<p>for the parent plus loan,
is it possible to extend the years for payments for the purpose of reducing the monthly payments?
i heard my parents have to pay every months for 10 years but can they extend it to 15 years?</p>
<p>You can consolidate. This will give you 20 years to pay. You can consolidate each loan one time and one time only. You can do this when repayment begins or any time after.</p>
<p>Please explore other options before you put your folks in hock for 15 years. Can you get some credits at your local CC? Can you live in a triple instead of a double dorm room? Can you get by without a car? Can you eat the cheapest meal plan? </p>
<p>Every $1,000 you trim from college costs now saves your parents much financial pain later. Borrow as LITTLE as possible. </p>
<p>Colleges make it very easy to borrow a ton of money. You can borrow enough to live in a single, eat hugely, and sip lattes on the way to every class. But that will cost. It will really cost.</p>
<p>I remember your post from last week…you’re still considering Purdue and the $25K per years in loans? For pre-pharmacy? I still think this is a non-starter for a couple of reasons. First, with a new business, your folks should not be tying up their credit to that extent when they may need it to fund living or business expenses. Second, there are instate pharmacy schools like VCU that would likely be less expensive and give you a residency advantage (85% of their PharmD admits are VA residents) when it comes to being admitted to the PharmD program. Third, many pre-pharms discover that pharmacy is not their true calling and change their majors in the first year or two…you may discover that you just don’t really LIKE chemistry or, as my D did, that you want something with more patient interaction. The point is, you should not borrow a lot of money for pre-pharmacy. The school you chooses should have a other majors you would be interested in and be a school you can afford to graduate and pay back your with a “normal” starting salary…ie. closer to $40K than $100K.</p>
<p>Imo, the “guarantee” you’re getting from Purdue is NOT worth $50K that you don’t have. They are not a 0-6 program like Rutgers, USP, etc. where they reserve a seat for every pre-pharm. Admissions to the PharmD program is competitive there and they seem to be changing the requirements as well (but it’s not stated what those will be). If your pre-pharm coursework makes you competitive at Purdue, you will be a competitve candidate at other schools as well. I understand the PCAT thing, but it’s not worth $50K to avoid it! The other thing you might consider is that VCU has a 3 year pre-pharm phase which would give you time to spread out your pre-reqs a bit (increasing your likelihood of being able to maintain a high gpa) and also giving you a more well-rounded education.</p>