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I think she meant DDS- a dentist
Loans/Scholarship/Tuition Reimbursement Questions Thread
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I think she meant DDS- a dentist
Yeah lol.
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Yeah I know the rate is the same, by better interest I meant to ask if that's the one that doesn't collect while still in school. But I should really just stop typing on my phone because I'm too lazy to fully type or edit my posts since the backspace and scroll really annoy me on this thing. Lol
Hi everyone. I've been accepted to SCCP for the Fall, and I have everything done to receive federal student loans. I was wondering when do you usually receive the money? I'm trying to work out how I'm going to pay my rent in July/August 
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You can always get a private loan. It may be more money in the end, but if it's necessary, then do it.
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Are there scholarships available for Pharmacy students with no strings attached? I've heard over the years that graduate school is loans and more loans. Has anyone had success getting scholarships without having to commit to a company?
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I got one over the weekend and I didn't even have to apply. I thought there would be strings attached, but the letter I received made it seem like there wasn't. I'm very happy since I'm going to be paying out of state tuition and the scholarship makes it a little bit more affordable.
I'm deciding between Univ of Pacific (~$220k/3yrs) and Univ of Illinois-Chicago (~$250k/4yrs). These figures deal with the cost of attendance. However, I'm worried about taking on so many loans. I know UIC ranked better than UoP, but I could save ~$30k by going to UoP. Do you think 30k worth the drop in prestige? Is anyone else facing this type of debt?
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You will still be a pharmD no matter which school you graduate. I would go for the cheapest or the place you like. To hell with it's ranking. What does going to a top ranked school do for you after you graduate anyways?
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It can do more than you think...
OP, go with the school you would be more comfortable with. Also, remember that if you go to UofP, you have an entire extra year on the job market so be sure to factor in thr ~100K you would be making as a pharmacist...
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What kind of scholarship was that?
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Maybe. The way the market is looking, I wouldn't be surprised. Also, you need to consider where you want to practice. If you are going to stay in the Midwest, I highly suggest you take UIC strictly for networking purposes and because UIC is going to get you a step further for residencies, particularly in that region. With that said, it doesn't mean you won't be able to get a residency coming from UofP, but what people are telling you might be true. If residency is your goal, you might want to consider the more "well-known" school. If you can manage the debt, go for it. You can always apply for scholarships and such.
It is common for colleges of pharmacy to offer a limited number of scholarships, especially a few to out-of-state students. One other student in my class and myself earned in-state tuition for four years by means of academic excellence.
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Almost every scholarship I've seen at my school is only for P2 students or higher. It makes sense, they don't want to invest in something that may not turn out as expected. My plan is just to take out a loan for P1 year, do as good as possible and get involved on campus, and then apply, because there are tons of scholarships out there, just google it.
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Yes, UIC is getting a little bit insane with their tuition thanks to our lovely state budget shortcomings. To be honest, if you just took this years CoA and multiplied by 4, add on about 10k-30k to that because tuition is going to go up while you attend school for 4 years. From what I understand professional tuition is not "locked" at one rate like it was for all years of undergrad, and tuition increases are applied to current students as well. UIC is an excellent school, but if I was not in-state/living cheap/working like a madman to save there is no way I could afford to go
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Based on what the above poster just said, I would say UofP is probably the better choice LOL
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Regarding UoP:
I calculated my total admission cost to be ~178k. That's factoring in $13,000 for living expenses/year, and in Stockton, that's easily do-able.
As far as residency, UoP has an excellent, long-standing relationship with St. Joseph's hospital, Dameron Hospital, Highland Hospital (Oakland), John George's hospital (Oakland) and several others who routinely place multiple UoP residents (I volunteer in one as well, and we right now have 2 UoP residents alone).
I don't know about UIC, though, so someone who goes there can speak about that.
I'm still not sure where $225k came from, because even fouling up sig figs I can't get 178k to 225k... unless you have a crazy high cost of living.
I calculated my total admission cost to be ~178k. That's factoring in $13,000 for living expenses/year, and in Stockton, that's easily do-able.
As far as residency, UoP has an excellent, long-standing relationship with St. Joseph's hospital, Dameron Hospital, Highland Hospital (Oakland), John George's hospital (Oakland) and several others who routinely place multiple UoP residents (I volunteer in one as well, and we right now have 2 UoP residents alone).
I don't know about UIC, though, so someone who goes there can speak about that.
I'm still not sure where $225k came from, because even fouling up sig figs I can't get 178k to 225k... unless you have a crazy high cost of living.
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Good plan and good advice! Thank you.
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The scholarship was an academic recognition scholarship from a major chain pharmacy.
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how did they find out about you?
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It was a scholarship given to the school to give out. The letter I got said it was because I was chosen by the admission committee.
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cool, congrats
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I would REALLY think hard upon attending any school that is going to cost more than 150k, especially if you don't have any savings/scholarship/working during school because its going to take a very long time to pay back, I don't have the exact number of years, but man, 150k?
Can you go to your state school? They are usually cheaper (unless you're in CA).
Can you go to your state school? They are usually cheaper (unless you're in CA).
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Mercer University offers a $7500/yr scholarship to students entering with an undergraduate GPA above 3.75. It's only a portion of their private tuition but I guess it's better than nothing. The GPA needs to be maintained to keep the scholarship.
You can always leech off your parents after you graduate.
Then you don't have to pay for rent, food, etc...
You'll pay off your 200k debt in a few years. This is assuming you have no life. LOL
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Yep, I'm facing some pretty high debt as well, But that's due to the loans I took out when I got my MBA so I am already going in about $50K in the hole. Oh well, such is life. I will just be mindful in my budgeting after I graduate and live well below my means (no new cars, house, etc) unless the husband lands a better gig of course.
I'm using the figures UoP has given me on my financial aid letter. CoA for '10-'11 is 77,974. Tuition has been increasing ~8%/yr @ UoP so factored that in, too. Also, I made sure to include only 2/3 of the annual tuition to my total for the final year. I'm just unsure how accurate this calculation is.
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Well I can tell you it's not going to cost you 250k/4 years at UIC, unless you're living like a king while you're here. I think out of state tuition + fees these days is about 30k (granted, this will go up about 10%/year while you're in school). Chicago isn't cheap, but find some roommates and you can get by EASILY on 10k/year living expenses. The cost of attendance thing they give you is way overblown.
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Yes. $220 at the end of it all. Includes cost of living stipend and tuition.
Got a letter in the mail today that says
"We have reviewed your application for a Direct PLUS Loan and are pleased to inform you that we have approved your application for a loan in the amount of $24,496. Our decision was based on favorable information obtained in a credit report from..."
Anyway, I applied for a Federal Direct Stafford loan and a Federal Direct Graduate PLUS Loan. So is this letter for both of them? It just says Direct PLUS so if it is only for the Graduate PLUS Loan, then why is the amount over the yearly limit that I'm looking up for it
If it is for both of them combined, then I'm fairly worried since 25 grand is pretty much my tuition Didn't want to go the private loan route, but I may have to.
So, because I applied for two different loans, should I be expecting another letter, or is this letter for both of the loans?
Thanks all...
edit: Oops, probably should've posted this in the Financial Aid forum
"We have reviewed your application for a Direct PLUS Loan and are pleased to inform you that we have approved your application for a loan in the amount of $24,496. Our decision was based on favorable information obtained in a credit report from..."
Anyway, I applied for a Federal Direct Stafford loan and a Federal Direct Graduate PLUS Loan. So is this letter for both of them? It just says Direct PLUS so if it is only for the Graduate PLUS Loan, then why is the amount over the yearly limit that I'm looking up for it
If it is for both of them combined, then I'm fairly worried since 25 grand is pretty much my tuition
Didn't want to go the private loan route, but I may have to.So, because I applied for two different loans, should I be expecting another letter, or is this letter for both of the loans?
Thanks all...
edit: Oops, probably should've posted this in the Financial Aid forum
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Got a letter in the mail today that says
"We have reviewed your application for a Direct PLUS Loan and are pleased to inform you that we have approved your application for a loan in the amount of $24,496. Our decision was based on favorable information obtained in a credit report from..."
Anyway, I applied for a Federal Direct Stafford loan and a Federal Direct Graduate PLUS Loan. So is this letter for both of them? It just says Direct PLUS so if it is only for the Graduate PLUS Loan, then why is the amount over the yearly limit that I'm looking up for it
If it is for both of them combined, then I'm fairly worried since 25 grand is pretty much my tuition
So, because I applied for two different loans, should I be expecting another letter, or is this letter for both of the loans?
Thanks all...
edit: Oops, probably should've posted this in the Financial Aid forum
I am just guessing that it is only for the Grad PLUS loan. The Stafford loans don't require any credit checks, so it wouldn't make sense that you're getting an approval letter worded like you said for one of those. You should be maxing out Stafford subsidized and Stafford unsubsidized first then the GradPLUS should make up any difference between your cost of attendance and what those two don't cover. You obviously don't have to take the max GradPLUS if you don't want or need to.
The only place it might get tricky is if you already have Stafford debt from undergrad - there are aggregate limits but I don't recall those offhand. I don't think you should be worried about private loans just yet - maybe call the FinAid office at your school for clarification.
I don't know though - I've never gotten a letter like you describe for ANY of my loans - I've always done them all online and I've known my approval or denial immediately.
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You can always leech off your parents after you graduate.
Then you don't have to pay for rent, food, etc...
You'll pay off your 200k debt in a few years. This is assuming you have no life. LOL
Has anyone paid off 200,000 in a few years? I don't know what current student loan rates are, but at 2000/mth it will take about 10 years.
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Man don't worry about that. Of course all loans accumulate interest because that's the nature of loans to make additional money. I believe lot's of it is tax deductible and most people actually keep their student loans for 20 even 30 years. Have you checked out the fees for attending dentist school, if not, prepare to get your jaw dropped.
So now that the excitement of getting into pharmacy school has passed, I'm stressing over how I'm going to pay for it. I know there are loans but does anyone (especially from South University) know when financial aid will be dispersed to students? I have to pay for an apartment and would like to know of any options regarding money for this expense. Thank you
It's my understanding that every schools disperses the allotted fin aid for the upcoming term near the first day of that term. Since you'll prob have half of your fin aid dispersed near the first day of class in Fall term then again near the first day of Spring term.
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Hey Hey,
Your in the same boat as me. I will need several months rent, a down payment, and odd-and-ends like couches and what not. Your FAFSA money isn't going to come through until school starts as mentioned before. Your reimbursement money will then usually arrive a month or two after the semester begins. What I am doing, and what it seems like most have to do, is to take out a personal loan. Many banks offer school loans, and once you/your parents are approved the money comes in faster than FAFSA. I'm still looking around for the right company to borrow from, but will need to decide very soon. Remember, you may want to sign a lease August 1st, but if you find the perfect place to live and the signing is for June 1st, are you going to give it up? I'm not. So all in all you have to be prepared with a down payment, and for me, at least four months rent (that would cover me from June until October) because I would hope to have the rest of my housing money by October. Worst comes to worst I have a back up plan (I.e. save over the summer to cover rent in the event loan money isn't there). I also factored in the fact that when I'm done with Pharm school (assuming I stayed at the same apartment for six years), if I have a lease that expires in August, then I'm still stuck paying until August. With that in mind, signing in June or July would actually work in your favor (you really have to pick the right place though if you expect to live there for several years). Good luck!
Your in the same boat as me. I will need several months rent, a down payment, and odd-and-ends like couches and what not. Your FAFSA money isn't going to come through until school starts as mentioned before. Your reimbursement money will then usually arrive a month or two after the semester begins. What I am doing, and what it seems like most have to do, is to take out a personal loan. Many banks offer school loans, and once you/your parents are approved the money comes in faster than FAFSA. I'm still looking around for the right company to borrow from, but will need to decide very soon. Remember, you may want to sign a lease August 1st, but if you find the perfect place to live and the signing is for June 1st, are you going to give it up? I'm not. So all in all you have to be prepared with a down payment, and for me, at least four months rent (that would cover me from June until October) because I would hope to have the rest of my housing money by October. Worst comes to worst I have a back up plan (I.e. save over the summer to cover rent in the event loan money isn't there). I also factored in the fact that when I'm done with Pharm school (assuming I stayed at the same apartment for six years), if I have a lease that expires in August, then I'm still stuck paying until August. With that in mind, signing in June or July would actually work in your favor (you really have to pick the right place though if you expect to live there for several years). Good luck!
Thank you soo much! I thought I was all alone in this. I am also shopping around for a personal loan for rent, furnishings, food,ect. I tried to save money over the summer but its not really working out plus school starts in June. But now I know I'm on the right track.
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12 years.
3 yrs = 6,157/month
4 yrs = 4,770/month
The internet/google are magical tools, student loan rates, payment calculators, financial tools, etc are all a mouse click away for people with the cognitive drive to seek them out. Whether it is drug info or not, pharmacists and future pharmacists need to be skilled at information retrieval. Be curious and try to find answers for yourself before asking for help. Your faculty, preceptors, employers, and peers will appreciate your efforts and be more inclined to assist you.
You can always look into IBR if you are interested in working for non-profit or federal/state facility after graduation. e.g. If you had 200k in loans and made 120k as a pharmacist working for the Veterans Affairs or State hospital then your IBR payment would be 1300/month and as long as you you continued to work for that facility for 10 years at the end of that 10 years the remainder of your loans would be forgiven. So essentially you would have paid roughly 156,000 and the remaining loan balance would be forgiven but it would show as taxable income on the tax return for the 10th year, so something to keep in mind the last year.
You would have to keep employment with a non-profit facility or government for 120 payments/10years though.
From my experience health profession students have no understanding of finances so you may want to talk to an accountant or at least your financial aid dept to help you or explain this program. This program pays off best for people with heavy debt who and they want to work for the government or nonprofit. Many hospitals are non-profit you just need to look on their websites.
One thing to note is this payment plan is income based so as your salary goes up so will the monthly payment requirement. You can read more about it on financial aid website or http://www.ibrinfo.org/ .
Classes are important but it is important to have a plan/understanding of how you will pay for these classes once you finish!
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This information is wrong. Horrible perspective.
Do not live in lala land, go seek out the correct answer from the source. Go to the IRS website and find out the true answer to whether student loan interest is tax deductible, you will be disappointed.
I advice a personal accountant, you seem to have a weak grasp of financial reality.
It's not deductible unless you make under like $78K. And interest accumulates a lot faster than a lot of people may think. Pharmacy school costs considerably more than the pharmacy school's quoted sticker price.
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Even if student loans were deductible at our salary, it does not mean you should pile on debt and extend payment lengths, that is flat out stupid.
True. I'm just peeved that residencies pay less than half the salary of an actual pharmacist. That means if I want to pursue anything relating to clinical pharmacy I'll have to pretty much wait an extra two years to pay off the astronomical loans I will have accrued during pharmacy school.
