Will be graduating with 300k debt with private loans...HELP

[KARM12]

I'm a US citizen born and brought up right here in Massachusetts, fyi

My guess is that you go to Northeastern. Good school, but hefty price. Boston is also not a cheap city to live in as well.

Advice: move out of mass when you graduate to cut down the living expenses

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[Filler]

Yes because, if you can't pay tuition, you shouldn't be able to go to college.

Higher education is a right not a privilege.

I don't know, I kind of agree with her in the sense that loan forgiveness through this IBR concept is quite a stupid loophole that is quickly going to be abused. I can understand kids coming out of pharm school 6 figs in debt, but if your coming out of pharmacy school being 300k down then something is wrong. It's school, if you take the money out you then should be responsible for it, period.

Fiscal responsibility in our generation is becoming non-existent, and people seem to overlook the fact that when a loan is forgiven, it's me, you, and everyone else on this forum having to pay for it.

 

[museabuse]

Step one.....RELAX


The good news is with all your interest you will owe very little if any federal income tax when you graduate. That will help pay down your loans.

.

are you talking about while in school? Because with a pharmacists salary student loan interest is not deductable.

 

[Caverject]

doesnt have to be high paying. hell if i cant find a pharmacy job i'll go home and work for some $10/hr public university cafeteria job (loan payment at that income level is like $20/month) for 10 years. .bam. govt picks up the $250k tab after $20,000 in payments or so.

then again, money is pretty much meaningless to me. i'm aiming for an indy nuclear job (aka fairly low paying compared to in-demand retail chain) at this point and live like a student and pay off my 170k in ~5 ish years, but if that doesnt turn out, im sure i'll be fine. In my hometown its reasonable to get food, rent, and utilities all paid up for $500-550 a month. then again most people on here probably cant be expected to enjoy living in a studio, taking the bus, and spending $20 a week on food.

Point: you dont have to make lots of money to get by and enjoy life. as a pharmacist if you're taking home $5000-7000 a month.. live off $1500 a month.. you can pay off 300k in under 10 years.

what in the world are you talking about? Do you have a reference or is this something that a friend told you?

 

[StewardshipDude]

you could always go industry and train MSLs...I know this will fire up many here and they will try to refute the numbers, but they will be WRONG...you can easily make $300k per year package (225 base, 10% target incentive, 25k Restricted Stock Units, and around 28k benefits package to start). Check it out.

 

[museabuse]

what in the world are you talking about? Do you have a reference or is this something that a friend told you?

Yeah I don't get that either. Go get a 300k education then work at mcdonalds for 10 years, pay 12% of income to loans and suddenly it's gone....

 

[RealistRPh]

Wow, I had no idea school was so expensive now. Thank goodness for Texas education prices. Graduated in '87, don't think it cost more than $30,000 for my 7 yrs (got a degree before deciding to go to pharmacy school). That is a small fortune you're paying. Hope everything works out for ya and you have a great pharmacy career.

 

[quartel]

300k? It's totally worth it!











If you are planning to work overseas as a student loan fugitive.

 

[VancTheTank]

Higher education is a right not a privilege.

Really?

More like an opportunity. One that should be accessible to all (through loans, scholarships, or private means) with the understanding that loans bring the responsibility of repayment.

Decoupling the loan from the responsibility to repay... Where have we heard that before during the last few years? And how has that worked out?

Schools will charge whatever a student is willing to pay. Banks will loan whatever a student is willing to borrow. Common link? The student, who must balance the two in light of the financial realities for their chose field of study.

 

[owlegrad]

Schools will charge whatever a student is willing to pay. Banks will loan whatever a student is willing to borrow. Common link? The student, who must balance the two in light of the financial realities for their chose field of study.

Right, predatory lending is not a part of the problem, the person who takes the loan is responsible. The lending agency bares no responsibility. Good insight.

 

[Momus]

It's a privilege In US for sure. Most the the time only the rich can send their school to top 10 university here... Most students there are coming from upper middle class family. They get huge advantage over their peers to get the most prestigious certain jobs (think Harvard, Yale, Princeton, Duke). If you want your children to be successful, send them to elite schools. All else being equal, who would you choose by just looking at the resume? Someone who graduated at crappy university or Harvard?

All loans should not be forgiven just like in Spain... This is why we get in deep **** and cost taxpayer money to bail out "too big too fail" banks.
http://www.nytimes.com/2010/10/28/world/europe/28spain.html?source=patrick.net

 

[SHC1984]

I don't know, I kind of agree with her in the sense that loan forgiveness through this IBR concept is quite a stupid loophole that is quickly going to be abused. I can understand kids coming out of pharm school 6 figs in debt, but if your coming out of pharmacy school being 300k down then something is wrong. It's school, if you take the money out you then should be responsible for it, period.

Fiscal responsibility in our generation is becoming non-existent, and people seem to overlook the fact that when a loan is forgiven, it's me, you, and everyone else on this forum having to pay for it.

Education is a privilege just like everything else in life. If you want to go to school either 1) get a loan and pay it back or 2) ask your parents to pay for it.

I still think IBR is mess up and it is most unfair to the people that paid for their education up front.

Lastly, live frugally while in college. If you are taking out more than 100K then you are obviously living like a doctor when you are a student. Have some common sense and take out less money. Come on!

 

[SHC1984]

its sad that someone posts for help and out of all the posts only one of them is helpful (N974)

I disagree. I think my advise of getting out and finding better opportunities that pay MORE than a PharmD and have no student debt is much better. There are many jobs that pay more than a pharmacist's salary and require no student loans. The OP would be smart to follow those paths instead....I only wish someone told me this when I was 18 years old.

 

[JJVmom]

I agree with this 100%. There should be no such thing as loan forgiveness...how is that fair to the people that pay for their tuition all by themselves or if their parents paid for it? It's not fair to those people at all.

I think you missed the reason for the loan forgiveness. It's a benefit for those serving our county. I've been a military spouse for many years and have seen many types of financial benefits for service members and their dependents. Others include spouses tuition assistance for lower ranking spouses (MyCAA), food programs where baby formula and nutritious foods are paid for (WIC Overseas), housing allowances (BAH), cost of living allowances (COLA), clothing allowances, food allowances, reelistment bonuses, and tax advantages, and those do not include the huge bonuses given to military doctors and pilots. Keep in mind, too, that Tricare offers fantastic medical coverage, with most prescriptions covered at 100%. Loan forgiveness is a way of making sure that pharmacists will stay in civil service for a long time.

 

[owlegrad]

I still think IBR is mess up and it is most unfair to the people that paid for their education up front.

I agree, life is most unfair to people who can afford to pay for college upfront. I don't know how they can stand it, what with life being so unfair to them.

 

[VancTheTank]

Right, predatory lending is not a part of the problem, the person who takes the loan is responsible. The lending agency bares no responsibility. Good insight.

To avoid being the "prey" a student must fully understand the terms of a loan prior to accepting the funds. Frankly, I don't think that is too much to ask. Would you accuse a teacher who fails a student that never studied of "predatory grading"? Or do you think the student should understand what is expected of them prior to entering the class?

I agree that banks and schools will take advantage of students, especially due to the decoupled relationship described above. Exactly why the individual has to take responsibility for their own decisions and the consequences that follow. Educate yourself, use the resources available to you (financial aid office for example) and be prepared to pay back what you borrow.

And that is good insight, thank you for the compliment.

 

[owlegrad]

To avoid being the "prey" a student must fully understand the terms of a loan prior to accepting the funds. Frankly, I don't think that is too much to ask. Would you accuse a teacher who fails a student that never studied of "predatory grading"? Or do you think the student should understand what is expected of them prior to entering the class?

I agree that banks and schools will take advantage of students, especially due to the decoupled relationship described above. Exactly why the individual has to take responsibility for their own decisions and the consequences that follow. Educate yourself, use the resources available to you (financial aid office for example) and be prepared to pay back what you borrow.

And that is good insight, thank you for the compliment.

You're welcome.

So you believe that lenders assume no responsibility to insure that borrowers will be able to repay the loan? Would you loan money to someone you believe will not be able to repay the loan? Of course not, and neither should banks/any other lenders. It is a two-sided system, both sides are at fault when bad loans are made.

 

[VancTheTank]

You're welcome.

So you believe that lenders assume no responsibility to insure that borrowers will be able to repay the loan? Would you loan money to someone you believe will not be able to repay the loan? Of course not, and neither should banks/any other lenders. It is a two-sided system, both sides are at fault when bad loans are made.

If my business model included selling the loan as soon as it is issued, you bet. That is the crux of predatory lending. Deplorable, toxic to the financial system, and unfortunately prevalent.

My point is that regardless of the ethics/behavior of the lender, the borrower must take responsibility for the terms of a contract they enter in to. Avoiding a predatory lender like the plague should be step one in this process.

Well, actually my real point is that someone making > 100K shouldn't qualify for IBR. But we seem to have drifted a bit.

 

[owlegrad]

If my business model included selling the loan as soon as it is issued, you bet. That is the crux of predatory lending. Deplorable, toxic to the financial system, and unfortunately prevalent.

My point is that regardless of the ethics/behavior of the lender, the borrower must take responsibility for the terms of a contract they enter in to. Avoiding a predatory lender like the plague should be step one in this process.

Well, actually my real point is that someone making > 100K shouldn't qualify for IBR. But we seem to have drifted a bit.

We agree on this!

 

[VancTheTank]

We agree on this!

 

[genesis09]

You qualify for IBR if the regular repayment is more than a certain percentage. I know I personally do not qualify for IBR, only extended repayment. http://www.finaid.org/loans/ibrfaq.phtml

 

[Rebel78]

To the OP:

One thing I haven't seen mentioned is budgeting. First do your school expenses, tuition, books, lab, etc. Not much can be cut here, but figure out the number.

Then work on other expenses, and write down everything, living expenses, rent, utilities, food, entertainment, etc. Make cuts here. Move into a different apt., live on campus, eat worse, don't go to the movies. Get a free hobby. Anything you can think of to live cheap, your living on a borrowed dime so cut back.

50K a year is something, I got all of mine for about that and I graduated in 2004. Of course I went to a state school and in an area cheap to live.

Oh yea.........get a job!!!!!

 

[TemSirolimus]

I'm a US citizen born and brought up right here in Massachusetts, fyi

and wasnt aware of federal financial aid/ loans???

I am starting to think you dug your own hole here.

 

[minette]

and wasnt aware of federal financial aid/ loans???

I am starting to think you dug your own hole here.

Maybe his parents make tons of money and he does not qualify for financial aid?....I'm surprised too that he was not aware of federal loans or fa...

 

[confettiflyer]

mmmm... I love me some IBR/PSLF, thank you George W. Bush & co. for passing this lovely piece of legislation

They're called incentives for a reason, I'm maxing out my student loans knowing my qualifications & employment options after graduation and fully intend to dump the remainder of my est. $200k+ balance after 10yrs.

Either way, taxpayers indirectly support 501(c)(3)'s through many gov't programs (tax code, etc...) IBR/PSLF lowers the amount they can offer a job candidate because the candidate gets this $$ on the back end. This program is no different from paying someone $$ to take a job in public sector/non-profit work.

The loophole here is that public sector pharmacy work usually pays the same as private sector. The program was intended for careers with huge disparities in income (public vs. private) like law.

Yes, it's unfair to people who pay up front...but it's like buying a house. Borrowers deduct interest & property tax. It's a financial incentive to (over)leverage. Granted, if you can afford a house for cash, you probably won't care/won't qualify for the deduction in the first place.

 

[All4MyDaughter]

Maybe his parents make tons of money and he does not qualify for financial aid?....I'm surprised too that he was not aware of federal loans or fa...

Everyone is eligible for federal loans regardless of income. Those with higher income just get more unsubsidized loans.

 

[confettiflyer]

Everyone is eligible for federal loans regardless of income. Those with higher income just get more unsubsidized loans.

I found it difficult to even TRY to get private loans. I believe my school has a policy where you MUST max out subsidized then unsubsidized federal loans before being able to get private loans (or similar hurdles were enacted).

 

[owlegrad]

I found it difficult to even TRY to get private loans. I believe my school has a policy where you MUST max out subsidized then unsubsidized federal loans before being able to get private loans (or similar hurdles were enacted).

Same here. Anyone who tries to get private loans (I believe) gets a call from financial aid to try and dissuade/help the student. At orientation the head financial aid guy begged us to not try and get private loans without first calling him to discuss options.

He seemed like a nice guy. He did this little example of how much you would end up paying for coffee from starbucks if you purchesed one a day using student loans. I don't remember the exact number, but it was allot. Pretty cool exercise to remind us how small things add up over time, especially with interest.

 

[bacillus1]

Everyone is eligible for federal loans regardless of income. Those with higher income just get more unsubsidized loans.

False.

This guy goes to NEU, a 0-6 program. Many 0-6 program treat you like an undergrad for 5 years of 6. This means that you're getting $7500/year tops in federal loans (thats sub+unsub), therefore the need for private loans.

 

[All4MyDaughter]

False.

This guy goes to NEU, a 0-6 program. Many 0-6 program treat you like an undergrad for 5 years of 6. This means that you're getting $7500/year tops in federal loans (thats sub+unsub), therefore the need for private loans.

No, not false. The OP is still eligible for some federal loans, but for whatever reason, is not taking advantage of them. The OP has ALL private loans.

 

[TemSirolimus]

False.

This guy goes to NEU, a 0-6 program. Many 0-6 program treat you like an undergrad for 5 years of 6. This means that you're getting $7500/year tops in federal loans (thats sub+unsub), therefore the need for private loans.

I'll be darned.

I recall him mentioning that he pays half the tuition his last year or something. gaddamn....daytime robbery!

300K ? I still haven't wrapped my head around that yet.

 

[aboveliquidice]

No, not false. The OP is still eligible for some federal loans, but for whatever reason, is not taking advantage of them. The OP has ALL private loans.

If a school is not accredited by the regional accreditation body, the school is not eligible for federal loans. The student is able to qualify, but not through the specified school. There have been several pharmacy schools that have had this issue.

 

[All4MyDaughter]

If a school is not accredited by the regional accreditation body, the school is not eligible for federal loans. The student is able to qualify, but not through the specified school. There have been several pharmacy schools that have had this issue.

True, but I don't think there are any unaccredited 0-6 programs. For that matter, I don't think there are any pharmacy programs at schools that lack regional accreditation. Do you know of any? With the new ACPE requirement that new schools obtain regional accreditation first, this should no longer be a problem.

It seems to me that this student should be eligible for Stafford Loans and probably Parent Plus Loans.

 

[MountainPharmD]

True, but I don't think there are any unaccredited 0-6 programs. For that matter, I don't think there are any pharmacy programs at schools that lack regional accreditation. Do you know of any? With the new ACPE requirement that new schools obtain regional accreditation first, this should no longer be a problem.

It seems to me that this student should be eligible for Stafford Loans and probably Parent Plus Loans.

Whatever they are eligible for if they are coming out of pharmacy school with 300k in debt they are screwed and stupid for even considering taking on that kind of debt.

 

[All4MyDaughter]

Whatever they are eligible for if they are coming out of pharmacy school with 300k in debt they are screwed and stupid for even considering taking on that kind of debt.

I don't disagree. I also think it's crazy to spend 50K+ per year to attend "prestigious" undergraduate schools. But some people do. 200K for a BA in fine arts (or whatever) is nuts.

 

[confettiflyer]

True, but I don't think there are any unaccredited 0-6 programs. For that matter, I don't think there are any pharmacy programs at schools that lack regional accreditation. Do you know of any? With the new ACPE requirement that new schools obtain regional accreditation first, this should no longer be a problem.

It seems to me that this student should be eligible for Stafford Loans and probably Parent Plus Loans.

CNCP lacks regional accreditation. It's not an ACPE requirement for pre-candidacy or candidate status...it IS a requirement for full accreditation.

Chicken egg problem...you need students in place for the regional accreditation process, but you can't have students until you have pre-candidate status.

Students in that program worked around it by enrolling in online master's classes with an accredited university and obtaining federal loans that way.

 

[BuffaloPills]

I just don't see how that is fair to the people that actually paid for their tuition straight out of their own pockets. Loan forgiveness means you are using OTHER people's hard earn money to benefit yourself...I don't see how that can possibly be fair at all.

And yes I think Obama is an idiot with all his new laws, but that's getting off topic! lol...

Bush actually passed IBR and Public service loan forgiveness along with ICR in the College Cost Reduction and Access Act 2007, not Obama. Obama decreased IBR income level from 15% to 10% for 2014 federal loans.

To the OP, are you considered an independent or dependent student? Is your 3rd year considered professional level education? If so, seek fed sub and unsub loans to the max with the addition of the maximum amount of federal grad plus loans permitted by your school for the cost of education.

Pay tuition first, then with all excess funds that were delineated to be used for living expenses - use those funds instead to pay your private loans.

If done for 3 more years, you should be able to cut your 130K in half and have everything else in fed loans.

Then get a non-profit job and you will qualify for both IBR and PSLF.

The factors to pull this off will be 1) how much money over tuition your school permits for living expenses and 2) your ability to survive without those funds, my opinion - get a job and work 20-30 hours to sustain life, its possible i worked 20-30 hours per week til rotations.

Good luck

 

[aboveliquidice]

Whatever they are eligible for if they are coming out of pharmacy school with 300k in debt they are screwed and stupid for even considering taking on that kind of debt.

Or uninformed and naive.

All4... You're right - I don't know of any schools that still have this problem. I definitely feel for this kid. Even with a boat load of assistance, I still have a good amount of money to pay.

 

[KARM12]

Can you take out a "family loan?"

I believe I was told by a financial aid officer at my pharm school that for every dollar you take out, you end up paying at least 2/3 of that back....and that was when the rates were much lower. Cut the amount that you take out in loans for living expenses as much as possible. Can you get involved in work-study?

http://www.northeastern.edu/financialaid/loans/federal.html

 

[Medwell]

Yes because, if you can't pay tuition, you shouldn't be able to go to college.

Higher education is a right not a privilege.

If you can't pay tuition, you should take out a loan and pay it back when you can. You shouldn't get free money/loan forgiveness when other people don't.

 

[owlegrad]

Bush actually passed IBR and Public service loan forgiveness along with ICR in the College Cost Reduction and Access Act 2007, not Obama. Obama decreased IBR income level from 15% to 10% for 2014 federal loans.

You didn't need to post this, SHC will not let something like the truth get in the way of saying whatever she wants.

What strikes me as odd is being against loan forgiveness because you are using other peoples money but yet not having a problem with federal student loans in general. Every recipient of federal student loans are benefiting by using other people's hand earned money, yet that is ok? A bit disingenuous if you ask me.

 

[VancTheTank]

mmmm... I love me some IBR/PSLF, thank you George W. Bush & co. for passing this lovely piece of legislation

They're called incentives for a reason, I'm maxing out my student loans knowing my qualifications & employment options after graduation and fully intend to dump the remainder of my est. $200k+ balance after 10yrs.

Based on your assumptions, how much of the loan balance do you anticipate repaying?

Yes, it's unfair to people who pay up front...but it's like buying a house. Borrowers deduct interest & property tax. It's a financial incentive to (over)leverage. Granted, if you can afford a house for cash, you probably won't care/won't qualify for the deduction in the first place.

Sort of. Both financial incentives to encourage behavior that (theoretically) benefits the country/government/tax base. Deducting qualified student loan interest from federal taxes is probably a closer comparision. If you can pay for a house or education with cash up front, these incentives are not designed for you. Once your income eclipses a certain point, these incentives should diminish then disappear.

Would you support a program that allowed a borrower to pay their mortgage for ten years at a reduced rate and then dump the remainder on the taxpayers? For the sake of discussion, lets say the borrower purchased a home 1.5-2x the median cost in their area and gets to keep the home. And the borrower earns more than 90% of the general population.

What strikes me as odd is being against loan forgiveness because you are using other peoples money but yet not having a problem with federal student loans in general. Every recipient of federal student loans are benefiting by using other people's hand earned money, yet that is ok? A bit disingenuous if you ask me.

Most recipients pay it back, with interest. I am grateful the taxpayers loaned me money to pay for a portion of my education. I expressed this gratitude by returing the money, in full, ahead of schedule.

In addition to the loan interest the government benefits by receiving income tax from my salary. A salary that I am able to earn because I was loaned the money to pay for the requisite education. While I can certainly think of other uses for this tax money, I think it is a small price to pay for the benefits of living in this country.

 

[owlegrad]

Most recipients pay it back, with interest. I am grateful the taxpayers loaned me money to pay for a portion of my education. I expressed this gratitude by returing the money, in full, ahead of schedule.

In addition to the loan interest the government benefits by receiving income tax from my salary. A salary that I am able to earn because I was loaned the money to pay for the requisite education. While I can certainly think of other uses for this tax money, I think it is a small price to pay for the benefits of living in this country.

Now I could certainly be wrong, and I love learning new things, but federal loans do not come directly from the government. In particular I am thinking of Subsidised Stanford Loans which are issued by banks and the government pays the interest for you while you are in school. That is taxpayer money benefiting the student. The student will never pay back the interest from when he was in school (except in the form of taxes). The government does not benefit from the interest after you graduate, the bank does.

Mind you I am not against student loans, quite the contrary. But if someone is against government aid, redistributing wealth, etc, etc, they should be against student loans as well. Unless of course said person is a hypocrite who is only against aid they do not qualify for (this is not aimed at anyone in particular, just a general comment).

 

[SHC1984]

Now I could certainly be wrong, and I love learning new things, but federal loans do not come directly from the government. In particular I am thinking of Subsidised Stanford Loans which are issued by banks and the government pays the interest for you while you are in school. That is taxpayer money benefiting the student. The student will never pay back the interest from when he was in school (except in the form of taxes). The government does not benefit from the interest after you graduate, the bank does.

Mind you I am not against student loans, quite the contrary. But if someone is against government aid, redistributing wealth, etc, etc, they should be against student loans as well. Unless of course said person is a hypocrite who is only against aid they do not qualify for (this is not aimed at anyone in particular, just a general comment).

I am currently on sub stafford loans, merit scholarships, and my parents are paying for some. I know plenty of people that can afford to pay for their education up front and is taking out just the sub loans like myself. Is the sub loans unfair to the people paying for ALL their education up front? Yeah, but those people also have a choice to take out the sub loans too so it's their choice to not take it out. Am I against loans in general? No, unless the person doesn't pay it back I am not for loans or against loans. If there were no sub loans then my parents would pay for my tuition up front. I am not against things that are provided for everyone, but I am against crap like IBR that are only for the selected few that don't have the responsbility to paid for their own stuff. In general I just cannot stand people that are always looking for SOMEONE'S else to do the work (or pay the bill) for them. How about YOU do it once it a while? I know it's must be a crazy idea to expect someone to actually pull their own weight once in a while!

 

[aboveliquidice]

To those saying it's wrong to take loans (for the purpose of using valuable government resources), you are crazy.

These funds are allocated for this purpose specifically. The government makes every dime back in taxes, and then some. You, by taking out a loan, eventually become a productive member of society. You offset all of the deadbeats / those experiencing hard times that cannot pay back the society they live in.

That being said, you have to manage your debt responsibly. IRB is a GREAT program. It allows for a greater proportion of graduates to pay back some of their loans (less defaults = good).

I am looking at both consolidation and IRB. I am also using loan deferment and Health professions loan repayment.

 

[bacillus1]

I am currently on sub stafford loans, merit scholarships, and my parents are paying for some. I know plenty of people that can afford to pay for their education up front and is taking out just the sub loans like myself. Is the sub loans unfair to the people paying for ALL their education up front? Yeah, but those people also have a choice to take out the sub loans too so it's their choice to not take it out. Am I against loans in general? No, unless the person doesn't pay it back I am not for loans or against loans. If there were no sub loans then my parents would pay for my tuition up front. I am not against things that are provided for everyone, but I am against crap like IBR that are only for the selected few that don't have the responsbility to paid for their own stuff. In general I just cannot stand people that are always looking for SOMEONE'S else to do the work (or pay the bill) for them. How about YOU do it once it a while? I know it's must be a crazy idea to expect someone to actually pull their own weight once in a while!

You're having your parents pay the bill, that's "someone else", so don't talk about paying it all yourself.
And many people do pull their weight, and then can't find a job that'll pay them. If you went to Harvard and have a 250k loan and got a degree in creative arts therapy or something like that, yet are only making 50k a year (I really don't think this is too uncommon), you cannot make a time machine to take you back and not go to Harvard.
The fact is, education is too expensive in this country and deters many people from bettering themselves to the fullest. Would you rather just have the country pay people grants for their whole tuition?
Only in America do people refuse free money...

And to the NEU guy, this is why I didn't go to NEU, but he can't go back in time to go to a different school What is he supposed to do when he cannot pay his loans back? IBR is a good option here. Or we could just have price controls on education...

 

[owlegrad]

To those saying it's wrong to take loans (for the purpose of using valuable government resources), you are crazy.

Who is saying that? Straw man argument my friend.

If this was directed at me, my only point is that student loans are a form of government redistribution of wealth. If you are against government aid you should be against federal student loans.

I think student loans are an incredible resource that one should definitely use to pursue higher education, responsible of course.

 

[streetpreacher]

I'm shocked that someone this oblivious even exists.

Oh humanity, you continue to amaze me.

 

[MountainPharmD]

I'm shocked that someone this oblivious even exists.

Oh humanity, you continue to amaze me.

This is the type of person all the new diploma mill schools are counting on. Crazy, crazy, crazy to take out that much student loan debt for pharmacy school.

 

[Ackj]

http://www.northeastern.edu/registrar/billing-tuition1011.html

6th Year Pharm D 10,835
Direct Entry PharmD 17,675
Direct Entry PharmD Clinical 10,835

Not really sure what the difference of PharmD and PharmD clinical, is but 6 years, 12 semesters, even at the extra $7k of the clinical, comes to around $200k. Sure you'll have some housing expenses to add in, unless you still live at home. Even if you don't, you can have a nice apartment for $800/month, x12 months x 6 years = $57K. Get a roommate and that's cut in half. Your total is now around $230k, just bump it up to $235 for books and whatever other things you need. I'd say spending $200/month on food is fairly generous for a student, which x 12months x 6yrs = around $15k. Total is $250k now. I'm not seeing where you'd spend an additional 50k as a student unless you have kids or an addiction.

Get a job, interns make somewhere between $10-20/hr, only working the weekend you'd bring home about $200, and if you're really that broke, you need to work after school some days. Work full time during breaks too. If you do this, you can probably take out way less each semester.