Tips for student loan please (need help urgently)

Is it possible to defer the Pharmacy school offer? Your first option is not really feasible. $5k is a lot of money per month.

Universities usually allow 1 year deferral, so she can start a year later and save madly for when she starts school. This way, her first year won't be as tough. $2500/month is still a lot but much better than $5,000. By then, I'm hoping things will get better?

Her credit must be really bad if she can not even obtain a private loan for post-graduate education. Have you tried contacting local credit unions to obtain the loan?

Quote from BrotherAli : Here is the scenario, my sis has just gotten into pharmacy school. The issue is that she is unable to get federal loans until her second year of school,

Says who?

Quote from Nollywood : Her credit must be really bad if she can not even obtain a private loan for post-graduate education. Have you tried contacting local credit unions to obtain the loan?

Even with good credit, most lenders either want to see a source of income, or a co-signer for private student loans, even at the grad level.

Can someone explain to me why Pharmacy school costs so much? It seems like a mediocre job with very limited potential for higher income - seems to top out around $100k. I get that it might just be what you want to do. But really? It essentially is retail sales.

Quote from dealgate : Can someone explain to me why Pharmacy school costs so much? It seems like a mediocre job with very limited potential for higher income - seems to top out around $100k. I get that it might just be what you want to do. But really? It essentially is retail sales.

They're not really even selling anything. The doctor pretty much does that part for them.

I heard they can make more in retail. I remembering hearing near $120k yrs (CVS). Maybe if you personally own a pharmacy even more? They could also go corporate and make more.

Quote from kidroach : Is it possible to defer the Pharmacy school offer? Your first option is not really feasible. $5k is a lot of money per month. Universities usually allow 1 year deferral, so she can start a year later and save madly for when she starts school. This way, her first year won't be as tough. $2500/month is still a lot but much better than $5,000. By then, I'm hoping things will get better?

No she is unable to do this, most medschool/dental/pharmacy/nursing do not allow this.

Quote from Nollywood : Her credit must be really bad if she can not even obtain a private loan for post-graduate education. Have you tried contacting local credit unions to obtain the loan?

She did but was basically denied right away.

Quote from travathian : Says who? Even with good credit, most lenders either want to see a source of income, or a co-signer for private student loans, even at the grad level.

Well she is considered a 5th year undergrad so apparently she is getting some fed but not very much since she is considered an undergrad. The 20k a semester is after her fed loan.

Quote from dealgate : Can someone explain to me why Pharmacy school costs so much? It seems like a mediocre job with very limited potential for higher income - seems to top out around $100k. I get that it might just be what you want to do. But really? It essentially is retail sales.

I dont know what world you live in but 120k starting pay is pretty good, close to what dentist and general doctors start at. Regardless I dont see how this is relevant to what im asking?

Quote from cavan : tell her to go to medschool

Reported

Quote from dealgate : Can someone explain to me why Pharmacy school costs so much? It seems like a mediocre job with very limited potential for higher income - seems to top out around $100k. I get that it might just be what you want to do. But really? It essentially is retail sales.

There's relatively high demand for pharmacists. Tuition almost doubled when I was in school (PharmD '07). My assumption is that it's seen as a program where graduates immediately make a high salary, so one they can squeeze a bit more than general studies where the path to high income is generally longer. There have been a large number of new (mostly private) colleges of pharmacy over the past 5-7 years. They charge higher tuition than the state schools,so maybe state schools don't mind nudging up their costs to fill in the gap.

Saying it's "essentially retail sales" is a joke. If your salesperson advises an ill-fitting clothing item, you don't die. It's a very large amount of responsibility with the associated liability.

Quote from 1stbuy : They're not really even selling anything. The doctor pretty much does that part for them. I heard they can make more in retail. I remembering hearing near $120k yrs (CVS). Maybe if you personally own a pharmacy even more? They could also go corporate and make more.

Doctors aren't selling anything either.
You heard pharmacists make more in retail (than what?).
$105-120k/yr is reasonable range, depending on local demand, and there isn't much upward mobility in the chain retail setting.
And of course pharmacists who own their own pharmacy have the potential to make much more than retail chain pharmacists (risk v reward).
No idea what you mean by "go corporate and make more".

Neither of you seem to know what you're commenting about.

to OP -
if she can't afford school, she shouldn't go
how confident is she that she'll even be able to handle the program?
nothing worse than a 4-year degree that costs $80k, except for a 4-year degree that costs $100k and takes 5 years (or costs $120k in 6 years) -- I saw people do both.

Quote from BeckhamsTears : Neither of you seem to know what you're commenting about.

Correct. That's why I said I don't understand. What is pharmacy school? Is it like a 4 month course and then you are certified? Do you need an undergrad degree before you can attend? Is it like a phlebotomist? I don't understand what a pharmacist does besides fill prescriptions. Seems like a clerk could do that so I am wondering if there is something else that would require more skill.

This is the 2nd post on pharmacists recently and it peaked my interest to understand why it cost so much to become a pharmacist. I think in the other post, it was over $200k. It just doesn't make sense to me to pay so much for something that seems trivial. Hence, my feeling that I am missing something. Before these two posts, I thought the only thing you needed to become a pharmacist was to show up on-time for a few weeks and you would be next in line at most stores to be the pharmacists. I figured on a high turn-over rate like most of retail.

Quote from BeckhamsTears : There's relatively high demand for pharmacists. Tuition almost doubled when I was in school (PharmD '07). My assumption is that it's seen as a program where graduates immediately make a high salary, so one they can squeeze a bit more than general studies where the path to high income is generally longer. There have been a large number of new (mostly private) colleges of pharmacy over the past 5-7 years. They charge higher tuition than the state schools,so maybe state schools don't mind nudging up their costs to fill in the gap. Saying it's "essentially retail sales" is a joke. If your salesperson advises an ill-fitting clothing item, you don't die. It's a very large amount of responsibility with the associated liability. Doctors aren't selling anything either. You heard pharmacists make more in retail (than what?). $105-120k/yr is reasonable range, depending on local demand, and there isn't much upward mobility in the chain retail setting. And of course pharmacists who own their own pharmacy have the potential to make much more than retail chain pharmacists (risk v reward). No idea what you mean by "go corporate and make more". Neither of you seem to know what you're commenting about. to OP - if she can't afford school, she shouldn't go how confident is she that she'll even be able to handle the program? nothing worse than a 4-year degree that costs $80k, except for a 4-year degree that costs $100k and takes 5 years (or costs $120k in 6 years) -- I saw people do both.

She is confident that she can handle the course load....not going would be an unwise decision, its not exactly easy to get into pharmacy school and who knows if she would get in next year or so; also a 7 year cutoff for most schools that she would then have to retake some of her freshmen undergrad classes.

There has to be an option, we cant be the first people to have bad credit and want to get into a program.

Quote from dealgate : Correct. That's why I said I don't understand. What is pharmacy school? Is it like a 4 month course and then you are certified? Do you need an undergrad degree before you can attend? Is it like a phlebotomist? I don't understand what a pharmacist does besides fill prescriptions. Seems like a clerk could do that so I am wondering if there is something else that would require more skill. This is the 2nd post on pharmacists recently and it peaked my interest to understand why it cost so much to become a pharmacist. I think in the other post, it was over $200k. It just doesn't make sense to me to pay so much for something that seems trivial. Hence, my feeling that I am missing something. Before these two posts, I thought the only thing you needed to become a pharmacist was to show up on-time for a few weeks and you would be next in line at most stores to be the pharmacists. I figured on a high turn-over rate like most of retail.

Your welcome to GTFO of my thread and go google, I dont see how this is relevant.

It isnt that complicated but here is a hint for you, some people are on many prescription medications that all have rections on their own; when taken together they can have additional complications. We are asking alot of doctors to know how to diagnose an problem as well as prescribe the right meds;;;;there are times when a pharmacist has to actually call the doctors office because a medicine that was prescribed can have dangerous sideffects when mixed with another medication.

Quote from dealgate : Correct. That's why I said I don't understand. What is pharmacy school? Is it like a 4 month course and then you are certified? Do you need an undergrad degree before you can attend? Is it like a phlebotomist? I don't understand what a pharmacist does besides fill prescriptions. Seems like a clerk could do that so I am wondering if there is something else that would require more skill. This is the 2nd post on pharmacists recently and it peaked my interest to understand why it cost so much to become a pharmacist. I think in the other post, it was over $200k. It just doesn't make sense to me to pay so much for something that seems trivial. Hence, my feeling that I am missing something. Before these two posts, I thought the only thing you needed to become a pharmacist was to show up on-time for a few weeks and you would be next in line at most stores to be the pharmacists. I figured on a high turn-over rate like most of retail.

You're not even close.
Briefly - 4 year professional doctorate degree. I'd estimate 5 people apply for every 1 person admitted, so it's pretty competitive. Costs vary per school. College in general is pretty expensive, at least pharmacy provides decent, nearly guaranteed returns.
If you have trouble understanding what you find on google, PM me and I'll clear it up.

She is going to have to go to or call the financial aid office and see if she can get her first year of payments or tuition carried over until the federal loans kick in. I am not sure if this is possible but it's worth a try given your situation.

Also has she even been accepted to the school yet? If not I would worry about that before you start throwing money around.

Quote from BrotherAli : Here is the scenario, my sis has just gotten into pharmacy school. The issue is that she is unable to get federal loans until her second year of school, that leaves with 40K that she needs to come up with (20K a semester).....Now the second issue is her credit isnt so great because she was helping our parents out (credit cards in her name) when we were going through a very rough patch. Her credit is bad and the cosigner is so-so (640 credit score) So far her options are: -Payment plan thats ~5k a month; work full time + pharmacy school + living expenses= difficult-impossible -Some how apply for many different loans (about 5-10k each) and hope that they look at her application -????? She has tried applying for 20k loans from wellsfargo and was denied. My question is there anything else we should try? Im open to any suggestions please since as you can image this is a very stressful situation. Fixing her credit and then applying isnt an option since the fall semester is starting soon.

https://www.discover.com/student-...loans.html

Quote from dealgate : Correct. That's why I said I don't understand. What is pharmacy school? Is it like a 4 month course and then you are certified? Do you need an undergrad degree before you can attend? Is it like a phlebotomist? I don't understand what a pharmacist does besides fill prescriptions. Seems like a clerk could do that so I am wondering if there is something else that would require more skill. This is the 2nd post on pharmacists recently and it peaked my interest to understand why it cost so much to become a pharmacist. I think in the other post, it was over $200k. It just doesn't make sense to me to pay so much for something that seems trivial. Hence, my feeling that I am missing something. Before these two posts, I thought the only thing you needed to become a pharmacist was to show up on-time for a few weeks and you would be next in line at most stores to be the pharmacists. I figured on a high turn-over rate like most of retail.

That's a great question and very common misconception about pharmacists. Read this great post:
http://theangryintern.livejournal.com/19936.html In the current retail practice, much of the time, our knowledge may not come into full utilization, but it's that 10% of the time where we catch a very dangerous error/interaction/mistake that can really be life-saving/harm preventing.

In regards to education, most pharmacy schools requires an undergraduate degree (4 years), followed by 4 years of pharmacy school.