Need to make a financial decision. I have been offered financial aid and loans from a state college. Here:?

Question

Estimated Federal Subsidized Stafford Loan $1,750 for fall 07 and spring 08

Estimated Federal Parent Loan for Undergrads $ 4,776 for fall 07 and spring 08

Estimate B-On-Time Loan $2,585 for fall 07 and spring 08

Those are the three loans I have been offered. I am going into the field of pharmacy so it will take at least 6 yrs for me to graduate. I only received $1,227 in grants (per semester) which to me kinda sucks. My efc is about $6246. I have to make my decision on whether to accept or reject these loans by tonight. I really didnt want to take these loans but now I am feeling that I have to because I didnt get as many scholarships as I wanted :( If you have any suggestions please share because I'ma stressing about this. Your input is appreciated.

Answer 1

1. Given: you can pay back the loans early if you don't need the money.

2. When you find out that you need the money, it's usually too late to go back and get it quickly, so you better take it while you can

3. When you are done, your starting salary will be in the ballpark of 60,000 give or take for regional variables. You are only talking about less than 10k in loans. Your payment would be less than 300 bucks. You will be making 5k per month. The loan payment is peanuts compared to that. What will you be doing if you don't go? or if you run out of money in the middle?

4. You don't need to start paying on your loans until you've been out for 6 months.

Looks to me like there's not alot of options here unless you win the lottery or have money you didn't mention, or plan on working while you are in school - which may not be feasible depending on how hard it is. The other option is to not go to school, in which case, you'll earn about half of that salary for the rest of your life, at least according to statistics.

The choice is very clear over here in the peanut gallery. I'd take the money and run (towards school of course).

good luck
Kevin

Answer 2

The average starting salary for pharmacist is 100k.
If you don't need the money, don't take the loans.
If you do get accepted into pharmacy, the only financial aid available will be loans.