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Becoming a pharmacist is a stable career choice, and the US Bureau of Labor Statistics (BLS) predicts an increase in demand over the next eight years. Additionally, there are many options to assist qualifying pharmacists with paying off their student loans.
The average student loan debt for 2019 pharmacy school graduates is $172,329, according to a 2019 survey released by the American Association of Colleges of Pharmacy (AACP). This is a significant amount of debt to pay off, even though pharmacist salaries are relatively high.
The type of school that you choose can affect your cost. The AACP reports annual tuition and fees range from around $5,400 at in-state public universities to over $78,500 at private universities.
Luckily, there are programs available that can help qualifying students pay off their pharmacy school debt.
Eligible for federal student loans only, Public Service Loan Forgiveness is a program through the federal government. If you're planning on working as a pharmacist in the public sector, you could have your remaining federal student loan debt wiped away after 120 qualifying payments.
To encourage students to pursue faculty careers within their profession, HRSA created the faculty loan repayment program. To qualify you must submit documentation proving that you come from a disadvantaged background. The loan repayment funds can be used for both federal and private loans as long as they were used to fund your pharmacy degree.
In an attempt to help curb the opioid epidemic, the National Health Service Corps is offering loan forgiveness to health professionals who are willing to work in substance use disorder treatment centers. Priority is given to healthcare professionals who have served in an opioid treatment program or are licensed or certified in substance use disorder interventions.
If you're unable to qualify for any of the loan repayment assistance programs, there are still ways to pay off your debt sooner.
Looking to get a better rate on your private loans? Compare these lenders and find out what types of offers you might qualify for.
It would take 10 years to pay back the $172,329 average graduate debt, making standard repayments on an unsubsidized federal loan at the 2019 to 2020 4.53% rate. If you can find a way to reduce that amount of time it can significantly lessen the amount you pay in interest.
Get an estimate of your monthly repayments by using our calculator.
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Another option is to seek out jobs in the states where you can make the most money. According to the BLS, the top five states for highest pharmacy salaries in 2019 were:
Don’t forget to calculate the cost of living expenses in any state that you consider.
Paying off student loan debt can be a challenge, even for a high-paid pharmacist. But there are ways to make the process easier. For additional information on loan repayment or refinancing read our guide to student loans.
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