Pharmacist salary and student debt: is it worth it?

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Derek Haag asked a question: Pharmacist salary and student debt: is it worth it?
Asked By: Derek Haag
Date created: Mon, Apr 12, 2021 12:40 AM
Date updated: Tue, Jun 14, 2022 11:14 PM

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Top best answers to the question «Pharmacist salary and student debt: is it worth it»

The purely financial answer is yes since the projected lifetime earnings of a PharmD vs the average college grad is $1,044,000 after taxes vs the $280,000 in cost of paying back student loans. This is assuming that it would be full-time work and not part-time like 1 in 5 pharmacists are working today.

FAQ

Those who are looking for an answer to the question «Pharmacist salary and student debt: is it worth it?» often ask the following questions:

🎓 What is the average pharmacist student loan debt?

$163,496

Pharmacy Times reports that the average student loan debt for PharmD graduates is $163,496 in 2017, a 9.5% increase from 2015 according to the American Association of Colleges of Pharmacy's 2017 Graduating Student National Summary Report.

🎓 Is student debt worth it?

While a college degree may lead to higher income, that doesn't mean student loans are always worth it. Borrowing money is a major decision, with many factors to consider. Your college major, job prospects, the cost of your school and the total amount of student loans may impact your family's finances for decades.

🎓 Is student loan debt worth it?

For some, student loan debt just isn’t worth the cost. Big loan debts do the opposite of saving -they inhibit your freedom to do anything but work and make your payments, month after month. My biggest regret about being in so much debt throughout my 20s is the opportunities lost.

10 other answers

The purely financial answer is yes since the projected lifetime earnings of a PharmD vs the average college grad is $1,044,000 after taxes vs the $280,000 in cost of paying back student loans. This is assuming that it would be full

Ultimately, it’s up to each student to determine whether a career path in pharmacy is worth the cost of attending pharmacy school. Nationally, pharmacists make an average of $125,845 per year,...

The average pharmacist salary is $114,000 to $136,000. However, it takes years of hard work and a lot of student loan debt to get there. Some students are fortunate to have savings. Some have family who are able to pay for all or part of their tuition.

No matter where you attend school to earn your Pharm.D. degree, you’re likely to graduate with three figures’ worth of student loan debt. But with such a high salary potential, as compared to the national median single-person salary of just $38,640, it’s up to you to decide whether the benefits are worth the cost.

Pharmacists graduate with nearly $68K more in student debt than the average Ph.D. graduate. However, it is a solid investment. The median pharmacist has a higher salary ($126.1K) than the median lawyer ($120.9K), Ph.D. ($119.6K), or master’s degree graduate ($72.9K). Looking for a way to minimize your costs?

At a rate of $5,000 monthly payments the student loan debt was paid off after about 4 years. After 30 years time the net worth of a Pharmacy Technician is still greater than a Pharmacist.

Currently, the average pharmacist student loan debt is $213,090 at private college and $147,938 at public schools. Those averages were $171,666 and $120,000, respectively, for class of 2015 graduates.

More importantly, from 2008 – 2012 and 2015 to present the rate of increase of average debt greatly outpaced the rate of salary increase (23% vs 6.6%). **Is Pharmacy Worth it?** Now, the good news is some people graduate with little to no debt with desires to work jobs that require moving across the country.

Yes - it is worth it, the starting salary is good compared to many other roles. As a result, pharmacy will allow you to live a comfortable life in terms of material wealth. Furthermore the degree is sought after as it hard by degree standards. However, if you don't enjoy dealing with people and being rushed then it is probably not worth doing it.

For some, student loan debt just isn’t worth the cost. Big loan debts do the opposite of saving -they inhibit your freedom to do anything but work and make your payments, month after month. My biggest regret about being in so much debt throughout my 20s is the opportunities lost.

Your Answer

We've handpicked 21 related questions for you, similar to «Pharmacist salary and student debt: is it worth it?» so you can surely find the answer!

Is med school worth the debt?

The short answer to this question is yes. Medical school is worth it. Financially, going to medical school and becoming a doctor can be profitable, especially if you're able to save and invest a considerable amount of your income before retirement.

Is medical school worth the debt?

The short answer to this question is yes. Medical school is worth it. Financially, going to medical school and becoming a doctor can be profitable, especially if you're able to save and invest a considerable amount of your income before retirement.

Is pa school worth the debt?

Physician's Assistants

Since many PA's start out making solid $70,000-$90,000 salaries, they can start repaying their debt while their friends from their undergrad cohort are still in school… In terms of ability to service their educational debt, Physician's Assistants have it much better off than most.

Is school worth going into debt?

The College Debt Numbers

From a general economic perspective, it's still worth it to earn a college degree… The cost of a four-year degree “averages $102,000”, which means that even if you include the average $30,000 debt students graduate with, in pure numbers terms, it's still worth it.

Is vet school worth the debt?

Is vet school worth it? The purely financial answer is yes, vet school is worth it — but barely. The projected lifetime earnings of a veterinarian compared to the average college grad is $450,000 after taxes versus the $292,000 in cost of paying back student loans.

Is it worth it to wait to pay off student debt?
  • “It’s not costing you anything to wait. Until it starts costing you money, I would wait to see what happens,” says Snider. But not everyone carries an “average” amount of student debt.
Is student debt good debt?

They can be considered good debt because the money you're borrowing to attend school is your ticket to earning a degree and getting hired at a well-paying job… In fact, student loans may be the hardest type of debt to narrow down to simply “good” or “bad,” since everyone's financial and lending needs may differ.

Is college worth going into debt for?

Getting a college education is generally worth the financial investment as long as you graduate and are able to pay back college debt. College is often touted as the best vehicle to upward mobility, but it comes with financial risks. Without borrowing student loans, college costs are out of reach for many students.

Is college worth the debt in 2020?

Is A Degree Worth the Debt? In 2020, the answer isn't a cut and dry “yes.” Tuition costs are swelling. Student loans and consumer debts loom heavily over grads for decades. A degree no longer equals long-term wealth, or even a good job.

Is pharmacy intern same as student pharmacist?

Both jobs are vital to the function of a pharmacy. A pharmacist intern is someone who has begun formal training to become a licensed pharmacist. Generally, they can perform most of the duties of a pharmacist, but supervised by a fully-trained and licensed pharmacist. Interns are in the role to learn.

What does a student pharmacist intern do?

Pharmacy Intern Skills

Students work in hospital and clinic settings where they gain experience taking medical histories, explaining medications, preparing prescriptions and working with automated prescription dispensing machines. Is a college degree really worth the debt?
  • Pointing to the "college income premium," economists and researchers have long argued that a college degree - even with debt - is worth it.
Is it worth going into debt for college?

Getting a college education is generally worth the financial investment as long as you graduate and are able to pay back college debt. College is often touted as the best vehicle to upward mobility, but it comes with financial risks. Without borrowing student loans, college costs are out of reach for many students.

Are student loans good debt or bad debt?

In the good debt versus bad debt debate, student loans fall into a gray area. They can be considered good debt because the money you're borrowing to attend school is your ticket to earning a degree and getting hired at a well-paying job. That debt should pay itself off over time with a lucrative career in place.

Are student loans debt?

Colleges and universities have been increasing the costs for students to attend schools. This is subsequently increasing the amount of debt the students take on as student loans… As of 2018, a total of 44.2 Million borrowers now owe a total of over $1.5 Trillion in student debt.

Is student debt high?

Student Loan Debt Reaches New High Amid Paused Repayment

From 2015 to 2019, student loan debt grew at an average rate of just under 6% per year—making it one of the slowest-growing consumer debts. Since 2019, however, the overall student loan balance increased by 12%—the largest annual growth rate of any debt type. What causes student debt?
  • Automation is Replacing Millions of Jobs Automation is replacing jobs at a faster rate than in the past…
  • our purchasing power is about at the same level as it was 40 years ...
  • Government Meddling
Is a college degree worth the crisis of debt?
  • Pointing to the "college income premium," economists and researchers have long argued that a college degree - even with debt - is worth it.
Is it worth going into debt for graduate school?

Graduate school might not be worth the cost for some students in the case of education or social work master's degrees, for example: According to the Center for American Progress report, a master's in social work has a median debt of $115,000, while first-year earnings are just $49,400 – an example of when the return ...

How much of the national debt is student debt?

Overall Average Student Debt

Student Loans in 2020: A Snapshot
$1.57 trillionAmount of student loan debt outstanding in the United States
54%Percentage of college attendees taking on debt, including student loans, to pay for their education
$37,584Average amount of student loan debt per borrower
Is student debt or consumer debt higher in us?

Student loan debt is now the second highest consumer debt category – behind only mortgage debt – and higher than both credit cards and auto loans. According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone.