<p>I am a senior in high school, and have gotten accepted to several colleges. I want to become a pharmacist, so i applied to all the pharmacy schools in the area. However, the one state school with pharmacy rejected me. The school that gave me the most financial aid and scholarship money is University of the Sciences in Philly. I would have to take out roughly $20,000-$30,000 a year in federal and private loans. However, after 6 years, I will come out with a doctorate of pharmacy and make 100,000$, around 70,000$ after taxes, so I will be able to pay loans back. I am very worried about the thought of taking out over $100,000 over the course of my education, but school is very important to me and I am determined to become a pharmacist. Is this ok?</p>
<p>That’s too much in loans since you dont know if you’d make it all the way thru. Also, who has agreed to cosign all those loans? Would they qualify each year? </p>
<p>$70k after taxes is NOT enough to pay back those large loans.</p>
<p>See if the school can work with you. Can you go to a community college for 2 years and then transfer into the program? Is there a way to cut down on the $20k/year by working, applying for department scholarships, outside scholarships? Will you have a degree after 4 years, then the phd after 6, because then you could work while finishing.</p>
<p>That much debt, if even possible, is a lot. Being a pharmacist is a good solid profession, and you probably will make $100k, but 6 years away is a long time with a lot of possible bumps. Try to keep the debt as low as possible in the early years.</p>
<p>I think the problem is that this is a 6 year combo program where the student ends up with the PharmD, so not likely amenable to a CC transfer…especially since she’s getting merit as an incoming frosh.</p>
<p>This school probably isn’t affordable. The student may have to forego the 6 year program and do the CC to State Univ to PharmD route. That may be the better plan anyway since many who start out as pre-Pharm never make it thru since the pre-reqs are weeders.</p>
<p>Amanda…how much will your parents pay each year?</p>
<p>And what are your stats? </p>
<p>what state school rejected you?</p>
<p>Amanda, this is a situation that often comes up. My initial reaction is to recoil and say NO. You are what, 18 years old? You are making a decision to lock into a 6 year program that, yes, has great promise in job opportunities at a very good pay level. I’ve had a parent the board tell me that for some kids, it’s a great opportunity and investment in the future. To say that people should not borrow for this is depriving those from low income situations the chance to get out of their funk. So there is that view, and I acknowledge it.</p>
<p>But I’ve also known kids, a number of them, who start with this program, loose interest, don’t get the grades since as Mom2 says, the prerqu courses are made to weed out the class. When a kid who takes this chance has parents who can afford the cost, who is not putting family at risk with loans, using family retirement, taking out huge loans themselves, it’s water under the bridge. See it happen all of the time. They become sociology, psychology, poli sci, anthropology majors and all is good. So what that they take an extra year to graduate.</p>
<p>But when it’s a kid where the family, and kid himself has a lot of money that is really not affordable on this idea, it’s a whole other story. On these boards, there is the student who $80K in loans between parents and self, realizes that another $30K needs to be borrowed to get the degree THAT HE NO LONGER WANTS. Thinking now of going back to comm college and start over rather than throwing more money towards what is no longer a goal, three years into the process. And your journey is 6 long years. I have a close friend, whom I’ve mentioned at times that is in terrible straits having “invested” in her DD’s dreams, and she changed her mind. Got a degree, can’t get a job and now with interest cranking between the two of them owe $200K. Nice huh? </p>
<p>So that’s the concern. YOU won’t likely to be able to borrow that $20-30K a year on your own. No lender will float that kind of money on you. Your parents will have to get involved. Can they afford this? If they can’t pay it, the chances of being able to afford it, are low. It’s easy to be a fool with a pen. Don’t fool yourself, co signing just means two of you are equally responsible for the loan, till death do BOTH of you part. PLUS with parent only is at around 7% a year. You do the math. And the parent has to qualify each year with no outstanding payments of over 90 days on the credit report. So can you and your family even afford this or are you talking your parents into signing on with this?</p>
<p>Most kids, the vast majority change their majors and many who don’t are in such programs and don’t because they find themselves stuck. I know a grad from that school and program. My age. My kids were friends with his. He’s doing “well”, but you do know that the pharmacy field plateaus at a certain level. He does his job because he has to do so. Wishes he’d done other wise but he made his decision at 18 and stuck with it. But he’s one of the strong ones who could, and he really wishes otherwise. </p>
<p>I really, really caution against this. My son wanted a 6 year program, and he was accepted to several. I wouldn’t allow him to go to his first choice, because it would have required too much debt. He went to a state school that offered him a very good scholarship, instead. Before the end of his first year, he had decided not to become a pharmacist … and he had even been to pharmacy camp in high school, so he had thought he was sure that he wanted to do it. He ended up transferring schools and will graduate next month after four years, with no debt, in a major he enjoys. </p>
<p>I could see borrowing a lot for a four year pharmD program after earning a bachelors degree, but not committing to so much debt when you are only 17 or 18. I suggest getting an undergrad degree in chemistry or biology, then going to pharmacy school. It’s only two more years, and you can cut your undergrad costs with CC and a less expensive school. That way, if you decide not to do it after all, you will have a degree and won’t be over your head in debt.</p>
<p>My family’s gross income is less than $10,000 a year, and therefore, have nothing to contribute to my college education. I have a 2060 SAT score with a 95.07/100 GPA. I rank in the top 10 of my class. I was rejected from Rutgers Ernest Mario School of Pharmacy, but was accepted to URI, USciences, St John’s, and Northeastern (all 0-6 pharmacy programs). USciences normally costs $50,000 but they gave me $30,000+ in scholarships and grants, which is far more than what any of the other schools gave me. I’m completely sure I want to do pharmacy… i have a passion for chemistry and the medical sciences. Most pharmacy schools in the northeast (where i live) are 0-6 year programs, so it is almost impossible to transfer in after getting a bachelors degree or such. I plan on getting a pharmacy technician job after my 2nd year to help contribute to my tuition. I have a job now, but have to pay my own bills for everything. I feel stuck… i’m going to end up with debt no matter what i do, even if i don’t go pharmd and get a bachelor’s degree from a state school with less debt. pharmacy is what i have always dreamed of doing, and it would break my heart to give it all up.</p>
<p>Don’t focus on how much a particular school gave you. Instead, focus on how much each school will cost you. </p>
<p>this school will cost me less. it will cost me $20,000 (possibly less due to outside scholarships)… all the other schools would cost me $25,000+. I only want to go to USciences because it’s the cheapest out of all the schools. i would MUCH rather go to Northeastern… but they’re asking me to pay $35,000 after scholarships & financial aid. </p>
<p>Amanda…the problem is…you need to pay $20,000 to $30,000 a year to the colleges. Where is that money going to come from? With an income of $10,000 a year, it would NOT be responsible to ask your parents to even apply for a Plus Loan. The Plus would be in their name, and if they qualified, they would be on the hook for repayment. It is highly unlikely that you will be able to get a private loan in the amount you need without a cosigner. Your parents do not have the income to cosign for you.</p>
<p>If it were me, I would contact these colleges…all of them…and see if there is anything they can do to increase your need based aid. They might all say no, but it’s worth trying. Your issue is that you cannot afford to attend their school given your family income, and your financial aid offers. </p>
<p>See if they have any ideas that could help you. It’s worth a try.</p>
<p>IF you can come up with the money, if you can afford it, it’s one thing. Your parents can’t afford it either. There is a student on these boards who has things down to a $10K gap with what she wants to do, but the big issue is where to get $10K? Your gap is 2 to 3 X that per year, and more. When you switch to the grad part of the program, you will likely need ALL loans for it at a higher interest rate. </p>
<p>What you can afford is a local state school and commuting. Find a part time job and borrow as little as you can. Look to transfer to a local state University if you go to a community college, or get your BA at that school. Take the chem, bio and other such courses to put you in the running for Pharmacy School, or other health sciences. Then take out the loans when you are in your 20s, a grad student and don’t need your parents to get involved. They are struggling enough without having loans for you on their heads.</p>
<p>Your parents can’t help you borrow for undergrad, so that idea is OUT.</p>
<p>However, you wont need them to cosign for the PharmD portion…so get your BS the cheapest way you can…and apply to Pharm programs for grad school. Then YOU can take out the loans.</p>
<p>Right now, YOU cannot take out those loans for undergrad.</p>
<p>You can still have your dream, but you can’t do it while borrowing a lot for undergrad.</p>