10 Best Private Student Loans for Pharmacy School

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Pharmacy school generally requires four years of school beyond undergraduate education. The average pharmacy school debt was $179,514 in 2020, according to estimates from the American Association of Colleges of Pharmacy Graduating Student Survey. With such a long and costly program, you may be considering how to cover the cost of pharmacy school.

Here are 10 of the best private student loans for pharmacy school, and some other tips to reduce your education expenses:

10 best student loans for pharmacy school

With so many student loan options available, it can be overwhelming trying to choose the right one. The following eight lenders are Credible partners that offer private student loans for pharmacy school:

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Loan amounts	Loan terms
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.63%+	1.62%+	$2,001 – $200,000	5, 7, 10, 12, 15, or 20 years (depending on loan type)
Fixed APR: 4.63%+ Variable APR: 1.62%+ Min. credit score: 540 Loan amount: $2,001 to $200,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.47%+1	N/A	$1,000 – $350,000 (depending on degree)	5, 10, or 15 years
Fixed APR: 3.47%+1 Variable APR: N/A Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.49%+2,3	1.19%+2,3	$1,000 up to 100% of the school-certified cost of attendance	5, 8, 10, 15, or 20 years
Fixed APR: 3.49%+2,3 Variable APR: 1.19%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.2%+	1.27%+	$1,000 to $99,999 annually ($180,000 aggregate limit)	7, 10, or 15 years
Fixed APR: 3.2%+ Variable APR: 1.27%+ Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit) Loan terms (years): 7, 10, 15 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Not available to residents of AZ, IA, or WI Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months Loan servicer: American Education Services Min. income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.52%+7	3.06%+7	$1,000 – $200,000	7, 10, or 15 years
Fixed APR: 3.52%+7 Variable APR: 3.06%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.33%+8	1.7%+8	$1,001 up to 100% of school certified cost of attendance	5, 10, or 15 years
Fixed APR: 3.33%+8 Variable APR: 1.7%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.75%+	N/A	$1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received)	10 or 15 years
Fixed APR: 3.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.75% – 12.85% APR9	1.62% – 11.73% APR9	Up to 100% of the school-certified cost of attendance	5 or 15 years
Fixed APR: 3.75% – 12.85% APR9 Variable APR: 1.62% – 11.73% APR9 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 10 to 15 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Ascent

Ascent offers both fixed and variable rates. The lender has five-, seven- 10-, 12-, 15- and 20-year repayment terms, and you won’t pay any application, origination, or disbursement fees.

Citizens

Citizens offers graduate student loans with fixed interest rates and flexible repayment plans. You can borrow up to 100% of your cost of attendance. For PharmD degrees, the maximum loan amount is $350,000. Citizens offers discounts for autopay and loyalty.

College Ave

College Ave offers graduate student loans for pharmacy school and other areas of study. Loans come with either fixed or variable rates. You can choose from flexible repayment options such as interest-only or flat $25 monthly payments. You can choose a five-, eight-, 10-, or 15-year repayment term, and you’ll be able to borrow up to 100% of your school-certified cost of attendance, minus other aid received.

Custom Choice

Custom Choice offers a 2% reduction of your principal when you show proof of graduation, and it also has a 0.25% discount for automatic payments. If you have a cosigner, you can release them after 36 consecutive on-time payments. However, Custom Choice has a cumulative maximum loan amount of $180,000, which may not be sufficient for all pharmacy students.

EDvestinU

EDvestinU is a nonprofit organization. You can borrow up to 100% of your cost of attendance, with a maximum borrowing amount of $200,000. EDvestinU offers both fixed and variable rates, and seven-, 10-, and 15-year repayment plans.

INvestEd

While INvestEd only services students from Indiana and those attending Indiana schools, it’s worth considering if you qualify. The lender has repayment terms of five, 10, and 15 years, and offers flexible repayment options. The lender has no application, origination, or disbursement fees, and it has a 0.25% autopay discount.

MEFA

MEFA offers graduate student loans with fixed interest rates up to the certified cost of attendance. You won’t pay any fees with a MEFA loan, and you’ll have access to multiple payment options, so you can choose the best one for your situation. However, MEFA only offers a 15-year repayment term for graduate students.

Sallie Mae

Sallie Mae is one of the top names in student loans and offers a wide variety of graduate student loans. The Sallie Mae Graduate School Loan for Health Professions — which includes pharmacy — offers both fixed and variable rates, loans for 100% of school-certified expenses, flexible repayment terms, and deferment during any internships or fellowships.

Credible makes it easy to compare student loan rates from multiple lenders, all in one place.

Other lenders to consider

The following two lenders are not Credible partners, so you won’t be able to easily compare your rate with them on the Credible platform. But they may also be worth considering if you’re looking for a loan for pharmacy school.

Discover

With Discover, you can pay for up to 100% of school-certified costs with either fixed or variable rates. The lender has no application, origination, or late fees, and offers a one-time cash reward of 1% of your loan amount when you maintain at least a 3.0 GPA.

Earnest

Earnest offers graduate student loans with no fees, and the lender allows you to skip a payment once per year. Earnest has both fixed and variable rates and a longer deferment period of nine months after graduation.

Learn More: When You Should Apply for a Student Loan

Methodology

Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for graduate student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.[/basic-box]

How to pay for pharmacy school

Pharmacy school comes with a hefty price tag, leaving many students wondering how to foot the bill. Take these five steps to pay for pharmacy school:

• Fill out the FAFSA. Completing the Free Application for Federal Student Aid (FAFSA) is the first step in qualifying for federal financial aid. On your FAFSA, you’ll provide financial information to help the federal government, state governments, and your school determine your financial need.
• Apply for scholarships and grants. Scholarships and grants are a great place to start when looking for help paying for pharmacy school since both are free money. They don’t have to be repaid after you graduate, the way loans do. You can find thousands of scholarships online, including many specifically designed to help students pay for pharmacy school.
• Explore employer tuition assistance. When you join the workforce, it’s worth exploring whether your company offers any form of tuition assistance. Many companies offer this type of assistance as an employee benefit and will pay up to a certain dollar amount of tuition to help you pay for your advanced degree.
• Take out federal student loans. When you’re borrowing money for school, it’s best to start with federal student loans. Not only do they offer low, fixed interest rates, but they also offer plenty of borrower benefits, like income-based repayment plans and forbearance options. Unfortunately, you can only take out $20,500 in federal Direct Unsubsidized Loans each academic year. However, you can also borrow Direct PLUS Loans, which will cover your cost of attendance minus any other financial aid you received.
• Use private student loans to fill the gaps. If you need assistance beyond federal loans, private student loans can help you bridge the gap. Most private lenders allow you to borrow up to 100% of your cost of attendance. Many also offer competitive interest rates and flexible repayment options.

Check out: Federal Direct Plus Student Loans: What to Know Before Borrowing

Student loan forgiveness for pharmacists

If you borrow money for pharmacy school, you may be able to have your loans forgiven. Here are a few of the loan forgiveness options that you may qualify for:

Public Service Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program is only available to federal loan borrowers. It allows you to have the remainder of your student loans forgiven after you’ve made 120 qualifying payments under a qualifying repayment plan while working full-time for an eligible employer. Many of the PSLF qualifying payment rules have been suspended through Oct. 31, 2022. Learn more on the FSA’s limited PSLF waiver page.

State-based loan forgiveness programs

Individual states also offer various loan forgiveness options for pharmacists and other health professionals. These programs often require you to work in an underserved area of the state or for certain health-care organizations. Many of these programs apply to both federal and private loans.

Health Resources & Services Administration Faculty Loan Repayment Program

The HRSA Faculty Loan Repayment Program offers up to $40,000 of loan forgiveness for both federal and private student loans to health professionals — including pharmacists — who serve as faculty members at an approved health professions school for two years. To qualify, you must also come from a disadvantaged background based on environmental and economic factors, and have an eligible health professions degree or certificate.

Indian Health Service Loan Repayment Program

The Indian Health Services Loan Repayment Program also offers up to $40,000 of loan forgiveness to health professionals in exchange for two years of practice in health facilities servicing American Indian and Alaska Native communities. You can continue to extend your contract each year until your debt is repaid.

National Institutes of Health Loan Repayment Program

The National Institutes of Health Loan Repayment Program is available to pharmacists and qualified health professionals, and repays up to $50,000 of your debt annually if you conduct NIH research. This program covers both federal and private loans, but your debt must be more than or equal to 20% of your institutional base salary.

Student loan repayment for pharmacists

Your repayment options after pharmacy school will largely depend on the type of loans you have. Federal loan borrowers have plenty of repayment options, including income-based repayment plans.

Private borrowers have options, too. Lenders often offer loan repayment terms ranging from just a few years to as many as 20 years. Additionally, some lenders give you the option to start making payments while in school, make interest-only payments while in school, or fully defer your payments until six months after you’ve graduated.

You can use our student loan repayment calculator to figure out how long it’ll take to pay off your student loans:

Also Read: How to Pay for Medical School

Is it worth it to go to pharmacy school?

With the high cost of attendance, it’s easy to wonder whether pharmacy school is really worth it. And while it’s true that it’s expensive, there can also be a high financial reward. Pharmacy school has a great ROI thanks to its earning potential.

The median pay for pharmacists in 2021 was $128,570 per year, or $61.81 per hour, according to the Bureau of Labor Statistics. Of course, the amount you’ll make depends on the state you live in and the amount of experience you have.

In addition to the above-average salary, you can make the cost of your education worth it by applying for scholarships and grants or by qualifying for one or more of the student loan forgiveness options mentioned earlier.

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