Company Name |
Est. APR |
Min. credit score |
Loan Amount |
Loan term |
Upgrade |
5.94-35.97% |
unknown |
$1k-50k |
3-5 years |
Best Egg |
5.99%-35.99% |
700 (for best rate) |
$2k-50k |
3-5 years |
SoFi |
- Fixed: 3.49%-7.99% with autopay
- Variable: 1.74%-7.99% with autopay
|
unknown |
Starts at $5k |
5-15 years |
Earnest |
- Variable: start at 0.94% with autopay
- Fixed: start at 3.24% with autopay
|
650 |
$5.5k-$138.5k |
unknown |
FundingU |
7.49-12.99% |
n/a |
$3k-20k |
10 years |
PenFed |
5.49-17.99% |
unknown |
Up to $50k |
Up to 5 years |
Discover |
- Variable: 1.79%-11.24%
- Fixed: 4.49%-13.34%
|
unknown |
Starts at $1k |
15 years |
Splash Financial |
- Variable: start at 3.95%
- Fixed: start at 4.05%
|
unknown |
Starts at $5k |
unknown |
How Much Does Pharmacy School Cost?
As you think about how you want to pay for pharmacy school, consider the cost of attending school, as well as other expenses.
You can attend pharmacy school for $100,000 or less, or you can spend up to $300,000, depending on where you go. Naturally, the more well-known schools may cost more, but you can get just as good an education at an institution that charges less for tuition.
Beyond tuition, consider other costs, such as:
- Room and board
- Books
- Supplies
And if you aren’t working while you’re in school, you may want a little buffer to your budget to ensure you can pay bills like your car payment, gas, insurance, and health insurance. Don’t forget to leave room for eating out and fun!
How Do Student Loans for Pharmacy School Work?
Let’s look at some commonly asked questions regarding pharmacy school loans.
Do Pharmacy School Loans Only Cover Tuition?
Often, you can borrow more than just the cost for tuition, and can include those other costs like room and board and books. Some lenders work directly with your school to lend you the exact amount you need to cover these costs. Other times, you can request the amount you want to borrow.
What Is the Average Pharmacy School Debt?
So how much can you expect to owe at the end of pharmacy school? The average pharmacy school debt is $173,561.
What Are the Typical Interest Rates on Pharmacy School Student Loans?
Interest rates will vary depending on whether you take out a federal student loan or a private loan. While these numbers are subject to change, right now (June 2022), interest rates fall in these ranges:
- Federal student loans: 4.99-7.54%
- Private student loans: 1.74-35.99%
How Long Does It Take To Pay Off Pharmacy School Debt?
Again, this depends on your lender. Federal student loans can have repayment periods up to 30 years, while private loans may be repaid in as little as five, and up to 15 years. You may, of course, pay your loan off sooner if you are able.
Types of Student Loans for Pharmacy School
There are several different types of student loans you should consider to cover your pharmacy school costs.
Direct Unsubsidized Loans
These are federal student loans that offer low-interest financing. They are available to undergraduate and graduate students, and are not based on financial need.
Direct Grad PLUS Loans
These federal student loans are available to graduate students, as well as to parents of dependent undergraduate students to cover expenses not covered by other financial aid. They are not based on financial need.
HRSA Loans
These loans, offered by Health Resources and Services Administration, provide financing to students studying a health-related field.
Private Pharmacy School Loans
We’ve covered some options for private pharmacy school loans in this article.
Repaying Student Loans for Pharmacy Schools
It’s important to educate yourself on student loans before applying for them, including understanding what repaying a loan looks like.
When Do You Start Repaying Pharmacy School Loans?
Depending on whether you take out an actual student loan or a personal loan to cover pharmacy school, you may not have to start paying on your debt until you graduate.
How Long Is the Loan Term on Loans for Pharmacy School?
This depends on the terms your lender offers. Federal student loans can have repayment periods up to 30 years, while private loans may be repaid in as little as five, and up to 15 years.
What Repayment Options Do Pharmacy School Loans Offer?
Each lender may have different repayment options. Some may allow you to defer repayment until you have completed pharmacy school. Some may allow you to choose the date and repayment period for your loan.
How Big Will the Monthly Payment Be On My Pharmacy School Loans?
This depends on how much money you borrowed and how long you have to repay the loan. The shorter your repayment period, the larger your monthly payment will be. The longer your repayment period, the less your monthly payment will be.
Is Student Loan Forgiveness Offered on Pharmacy School Loans?
There are programs that may forgive part or all of your your pharmacy school loan if you work for a certain period of time in an underserved community as a pharmacist.
How to Apply for Private Pharmacy School Loans
Ready to apply for a private pharmacy school loan? Here’s what you’ll need to do.
- Start with federal loans. Federal student loans offer the lowest rates and best repayment terms, so make sure you don’t have them as an option before exploring private loans.
- Know what your costs are. Check with your school to see what tuition and fees will run per year, after any scholarships or grants.
- Choose your lender. After reviewing the list of lenders we’ve offered here, choose the one that best fits your needs.
- Fill out your FAFSA. This is more commonly used for federal student loans, but in the event you need it, have it completed before starting your application.
- Apply online. You will be asked for your Social Security number, photo ID, details about your school and costs, and personal information.
- Get a cosigner if you need one. If you won’t qualify for the lowest rates, perhaps because you don’t have a credit history, find someone like a parent who can cosign on your loan.
- Wait for the funds. If you’re approved, the funds will either be deposited into your bank account or sent directly to your school.
Conclusion
Becoming a pharmacist is a great career choice, though it’s one that costs a pretty penny. Taking out a pharmacy school loan ensures you don’t have to worry about paying for school while you focus on learning.
Explore the options we’ve provided here, as well as federal student loans, and find the one that offers the best rate and terms. If you can find a loan that allows you to defer while you’re in school, you can wait until you’re making those big bucks to start paying off your loan.