He's way too far gone for loan overpayment, etc.
Best bet is to pay off private loans and do 20 year REPAYE on the federal loans. $320k of student loans on a pharmacist salary? It's never going to be paid off, guys.
If you want drug information you're going to need a residency IMO.
Hell, his best bet is to do 2 years of residency and get a drug info job in a hospital for 8 years and hope Trump doesn't cap PSLF.
My response is directed towards the individuals that have responded individually. Excuse the redundancy LOL. Joking aside, this is a long post, so I encourage all who look at it to please read the entire thing before responding.
For pumpkinsmasher:
There are very few drug information residencies available for a PGY1. I am currently looking at Rutgers University drug information PGY2 (NY), Duke University drug information PGY1 (NC), and University of Wisconsin PGY2. I agree with the aggressive debt repayment strategy which I'm already considering, hence the reason I mentioned the amount of take-home pay. I have considered paying $4500 per month while salaried and while working per diem at a second job to get the income to at least $150,000 annually. It is obvious I will have to consider the rent, commute, and other expenses in addition to the interest accrual during a PGY1 and a PGY2 if both are required for becoming a drug information specialist. During residency however, I may have to focus on the private debt alone in addition to "living frugally." It's not going to be easy with a $37,500 salary with a PGY1 or even with the $45,000 salary with a PGY2. I may even have to buy my own drug information resources to keep up with the training, but that is just my thought if the program does not have such options available.
To address the roommate issue, that is not an option as most students and people in general do not know how to live with someone with autism let alone how to handle such behaviors. That has been proven with experiences I have had during the educational career and during my Pharm.D. curriculum, my masters degree, and my bachelors degree, all acquired from the same university I am earning my Pharm.D. from.
For apples2oranges:
My school has connections to Elsevier GoldStandard in addition to Xcenda, Novartis, the FDA, and the CDC, the last four of which are rotation opportunities. I, unfortunately, have not earned any of these rotation opportunities during pharmacy school. Connections with other pharmaceutical companies are nonexistent as rotation schedules are currently incompatible with our curriculum. Our rotations are six weeks long and the rotations for most super top companies including Pfizer, Allergan, and Amgen, only last four weeks. It also costs money to keep students there in addition to a site review that could take 1 to 2 years conducted by coordinators and faculty. The school can accommodate students if you want to earn is that rotation. However it is difficult to be able to incorporate assignments in the two weeks left. I also have a credit card and a car lease for emergencies and for required transportation respectively.
For awval999:
I have a few questions to address as well as some proactive steps taken to address the issues. Is it an opinion or fact that I will need a residency in order to pursue a drug information career? If so, how can I set myself up for that given information I revealed in my last post regarding planning for a drug information specialist career?
I looked at the APhA website regarding career pathways in pharmacy and some individuals had outside training while the majority had residency training. Although the data was from 2012, I just thought I would throw that out there. The survey has a very small sample size and may be biased, but it's better than nothing. The following is directly verbatim from that page:
"Fifteen pharmacists responded to the 2012 APhA Career Pathway Evaluation Program survey. Among the respondents, 63% had earned a PharmD degree. Fifty-four percent had an advanced degree (MA, MS, MBA, PhD, or other degree). Many have undertaken educational or training programs beyond their earned pharmacy degree. Twenty-six percent had completed a residency, 35% had earned a certificate, and 9% had taken other training."
Source website URL:
http://www.pharmacist.com/sites/def...e_20 Medical communications FINAL 071213.pdf
As far as the debt is concerned, I have already looked at SoFi and WellsFargo for private loan consolidation options extending to 20 years. The only issue is keeping the private loan out of delinquency and out of default during the next 15 months with minimal funds. SoFi's current criteria involves no delinquencies or defaulted private loans within two years time or 24 months. That is the major criteria for eligibility for a consolidation loan, assuming the criteria does not change from the date of this post. Depending on my debt to income ratio, I could get a rate of 6.5% over 20 years with a payment monthly payment of $564 instead of the $735 I am paying now, again contingent upon no delinquencies or defaults between now and then and, of course, providing a realistic income statement a.k.a. being employed and making money. Private loan obviously is first, specifically to pay it off in 3 to 5 years while keeping the federal loans either deferred or out of default if it all possible. I may have to address Federal loan consolidation over 20 years but I will still need to keep those loans current and/or out of default while I focus on the private.
Furthermore, since private loans have no eligibility for in school deferment beyond five years of the disbursement date and I have been paying on it for a while, specifically 10 years since undergrad and all the deferment options are exhausted, I have to consider that too. I finished undergrad in December 2007 and the disbursement dates are between 2005 and 2007. I hope you understand my frustration. Also, I am well aware of consolidation options; but I am not aware of as how to maintain my current loan status until I graduate and earn a job, residency or not.
My question to you is this: if I delay residency and keep my drug information skills up to par, could I still apply for residency once my private loan is paid off? If so, how will I make myself marketable during those five years "to be able to compete" against recent graduates from top schools (UNC Chapel Hill, University of Washington, University of California San Francisco, and other schools that have more tight industry ties than where I currently attend pharmacy school in addition to those schools having rotation opportunities with those companies I mentioned before plus Genentech)?
To address Trump and removal of federal loan forgiveness, I cannot depend upon him and his decision or decisions with Congress up to this point. I have to prepare myself regardless of what decision he makes regarding that issue.
To sum up, finances are a major issue (not to quote an album from a certain recording artist, but I did), yet I still want to become a drug info specialist. Given the information and challenges I brought up, what can I do from now until graduation to prepare myself for that role?
