Best Student Loans for Pharmacy School

As a pharmacy student, your best option for student loans is federal loans. However, if you’ve exhausted your federal loan allotment or you have a stellar credit score, private student loans could also be worth a look.

As you consider your options for covering educational expenses, here are our top picks for the best student loans for pharmacy school, why we selected them, and how to determine which one is right for you.

Lender	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
Ascent	Deferred payments	4.4/5

Federal student loans for pharmacy school

Federal student loans from the U.S. Department of Education offer standardized rates, meaning your costs aren’t determined by your creditworthiness. What’s more, federal loan rates tend to be lower than private loan rates, particularly for borrowers without an established credit history. 

Other benefits federal student loans provide include access to income-driven repayment plans, eligibility for loan forgiveness programs, and generous forbearance and deferment options. 

The government offers the following two types of loans you can use to pay for pharmacy school.

Direct Unsubsidized Loans

Direct Unsubsidized Loans have no credit requirements and allow you to borrow up to $20,500 per year. While the standard repayment term is 10 years, you may be able to extend yours to up to 30 years with a consolidation loan. 

For the 2024-25 academic year, the interest rate for graduate students is 8.08%. You’ll also pay an upfront fee of 1.057% of the loan amount, deducted from your disbursement. 

Direct Grad PLUS Loans

Many pharmacy students are eligible for Grad PLUS loans. These loans don’t have a set annual limit. Instead, they allow you to borrow up to your school’s cost of attendance minus other financial aid received. 

However, PLUS Loans do require a credit check. While there’s no minimum credit score, an adverse credit history—for example, a recent bankruptcy, foreclosure, or loan default—could stop you from getting approved.

PLUS Loans also cost more, charging a 9.08% interest rate for the 2024-25 school year and a 4.228% loan fee.

Health Resource & Services Administration Loans

The Health Resources & Services Administration (HRSA) offers affordable loans designed for eligible college students who demonstrate financial need. But rather than offering loans directly to students, the HRSA offers its loan programs to schools, which then provide them to students.

Therefore, you should contact your school’s financial aid office to learn more about your options.

Unlike Direct Loans, HRSA loans don’t qualify for loan forgiveness programs or income-driven repayment plans. However, some can be consolidated into a Direct Loan, giving you access to those relief options.  

HRSA Health Professions Student Loans

An HRSA Health Professions Student Loan (HPSL) program offers loans to students in a handful of medical practices, including pharmacy. 

Loan limits will depend on your school’s policy. The interest rate is 5%, and there are no loan fees. Your repayment term can be as long as 10 years. Compared to the standard six offered by the Department of Education, you’ll also get a 12-month grace period after you graduate before payments begin. 

HPSL loans don’t offer the same relief options as Direct Loans, but you can consolidate them into the Direct Loan program.

HRSA Loans for Disadvantaged Students

Another need-based loan option, the HRSA Loan for Disadvantaged Students (LDS), is available to pharmacy school students who come from disadvantaged backgrounds—for example, a low-income household and an environment that inhibited their academic progress. 

The terms are the same as the HPSL, including a 5% interest rate, no loan fees and a 10-year repayment term. An LDS can also be consolidated into a Direct Loan to give you access to more relief options in repayment.

4 best private student loans for pharmacy school

If you’ve maxed out your federal loan allotment, it could make sense to turn to private student loans to bridge the gap. Even if you haven’t reached your limit for federal loans, it could be worth checking to see if you can get better terms with a private lender. 

Unlike federal loans, private student loans typically require a minimum credit score and income to be approved, which means that you may need a cosigner. In the right circumstances, though, it can be worth it. Here are our recommendations for the best private student loans for pharmacy school.

College Ave

Best overall

5.0 _/5

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Why we picked it

You can use College Ave’s Graduate Health Professions student loan for pharmacy school. Choose between fixed or variable interest rates and flexible repayment options to borrow up to your school’s cost of attendance. 

College Ave’s graduate student loans offer a lengthy nine-month grace period. If you complete a residency, you can request an additional 48 months of payment deferment. College Ave doesn’t charge student loan origination fees

• 5 repayment terms
• Deferment is available during residency
• Check your rate without affecting your credit

Loan details

Rates (APR)	4.17% – 14.47%
Loan amounts	Up to 100% of your cost of attendance minus other financial aid received
Repayment terms	5, 8, 10, 15, or 20 years

Sallie Mae

Best for cosigners

4.8 _/5

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Why we picked it

One of the most well-known names in student loan funding, Sallie Mae offers several types of student loans, including graduate school loans for health professions, which include pharmacists.

Sallie Mae’s student loans come with a six-month grace period and a single repayment term of 15 years — though you can pay your loan off sooner without penalty. 
Sallie Mae also allows for 48 months of deferment during internships and fellowships and the option of cosigner release after 12 consecutive on-time payments. There is no origination fee.

• Accessible if you’re not enrolled at least half time
• 48-month deferment during internship or fellowship
• Release your cosigner after 12 consecutive on-time monthly payments

Loan details

Rates (APR)	4.15% – 14.48%
Loan amounts	Up to 100% of your cost of attendance minus other financial aid received
Repayment terms	15 years

Earnest

Best for no fees

4.7 _/5

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Why we picked it

Earnest offers graduate student loans for pharmacy school. The company has competitive rates, offers a nine-month grace period after you leave school, and allows you to skip one payment each year if needed. You can check your eligibility in two minutes without commitment or effect on your credit.

You can borrow up to your school’s cost of attendance and choose repayment terms of five, seven, 10, 12, or 15 years. This lender is also transparent about its borrowing requirements, sharing that it requires a minimum annual income of $35,000 and a FICO credit score of 650 or higher.

• Option to skip one payment per year
• No fees
• Check your rate without affecting your credit

Loan details

Rates (APR)	As low as 4.17% with a cosigner
Loan amounts	Up to 100% of your cost of attendance minus other financial aid received
Repayment terms	5 – 15 years

Ascent

Best for deferred payments

4.4 _/5

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Why we picked it

Ascent offers a health professions student loan for various degree programs, including pharmacy school. 

You can borrow up to the cost of attendance for your school minus other financial aid you’ve received. The lender provides for a nine-month grace period, and terms include 5, 7, 10, 12, 15 and 20 years. 

You may also qualify for a 1% cash-back reward upon graduation.

• Earn 1% cash back upon graduation
• 6 different repayment terms
• Check your rate without affecting your credit

Loan details

Rates (APR)	4.79% – 15.41%
Loan amounts	Up to 100% of your cost of attendance minus other financial aid received
Repayment terms	5 – 20 years

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Types of student loans, Best graduate student loans

How do loans for pharmacy school differ from other graduate school loans?

For the most part, pharmacy school loans and standard graduate school loans share a lot of features. For example, you’ll typically be able to borrow up to the total cost of attendance at your school each year. 

If a lender offers both types, you’ll also likely get the same—or at least similar—interest rates and repayment terms.

However, one major difference is that pharmacy school and other health professions loans may offer additional deferment for students who enter a residency, internship or fellowship program after they graduate. 

While not all pharmacy jobs require one of these programs, you could postpone your payments for several years while you complete one. 

What kind of pharmacy school student loans should I take out?

As you consider which type of loan is right for you, it’s important to take your time to research and compare several options. You’ll also want to consider your financial situation and goals. Here are some factors to keep in mind:

Eligibility criteria

If you haven’t yet had the chance to build your credit history, federal loans can be an easy choice because they don’t require a minimum credit score. 

What’s more, your interest rate isn’t tied to your creditworthiness like with private loans. However, if you have a loved one willing to cosign your application, private loans may be on the table.

Interest rates

Take some time to get prequalified with a few private lenders to get an idea of what your interest rate would be based on your credit profile. Then, compare what you find to the standardized rates for federal student loans.

Fees

While federal student loans may offer a lower interest rate if your credit score isn’t near perfect, they charge upfront origination fees, which isn’t common among private lenders. If you can qualify for comparable rates on a private loan, the lack of an upfront fee could be the deciding factor.

Repayment terms

The standard repayment term for federal student loans is 10 years, but you can extend that to 30 years with a consolidation loan. In contrast, many private lenders typically offer terms ranging from five to 20 years.

Some are more flexible with that range than others. Choose the option that best aligns with your plans to repay your student debt. 

Relief options

Federal student loans typically offer a host of relief options for struggling borrowers. While pharmacists tend to earn higher salaries than many other career paths, there are no guarantees in life. If you like the idea of having access to loan forgiveness programs, income-driven repayment plans, and generous forbearance and deferment options, federal loans are your best bet.  

How to get loans for pharmacy school

If you know you’ll need to turn to loans to pay for pharmacy school, here are the steps you’ll need to take based on the type of loan you’re considering.

Federal loans

1. Fill out the FAFSA: The Free Application for Federal Student Aid (FAFSA) is an annual form that helps the Department of Education determine your financial need. This may unlock your access to certain loan products, grants, and more according to your level of need, and it’s required if you plan to take out federal student loans. You’ll provide basic information about yourself and your family’s financial situation.
2. Contact your school’s financial aid office: If you believe that you may be eligible for an HRSA loan, contact your school’s financial aid office to find out if it offers HPSL and LDS loans and what steps you need to take to apply.
3. Accept your loans: Your school’s financial aid office will use information from your FAFSA and other applications to provide you with a financial aid award letter. This document will include the total amount you can borrow for the upcoming academic year. Determine the amount you want to borrow and notify your school to complete the process.

The loan funds will be disbursed to your school to cover tuition and fees. If there are funds left over, they’ll be disbursed to you.

Private loans

1. Shop around for private loans: Take steps to get prequalified with multiple lenders to get a good idea of your approval odds and potential interest rates. You can also compare fees, repayment terms, cosigner release options, and other important features.
2. Apply directly with the lender: Once you narrow your list of options to a single lender, you can typically apply through the lender’s website. You’ll provide some basic information about yourself and your school. The lender may ask you to upload certain documentation and contact your school for confirmation.
3. Accept the loan: If the lender approves your application, it’ll give you a loan agreement to review and sign. Carefully review the contract to ensure you understand the terms. Then, sign the agreement to complete the process.

Your lender will disburse your new loan to your school, which will apply it to any tuition balance or fees on your account. You’ll get any remaining funds in cash, check, or ACH.

FAQ

Do I need a cosigner for pharmacy school loans?

A cosigner is often required for borrowers with limited credit history or income and international students. This cosigner must meet certain criteria, but they can often be released from their obligation to the debt after a certain number of on-time payments are made.

Do pharmacy school loans cover living expenses?

Housing is an eligible expense that can be covered with pharmacy student loans. Depending on the type of loans you take out, and how much those lenders allow, you may need to consider additional private loans to pay for living expenses if your tuition and other school costs exceed your initial loan’s limits.

How much can I borrow with pharmacy student loans?

Federal student loan programs limit how much you can borrow; in most cases, the maximum is $20,500 per year. Private student loans may cover up to 100% of your school-certified expenses, often with no maximum limit.

When does repayment on pharmacy school loans start?

If you withdraw from pharmacy school or, in some cases, drop enrollment below half-time, you may enter your loan’s grace period. This is often six to nine months, after which your repayment will start. However, if you are in an internship, residency, or fellowship, most lenders will allow you to defer your repayment until completed.

Do any other programs help pay for pharmacy school?

Many grants and scholarships can help pay for pharmacy school, and we recommend using these before you consider student loans. Several state-specific programs offer to forgive a portion of pharmacy school student loan debt in exchange for your promise of employment in a lower-income or high-need area.

How we selected the best student loans for pharmacy school

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best student loans for pharmacy school

Lender	Best for	Our rating
Dept. of Education	Federal student loans	Not rated
College Ave	Private student loans	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
Ascent	Deferred payments	4.4/5