Pharmacy School Tuition
Pharmacy School Tuition varies greatly from school to school; generally speaking, public universities cost less than private universities. You can check tuition by Pharm.D. program on the AACP pharmacy school tuition table.
To apply for financial aid for pharmacy school, you will need to fill out a FAFSA prior to starting your first semester. For me (California), it was due in the early part of the year and BEFORE I was accepted into pharmacy school. I submitted financial aid information (FAFSA, other documents) to all schools that I applied for.
Different loan programs exist for pharmacy school. As a rule of thumb, you want to maximize Federal Stafford, Pharmacy Health Profession Student Loan, and any other 'disadvantaged student' subsidized loans first. 'Subsidized' means that the government pays for the interest on these loans while you are still in school. Then you should move onto borrowing Federal Stafford unsubsidized loans, on which you pay interest on the loans starting from the day you receive the money. Finally, if you need more money, you can move onto Federal Graduate PLUS Loan and other private loan sources which are unsubsidized and generally have higher interest rates than Stafford Loans.
Financial Aid
Here is an example of what different loan programs look like (from USC Pharmacy School's Financial Aid Office Website):* Pharmacy Health Profession Student Loan (HPSL):
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* Pharmacy students who complete parental information on the FAFSA and submit a copy of their and their parents’ 2009 federal tax return including W-2 forms will be considered for this loan.
* Loan amount varies every year based on availability of funds.
* This is a subsidized loan (no interest while in school) with a fixed interest rate of 5% and a 10 year repayment period which begins 12 months after graduation or when student falls below half time enrollment.
* If you are awarded the loan, it will automatically appear on your Statement of Financial Aid Eligibility. You will receive a notification from Student Financial Services to sign a Master Promissory Note (MPN).
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* Pharmacy students who complete parental information on the FAFSA and submit a copy of their and their parents’ 2009 federal tax return including W-2 forms will be considered for this loan.
* Loan amount varies every year based on extremely limited funds.
* This is a subsidized loan (no interest while in school) with a fixed interest rate of 5% and a 10 year repayment period which begins 12 months after graduation or when student falls below half time enrollment.
* If you are awarded the loan, it will automatically appear on your Statement of Financial Aid Eligibility. You will receive a notification from Student Financial Services to sign a Master Promissory Note (MPN).
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* This loan is available to eligible citizens and non-citizens. Financial need determines whether the loan will be subsidized (interest will be paid by the federal government while you are enrolled) or unsubsidized.
* Interest rate is fixed at 6.8%.
* Doctor of Pharmacy students may receive a maximum of $33,000 annually. The regular masters program in the School of Pharmacy may receive a maximum of $21,000 annually. Up to $8,500 may be subsidized. If you have been awarded a Stafford Loan, you must apply to receive the funds.
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* If you need further financing after you have borrowed the full Stafford Loan amount, financial aid offices will suggest the Federal Graduate PLUS Loan, because it has fixed interest rate and the credit check is less strict than private student loans.
* It is credit-based rather than need-based. Current interest rate is fixed at 8.5% and a 10-year repayment term that can be extended depending on the amount borrowed.
* There is no pre-payment penalty.
* There may be a 4 % Federal Origination and Federal Default Fee.
* To apply, you must be a U.S. Citizen or permanent resident.
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* U.S. citizenship/permanent resident status is not required.
* These private financing programs are unsecured educational loans made by private financial institutions such as banks or credit unions.
* It is advisable for students to apply for all federal Title IV education loan programs that are available before considering a private educational loan program. The repayment terms of the federal loan programs may be more favorable than the terms of the private loan programs and may not be included in the Federal Direct Consolidation Loans.
* Interest rates are based on the creditworthiness of the student borrower and/or the co-borrower and will vary on a monthly or quarterly basis. Repayment generally begins immediately after full loan disbursement.
* In-school deferments, grace periods and forbearances may be available. Ask your lender for more information.
