Paying for Pharmacy School? How did you do it?

[Pharmypharm]

I have been accepted to Notre Dame Pharmacy school in maryland however, it is 40k per year for tuition. The plus side is that on campus housing(dorming) is free for pharmacy students. My question is, I doubt I will get financial aid. How did you pay for school? Also, when I graduate and have loans ranging from 180,000-200,000 how long would it take to pay off if I plan to move back in with my parents - a rough estimate? Any advice is appreciated. Thanks

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[Rouelle]

I was a non-trad so I:

1. Worked in advance and saved up.
2. Interned throughout pharmacy school.
3. Tutored nights and weekends.
4. Donated plasma twice weekly (good study time).
5. Had a sugar mama who was out of school 2 years before me.
6. Lived responsibly.
7. Got a couple performance based scholarships.

I graduated in a June and had student loans paid off by that September.

 

[Rouelle]

Not normal

But doable for most +/- some modifications

 

[flavor123]

Lived waaaayyy below my means. Took me 4 years to pay off a little over 200k. I'm so glad I sacrificed to reach that goal. I tried to live a minimalistic lifestyle, so I hardly went shopping. Luckily when I first started working there were a lot of overtime opportunities, so I definitely took advantage of that. Nowadays, not so much so I'm glad I took the opportunity when it presented itself. I pretty much put all extra money toward my loans.


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[Rxed 1996]

SIDE HUSTLE WHILE YOU'RE IN SCHOOL. I would say if you have a job near your school already, then keep it. If not, I suggest just schooling it the first semester or so to get you settled into school. Then apply for a job. But you need a way to make money during school in order to pay it off. And not only the money, but you get experience and connections...which eventually becomes more important for a job than mindless duties for $11/hr.

 

[PharmtoCS]

Don't go into pharmacy and you won't have so much in loans to pay off. The profession is saturated and getting worse each year. Those who graduated within the last few years have been able to find full time jobs so far, but that does not necessarily mean that you will be able to. More and more graduates are becoming underemployed or unemployed as new pharmacy schools graduate their first class.

There are other professions, i.e. computer programming, finance, engineering, etc. that offer better job prospects and do not require you to take out $200k+ in loans and spend an additional 4 years in school.

 

[Digsbe]

Lived at home, borrowed least possible. With interest over 8 years of school I stilled came out owing about 250k. Doing PAYE and saving for the tax bomb. With my payment and anticipated tax bomb I'll pay near what I would under the 10 year standard only stretched out over 20 years. I'm doing very well financially speaking as a single male pharmacist working full time, even with loans. My main qualm is the high taxation...

 

[pharmasaurusRex17]

Worked 3 jobs, did all these fundraisers and applied for multiple scholarships. Also shared apartment rooms with friends in the same program to make housing costs go down. Dont go out often to eat, cook and meal prep for the week! Use coupons and take advantage of student discounts, especially if youre in a big college city.

Graduated this year and came out with no loans because of doing some extreme saving from the not going out often and working 3 jobs while going through school. Didnt and never have drank coffee. Also... If you drink, alcohol is expensive so limit on that too. It sounds little but everything added up will save you a TON of money.

 

[Sine Cura]

No one is covering 40-50k a year in tuition (that would be on the low end considering some programs at private schools hit 50k and above for tuition alone) and other expenses just from working in school alone unless you work as a call girl.

Most people pay for school by paying off their loans from the income they make after graduation. If you can set aside 60k a year in after-tax expenses for student loan payments that covers 240k principal + interest over four years post-graduation.

 

[Momus]

I dated a stripper who made $600/4h shifts. She is an NP now.

 

[ChalupaBatman86]

I dated a stripper who made $600/4h shifts. She is an NP now.

Yeah, she's from Canada, you wouldn't know her.


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[Twentytwelve2]

When I was a college undergraduate, the thought of being admitted into pharmacy school and ultimately a pharmacist making six figures made all the unimaginable, possible. Nice car, a house, eating food that I crave but don't want to pay prices for. Fast forward, graduated in 2016 with 250k in debt. Making nearly 200k and being tax bombed by the government. With loan payments, car insurance, rent, and other costs associated with helping family members, I am left with so little! Enough to get by each month, but not enough to save for anything.

Life sux. I work damn hard for all this, and continue doing so, yet I am being taxed heavily AND capitalized on my government loans. IT IS SO UNFAIR

 

[PharmDBro2017]

When I was a college undergraduate, the thought of being admitted into pharmacy school and ultimately a pharmacist making six figures made all the unimaginable, possible. Nice car, a house, eating food that I crave but don't want to pay prices for. Fast forward, graduated in 2016 with 250k in debt. Making nearly 200k and being tax bombed by the government. With loan payments, car insurance, rent, and other costs associated with helping family members, I am left with so little! Enough to get by each month, but not enough to save for anything.

Life sux. I work damn hard for all this, and continue doing so, yet I am being taxed heavily AND capitalized on my government loans. IT IS SO UNFAIR

Can't tell if you're being sarcastic or not (the end statement "IT IS SO UNFAIR", lol). But the only answer to that is... well no sh1t....

Worked 3 jobs during pharmacy school, still came out with a ton of loans OP. I am glad I have the experience though.

 

[GypsyHummus]

You make nearly 200K/ year and can't get ahead?

Do you live in New York or Cali? Did you lease a New 700$/month BMW? Are you living in a 500K+ house? Do you have a really expensive family/kids/pets you can't afford? Huge medical problems that require out of the nose premiums? Im having trouble doing the math here:

Could you not do 4th grade math when you were in undergrad and total up the cost of pharmacy school? 55K (X) 4 years= 220K. Did you take out 70K per year and use the extra 30K as "Living Expenses"? My goodness, for school next year Im paying around 8K next year for housing and that is making me sweat. I plan on doing the bare minimum.

Did you not know how compound interest worked? Did you not know how much apartments in your desired area were? Did you not ask your friends how much cost of living was?

Did you not look online to see how much pharmacists make? The internet was around in 2011.

Anyone making nearly 200K/year gross is pulling in at least 130K/year. If you live off of 2K/month, you can pay off your entire debt in 3 years. I live off of less than 2K/month right now (granted, I am single), and I would say my style of living is decent, not grand by any stretch of the imagination, but I get by with some savings. You can't suffer 3 more years living as a student to be financially sound? I can find a 450$/month studio apartment in a decent neighborhood in my area, no problem.

I don't want to sound accusatory, as I don't know the entire story and there could be something in your life that you genuinely did not have control over that is eating up your income, but I have a tough time feeling sorry for people pulling in 130K and not being able to manage 250K in debt.

When I was a college undergraduate, the thought of being admitted into pharmacy school and ultimately a pharmacist making six figures made all the unimaginable, possible. Nice car, a house, eating food that I crave but don't want to pay prices for. Fast forward, graduated in 2016 with 250k in debt. Making nearly 200k and being tax bombed by the government. With loan payments, car insurance, rent, and other costs associated with helping family members, I am left with so little! Enough to get by each month, but not enough to save for anything.

Life sux. I work damn hard for all this, and continue doing so, yet I am being taxed heavily AND capitalized on my government loans. IT IS SO UNFAIR

 

[Pharma1995xx]

You make nearly 200K/ year and can't get ahead?

Do you live in New York or Cali? Did you lease a New 700$/month BMW? Are you living in a 500K+ house? Do you have a really expensive family/kids/pets you can't afford? Huge medical problems that require out of the nose premiums? Im having trouble doing the math here:

Could you not do 4th grade math when you were in undergrad and total up the cost of pharmacy school? 55K (X) 4 years= 220K. Did you take out 70K per year and use the extra 30K as "Living Expenses"? My goodness, for school next year Im paying around 8K next year for housing and that is making me sweat. I plan on doing the bare minimum.

Did you not know how compound interest worked? Did you not know how much apartments in your desired area were? Did you not ask your friends how much cost of living was?

Did you not look online to see how much pharmacists make? The internet was around in 2011.

Anyone making nearly 200K/year gross is pulling in at least 130K/year. If you live off of 2K/month, you can pay off your entire debt in 3 years. I live off of less than 2K/month right now (granted, I am single), and I would say my style of living is decent, not grand by any stretch of the imagination, but I get by with some savings. You can't suffer 3 more years living as a student to be financially sound? I can find a 450$/month studio apartment in a decent neighborhood in my area, no problem.

I don't want to sound accusatory, as I don't know the entire story and there could be something in your life that you genuinely did not have control over that is eating up your income, but I have a tough time feeling sorry for people pulling in 130K and not being able to manage 250K in debt.

THIS. thank god someone said it. I'm so disgusted by pharmacists saying they are "broke". I grew up in a poor household and had to work since I was 13. I have 190k in loans and even making 130k a year gross I feel absolutely LOADED. Seriously taking home 7k a month post tax, 3k towards loans (which is aggressive min pay only 1.8k) and I am left with 4K a month which is a TON of money and let's me feel SO comfortable. Do all pharmacists grow up in million dollar homes and are spoiled their whole life and feel like the salary isn't enough? Stop whining and try actually being poor for a change like most of the world which we make more money than. End rant.

 

[CetiAlphaFive]

Semi rich parents.
Work, get lucky with money

 

[trailerpark]

THIS. thank god someone said it. I'm so disgusted by pharmacists saying they are "broke". I grew up in a poor household and had to work since I was 13. I have 190k in loans and even making 130k a year gross I feel absolutely LOADED. Seriously taking home 7k a month post tax, 3k towards loans (which is aggressive min pay only 1.8k) and I am left with 4K a month which is a TON of money and let's me feel SO comfortable. Do all pharmacists grow up in million dollar homes and are spoiled their whole life and feel like the salary isn't enough? Stop whining and try actually being poor for a change like most of the world which we make more money than. End rant.

I make roughly 130k a year too and I bring home 6K per month. How are you bringing in 7k per month? Do you not contribute to 401k or buy health, dental or vision insurance?


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[Pharma1995xx]

I make roughly 130k a year too and I bring home 6K per month. How are you bringing in 7k per month? Do you not contribute to 401k or buy health, dental or vision insurance?


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Even with 6k take home a month it's still far from being uncomfortably poor. I'm not trying to say pharmacists are "rich" per se but we have to keep perspective and realize we're well off compared to a lot of people

 

[Momus]

Even with 6k take home a month it's still far from being uncomfortably poor. I'm not trying to say pharmacists are "rich" per se but we have to keep perspective and realize we're well off compared to a lot of people

Not if you live in LA, OC, SD, SF, a 3 bedroom 1500 sqft is minimum 700k nowadays. That's inland 20 mins from the beach, not even on the coast. Extra 250-300k on the Coast. Try making 130k and buy a house here. Your monthly mortgage payment alone is 4k. Renting equivalent house, fork out 3k/mo.

If you live in 250k housing area, everything is peachy. Heck, you ARE loaded! You can live like a king.

 

[trailerpark]

Not if you live in LA, OC, SD, SF, a 3 bedroom 1500 sqft is minimum 700k nowadays. That's inland 20 mins from the beach, not even on the coast. Extra 250-300k on the Coast. Try making 130k and buy a house here. Your monthly mortgage payment alone is 4k. Renting equivalent house, fork out 3k/mo.

If you live in 250k housing area, everything is peachy. Heck, you ARE loaded! You can live like a king.

For a fellow not wanting to ever buy, what's the cost for a 1 or 2 bedroom relatively nice rental apartment in those areas?



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[GypsyHummus]

Well, yeah California and New York (New York city) would be a terrible place to live for the cost.

Pharmacists in the Bible Belt regions do very well. And hey, they actually need people in the rural areas like Alabama.

Not if you live in LA, OC, SD, SF, a 3 bedroom 1500 sqft is minimum 700k nowadays. That's inland 20 mins from the beach, not even on the coast. Extra 250-300k on the Coast. Try making 130k and buy a house here. Your monthly mortgage payment alone is 4k. Renting equivalent house, fork out 3k/mo.

If you live in 250k housing area, everything is peachy. Heck, you ARE loaded! You can live like a king.

 

[mfdoom]

For a fellow not wanting to ever buy, what's the cost for a 1 or 2 bedroom relatively nice rental apartment in those areas?



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Depends on the area in SF, but nice 1-2 bedrooms probably start around 3000-4000/month. Even outside the city in the rest of the Bay Area isn't that much better. There have been 300 sq ft studios in Oakland and Berkeley going for 2700/month in complexes built ~2010. Prices start to get more reasonable if you're looking at older buildings, but average is likely still going to be at least 1500-1600 for a 1 bedroom.

 

[GypsyHummus]

My God. How? Why? Why do people live there? I hope these are housing prices and not apartment.

Depends on the area in SF, but nice 1-2 bedrooms probably start around 3000-4000/month. Even outside the city in the rest of the Bay Area isn't that much better. There have been 300 sq ft studios in Oakland and Berkeley going for 2700/month in complexes built ~2010. Prices start to get more reasonable if you're looking at older buildings, but average is likely still going to be at least 1500-1600 for a 1 bedroom.

 

[quickpic007]

Not if you live in LA, OC, SD, SF, a 3 bedroom 1500 sqft is minimum 700k nowadays. That's inland 20 mins from the beach, not even on the coast. Extra 250-300k on the Coast. Try making 130k and buy a house here. Your monthly mortgage payment alone is 4k. Renting equivalent house, fork out 3k/mo.

If you live in 250k housing area, everything is peachy. Heck, you ARE loaded! You can live like a king.

Why do you even bother to stay in coastal CA? WG usually has open spot in PHX/Vegas area, save on tax too. Can just buy a house 250k out of pocket.