Who goes to the most expensive school?

[imkim01]

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Can any school beat Western University and USC in CA?

Tuition a year is about $32000.

Most students take a loan around $150,000. It is a lot of money... it is true that pharmacist make competitive salary but still 150,000 is too much, i think.

Any school?

 

[fidelio]

I didn't know Western was expensive.

 

[BiOGoly]

Can any school beat Western University and USC in CA?

Tuition a year is about $32000.

Most students take a loan around $150,000. It is a lot of money... it is true that pharmacist make competitive salary but still 150,000 is too much, i think.

Any school?

Whoa, I didn't know USC was THAT expensive...a four year program too...ouch.

 

[ButlerPharm.D.]

Are you talking straight tuition or is that the total cost for one year?

 

[ButlerPharm.D.]

I know Ohio Northern is one of the most expensive pharmacy school to attend.

 

[imkim01]

Are you talking straight tuition or is that the total cost for one year?

It is the straight tuition. Total cost according to school is around $50,000 a year.

 

[ultracet]

Can any school beat Western University and USC in CA?

Tuition a year is about $32000.

Most students take a loan around $150,000. It is a lot of money... it is true that pharmacist make competitive salary but still 150,000 is too much, i think.

Any school?

I would have thought students would have taken out more than $150K for that kind of tuition as most students live on loans as well...

Our tuition is no where near that and most in my class are going ot be $150K in debt

 

[Smilescali]

Whoa, I didn't know USC was THAT expensive...a four year program too...ouch.

A lot of the three-year programs are expensive, but I guess you can justify that because it is only three years. Yes, a four-year program that costs that much is quite pricey! If you go to a school that is in a state that has no state income tax, then the cost savings are greater. I know that if I get into USN, I will be getting the equivalent of about a years tutition free, just by just moving there from California and my husband not having to pay state income taxes!!
🙂

 

[CauBePharmD]

University of Findlay in Ohio is 32k a year, too. Also, I loaned about 20k for my first year. I heard University of Pacific in Oregon is around 30k ayear, too.

 

[cosmicstarr]

The cost really makes you think huh?

If one goes to Western or USC, you can estimate about $50k /year for tuition and living expenses. If one relies solely on student loans, this is $200k in principal. Add to this the interest that has accrued over the years in school. That is an enormous loan for an income of about $95k/year. I guess working overtime or taking a second part time pharmacy job is a must to help pay down those loans.

 

[SomeGuy]

I attend what I believe is the most expensive pharmacy school in Canada. My tuition is about CAD$10500/yr, housing ranges from $400 to board in a frat/sorority, to $850 for a bachelor apartment, to $1400/month for a 2-bedroom for anything walkable.

My 1 year of prerequisite study tuition was around CAD$5500

CAD$1.15=USD$1

Now sure, you're thinking, wow, that's cheap, but wait until Requiem gets back.

 

[blueclassring]

You have to figure that expenses for living, tuition, and miscellaneous expenses for those school will be around $200,000. If you figure that the average pharmacist takes home about 65K it will take several years to pay it off.

65K take home pay
- 12K for housing expenses(assuming a 1K/mth mortgage)
- 2400 for food
- 1K for car insurance

A conservative estimate would leave with about $50,000 to help pay down student loans. But what about investing activities. I suppose many people will put money in Roth IRAs and 401K. So one can feasibly put about 40K towards loans, and can pay them off in 5-10 years. Still a great investment in yourself if you ask me.

Three year schools are a little better. It costs about 150K to finance the education at these institutions, and you are earning money a year earlier.

 

[cosmicstarr]

You have to figure that expenses for living, tuition, and miscellaneous expenses for those school will be around $200,000. If you figure that the average pharmacist takes home about 65K it will take several years to pay it off.

65K take home pay
- 12K for housing expenses(assuming a 1K/mth mortgage)
- 2400 for food
- 1K for car insurance

A conservative estimate would leave with about $50,000 to help pay down student loans. But what about investing activities. I suppose many people will put money in Roth IRAs and 401K. So one can feasibly put about 40K towards loans, and can pay them off in 5-10 years. Still a great investment in yourself if you ask me.

Three year schools are a little better. It costs about 150K to finance the education at these institutions, and you are earning money a year earlier.

In areas with high living expenses (i.e. Northern and Southern California), there is no way you can get a 1K mortgage unless you have a lot of money to put down. Heck, a nice 800 sq ft. 1 bedroom apartment runs about $1,500/month. I guess you can always look for something cheaper, but do you really want to live in a not so desireable area after putting so much time, effort and money to get a docorate degree???

The monthly payment on a $200k loan based on 6.5% interest and 10 years repayment would be around $2,271/month. Note that the principal balance will actually excced $200k because of the interest that has accrued during the time in school. The monthly payment will actually be higher than this. Lets say the salary after graduation is $100k/year. Now, this is an excellent salary and far above what most in the US make. For a single person in CA, this calculates to a NET pay of about about $4,744/month assuming standard benefits, S1 filing status, and a 10% contribution to 401k. However, the student loan repayment is a big burden. ($4,744 - $2,271 = $2,473/ month available).

So you have $2,473/month to work with. If you live in a decent 1 bedroom apartment at $1,500, that leaves you with $973 for all other expenses (car payment, gas, insurance, food, utilities, entertainment, etc). This will not leave any additional money to pay more on student loans unless one takes a second job or works a lot of overtime.

The bottom line is that these student loans are an enormous burden and the return on investment on some of these private schools that charge $32K +/year for 4 years to attend should be heavily considered if loans are used to finance 100% of the education.

 

[ethyl]

Looks like I'll be a pharmacist living in a trailer home for a few years. 😳

 

[blueclassring]

i believe that some students fail to understand the weight of the enormous burden after school

 

[imkim01]

In areas with high living expenses (i.e. Northern and Southern California), there is no way you can get a 1K mortgage unless you have a lot of money to put down. Heck, a nice 800 sq ft. 1 bedroom apartment runs about $1,500/month. I guess you can always look for something cheaper, but do you really want to live in a not so desireable area after putting so much time, effort and money to get a docorate degree???

The monthly payment on a $200k loan based on 6.5% interest and 10 years repayment would be around $2,271/month. Note that the principal balance will actually excced $200k because of the interest that has accrued during the time in school. The monthly payment will actually be higher than this. Lets say the salary after graduation is $100k/year. Now, this is an excellent salary and far above what most in the US make. For a single person in CA, this calculates to a NET pay of about about $4,744/month assuming standard benefits, S1 filing status, and a 10% contribution to 401k. However, the student loan repayment is a big burden. ($4,744 - $2,271 = $2,473/ month available).

So you have $2,473/month to work with. If you live in a decent 1 bedroom apartment at $1,500, that leaves you with $973 for all other expenses (car payment, gas, insurance, food, utilities, entertainment, etc). This will not leave any additional money to pay more on student loans unless one takes a second job or works a lot of overtime.

The bottom line is that these student loans are an enormous burden and the return on investment on some of these private schools that charge $32K +/year for 4 years to attend should be heavily considered if loans are used to finance 100% of the education.

wow, a very good summary. So i guess the conclusion is that new pharmDs need to do a lot of overtime. Personally, just got back from interview and waiting for the result from Western, but the fact makes me think twice. i really want to stay in CA but financially, i would be really better off with getting pharmD from other states where i can cut the total amount of loans almost half or even more.

 

[cosmicstarr]

wow, a very good summary. So i guess the conclusion is that new pharmDs need to do a lot of overtime. Personally, just got back from interview and waiting for the result from Western, but the fact makes me think twice. i really want to stay in CA but financially, i would be really better off with getting pharmD from other states where i can cut the total amount of loans almost half or even more.

Congrats on the Western interview and good luck!

Another option would be to attend Western but move to an area with a lower cost of living after graduation. But I guess there's a reason why other areas have lower costs of living: they are not as desirable.

Those students in state pharmacy schools with relatively low tuition and lower cost of living are very fortunate to not be burdened with such a huge student loan balance upon graduation.