Is pharmacy still worth 200k in loans?

[Corytrade]

Where are you getting this 140,000/year for a pharmacist? thats VERY hard to get anymore. As a matter of fact i would bet it no longer exists, since the salary cuts nationwide.

Depends where you live. I make more than this, no OT.

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[sozetone]

They dont pay those wages anymore, or give out the hours anymore. I make more as well, no OT, but im a manager in BFE. They will take it from me eventually.

 

[nafcillin]

Plus factor in the opportunity cost of years of schooling plus a few years of residency and the cost of a BCPS.

 

[penichillin]

Where is this 140k job other than in management? Been doing this for 10 years and never made anywhere close to 140k

California (but once high taxes and COL are factored in, the pay difference isn't so great)

 

[hye345]

Where are you getting this 140,000/year for a pharmacist? thats VERY hard to get anymore. As a matter of fact i would bet it no longer exists, since the salary cuts nationwide.

I made roughly this from 2016-2018; probably more if you count all the OT. Granted this was in California, but in a relatively low COL area; rent was just a bit above Midwest levels.

 

[johnpharm01]

Still worth it? I would argue was it EVER worth it? Costs of higher education are out of control. I don't see many having a long 30+ year career in pharmacy that is rewarding professionally and lucrative regardless of the cost to achieve the education. So, no.

 

[MatCauthon]

expect hourly wages to move down to $45/hour, especially for new grads. also these new grads are only working 20 to 32 hours per week. If they get $45 per hour at 32 hours per week, that is only 75k per year. Is that enough of a salary to take out 200k in loans? or if one is in California can they afford the 300 to 400k loans from USC and other private schools?

 

[projektreverb]

expect hourly wages to move down to $45/hour, especially for new grads. also these new grads are only working 20 to 32 hours per week. If they get $45 per hour at 32 hours per week, that is only 75k per year. Is that enough of a salary to take out 200k in loans? or if one is in California can they afford the 300 to 400k loans from USC and other private schools?

It still baffles me that USC is as expensive as it is.

 

[steveysmith54]

It still baffles me that USC is as expensive as it is.

Outside of UCSF and UCSD, I believe all of the Cali schools are in the same ball park. I believe majority of the 3 year schools are ~75K for first two years.

If they take away income based repayment plans, an average graduating pharmacist (who didn't go to a residency program) will be making 5-6K net in CA and having to pay back about around 2-3K in loans for 20 some years. This is based on the decrease in wages that I project.

 

[Avex007]

Love seafood

There is no free lunch. You get paid for what you work. Truck drivers show up to coumadin clinics all the time from lack of movement leading to blood clots etc. The more you make, the more high risk for health or difficulty.

The reason a refrigerated truck driver makes 100k is most likely the shipment will be seafood. My friend who does this smells like rotten fish. His house smells like rotten fish. If you don't mind smelling like a fisherman then get paid.

 

[UofK]

If I could go back and do it again, I wouldn't do it for free.

1 year post PGY2 and I've never been more motivated to get my side hustles ramped up to have my money work for me to escape this mess.

 

[Timbo]

If I could go back and do it again, I wouldn't do it for free.

1 year post PGY2 and I've never been more motivated to get my side hustles ramped up to have my money work for me to escape this mess.

Why? What are you doing now? You have pgy2 which gives you a competitive advantage over most pharmacists out there

 

[deleted562805]

Just be a software engineer if you can handle the cognitive aspect. You make on average $100k/year for a far better quality of life, i.e. no weekends/evenings/nights, actually getting lunch breaks, no getting cussed out by belligerent customers, getting to sit in a chair, etc. You also do not have to spend weeks away from home and risk getting DVTs as truckers do.

How Much Can a Software Developer Expect to Get Paid?

That is dependent on who you work for. When working for apple, consider burning the midnight oil.

 

[pharmalt82]

Here is north-east, the most I've heard someone have in debt when they graduated in an easily manageable $100k.
These $200k figures are only something I've heard of a couple having after consolidating.

 

[Sine Cura]

Northeastern (Tuition and Fees < Northeastern University) 25225*5 + 14875 = 141000 tuition alone
MCPHS 6-year program (Tuition & Fees | MCPHS University) 33600*2 + 39500*4 = 225200 tuition alone

Let's say you work 20 hours a week as an intern at 18/hour. Not gonna make much of a dent considering interest and capitalization

 

[alpha12]

Here is north-east, the most I've heard someone have in debt when they graduated in an easily manageable $100k.
These $200k figures are only something I've heard of a couple having after consolidating.

100k is also not manageable for everyone. That invisible ferrari will cost you when you try to get a house. Not everyone has the luxury of living with mom and dad. Especially dudes who want to have sex with women.

 

[mentos]

100k is also not manageable for everyone. That invisible ferrari will cost you when you try to get a house. Not everyone has the luxury of living with mom and dad. Especially dudes who want to have sex with women.

Lol dudes with invisible Ferrari's who live at home in their late 20s, chick magnet right there!

 

[wagrxm2000]

100k is also not manageable for everyone. That invisible ferrari will cost you when you try to get a house. Not everyone has the luxury of living with mom and dad. Especially dudes who want to have sex with women.

Huh? That's a little over 1k a month for 10 years. You can't handle around 13k a year in loans.

I will never understand millennials.

 

[MatCauthon]

Tableau Public

public.tableau.com

Here is a list of all the tuition in the United States. There are still a few outliers that are under 10k per year in-state. If you can get that tuition then it might be worth it. Even in the Northeast there are plenty of schools 40k-50k per year. That is about 200k just for tuition when you factor in accrued interest. Doesn't even factor in cost of living-- food/rent/etc. Don't even consider California.

 

[TerryTerry]

Considering the fact that we have to add 4 to 6 years of our youth on top of that 200k loan,
the obvious answer would be No.

 

[alpha12]

Huh? That's a little over 1k a month for 10 years. You can't handle around 13k a year in loans.

I will never understand millennials.

thats a lot of debt for an 80k job.

 

[wagrxm2000]

thats a lot of debt for an 80k job.

Then find a new profession

 

[alpha12]

Then find a new profession

Already did.

 

[wagrxm2000]

Already did.

So why are you here?

 

[alpha12]

So why are you here?

So I can watch loser pharmacists complain and pat myself on the back for making the right decision.

 

[quickpic007]

So I can watch loser pharmacists complain and pat myself on the back for making the right decision.

How long did it take you to hit 1M with engineering?
Though RX is not the greatest, it did surely teach me work skill....
Def not worth 200k loan...

 

[wagrxm2000]

So I can watch loser pharmacists complain and pat myself on the back for making the right decision.

I agree with you there, I feel no remorse for people going into a profession just for the money.

 

[PumpkinSmasher]

I agree with you there, I feel no remorse for people going into a profession just for the money.

Agreed.

I also do not want to bail any of these people out....if someone took out the loan then pay it off. No one held a gun to anyone's head to take out their student loans.

 

[Dred Pirate]

Depends where you live. I make more than this, no OT.

same here - in a middle of the road cost of living place

 

[Knights of Cora]

So I can watch loser pharmacists complain and pat myself on the back for making the right decision.

There’s losers in every profession and always something to complain about. There are winners in pharmacy and you should check yourself, mate.

 

[alpha12]

There’s losers in every profession and always something to complain about. There are winners in pharmacy and you should check yourself, mate.

LOL. Ok internet tough guy.

 

[mentos]

There’s losers in every profession and always something to complain about. There are winners in pharmacy and you should check yourself, mate.

I think his job is better.

 

[VA77]

Came across this today. Its not pharmacy but does give some insight into medical loans and the accrediting body.

Why Doctors Are Drowning in Medical School Debt

A resident physician investigates the causes of skyrocketing tuition

blogs.scientificamerican.com