Are 3 Year Pharmacy Schools A Bad Idea? | Student Loan Planner

Are 3 Year Pharmacy Schools A Bad Idea? | Student Loan Planner


Are three-year pharmacy
schools a bad idea? Typically, a PharmD will
take you four years, but there’s about a 10%
of programs out there that will get you out in about three. Is that a good idea when the cost of such
programs can put you into the same amount of debt
as four-year programs? Here’s something to think about. More and more pharmacists are having to pursue either loan forgiveness
under the PSLF Program or under a 20 or 25-year type program, where you’re paying a
10% of your income amount and then you’re either
getting them forgiven tax-free after 10 years at a
PSLF-qualifying non-profit place or you’re paying for 20
years as a retail pharmacist and just having to deal with
the tax bomb at the end of it. So, that’s something to really think about when you’re borrowing, because if you borrow for the same amount for a three-year place
as for a four-year place, then the only difference
between those two options is losing a year of salary that you could have earned
money during that period for that three-year program. So, in that case the three-year
program would actually be better than the four-year program. And for most of the three-year
programs that are out there, they’re actually better than the four-year
programs at the same cost, because of that opportunity cost to the lost year of salary. Now, one thing to think about is for the three-year programs
that are out there, they do tend to be a lot more expensive than the lowest cost
in-state public schools. So, if you do wanna get the best deal, even with the opportunity cost and of losing a year’s worth of earnings, I would tend towards the
more risk verse safe option of going to the cheapest place, if your goal is to actually pay the debt off and be debt-free. So, three-year schools do have
a place for pharmacy school but you need to be really careful because they will absolutely
put you in a lot of debt which means that you will very likely be pushed towards needing to use an income-driven repayment plan. If you have a lot of debt
from pharmacy school, hit us up, [email protected], or just comment below
and share your thought about whether or not a
three-year pharmacy school is even a good idea.


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