Pharmacists! I need your help.
I am an incoming P1 and am absolutely astonished by loan cost. When I am doing my calculations for what my estimated total repaid amount will be (after a 10 year repayment strategy), I am getting insane numbers.
I want to know how much debt you graduated with, what your monthly payment is, and how long your estimated payoff is. I’m getting almost 4k a month when I’m doing the math and want to see if that sounds normal lmao.
I know I want this degree, I will not be talked out of it, but I’m deciding between two schools that change the numbers by about 90k. The problem is the cheaper school is one of the bottom 5 schools in the nation.
Thank you all!
Edit to include dollar amounts;
Notre Dame of Maryland University:
Principal Balance including cost of living: $265,860
EST. Balance at Graduation: $318,028
EST. Monthly payment @ 7.94%: $3,848
2025 NAPLEX First Time Pass Rate (n34): 55.9%
2025 On Time Graduation Rate(n35): 85.7%
Howard University:
Principal Balance including cost of living: $333,190
EST. Balance at Graduation: $398,570
EST monthly payment @ 7.94%: $4,823
2025 NAPLEX First Time Pass Rate(n32): 84.4%
2025 On Time Graduation Rate: 71.2%
Posted by Outrageous_Total2599
2 Comments
Yes, those are 10 year standard plan amounts. Standard payments for that amount of debt would not be small.
If you are taking out loans on or after July 1, 2026 then your standard plan will be the new Tiered Standard plan. Your only other option will be the new RAP plan: https://www.reddit.com/r/StudentLoans/s/lsHO2ct2JR
Do you have a plan for borrowing this amount of debt and making these payments? What are you anticipating your income to be?
4k/mo sounds about right for standard repayment.
At that rate you’re probably better off doing PSLF and using the IDR plan to get there.