im not complaining, but i just want to know how well the loans are set up for a student in my position. i have about 15 grand in the band, and 40,000 in undergraduate loans, but i think these are deferred if i go to grad school for pharm. are the loans good enough that i can truck off to pharm school and get enough money for food, dorm, books, and classes through my loans. i could probably live with my parents in the summer, but the rest is up to me to pay for.
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March 7th, 2010 at 2:15 am
keep in mind that approx 90pct of rx’s will be automated by the time you get out…
there will be one licensed rx supervising 30 or more units…there will be very little need for pharmacists by the time you graduate…
March 7th, 2010 at 2:15 am
This is possible, but it’s not necessarily wise. Do the math (I’m guessing on some of the numbers, but you can adjust them after doing more research):
4 years x $30,000 tuition/year = $120,000
4 years x $10,000 room/year = $40,000
4 years x $10,000 food, fun/year = $40,000
4 years x $2,500 utilities/year = $10,000
4 years x $5,000 books, fees/year = $20,000
Existing student loans = $40,000
Total loans = $270,000
At 8% interest, that ends up being a loan payment of $3,300 per month to pay off the loan over ten years!
Now, pharmacists can make a decent living, but taking $40,000 off the top of your paycheck every year is a killer, especially when you figure in taxes (although interest payments are deductible, etc.) The key for you is to shave the above numbers as much as possible, either by making money to pay for some of the things yourself or by finding ways to reduce some of the costs.
First, you might want to consider a state school if you can get in. The professional programs are usually less expensive there and might cut your $120,000 in tuition down to $40,000. You can also aim for scholarships regardless of where you go. The second thing you can probably do is to get at least a summer job. I understand that going to work and school at the same time is a beast, but a summer job might net you $5,000-$10,000 a year, which would help a good deal. Finally, although this sounds like a fate worse than death at 21, living at home would help you quite a bit too, erasing your room, utilities, and we’ll say half of your food/fun bills to the tune of $70,000 a year.
If you make all three of these changes to the above numbers, your final loan number is a much more tolerable $80,000, which translates to a scant $975 per month ($11,700 per year) over ten years. The difference between the payments, to say nothing of the power of investing the money at 8-12% or more per year, ends up being $280,000 over ten years. Check the differences between a $500,000 house and an $800,000 house and I’m sure you’ll agree that living at mom and dad’s for awhile isn’t all that bad.
So, the short answer is: yes, the loans will be available to cover everything, but you should help yourself as much as you can.