Guide to Pharmacy School Costs
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What Is Pharmacy School?
Cost of Pharmacy School
In-State Pharmacy School Cost
Out-of-State Pharmacy School Cost
Private vs Public Pharmacy School Cost
3-Year vs 4-Year Programs
How Hard Is It to Get Into Pharmacy School?
Pros and Cons of Pharmacy School
Can lead to a high salary. The median salary for pharmacists in 2021 was $128,570, according to BLS data. Could result in a stable career with flexible options. With your PharmD, you might choose to work in a drug store, hospital, clinic, or other healthcare setting. May qualify for student debt forgiveness through the Public Service Loan Forgiveness (PSLF) program, depending on where you work. Pharmacists who work in qualifying nonprofit settings could earn student loan forgiveness after 10 years through the PSLF program.
May have to pay a high price tag for your degree. Costs are especially high at out-of-state and private schools. May have to take out significant student debt. The average pharmacy student debt is $170,444 across all institutions, according to the American Association of Colleges of Pharmacy’s Graduating Student Survey. Must pass multiple exams and complete a residency. You’ll need to pass various exams to get into pharmacy school and to work as a pharmacist, including the Pharmacy College Admission Test (PCAT), North American Pharmacist Licensure Exam (NAPLEX), and Multistate Pharmacy Jurisprudence Exam (MPJE).
Pharmacy School vs Medical School
Number of Years of Study
3 Student Loan Tips
Once the pandemic-related pause on federal student loan payments ends, going back to making payments may be hard on budgets. One solution is to refinance to a lower interest rate, longer loan term, or both, depending on your situation. (The tradeoff is that you’ll be forfeiting federal benefits such as repayment programs.) Find and compare your student loan refinance options. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) Depending on their income, qualified borrowers can deduct the interest they pay for student loans, both federal or private, up to $2,500 per year. The deduction phases out for modified adjusted gross incomes of $70,000 to $85,000 for single individuals and $140,000 to $170,000 for people married and filing jointly.
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