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Attending college is a big milestone that both parents and students look forward to for many months.

While this is a highly anticipated event, college move-in day can also be a very stressful and emotional day for both students and parents. Attending a college that is out of state can be another nerve-wracking factor.

Moving can be challenging, especially if it’s hot or you have to climb up several sets of stairs. Fortunately, there are several things you can do ahead of time over the summer that can help ensure the day goes as smoothly as possible.

Preparing for the Big Day

Getting organized beforehand is one surefire way to prepare for the big move as a college freshman. Here are a few ideas to help you and your child get ready for move-in day.

Getting Familiar with Dorm Room Rules

Being prepared and learning what the college dorms allow students to bring can relieve some potential headaches. Colleges typically post a list of items that students can bring and ones that are prohibited in the residence halls.

Sticking to the basics is a good start since your child can buy more items from a local store or have it shipped to them at a later date.

Recommended: College Essentials: What to Bring to College

Coordinating with Your Roommate

Recommend that your child contact their roommate over the summer and discuss their interests and what items each of them are bringing. This can be one way to help avoid bringing duplicates, especially for larger items like TVs or bean bags.

Another idea is to coordinate the time you are going to move in so you can assist each other during the process. This can also be helpful if the parents are interested in meeting each other.

Packing with Purpose

Packing for college can be a frustrating task, but one way to expedite the chore is to have your child label all the containers and boxes so you know what’s already packed and can easily find things once you arrive. If you have items that are more fragile, consider putting them into heavy plastic containers so they are less likely to be damaged during the move.

Also consider making a list of must-have items, to limit the chance that something important is forgotten. For example, bedding, computer, school supplies, a first aid kit, and basic tool kit — which can be extremely useful on move-in day.

If your child is attending a college that is out of state or in a different climate, you may have to build out a more weather-appropriate wardrobe. For instance, if your child is moving to a college in the Midwest from Florida, you might buy and pack weatherproof boots, jackets, scarves, gloves, and other clothing suited for colder temperatures.

If they are attending college in a warmer climate, consider packing more t-shirts and shorts and leave some of the sweatshirts and wool sweaters at home.

Recommended: College Planning Guide for Parents

Planning Travel Arrangements

Once you’ve organized and packed all of your child’s belongings, it’s time to decide how you’ll get everything to campus. This will likely depend on factors like how far away the school is.

Consider renting an SUV or a moving van if the university is within driving distance and you own a smaller vehicle. If you plan on driving, pack the car strategically, so items you’ll need first (like cleaning supplies), are easily accessible when you arrive.

If you’re planning to fly to the college, another strategy may be to mail some of the belongings to the residence hall ahead of time, if it is permitted.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

What to Expect on Move-In Day

While going to college is really exciting for your child and your family, consider limiting the number of people you bring with you on moving day. You know the saying “too many cooks in the kitchen,” well the same philosophy can apply to a move.

Having too many people could actually slow down or complicate the process. Plus, it’s likely that many students and their parents will all be in the residence halls at the same time. Dorm rooms can be pretty small and having more people in the space could create more chaos and tension.

Instead, consider planning a visit when there is more flexibility. Many colleges have a family weekend in the fall. This could provide an opportunity for a longer, more relaxing and fun visit, especially if grandparents, aunts, and uncles also want to tag along.

Since many students move in during late summer, it can help to be prepared for heat (and humidity, depending on the local climate). It’s likely going to be hot, especially if the residential dorm does not have central air conditioning and only window units or getting to a top floor requires traipsing up and down several flights of stairs.

Consider bringing a fan to help circulate some air while you get everything settled.

Doing all that heavy lifting is no easy task. Wear comfortable clothing and shoes for the move and bring another outfit to change into later as you tour the campus or grab dinner with your child.

Bringing water and snacks is generally a good idea too, especially if you are moving furniture and other heavier items. Putting the drinks in a cooler will help keep them cold, especially if the room does not have a refrigerator. Make sure you have enough for the roommate and their parents.

Determine whether the residence hall has a dolly or other items that you can borrow because they can help make the move easier. Signing up for those items early can help ensure that you can use them the day you move in. Otherwise, you can buy one from a local hardware store or split the costs with a roommate or another friend who is living in the same residence hall.

Students who have other friends who are also moving in during the same day might want to consider connecting beforehand so they can help each other move, especially bulky or heavier pieces of furniture.

During the unpacking process, your child might find that they brought too many personal belongings or packed things they either don’t actually need or don’t have room for.

For instance, if the roommate also brought a television and there is no room for two, you could pack yours up and take it home.

While you may be concerned about whether your child has enough necessities like sheets, toothpaste, and food, there are likely several stores on or near the campus.

If your student lives near a grocery or drugstore, they can buy other items later on or they can have the items delivered to them. Many retailers offer free shipping and stores at college campuses often have special offers suited for students.

Move-in day can be emotional, for everyone involved. As hard as it is to say goodbye, try not to hang around too long — let your child adjust to their new surroundings, hang out with their new roommate, make new friends in their residence hall, and get ready for their first day as a freshman.


💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.

Considering SoFi Private Student Loans

As you gear up for move-in day, you may have other concerns, including how you’re going to cover the cost of your child’s education. Financing your child’s education is a large responsibility and can be complicated. While there are some ways to prepare for college, like filling out the FAFSA to apply for federal aid, some families do not receive enough to pay for tuition and room and board entirely.

After exhausting federal aid options, you might want to explore the option of private student loans. You can be the cosigner of your child’s application for a private student loan. You also have the option of taking out a private parent student loan. Just keep in mind that private student loans don’t offer the same protections, like government-sponsored forgiveness programs, that come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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High school students don’t get enough credit for the many balls they have to juggle when preparing to apply for college. Alongside going to school and doing homework, they may spend time studying for standardized tests, participating in extracurriculars, and volunteering in their community, with the hopes of standing out in their college applications.

On top of all that work, high school students also have to manage the many deadlines that are a major part of the college application process. A bit stressful right? Especially when you consider the fact that applying to college costs money.

In order to make the whole experience a bit more seamless, we’ve rounded up important college application deadlines that are helpful for students to track. That way, instead of worrying about missed deadlines, you can jot these dates down and get back to hitting the books.

SAT Deadlines

While the SAT is not the only college entrance exam that students take, it is the one that is more commonly utilized by universities and colleges during the admissions process. This exam is administered by the College Board and is intended to measure the student’s readiness for college.

Typically, high school students will take the SAT starting in the spring of their Junior year and ending in the fall of their junior year. Some students choose to take the test multiple times throughout this time period. The SATs are available to take each year in the months of March, May, June, August, October, November, and December.

While the official testing dates will vary on a year-to-year basis, these are the anticipated dates for registration and testing for the 2023-2024 school year. SAT subject tests are not necessarily available to take on all of these dates.

SAT Test Date	Registration Deadline	Deadline for Regular Cancellation
August 26, 2023	July 28, 2023	August 15, 2023
October 7, 2023	September 8, 2023	September 26, 2023
November 4, 2023	October 6, 2023	October 24, 2023
December 2, 2023	November 3, 2023	November 21, 2023
March 9, 2024	February 23, 2024	February 27, 2024
May 4, 2024	April 19, 2024	April 23, 2024
June 1, 2024	May 17, 2024	May 21, 2024

When it comes time for students to provide their scores to colleges, they will do so when they submit their complete application. Application deadlines will vary by school, but there are some common deadlines worth considering.

For regular decision applications (not early decision), the most common deadline is January 1st. Many schools also have a January 15th deadline. The main exception to these January deadlines is the University of California system which has a much earlier deadline of November 30th for all schools in their system.
Some schools offer later deadlines in February, March, or April, but this is less common.


💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.

ACT Deadlines

Similar to the SAT, the ACT is a college entrance exam that colleges and universities use during the admission decision process. Also like the SAT, the ACT is designed to evaluate how ready a high school student is for college. ACT test scores are taken into consideration during the admission process by the colleges that require them.

Students take this exam during the same time period as the SAT, from the spring of their junior year to the fall of their senior year. Students can choose to take this test multiple times in the hope of improving their score before they submit their college applications.

Each year, the ACT is offered in the months of February, April, June, July, September, October, and December. The one exception being that there are no tests scheduled in July or February in New York, or in the month of July in California.

The official testing dates vary each year, but the following dates are available for registration and testing for the 2023-2024 school year.

Test Date	Registration Deadline	Late Registration Deadline	Photo Upload & Standby Deadline
September 9, 2023	August 4	August 18	September 1
October 28, 2023	September 22	October 6	October 20
December 9, 2023	November 3	November 17	December 1
February 10, 2024	January 5	January 19	February 2
April 13, 2024	March 8	March 22	April 5
June 8, 2024	May 3	May 17	May 31
July 13, 2024	June 7	June 21	July 5

Just like with their SAT scores, students will submit their ACT when they complete their college applications. The ACT automatically sends the students scores from the ACT test directly to the schools of their choice.

Recommended: Ultimate College Application Checklist

The Common Application Deadlines

The Common Application is a highly convenient option for many students applying to more than one college. With just one application, students can apply to more than 900 schools in the U.S. and internationally. The Common App even helps students manage the many application deadlines they may be facing.

In each student’s “Dashboard” through The Common App, they will be alerted of their application deadlines. To meet an application deadline, the student must submit their application materials by 11:59 pm in their local time zone on the deadline date. The Common App recommends submitting the application well before 11:59 pm in case there are any last minute complications caused by a technical barrier such as loss of internet connection.

FAFSA Deadlines

When students complete the Free Application for Federal Student Aid (FAFSA), they will be considered for federal student aid. Many states and colleges also use the FAFSA to determine their own financial aid awards for students such as scholarships, grants, and loans. The amount of aid is limited, so meeting the FAFSA deadlines is super important.

The following deadlines are worth remembering:

Federal Deadlines

To be considered for federal student aid for the 2023–2042 award year, you can complete a FAFSA form between October 1, 2022, and 11:59 p.m. Central Time on June 30, 2024. Any FAFSA corrections or updates must be submitted by 11:59 p.m. Central Time on September 14, 2024.

College Deadlines

Each college a student is accepted at may have a different deadline for submitting the FAFSA to their particular financial aid department. Students should double check this deadline for any schools they want to potentially attend.

State Deadlines

Each state has a unique deadline which students can review on the Federal Student Aid website .


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Early Decision Deadlines

When applying for an early decision, the traditional deadline is in November, typically falling on the 1st or the 15th. However, some schools now offer what is called Early Decision II, which offers students a chance to apply for an early decision but at a later date, typically in January. Each school’s dates vary, so it’s a good idea for students to confirm these dates with the schools they are interested in.

Early Action Deadlines

Students applying for early action can expect a deadline of November 1st or November 15th for the most part. As they are applying early, they generally receive an admissions decision early as well. This usually happens in mid-December.

Rolling Admissions Deadlines

Some schools offer more flexibility on their admissions deadlines by offering what is called “rolling admissions.” The difference between a rolling admission process and a deadline based admission process is that colleges with rolling admissions evaluate students’ applications as they are submitted instead of waiting until the official deadline to evaluate all applications at once. These schools evaluate applications as they receive them until they have filled all of their incoming class slots.

A rolling admissions decision essentially allows a student to apply anytime they would like and they have until the school’s decision deadline to choose if they will attend. Typically schools with rolling admissions deadlines have longer admission windows, which gives students time to apply to other schools.

College Decision Day Deadlines

While not all schools set their acceptance deadlines for the College Decision Day date, many schools do. Each year on May 1st is National College Decision Day and on this day students have to make an official decision about which college they will be attending (they can also choose to make their final decision before this date). They have to sign a letter of intent to enroll and typically need to submit a deposit to hold their spot in the incoming class.

College Education Financing Options

Once the college application deadlines for high school seniors pass and the acceptance letters begin to roll in, students and their families may begin to think about how they’ll finance a college education. After reviewing the financial aid package offered by their school, the student will have a better idea of how much they may need to take out in student loans in order to cover the costs of tuition and room and board.

There are two types of student loans: federal and private. Federal student loans can be obtained from the United States government and their terms are set by law. As mentioned, students can apply for federal student aid by filling out the FAFSA annually. Federal loans offer fixed income rates and certain protections, such as income-driven repayment plans.

Private loans, on the other hand, come from private lenders such as credit unions, banks, and online lenders. Terms for private student loans are generally based on the applicant’s (or cosigner’s) credit history, among other factors. Unlike federal loans, private loans don’t come with government-based protections.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Pharmacy school student loans are one way for potential pharmacists to subsidize some or all of the costs associated with attending pharmacy school.

There are several pros and cons to taking out a pharmacy school loan, from the opportunity to receive student loan forgiveness to potential fees for late payments or a drop in credit score.

Keep reading to learn how much it costs to attend pharmacy school, a few different ways to pay for it, what a pharmacy school loan covers, and the ins and outs of pharmacy school student loans.

Average Cost of Pharmacy School

The average cost of attending pharmacy school spans anywhere from $65,000 to $200,000.

It’s a wide range but, generally speaking, in-state, public schools are on the lower end of the scale, costing around $14,800 to $82,000 per year, while pharmacy programs at private institutions can run between $74,800 and $160,000.

Average Student Loan Debt Pharmacy School

The American Association of Colleges of Pharmacy (AACP)’s 2021 survey of pharmacy school graduates found that about 85% of PharmD degree holders had to borrow money to get through school.

And the average student loan debt for pharmacy graduates, according to that same report, is $173,561.

There’s good news, though: The return on investment can be promising for pharmacists, whose median pay is around $128,710 per year, according to the Bureau of Labor Statistics.

What Can You Use a Pharmacy School Student Loan on?

There are several ways a student loan can be used to cover the cost of a pharmacy school education:

Tuition

As evidenced above, tuition is one of the biggest pharmacy school expenses that can be covered by a pharmacy school student loan. Since it can cost upwards of $200,000 to complete a pharmacy program, student loans can be helpful in covering that cost.

Fees

The term “fees” can sound a little bit elusive, and you typically see it thrown alongside the word “tuition.” The fees associated with attending pharmacy college vary based on the type of program the student attends, how many credit hours the student completes, and whether or not they’re an in-state or out-of-state student. In some cases, a pharmacy school may charge “comprehensive fees” that cover tuition, fees and room and board.

Books and Supplies

Pharmacy school student loans can be used to pay for books, supplies and other education-related expenses. To acquire the funds for books and supplies, pharmacy school student loans are first applied to a student’s tuition, required fees, and room and board bills. Then, any remaining funds get refunded to the borrower, either in the form of a check or through direct deposit. From there, the money can be used to pay for books and supplies.

Recommended: How to Pay for College Textbooks

Living Costs

Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment with roommates.

Pharmacy School Student Loans: Pros & Cons

Pros of Using Pharmacy School Student Loans	Cons of Using Pharmacy School Student Loans
Help people pay for pharmacy school when they don’t otherwise have the financial resources to do so.	Can be expensive to repay.
Open up more possibilities for the type of pharmacy school a person can attend, regardless of the cost.	Can put borrowers into substantial amounts of debt.
Cover a wide range of expenses — from tuition and fees to school supplies, room and board.	Borrowers might have to forego other financial goals to pay off pharmacy school student loans.
Paying off pharmacy school student loans can help build credit.	Late payments or defaulting on a pharmacy school student loan can damage credit.

Pros of Using a Pharmacy School Student Loan

Using a pharmacy school loan comes with a few pros:

Student Loans for Pharmacy School Can Be Forgiven

In terms of pharmacists student loan forgiveness, there are several options for newly graduated pharmacists who need some help paying off their pharmacy school loans.

Typically, these forgiveness programs are available on a state or federal level.

A few different pharmacy student loan forgiveness options include:

•   Public Service Loan Forgiveness (PSLF)

•   HRSA’s Faculty Loan Repayment Program

•   National Institutes of Health Loan Repayment Programs

•   Substance Use Disorder Workforce Loan Repayment Program

•   State-based student loan forgiveness programs

Salary

As mentioned above, the median pay for a pharmacist is around $128,710 per year. For a pharmacy school graduate with student loan debt, this salary range could mean the difference between paying off loans and still having money left in the budget for living expenses, an emergency fund, and other types of savings.

Credit Score

Paying off pharmacy school student loans can be one way for a borrower to boost their credit score. When building credit history, making on-time payments is a prominent factor, which can potentially have a beneficial effect on a borrower’s credit score. Although their credit score could face a minor dip right after paying off the loan, it should subsequently level out and eventually rise.

Pharmacy school student loans appear as “installment loans” on a person’s credit report, which can diversify the types of credit they manage, thus potentially improving their “credit mix.” Which could also help enhance their credit score.

Cons of Using a Pharmacy School Student Loan

Pharmacy school student loans can also come with a few cons:

Debt

Since a pharmacy school loan is an installment loan, it’s considered a form of debt. As such, potential pharmacists are signing a long-term contract to repay a lender for the money they borrow. Should they find themselves on uneven financial ground, they may end up missing a payment or defaulting on the loan altogether, which could have a damaging effect on their credit report.

Late Payment Penalties

Many pharmacy school student loan lenders dole out fees for late payments. The terms of the loan are outlined by the lender before the borrower signs the agreement, but it’s important to read the fine print because loan servicers can charge a late payment penalty of up to 6% of the missed payment amount.

Interest Rates

Student loans for graduate and doctoral degrees like pharmacy school have some of the highest interest rates of any type of student loan.

Even federally subsidized Grad PLUS Loans have a fixed interest rate of 7.05% for the 2023-2024 school year, which could cause a pharmacy school student loan balance to climb high over time.

Recommended: Grad PLUS Loans, Explained

Average Interest Rates for Pharmacy School Student Loans

Pharmacy students have a variety of student loan options available to them. This table details the interest rate on different types of federal student loans that might be used to pay for a portion of pharmacy school.

Loan Type	Interest Rate for the 2023-2024 School Year
Direct Loans for Undergraduate Students	5.50%
Direct Loans for Graduate and Professional Students	7.05%
Direct PLUS Loans for Graduate Students	8.05%

Private student loans are another option that may help pharmacy students pay for their college education. The interest rates on private student loans are determined by the lender based on factors specific to the individual borrower, such as their credit and income history.

Paying for Pharmacy School

Before looking into an undergraduate student loan option or a graduate student loan option, potential pharmacists might be able to secure other sources of funding to help them pay for pharmacy school.

Scholarships

Scholarships are funds used to pay for undergraduate or graduate school that do not need to be repaid to the provider.

They can be awarded based on many different types of criteria, from grade point average (GPA) to athletic performance to acts of service, chosen field of study, and more. Scholarships might be offered by a college or university, organization, or institution.

For potential pharmacy school students, there are several available options for scholarships through their individual states and other providers. The American Association of Colleges of Pharmacy (AACP) is a great resource for finding a pharmacy school scholarship.

Grants

Unlike scholarships or loans, grants are sources of financial aid from colleges, universities, state/federal government, and other private or nonprofit organizations that do not generally need to be repaid.

The AACP breaks down grants and awards for health profession students and government subsidized grants for pharmacy school students on their website.

Recommended: The Differences Between Grants, Scholarships, and Loans

State Pharmacy School Loans

Some potential pharmacists may be eligible to participate in a state student loan program. The cost of attending a state pharmacy school will vary depending on whether or not the student lives in the same state as the school, so researching the accredited pharmacy programs by state can help them determine how much they’ll need to borrow.

Federal Pharmacy School Loans

The U.S. Department of Education offers Direct Subsidized and Unsubsidized Loans to undergraduate and graduate pharmacy school students. The school will determine the loan type(s) and amount a pharmacy school student can receive each academic year, based on information provided by the student on the Free Application for Federal Student Aid (FAFSA®) form.

PLUS Loans are another federal pharmacy school loan option, eligible to graduate or professional students through schools that participate in the federal Direct Loan Program.

Recommended: Types of Federal Student Loans

Private Pharmacy School Loans

A private student loan is another way for students to pay for pharmacy school. When comparing private student loans vs. federal student loans, it’s important to note that because private loans are not associated with the federal government, interest rates, repayment terms. Benefits also vary depending on the lender. For these reasons, private student loans are considered an option only after all other financing sources have been exhausted.

When applying for a private pharmacy school loan, a lender will usually review the borrower’s credit score and financial history, among other factors.

Private pharmacy school student loans can help bridge the gap between other payment options like the ones listed above, and give potential pharmacists the opportunity to shop around for the option that works best for them.

Income-Driven Repayment Plans

Income-driven repayment plans in particular help borrowers qualify for lower monthly payments on their pharmacy school loans if their total debt at graduation exceeds their annual income.

Here are the four income-driven repayment plans available for federal student loans:

•   Income-Based Repayment (IBR

•   Pay As You Earn (PAYE)

•   Revised Pay As You Earn (REPAYE)

•   Income-Contingent Repayment (ICR)

The Takeaway

Nearly 85% of pharmacy school graduates have student loans, according to the AACP. Pharmacy school loans can be used to pay for tuition and fees, living expenses, and supplies like books or required lab equipment. Federal student loans can be used in combination with any scholarships and grants the student may qualify for. If you find yourself still looking for a way to pay for your pharmacy school education after exhausting scholarships, grants, and federal student loans, a private student loan option might be an option to consider.

With SoFi’s private student loans, you get a six-month grace period post-graduation before you start thinking about repayment. Interested applicants can find out their rate in just a few minutes.

Learn more about borrowing a SoFi private student loan.

FAQ

How long does it take to pay off pharmacy school loans?

Depending on the type of pharmacy school loan you take out (private vs. federal) and when the funds were distributed, it can take between five and 30 years to repay a pharmacy school student loan.

How can I pay for pharmacy school?

There are several ways to pay for pharmacy school, including federal student loans, private pharmacy school loans, scholarships, grants, and personal savings.

What is the average student loan debt for pharmacy school?

According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy graduates is $173,561.

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SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Photo credit: iStock/Vaselena
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According to EducationData.org, the average cost of a master’s degree at a public state college is $29,150, and $62,100 at private school.

To help pay for this expense, graduate-level students sometimes turn to federal graduate loans for assistance. Grad students no longer qualify for federal Direct Subsidized Loans but they may be eligible to borrow Direct Unsubsidized Loans or Graduate PLUS Loans.

Unlike most other loans in the Direct Loan program, Direct PLUS loans require a credit check. If you’re exploring loans to help fund your graduate program, here’s what to know about Grad PLUS Loan credit score requirements and eligibility.

What Are Grad PLUS Loans?

As alluded to previously, subsidized loans are for undergraduate students. In addition to Direct Unsubsidized loans, graduate students may also be able to borrow PLUS Loans. There are two options for PLUS Loans, Grad PLUS Loans are available to graduate or professional student borrowers while Parent PLUS Loans are options for parents with undergraduate students. Grad PLUS Loans are non-need based financial aid option.

Grad PLUS loans have a fixed interest rate. You can borrow up to the cost of attendance that’s certified by the school, minus existing financial aid you’ve received. Payments can be deferred while you’re enrolled at least half-time in school, and an automatic six-month grace period occurs after leaving school before you’re required to enter repayment. Note that while the loan is in deferment, interest will continue to accrue.

Who Is Eligible for Grad PLUS Loans?

Students don’t have to demonstrate financial need to be eligible for a Grad PLUS Loan. However, in addition to meeting basic federal aid requirements, applicants must be enrolled in a certificate- or degree-issuing program at least half-time, and the program must be at an eligible school.

Upon meeting these academic requirements, graduate applicants must also agree to a credit check. If you don’t satisfy the Department of Education’s credit requirement, you’ll need to meet additional Grad PLUS Loan requirements to receive funding.

Grad PLUS Loan Minimum Credit Score

Unlike a traditional consumer loan through a private lender, the Department of Education doesn’t set a minimum Grad PLUS Loan credit score to qualify. Instead, the program states that borrowers can’t have an adverse credit history.

It determines adverse credit as:

•   Having 90- or more day delinquent balance of $2,085 across one or more accounts.

•   Having a collection or charge-off in the past two years.

•   Having a foreclosure, repossession, bankruptcy discharge, tax lien, wage garnishment, or default within the past five years.

•   Having federal student debt charged- or written-off within five years.

Although primary borrowers with adverse credit aren’t eligible on their own, they might still be approved if they meet extra Grad PLUS Loan requirements.

How to Check Your Credit Score

There are a couple of options for those interested in finding their credit score. Check in with your credit card company or bank, many financial institutions now offer credit scores to their customers.

Since there is no minimum credit score for a Grad PLUS loan, you may also want to review your credit history. You can review your credit report from all three credit bureaus: Equifax, Experian, and TransUnion.

Your credit reports include details for every credit account under your name, and their payment status.

You can request a copy of each credit report in one sitting through AnnualCreditReport.com, the central website of the national credit bureaus. You can also request your credit reports by mailing an Annual Credit Report request form or by calling its toll-free number: 1-877-322-8228.

You’re entitled to a free credit report from each bureau every 12 months. Additionally, you can request up to six free Equifax credit reports every year until 2026; this can be requested directly on Equifax’s website.

Tips for Maintaining a Good Credit Score

Although there isn’t a minimum credit score for Grad PLUS loans, maintaining a positive credit profile today can be advantageous if you need loans for future academic years, or decide on a student loan refinance later on.

Some ways to keep your credit in good standing are by:

•   Making payments on time. Payment history accounts for 35% of your FICO® credit score. Make sure to pay at least the minimum payment by the due date every month.

•   Keeping your credit utilization low. If you have revolving credit, like a credit card, avoid using a high percentage of your available credit limit. As much as 30% of your score is based on credit utilization ratio.

•   Reviewing your credit report for mistakes. Although it’s rare, errors may come up on credit reports that can bring your score down. Regularly check your credit report and notify the bureaus of the error if you find one.

•   Keeping your longest credit account in good standing. The age of your credit accounts affect your overall credit score by 15%.

•   Having a mix of credit types. Keeping a mix of credit types could potentially help your credit score by 10%. For example, installment credit (student loan, auto loan, etc.) verus revolving credit (credit cards, Home Equity Lines of Credit, etc.).

What to Do if You Have Adverse Credit

For students with an adverse credit history, the Grad PLUS Loan program offers two options:

1.    Secure an endorser. This person must not have adverse credit and will be liable to repay the debt if you, as the primary borrower, are unable to do so.

2.    Provide proof of an extenuating circumstance. If your adverse credit history was due to an extenuating circumstance, you can appeal a denied application by providing supporting documentation. Approval isn’t guaranteed.

Regardless of which path you choose, if approved, you’ll also need to undergo PLUS Credit Counseling.

Alternatives to Grad PLUS Loans

Although you have access to apply for Grad PLUS Loans as a graduate or professional student, you’re not guaranteed for approval. For example, if you have adverse credit, but can’t secure an endorser, you might not receive Grad PLUS funding.

Below are some other graduate school loan options and financial aid ideas if you need alternatives.

Grants, Scholarships, and Work-Study

Grants, scholarships, and work-study are financial aid opportunities that can help bridge the gap for your graduate education.

The first step to seeing whether you’re eligible for these programs is completing a Free Application for Federal Student Aid (FAFSA®). If you’re eligible for federal-, state-, or school-sponsored programs, you’ll be notified through your FAFSA award letter.

You can also apply for need- or merit-based grants and scholarships through private organizations, professional associations, or other nonprofit community groups.

Personal Loans

If you’ve exhausted federal student aid options, a personal loan from a private lender could be an option to consider. Generally, you can use personal loans for nearly any large, upcoming expense, including costs associated with graduate school, like transportation or supplies.

Personal loans are available through private entities, like banks, credit unions, online lenders, and also through community groups and associations.

Recommended: Common Reasons to Apply for a Personal Loan

Private Student Loans

Another financial aid option that operates outside of the federal student loan system are private student loans. Private student loans are specifically for use toward educational expenses, like tuition and fees, and textbooks.

These loans are provided by private banks, credit unions, and financial institutions. Some states and schools also offer private student loan options.

A private student loan is an installment loan, and can have fixed- or variable interest rates. Each lender has its own eligibility requirements and loan terms. Since these loans aren’t federally owned they don’t offer the same benefits that federal loans provide, like access to loan forgiveness and extended deferment. For this reason, federal student loans are generally prioritized over private student loan options when evaluating financing options.

Explore Private Student Loan Rates

If after accessing your financial aid situation, you find you need more education funds, SoFi can help. SoFi’s private student loan lets you borrow up to your school’s certified cost of attendance at competitive rates. Plus, checking your rate online takes only three minutes.

Interested in learning more about SoFi’s private student loans? Find out if you prequalify and at what rates in just a few minutes.

FAQ

Can you be denied a Grad PLUS loan?

Yes, you can be denied a Grad PLUS Loan if you don’t meet the Department of Education’s eligibility requirements. You must be a graduate or professional student who’s enrolled in a degree- or certificate-granting program at an eligible school. You also must not have adverse credit, and must meet the general requirements for federal student aid.

Do Grad PLUS loans check your credit score?

Yes, Direct PLUS Loans, which include Grad PLUS Loans, require a credit check. The credit checks reviews a borrower’s credit history for adverse marks. Despite having adverse credit, however, borrowers might still be able to receive Grad PLUS funding by adding an endorser or by providing proof of extenuating circumstances.

Are cosigners required for Grad PLUS loans?

Cosigners are not required to qualify for a Grad PLUS Loan. However, if the primary borrower has adverse credit, having a cosigner (also known as an endorser), might help the primary borrower qualify.

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Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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College is expensive and costs continue to rise. In 1989, the average cost of a 4-year degree school term was $1,730. As of 2023, the average annual cost increased to an average of $9,377 for in-state students at a public four-year college.

With college costs continuing to skyrocket, many parents apply for federal Parent PLUS loans. Since these loans are issued in the parent’s name, it is important that parents understand the details of what these loans entail and how often you have to apply to ensure students receive proper funding.

So, to avoid missing an application deadline, here’s some helpful information about Parent PLUS loans and their application process.

Parent PLUS Loan Recap

A Parent PLUS loan is a type of Direct PLUS loan, which is offered to parents who have a student enrolled at least part-time in an eligible education program.

Borrowers may be able to borrow an amount that equals but does not exceed the full cost of attendance, minus any other financial aid such as scholarships and grants that your child has received.

These loans are federally-funded and not subsidized. This means that the loan will accrue interest while the student is in school. Parent PLUS loans offer fixed interest rates and won’t change throughout the life of the loan.

The interest rate for Parent PLUS loans disbursed for the 2023-24 academic year is 8.05%. It’s also important to note that as of October 1, 2019, Direct PLUS Loans have a fee of about 4.228% of the loan amount (which is deducted from each loan disbursement proportionately).

Qualifying For a Parent Plus Loan

To qualify for a Parent PLUS loan, borrowers must:

•   Be the biological or adoptive parent, or in some cases, the stepparent, of an undergraduate student enrolled part-time at an eligible school
•   Have poor credit history (unless the parent meets additional criteria). More information on what is considered an adverse credit history can be found on the Student Aid website .
•   Meet general eligibility requirements for federally-funded student aid

Keep in mind that even if a grandparent is primarily responsible for a student they are not eligible for a Parent PLUS loan, unless, grandparents have legally adopted their grandchildren and are legal guardians.

Applying for a Parent PLUS Loan

The first step to apply for a Parent PLUS Loan is to complete the FAFSA® form with the student. Then, parents can log in at StudentLoans.gov , choose the Parent Borrowers tab, and the “Apply for a PLUS Loan” link.

Most schools require you to apply for Direct PLUS Loans online, however, some may have different application processes that you must follow. Studentaid.gov provides a list of schools that allow you to apply online. If your school is not on this list, check with the school’s financial aid office to verify the application process you must follow.

Those who qualify for a Parent PLUS loan, will have to sign a Direct PLUS Loan Master Promissory Note (MPN) . This document verifies that the borrower agrees to the terms of the loan. Each school may have a different process, double check with the financial aid office to ensure you understand the specific process for your student’s school of choice.

Keep in mind, those borrowing more than one parent PLUS loan for separate children, will need to sign multiple MPNs.

Apply for A Parent Plus Loan Every Year

When you complete the FAFSA form , you are applying for financial aid for one school year. Therefore, to receive financial aid for the next year, you will have to submit a new FAFSA form to get new aid.

However, the website allows you to select a Renewal FAFSA form that remembers your information from the previous years, making it earlier to submit a new financial aid application.

Additionally, it’s important to pay attention to the FAFSA deadlines to avoid missing out on any financial aid opportunities. General recommendations suggest submitting the FAFSA form by the earliest financial aid deadline of the schools to which you are applying, usually by early February.

Each state may have their own deadlines, so it can help to verify your state’s specific date.

Pros of Parent PLUS Loans

First, eligible borrowers can take out a generous Parent PLUS loan, as long as it doesn’t exceed the total cost of attendance at the student’s school of choosing (minus other financial aid they qualify for).

Another advantage of the Parent PLUS loan is that the interest rates are fixed. This means that even if rates increase nationally, the interest rate on the loan is locked in at the rate determined at the time the loan was disbursed.

Having a fixed interest rate can make it easier to budget for the monthly payments when they become due since borrowers know exactly what to expect.

Additionally, when it comes to loan repayment, there are several flexible repayment options . For example, you could select a standard repayment plan with fixed monthly payments for 10 years or an extended repayment plan with either a fixed or graduated payment schedule over a 25-year term.

Parent PLUS loans are not eligible for income-driven repayment plans, unless they have been consolidated with a Direct Consolidation Loan . This is when multiple federal loans are consolidated into one single Direct Consolidation Loans. These loans are still federal loans and the new interest rate is the weighted average of the existing loans.

Borrowers can select the best repayment option based on the plans they qualify for and their goals for repayment. Whether the goal is to keep payments low or pay off the loan balance as soon as possible, borrowers can select a plan that best fits their needs. Generally, selecting a repayment plan that helps pay off the loan quickly will result in paying less interest over the term of the loan.

Cons of Parent PLUS Loans

Not everyone qualifies for a Parent PLUS loan. Although this isn’t necessarily a disadvantage to a Parent PLUS loan, it’s important to understand that you will have to meet all eligibility requirements to qualify. This includes passing a credit check.

Adverse credit indicators include defaults of debt, foreclosures, repossessions, debts discharged through bankruptcy, tax liens, wage garnishments, or previous write-offs of federal student debt.

However, you might be able to qualify if you apply with an endorser or a cosigner. Keep in mind, you also need to be a United States citizen or national.

Alternative Financing Options

If your application is denied due to poor or “adverse credit history,” there are still other financing options. Here are a few to consider:

Enlisting an Endorser

If a parent doesn’t qualify based on their own credit history, they can try to enlist a co-signer , called an endorser, on the Parent PLUS loan. The endorser agrees to take responsibility for the loan if the borrower fails to repay, and the loan will show up on the endorser’s credit report as his or her own debt. If you apply with an endorser, you will be required to complete PLUS credit counseling .

Looking for Free Money

It can be wise to continue to apply and look for scholarships, work-study, or grant rewards. There’s a myriad of ways to find reward opportunities such as contacting the school’s federal aid office, federal agencies , state grant agencies , or other organizations a student or parent is involved with.

New opportunities may become available every year, so it can be wise to continue to stay out on the look for funding opportunities.

Applying for Unsubsidized Federal Loans

If a parent is ineligible for a Parent PLUS loan, the student may be eligible to receive additional Direct Unsubsidized Loan funds up to the loan limits for independent students.

Federal student loans can be reliable borrowing options because they often have lower interest rates and could have better repayment terms than other loans available to students. However, it’s worth making sure that a student isn’t taking out more debt than they can handle after graduation.

Considering Private Loans

Lastly, if all other options fail, some families may want to consider private loans. These loans are offered through financial institutions such as banks, credit unions, and online lenders.

Keep in mind, private student loans tend to have less flexible repayment terms and higher interest rates than federal student loans.

For example, private lenders may require you to begin making payments before your child graduates. Conversely, with a Parent PLUS loan, parents can wait to make repayments until after their child has graduated.

Additionally, when applying for a private loan, the interest rate is generally based on factors like the borrower’s income and credit score.

If you think you may need to use private loans, don’t be discouraged, and instead, be informed about your options. First, it’s worth shopping around and comparing lenders for private loans.

Lenders’ terms will vary, so it can be helpful to get several quotes and ask about the interest rate (and whether it’s fixed or variable), the loan’s repayment terms, and what happens in the event there are financial difficulties that make it difficult to stick to the repayment plan.

If you do determine a private student loan is right for you, check out SoFi, where parent student loans are built to help you pay for your child’s education. SoFi loans have no fees, and qualifying borrowers can secure a competitive interest rate.

Check out what kind of rates and terms you can get in just a few minutes.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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