Best Loans for Pharmacy School

Disclosure: Stilt is a lending company. Nonetheless, we are committed to recommending the best loan products to our readers when their needs are outside Stilt’s loan offerings.

Are you working on a career in the medical field? Do you have ambitions to study pharmacy but don’t have the required tuition fees available? Have you perhaps wondered what the best loans for pharmacy school are? Let us help you to find some answers as we set out the best loans for pharmacy school below.

Cost of Pharmacy School

Tuition nowadays can be very expensive. Especially if you consider studying in the U.S. This country has some of the most expensive tuition fees in the world. Fortunately, there are ways to finance your studies if you don’t have the money on hand.

Studies set you on a career path. It opens up the door of opportunity and it equips you with the knowledge and skill to earn an income. You may very well see tuition fees as an investment into your future and an investment into a career as a pharmacist is quite promising. But between then and now you’re facing a few semesters of studies that can cost anything between $65,000 and $200,000 depending on the school you choose.

The good news is there is more than one way to finance your studies. Let’s look at some alternatives.

Before You Turn to Loans for Pharmacy School

Taking out a loan is a good option, but it isn’t always the best option for you. Make sure you look at all your options before just opting to take out a loan. So before you go looking for the best loans for pharmacy school first consider these possibilities.

Your Own Savings

It makes the most sense to first spend the money you have available. You don’t have to pay any interest on it and you don’t have to ask someone’s permission to spend it. Perhaps you worked during your undergrad or high school. Every bit of savings is less money you need to borrow for studies. Lowering the total you borrow will cheapen your monthly debt repayments.

Scholarships and Grants

This should be your second priority. Schools offer wonderful opportunities for students who qualify for scholarships. There are different kinds of scholarships but most are based on the merit of exceptional achievement. Schools offer academic, cultural, sports and other types of scholarships too. Contact the school you’ve chosen and ask if you qualify for any scholarship based on your current achievements.

Some schools also offer grants to students who fulfil the set criteria. There are different kinds of grants but the most common are available to promising students who have big financial need. Ask the admissions office of your school if you qualify for any grants.

Both of the above options are free money which you don’t have to repay (unless you breach the agreement between yourself and the school, of course).

Direct Subsidized or Unsubsidized Loans

Only after you’ve spent your own money and used the available scholarships and grants should you consider these loans. Both subsidized and unsubsidized loans require repayment. It’s a form of federal student loans. They generally have the best interest rates available out of all types of student loans.

So make sure you’ve considered every available option before you start borrowing money to study. You’re only actually ready to start repaying your loan once you start working. So be wise and look for other options before you take a medical student loan.

Direct PLUS Graduate Loans

After exhausting your available federal student loans you should consider Direct PLUS Graduate Loans. These loans can be taken out to cover the full cost of your program. Your school needs to confirm the cost of your program. This helps the lender to determine how much you need to borrow. Direct PLUS Graduate Loans require a credit check, however. So you might need to consider a cosigner if your credit is not strong enough to get the loan approved.

Even though the above options should be your first stop, they may not be available to you. Immigrants aren’t eligible for federal student loans, for example. And some people just can’t find a cosigner. What can you do? Here are some of the best loans for pharmacy school for your consideration.

3 Best Loans for Pharmacy School

Listed below are loans that you could use to finance your education. You need to decide which one is best for your situation. This is how it works.

Stilt (Best for Visa Holders)

Stilt offers personal loans to anyone who meets the simple eligibility criteria. Even immigrants living in the U.S. on a visa can be eligible for a loan. You can loan up to $25,000 at an APR that starts at 7.99%. You can use the personal loan in any way you want. Even as a way to finance your studies. Apply online if you want to get an offer.

Discover Student Loans (Best for Great Credit Scores)

Discover student loans could be your best option if you have a great credit score. Perhaps you’ve already spent time building a great credit score with credit tools like credit cards and other types of loans. Discover offers both variable and fixed interest rates on their loans. You can choose the option you prefer.

Federal Student Loans (Best for U.S. Citizens)

U.S. citizens who aren’t eligible for scholarships and who have used all available grants can consider federal student loans. There are many kinds of federal student loans and each has its own benefits. Find the ones you are eligible for and choose the best one for your situation.

Paying Off Your Pharmacy School Loan

Now just as you might think the pressures of studying for finals has passed you realize the burden of medical student debt is at your door. You still need to repay the loans that financed your education. What options do you have (if any)?

Here are some helpful strategies that could aid in your efforts to settle your debt as fast as possible.

5 Strategies for Paying Off Pharmacy School Debt

There is no exact right or wrong with these options. Each option works best in a certain context and you need to decide which one will help your situation the best. Let’s look at the 5 ways to pay off pharmacy school debt.

1. Switch to Income-driven Repayment

Income-driven repayment plans help stop your debt from taking all your monthly income. This strategy can help you repay student loans by capping your monthly instalments at 10% to 20% of your monthly income. After you’ve made 20 to 25 years of repayments you might even be able to get taxable loan forgiveness on the remaining loan balance. This strategy is especially useful to pharmacists who work in the public sector.

2. Stick with The Standard Repayment Plan

Pharmacists who earn enough like those working for a private employer can stick with their standard repayment plan. Follow the prescribed repayment plans and you should be able to repay your federal loans within 10 years. Paying higher monthly repayments may be more expensive, but you’ll settle your debt faster. Settle your debt faster to pay less interest on your loans. If things get too tight on your budget you can always consider switching to an income-driven repayment plan. Speak to your lender on how to get this activated.

3. Refinance to Save On Interest

At the start of your loan application, you probably had a lower credit score. This means the interest rate offered to you was generally speaking quite high. Since you’ve been making faithful repayments your credit score might have increased and you could get a better interest rate than before. So you can always consider refinancing your current loans. You basically take out a new loan with which to pay off your old debt, but with an added benefit. The new loan will have a lower interest rate.

Repay a few months of your required instalments and then apply to refinance your student debt. A lower interest rate means cheaper instalments.

4. Pursue Loan Forgiveness

This strategy is best for pharmacists who work for the government, a 501(c)(3) nonprofit, or in an underserved area. If you meet any of these criteria you could qualify for loan forgiveness. Loan forgiveness generally require a repayment period of 10 years before you become eligible for it. Once eligible the balance of your loan can be forgiven and you don’t have to pay it back anymore. Research the criteria and make sure you comply.

5. Postpone Payments During Residency

This plan works best for pharmacists during their residency period. You could possibly not afford your repayments even if you are on an income-driven repayment plan. Apply for forbearance and postpone the payments during your residency. Just remember that interest will still accrue on your loans during this time. If you want forbearance for a federal student loan you’ll need to speak to your federal student loan servicer. Private student loan borrowers need to speak to their lenders to apply for forbearance.

Conclusion

A career in the medical field can be very fulfilling. You are helping people every day of your life. But you first need to study and that can cost between $65,000 to $200,000. Use the advice given above to help finance your studies. No matter if you’re a citizen or an immigrant. Some of the best loans for pharmacy school are just a click away. Look for your best solutions and apply today.

Alyssa Francisco

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