Despite the financial and professional compensation of the pharmacy, getting it can be expensive. The average student loan debt for graduates was $170,956 in 2024. Pharmacy University Association (AACP). Median annual income for pharmacists According to the Bureau of Labor Statistics, it was $137,480 as of May 2024, but it will likely be significantly done for early career pharmacists.
If you are eligible for student loan forgiveness, the costs are much more manageable. Whether you’re a new graduate or considering how to buy a pharmacy school, these pharmacist loan forgiveness programs are worth pursuing.
Can a pharmacist get forgiveness of the loan?
Fortunately, being in Medical Industry It offers loan forgiveness options for pharmacy graduates that may not be available to the general public. However, these programs have strict requirements and in many cases allowances are limited to federal student loans.
Also, note that most of these programs only allow a portion of the student’s loan balance. In many cases, you have to continue paying the loan while you work to qualify.
6 Student Loan Forgiveness Program for Pharmacists
If you are a pharmacist seeking student loan forgiveness, it is worth learning more about the following programs to see if you qualify. Below are six student loan forgiveness programs that you can consider applying for after graduation.
Tolerance of Public Service Loans (PSLF)
Public Service Loan Exemption (PSLF) is one of the programs that help you pay off most of your federal student loan debt. After 10 years (120) of student loan payments, you may be eligible for the allowance of your remaining balance.
You may be qualified as a PSLF pharmacist if you work in one of the following:
- Non-profit organization.
- Government agencies (federal, state, local, tribal) including the military.
Additionally, you will need a direct loan to qualify for PSLF. However, you may be able to consolidate your federal student loan into a new direct loan if it does not fall into that category yet.
National Loan Repayment Program (SLRP)
The National Health Service Corps State Loan Repayment Program (SLRP) grants full or partial student loan forgiveness to students working in the Health Professionals Subsidy Area (HPSA). HPSA is a community and group that does not have enough medical professionals to meet the needs of its residents.
Program benefits and eligibility requirements vary from state to state, so you will need to check with your state of residence or where you plan to live after graduation for details.
Here are some examples of the types of student loan forgiveness that you can qualify under the SLRP program.
- Washington Health Corps: Pharmacists can qualify for up to $75,000 on student loan forgiveness in exchange for serving a two- to three-year term at HPSA.
- Colorado Health Services Corps: A full-time clinical pharmacist (i.e., a person with Pharm.D. Degree) can qualify for up to $90,000 in student loan forgiveness after working for three years at a state-approved location.
- Oregon Partnership: Pharmacists working for approved HPSAs may receive forgiveness of up to 50% of their eligible educational obligations (dollar restrictions apply).
NHSC Loan Repayment Program
In addition to the SLRP available through National Health Services Corps, the organization also offers two other loan repayment programs that could be useful to pharmacists.
- NHSC Substance Use Disorder (SUD) Workforce Loan Repayment Program: Qualified pharmacists are eligible for a loan repayment fund of up to $75,000 after working at an NHSC-approved substance disorder treatment facility for at least three years.
- NHSC Rural Community Loan Repayment Program: Pharmacists can qualify for up to $100,000 on student loan repayments in exchange for their full-time commitment to working at NHSC’s rural approved substance disorder treatment facility for at least three years.
National Health Loan Repayment Program
The National Health Organization’s loan repayment program aims to attract high-quality healthcare professionals to careers in biobehavioral and biomedical research. The program also aims to tempt medical research professionals to remain in these positions.
Eligible pharmacists in research positions can receive up to $50,000 per year of student loan repayments. However, applicants must commit to engage in NIH’s “mission-related” research in exchange for this financial incentive.
India’s Health Services Loan Repayment Program
Pharmacists who work (or are interested in working) in healthcare facilities that serve American Indians or native Alaska communities are eligible for partial or full student loan allowances through the Indian Medical Services Loan Repayment Program. Through the program, pharmacists and other healthcare professionals can take advantage of initial loan repayment benefits of up to $50,000.
To qualify, you must make your first two years of commitment to serving in a qualified healthcare facility. However, you are eligible to extend your contract beyond the first two years and provide more funding each year until you eliminate all eligible educational obligations.
Health Resources and Services Administration Teacher Loan Repayment Program
If you come from a disadvantaged background (for economic or environmental reasons), you may be eligible for a teacher loan repayment program through the Health and Labor Department. Participants must serve as teachers at eligible schools for medical professionals.
You can receive up to $40,000 over two years in exchange for your commitment to teaching.
What if I am not eligible for forgiveness for a pharmacist’s student loan
They are not available to anyone, as is the case with the Student Loan Forgiveness Program. If you are not eligible for student loan forgiveness, here are some other options that can help you manage your pharmacy debt.
Income-driven repayment
For federal student loans, an income-driven repayment plan can help reduce the cost of monthly payments. These plans use your income and family size to determine monthly payments. Usually 10 or 15% of discretionary income.
Most income-driven repayment plans last for 20 or 25 years. Once the plan is finished, the US Department of Education can allow the remaining loan balance.
Refinance
Depending on the loan details, refinancing your student loan may save you money every month or over time. If you have a good credit score, you may qualify for a lower interest rate, or you can refinance in the long term to get a lower monthly payment.
It is important to note that student loans can only be refinanced with private lenders. you Refinance Federal Student Loan Using private companies also gives up important benefits.
For example, you will no longer be eligible for the federal loan waiver program (including PSLF) and will waive access to programs such as federal deferrals and tolerance.
Conclusion
The cost of attending a pharmacy school is steeper than in other areas of research, but there are loan exemption options that help offset your debt burden. For graduates with a certain degree of flexibility in the job market, exploring these paths can shorten their repayment terms and save large amounts of money through repayment.
