? i dunno. I had very little income last year, just enough to have to file tax. i wonder why i got so little of subsidized & unsubsidized loan. are u an in-state student? did u work a lot last year?

Originally Posted by kkelloww
For you people that are at schools that classify you as Grad students, after July 1 you will be eligible for the Graduate Plus loan. It will probably be your cheapest alternative and if you don't have a co-signer and don't work, your only one. Link

To the OP, some of these schools are actually getting too expensive even for pharmacy pay. Here's an estimate of what you're looking at for payments:

Total due at graduation-$225000
This is assuming 6.5% on the subsidized Staffords ($8500/yr) and 8.5% on unsubsidized/private loans. Interest is capitalized at repayment.

Payment due over 10 years- $2700/month

Total of payments-$331000

Net pay for first 10 years- $3000/month after taxes, school loan payment, and 10% retirement savings.

The school loans are taking almost half of your net income for the first 10 years and that's if you go retail @ $50/hr.

thanks for the link. I'm no good w/ numbers & calculation, but an estimate u'r giving is definitely helpful while it's also down right scary.
6.5% for sub & 8.5% for unsub for those who graduate & hav to pay back now, right? For us, the interest would go higher by the time we finish school? I understand there's a limit of how much we can borrow, but is it correct that the amount of Stafford loan they are willing to give us depends mostly on our past income?
(i feel like a dummy asking this. i never had to borrow $$$ during undergrad, so i'm unfamiliar w/ loan. Any advice & explanation would be nice & appreciated. )
SDN has the student loan 101 lesson. While it's straightforward & helpful, i still have more questions after reading it.

 

[sarahjth]

9.0 % interest Are you kidding me? Might as well put it on the credit card.....hmmm....if only they would waive interest for 4 years instead of a measly 1 year. Anyways, you might as well accept the unsubsidized loan from the goverment at 6.5 % interest. Just my two cents.

I do but they don't pay for everything. I only get like 4K a year...

 

[kkelloww]

UMB = Univ. of maryland at baltimore.




maybe it's b/c i'm an out of state student? i dunno. I had very little income last year, just enough to have to file tax. i wonder why i got so little of subsidized & unsubsidized loan. are u an in-state student? did u work a lot last year?



thanks for the link. I'm no good w/ numbers & calculation, but an estimate u'r giving is definitely helpful while it's also down right scary.
6.5% for sub & 8.5% for unsub for those who graduate & hav to pay back now, right? For us, the interest would go higher by the time we finish school? I understand there's a limit of how much we can borrow, but is it correct that the amount of Stafford loan they are willing to give us depends mostly on our past income?
(i feel like a dummy asking this. i never had to borrow $$$ during undergrad, so i'm unfamiliar w/ loan. Any advice & explanation would be nice & appreciated. )
SDN has the student loan 101 lesson. While it's straightforward & helpful, i still have more questions after reading it.

The Stafford loans are going to a fixed interest rate for next year so it won't change for the life of the loan. The amount of Staffords you can get are also fixed. Currently 31000/yr for a 9 month school year and about 35000 for 3 year programs That is for those at schools which are kind enough to classify you as a grad student. That's probably why you are so low on the gov't loans--they are classifying you as an undergrad for first year or two.

 

[fsupharm]

sorry if this was answered earlier. i was told that graduate school loans don't apply to pharmacy school. is that true?

 

[insipid1979]

sorry if this was answered earlier. i was told that graduate school loans don't apply to pharmacy school. is that true?

Why don't you read the post right above yours?

 

[michele_107]

UMB = Univ. of maryland at baltimore.




maybe it's b/c i'm an out of state student? i dunno. I had very little income last year, just enough to have to file tax. i wonder why i got so little of subsidized & unsubsidized loan. are u an in-state student? did u work a lot last year?



.

I am an out of state student... but it's a private school so tuition is the same either way. I didn't work a lot last year because of school. I just don't understand why you didn't qualify for the full amount, unless you are classified as an undergrad? Is that the case?