Student Loan Questions

[pharm B]

If I remember right, a lot of us in my class were offered right around the 35K a year that delano mentioned. Of course, you have the option of taking less, so that you stay right at the budget you're predicting.

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[deleted329060]

I was not aware Pell grants were applicable to professional programs

edit: I am an idiot. It appears they are applicable if you have not obtained your baccalaureate yet

 

[pharm B]

Some schools are weird about financial aid, and it seems to be different at each school. For example: At Texas A&M, students without bachelors degrees are still considered grad students for Financial Aid, while your first year or two at University of Texas you'd be considered an undergrad student.

 

[rxlea]

A very helpful thread

 

[pharmschooler]

Ugh, I just looked at the projected costs of my local school...~38k for 4.5 years. And that's in-state.

Gross.

 

[Medwell]

Ugh, I just looked at the projected costs of my local school...~38k for 4.5 years. And that's in-state.

Gross.

38k total? or 38k per year?
If it's 38k total, that's fantastic!

 

[pharm B]

38k total? or 38k per year?
If it's 38k total, that's fantastic!

Man, I go to a pretty cheap school, and we're still not that low.

If I was accepted to a 38k/yr school, I'd honestly have quite a bit of soul (and wallet) searching to do before confirming anything...

 

[pharmschooler]

38k total? or 38k per year?
If it's 38k total, that's fantastic!

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

 

[Passion4Sci]

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

If you're a cheap skate, then living on a pharmacist's very good salary after graduation and paying 2/3 or 100% extra on your loans won't hurt you as badly as other ppl who are more accustomed to lives of opulence and cash money money. That's a very, very good thing. you'll be fine!

 

[Jabberwocky12]

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

What school is this that is 38k for all 4 years of pharmacy school? I'll move there and do that rather than pay 100k+ tuition.

 

[pharmschooler]

What school is this that is 38k for all 4 years of pharmacy school? I'll move there and do that rather than pay 100k+ tuition.

I think my original statement wasn't clear; it's 38k in total (including hypothetical student expenses), per year. Multiplied by 4.5 years.

 

[pharm B]

38k in total (though I imagine most people easily spend more than that). But I'm a cheapskate and a total debt-phobe so the number scares me...

I think my original statement wasn't clear; it's 38k in total (including hypothetical student expenses), per year. Multiplied by 4.5 years.

I don't know how we confused things.

Like P4Sci said, if you keep your head after graduation and pay your debt down quickly, this won't be too bad.

 

[pharmschooler]

I don't know how we confused things.

Like P4Sci said, if you keep your head after graduation and pay your debt down quickly, this won't be too bad.

Yeah, I deserved that!

I'm glad somebody besides my family thinks paying down that kind of debt is doable.

I sure wish the school charged for only 4 years rather than 4.5 (I think they throw an extra summer semester in there so they can make you pay for it).

 

[Jennifer1]

This thread helped a lot. Thanks

 

[delano2000]

What exactly constitutes an "adverse credit history"? If I have a hospital bill that is unpaid for like 3 yrs (roughly around $1800), will that prevent me from getting the Grad PLUS loan? Or is it only restricted to defaults on student loans, mortgages, car loans and those other "big" kinda loans?

 

[delano2000]

bumping to see if anyone can respond to my questions.

 

[chrispharm]

I am not sure on a gradplus, i believe on a mortgage they dont use medical bills against you.
have you done a free credit check and viewed your credit history & credit score? I believe they take that into conisderation the most.

 

[RNM7]

I'm not 100% either but I found this link - http://www.ifap.ed.gov/dlbulletins/attachments/DLB0703Attach.pdf

It says you can't be 90 days delinquent on any debt.

 

[delano2000]

I called the Loan Origination Center and the rep told me that I shouldn't have any problems getting the loan. She said that if I do run into a problem that I can always appeal it but that they generally tend to overlook medical debts and anything that is in collections.

 

[owlegrad]

I called the Loan Origination Center and the rep told me that I shouldn't have any problems getting the loan. She said that if I do run into a problem that I can always appeal it but that they generally tend to overlook medical debts and anything that is in collections.

 

[Prof Farnsworth]

I was reading this thread and I think everyone should consider yourselves lucky.

Everywhere I look I'm going to have to pay out of state and nothing is less than $160k+ for tuition alone ($200k+ with cost of living etc). Courtesy of 6.8-7.9% interest for 4 years I'm looking at ~$250k when I graduate
In saying this, without the loans I wouldn't be able to attend school, so I am somewhat thankful for them. It's an investment program which I know will pay dividends in the long run.

However, I know in 4 years time I'm going to have to make the decision of looking for a residency or jumping straight into the workforce. I don't think I'll be able to afford a residency ($40k p.a.) for 2 years with a quarter if a million dollars in loans to pay off gathering interest.

Alternatively I could get a job part time and start hacking away at the loans when in school. What to do? What to do?

(yes I know this is a worst case scenario with Stafford being at the cap of 6.8% and me actually using the entire $55k for cost of attendance + tuition without paying anything back. But if I plan for the worst, I can't be disappointed by anything else)

 

[Callahan]

I was reading this thread and I think everyone should consider yourselves lucky.

Everywhere I look I'm going to have to pay out of state and nothing is less than $160k+ for tuition alone ($200k+ with cost of living etc). Courtesy of 6.8-7.9% interest for 4 years I'm looking at ~$250k when I graduate
In saying this, without the loans I wouldn't be able to attend school, so I am somewhat thankful for them. It's an investment program which I know will pay dividends in the long run.

I agree Prof Farnsworth, all of you should consider yourselves lucky! I'm coming out of undergrad with almost 27,000 in loans to pay back, and pharmacy school will put me at around 140,000. These figures don't include interest accured on unsubsidized loans, or living and necessary expenses. I would kill to have 50,000 dollars or less in total debt for undergrad and pharmacy school!

 

[Prof Farnsworth]

I was not aware Pell grants were applicable to professional programs

edit: I am an idiot. It appears they are applicable if you have not obtained your baccalaureate yet

Can anyone confirm this? I spoke to one of my potential schools only to be told that it is only for undergrads. Is there a website or any other place I can find something supporting this statement? I assume considering other people haven't said anything means it must be true

From what I can find online, is that it says for people seeking an undergraduate or technical degree for people who have not obtained a bachelors or professional degree yet.

 

[Notecard]

My financial advisor told me (and everyone else) that pell grants are not available to us.

 

[delano2000]

Pell grants are only reserved for undergrad students. Once you are a grad student, you are no longer entitled to the Pell grant. For the first yr or 2, some pharm schools may still classify you as undergrad so it depends on the school.

 

[30Percent]

Does a 0-6 pharmacy program qualify or are you considered in a graduate program?

 

[delano2000]

Does a 0-6 pharmacy program qualify or are you considered in a graduate program?

From what I have seen not for the first 2 or 4 yrs out of the 6. That will vary by schools though.

 

[Prof Farnsworth]

Delano2000, Thanks for the heads-up

Feel like an idiot now asking why I didn't get a Pell Grant, completely justified.

 

[delano2000]

Delano2000, Thanks for the heads-up

Feel like an idiot now asking why I didn't get a Pell Grant, completely justified.

No problem. I was curious about it too when I was looking into how I was gonna finance my education and did some research.

 

[GeologyPharmD]

I have a dumb question, or at least I think I do: I am an undergraduate, technically, for the next two years but I already have my B.S. (my credits are too old to be considered). From reading this thread it seems like I am not up for any grants (Pell or otherwise, due to having my B.S.), and will only receive $12.5K from unsub/sub federal loans. I know there are other federal loans, but how and where do you apply for them? I don't think I qualify for PLUS loans as i am considered 'Independent' (I'm 30) but I am not prof. yet, so I also don't qualify for the Grad PLUS loans. My undergrad will be about 27K a year, so I will need another 15K or so. Any advice would be appreciated.

Once I get to the professional phase that will be a whole other story

 

[Rx MPLS]

I have a dumb question, or at least I think I do: I am an undergraduate, technically, for the next two years but I already have my B.S. (my credits are too old to be considered). From reading this thread it seems like I am not up for any grants (Pell or otherwise, due to having my B.S.), and will only receive $12.5K from unsub/sub federal loans. I know there are other federal loans, but how and where do you apply for them? I don't think I qualify for PLUS loans as i am considered 'Independent' (I'm 30) but I am not prof. yet, so I also don't qualify for the Grad PLUS loans. My undergrad will be about 27K a year, so I will need another 15K or so. Any advice would be appreciated.

Once I get to the professional phase that will be a whole other story

I was in your shoes a few years back. I financed my prerequisites through borrowing from family as well as subsidized federal loans. The federal loans were only available if I declared a major, so I was required to claim a new major, even though my intention was not to graduate with a second degree.

You should be eligible for the undergraduate federal loan programs, which are a better deal than Grad Plus loans, anyway.

On a side note, are you sure you want to go 54k into debt to get into pharmacy school? You might be able to bang some of those credits out at a community college for much less money...

 

[GeologyPharmD]

I was in your shoes a few years back. I financed my prerequisites through borrowing from family as well as subsidized federal loans. The federal loans were only available if I declared a major, so I was required to claim a new major, even though my intention was not to graduate with a second degree.

You should be eligible for the undergraduate federal loan programs, which are a better deal than Grad Plus loans, anyway.

On a side note, are you sure you want to go 54k into debt to get into pharmacy school? You might be able to bang some of those credits out at a community college for much less money...

This is where I am still a little confused. I filled out FAFSA and was offered the 12.5 federal combination of unsubsidized and subsidized, but where do you find other federal or state loans? I would like to avoid private loans if I can.

As far as the side note, due to family circumstances, and thus helping my hopes of entrance to the professional phase, I don't have much choice where I will be attending school. I just am keeping my fingers crossed that it all works out

 

[Rx MPLS]

This is where I am still a little confused. I filled out FAFSA and was offered the 12.5 federal combination of unsubsidized and subsidized, but where do you find other federal or state loans? I would like to avoid private loans if I can.

As far as the side note, due to family circumstances, and thus helping my hopes of entrance to the professional phase, I don't have much choice where I will be attending school. I just am keeping my fingers crossed that it all works out

Some schools have a maximum cap on federal student loans they offer; you may have little choice but a private student loan to cover the remainder. I'm not aware of state-based borrowing programs, but they might exist. Contact the financial aid office for your school; they should be able to tell you more.

 

[GeologyPharmD]

Some schools have a maximum cap on federal student loans they offer; you may have little choice but a private student loan to cover the remainder. I'm not aware of state-based borrowing programs, but they might exist. Contact the financial aid office for your school; they should be able to tell you more.

Ok, so you can do the borrowing directly from the school. Jeez, I made it through my entire undergrad without one loan and it is killing me now! Thanks for the help

 

[xtsukiyox]

GeologyPharmD, do you still have a question as to how to get private student loans? The answer there is to go directly to somewhere that offers them (banks, credit unions) & ask to apply, like any other loan.

Be very careful that you read the repayment information closely. Make sure you won't have to pay on it while you're in Pharm school and that you'll be OK if you choose to do a residency. (You may not, but why close the door at this early stage?) Every private loan program is different. If it were me, I would choose somewhere known for making good student loans for a long track record (including when private lenders could write government loans).

Then again, if I were me, I would take my own advice with a grain of salt - I've never worked directly with private student loans nor have I taken them myself.