Best Student Loans for Pharmacy School
When you’re paying for pharmacy school, scholarships are the best way to do it. Once you’ve exhausted scholarships and grants, you can use federal and private student loans to cover your costs.
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Any kind of higher education can be expensive, and pharmacy school is no different. Many students who want to pursue a career in pharmacy need to borrow money to pay for their education costs. A number of lenders offer loans for graduate students and studying pharmacists.
When it comes to loans for higher education, it’s usually best to use federal loans before pursuing private student loans. Federal loans have several perks that private lenders don’t usually offer.
If you’re considering applying for loans to use to attend pharmacy school, here are some steps you can follow.
- Exhaust federal student loan options
- See if you are eligible for an HRSA loan
- Look for private pharmacy school loans
1) Exhaust federal student loan options
Federal student loans usually have lower interest rates than private loans and come with perks, such as income-driven repayment and loan forgiveness.
To find out if you’re eligible for federal student aid, and if so, how much you can get, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA).
The government offers two types of loans that you can use to pay for pharmacy school. Keep in mind that there are federal loan limits, so you may not be able to cover all of your education costs.
Direct Unsubsidized Loans
Most students are eligible for Direct Unsubsidized Loans. These often have the lowest interest rates of any student loans, so it makes sense to max these out before turning to other sources of funding.
- Interest rates: 6.08%
- Interest type: Fixed
- Eligibility: Based on school & program; not dependent on credit score
- Loan amounts: $20,500 – $138,500
- Repayment terms: 10 – 25 years
- Learn more & apply
Direct Grad PLUS Loans
Many pharmacy students can also receive Grad PLUS Loans, which charge a higher rate than Direct Unsubsidized Loans. Despite the higher rate, they’re usually better than private loans because they’re eligible for the same repayment plans as other federal loans, such as income-driven repayment.
- Interest rates: 7.08%
- Interest type: Fixed
- Eligibility: Based on school & program + credit check to look for adverse credit history like bankruptcies
- Loan amounts: Based on your school’s cost of attendance
- Repayment terms: 10 – 25 years
- Learn more & apply
2) See if you are eligible for an HRSA loan
The Health Resources & Services Administration (HRSA) offers two types of loans of which people pursuing a career in medicine can take advantage. One is available to all students pursuing education in medicine while the other is targeted specifically at disadvantaged students.
The HRSA works with schools to provide these loans to students, so you can inquire directly with your school to find out about options available.
HRSA Health Professions Student Loans
HRSA Health Professions Student Loans are available to students pursuing education in health-related fields like veterinary studies, dentistry, and pharmacy.
- Interest rates: 5.00%
- Interest type: Fixed
- Eligibility: Based on school and program
- Loan amounts: 100% of the school-certified cost of attendance
- Repayment terms: 10 – 25 years
- Grace period: 12 months
- Learn more & apply
HRSA Loans for Disadvantaged Students
HRSA Loans for Disadvantaged Students is designed specifically for students who demonstrate a significant need for financial assistance in order to attend a program in a health-related field such as pharmacy.
- Interest rates: 5.00%
- Interest type: Fixed
- Eligibility: Based on school, program, and financial need
- Loan amounts: 100% of school-certified cost of attendance
- Repayment terms: 10 – 25 years
- Grace period: 12 months
- Learn more & apply
3) Look for private pharmacy school loans
When applying for private loans, your credit score is important both in determining whether you qualify for the loan as well as how much interest you’ll pay. A cosigner can help you qualify and save on your interest rates, but some lenders have student loans for those without cosigners.
Many lenders also offer loans specifically designed for different schools and academic programs. These are worth exploring after you make sure your school and course of study are eligible.
We’ve highlighted our top two options for private student loans for pharmacy students, but you can also look at our guide to graduate student loans and our guide to the best private student loans for more information and options.
College Ave
Rates (APR)
1.49% – 12.99%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
Repayment Terms
5, 8, 10, or 15 years
College Ave is a lender that focuses specifically on student loans. It offers graduate student loans with both fixed and variable interest rates and flexible repayment options. You can prequalify for a loan without any impact on your credit score.
- Variables rates: 1.49% – 11.98%
- Fixed rates: 4.39% – 12.99%
- Rate reduction: 0.25% automatic payment discount
- Fees: Late payment fee of 5% of the unpaid amount or $25, whichever is less
- Cosigner release: After 24 on-time payments
- In-school repayment: Full principal & interest, interest-only, flat $25, or deferred payment
- Grace period: 6 months, but can apply for up to 6 more months
Earnest
Rates (APR)
As low as 1.78%
Loan Amounts
$1,000 – 100% of school-certified cost of attendance
Repayment Terms
5, 7, 10, 12, or 15 years
Earnest offers graduate student loans for medical students. The company has competitive rates, offers a grace period of 9 months after you leave school, and gives you the flexibility to skip up to one payment each year if necessary. Check your eligibility in 2 minutes, with no commitment or effect on your credit.
- Variables rates: As low as 1.78%
- Fixed rates: As low as 4.39%
- Rate reduction: 0.25% automatic payment discount
- Fees: None
- Cosigner release: Not available unless you refinance with the company
- In-school repayment: Principal & interest, interest-only, fixed $25, or deferred payment
- Grace period: 9 months
Repaying pharmacy school loans
Pharmacy school loans aren’t free money. Unfortunately, the day will come when you have to start paying back the money that you’ve borrowed. For pharmacy students, student loan debt can be hefty, with the average amount for new Doctors of Pharmacology sitting at $166,528 in 2018.
When considering a loan, keep the following factors about repayment in mind.
- How long is the grace period? Will you have enough time after graduating to find a job and earn money that you can use to pay your monthly bill?
- How long is the loan term? Long-term loans are cheaper on a month-to-month basis, but you’ll be paying them for longer and you’ll pay more overall. Short-term loans cost more each month, but you’ll have them paid off sooner.
- What are your loan repayment options? Can you start payments while you’re in school to reduce the interest that accumulates?
- What will the monthly payment be? Can you expect to earn enough after you graduate to pay the bill? Our student loan payment calculator can help you here.
- What options will you have if you struggle to make payments? Check out our guide for options to consider.
- Don’t forget that you can refinance after you leave school. Sometimes, refinancing can help you save on interest or reduce your monthly payment.
