Accepted at ACPHS, but have 70k in existing student loans - worth it or no?

[PharmBoy90]

So, I recently graduated with my Bachelor's in Business Management. I've decided that I would really like to give pharmacy another shot. It's what I enjoy doing and I wasn't prepared my first time around.

My issue is that I have 70k in existing student loans. I've been accepted at ACPHS, but I have one more year of pre-reqs to complete before going into the professional phase. As long as I meet the minimum requirements, there is a seat reserved for me.

I'm getting a $5,000 yearly scholarship, but the first year tuition alone is $31k ($26k after scholarship). The next 4 years are $36k ($31k after scholarship). Pharmacy school in total would cost me $150k. That combined with my existing $70k would put my student loan debt at $220k.

I pretty much have a job secured, as a friend of mine is a pharmacist and owns his own independent pharmacy. Plus, I have connections from my former job as a tech at CVS.

My question is, would it be smart of me to do this, financially?

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[PharmDoReMe]

Financially that sounds like a pretty huge burden. If you're passionate about pharmacy, I would say go for it, but I wouldn't strictly rely on your connections for a job. Not trying to jinx anything but a lot can change in four years and going into pharmacy thinking your job is already secured might not be the best way of thinking about your future, especially if you're gonna be 220k+ in debt. I'll probably have like 120k in debt and even that sounds daunting to me.

Is there any way you'd be willing to work for a year and work off some of your loans and then reapply to some cheaper schools, or is that the school you really want to go to? If I had that much debt and I wasn't rushing to get my PharmD, I personally would try to pay off some loans and then apply to cheaper, state schools or something.

I know probably not the best advice or answer, but I hope it helped you a little! I'm sure someone that has way more experience would be able to give you better advice. I'm just an incoming pharm student.

 

[BC_89]

No job is ever secure but as for the debt...NO. I went for one semester of pharmacy school and with all cost total (housing, food, tuition, etc) it put me at 16k...with me and my spouses debt combined before that (we both got degrees) it was already 16k...with my current 30+k in loans, I'm now currently with the army working as a pharmacist specialist (glorified Pharm tech, but compounding is kinda fun). When my contract is up, I will have a nice GI Bill that will cover up to 65k in tuition, 1k each year in books, and pay for my housing on top of all that as long as I'm a full time student. For in-state pharmacy school that will cover ALOT .. I will also save to get most of the difference (in state for me 88k). Though I may still have some debt when all said and done, I like my income to debt ratio...even with out of state costs, I have plenty of veteran scholarships / yellow programs of which most schools will cover the difference of the GI Bill. I'm not saying armed forces is for everyone, but you have so many options to look at to help pay for school. Your current debt is too much. Financially, look at all your possibilities..my loans growing while in school just got me depressed. I want freedom when I start my career...even if it means waiting just a few years longer...security and freedom with a good income is worth it with very minimal risk..never try a financial gamble..plz no

 

[PharmBoy90]

Yeah, living expenses is another thing. I'm from Long Island and would have to move upstate, 4 hours from home. I can live with an aunt of mine most likely, although I'll probably give her a couple hundred of dollars a month for groceries, etc. She lives 45 minutes from the school, so I would be commuting each day.

I know Stony Brook University here on Long Island is supposedly opening a program, and they are a state school so it would be a lot cheaper and I could live at home. But I don't know when the program is opening, I heard 2017. I'm turning 26 this summer, so I'm not getting any younger.

 

[BC_89]

Yeah, living expenses is another thing. I'm from Long Island and would have to move upstate, 4 hours from home. I can live with an aunt of mine most likely, although I'll probably give her a couple hundred of dollars a month for groceries, etc. She lives 45 minutes from the school, so I would be commuting each day.

I know Stony Brook University here on Long Island is supposedly opening a program, and they are a state school so it would be a lot cheaper and I could live at home. But I don't know when the program is opening, I heard 2017. I'm turning 26 this summer, so I'm not getting any younger.

When I return to school I'll be 32 so I get what you saying. Totally worth playing it safe than financially burn a whole in your pocket on graduation day...well, at least to me

 

[Sugoi Travis]

Even with an additional 70k debt from undergrad, you won't need to push yourself up to 200k+ after pharmacy school. Take up an intern position while you're in school and make money to offset your living expenses. It is one of the best things you can do for yourself.

 

[PharmtoCS]

Not worth it. I would pick something else, i.e. finance, accounting, computer science, or engineering that is in demand and does not require you to graduate with $220k in loans.