what's ur estimated total cost of pharm school?

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The student loan tax deduction is phased out for taxpayers with modified adjusted gross income between $105,000 and $135,000 for joint tax return filers ($50,000 and $65,000 for single tax return filers).

:(

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michele_107 said:
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?
i'm classified as a grad.
hmm...m :(
 
DOH!

I knew they were phasing it out, I thought it was for over ~100k/single (aka the MD/lawyers). Well marry a teacher and then get them to declare all the stuff the truly buy for the classroom. ;)

This isn't all bad news, for those making in the lower spectrum of the pay band, it'll be easy to get the AGI/mAGI down to 65k with 401k and medi-flex spending. It'll just take some work on their part.
 
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alwaystired said:
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.

I agree at 7%. The 3.625% (I just double-checked) that most of mine are, isn't so bad. It doesn't make financial sense to pay them off early if that means I would be taking away from investment/retirement contributions. I'll get a better return than 3.625% on investments. So I'm not planning to sacrifice my IRA/401(k) to pay those loans off earlier than needed. Of course, I don't have 200K in loans either. Just wanted to clarify my reasoning.

Now, my scary-high APR private loan is getting paid off STAT! I rue the day I took that damn thing out. :mad:
 
Where are you guys getting these lower interest rates??
 
sarahjth said:
Where are you guys getting these lower interest rates??

I don't know if those low rates will be available to us. I think we just missed the boat. They shouldn't be that much higher though.
 
insipid1979 said:
I don't know if those low rates will be available to us. I think we just missed the boat. They shouldn't be that much higher though.

my current rates are between 9-11%.. my next interest pay is $725 :thumbdown:
 
insipid1979 said:
I don't know if those low rates will be available to us. I think we just missed the boat. They shouldn't be that much higher though.

No we didn't just miss the boat, we missed the gravy train. My consolidated undergrad loans ($30k) are currently 2.66% and they will drop to 1.66% after 24 on time payments (only 12 more to go baby!). That's is insanely low interest by any historical measure. So now, when I'm taking out serious money congress decides to change the rules and the best deal you can get is 6.8% (for stafford loans, i don't want to even speculate what variable private loans are going to look like after interest rates sky rocket over the Iran debacle redux; ask your parents what life was like in 1979!) which is two and a half times higher. Historically 6.8% isn't bad, but considering tuition costs have far outpaced inflation over the last 20 years, it's certainly a raw deal for us. :(
 
Consolidating your current loans before July 1st will lock them at their current rate before they jump up another 2%. I locked in my first 2.5 years at 2.75 and this past year at 4.7something for the average I mentioned. My last year's loans will be at the 6.77% rate :thumbdown: but I consider myself lucky I came into school when I did, the rates were incredibly low.
 
Does anyone know what's the total estimated cost for OU pharm? I've been hearing 30k but my old roommate said she takes out 19k from loans and still have 5k left over...Granted she lives with her parents...
 
genesis09 said:
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.

UMB still offers grants. They are offered by the school not the government.
 
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