I got my pharmacy degree from Mass College of Pharmacy in 1980. I don't remember tuition but I was able to pay it with a small loan (that didn't even need to start being paid back for a year after I graduated) and working part-time. I also paid rent, auto, etc. I was able to pay everything off within the first year. this is what it costs now: The annual list price to attend Massachusetts College of Pharmacy and Health Sciences on a full time basis for 2018/2019 is $56,902 for all students regardless of their residency. This fee is comprised of $33,600 for tuition, $17,568 room and board, $1,256 for books and supplies and $1,050 for other fees.
Pharmacy is now a 6 year program. So before someone graduates, if they lived at home, they would have had to pay over $200,000.
If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct
This is what you can borrow from the govt. at decent rates: Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.
If you are a graduate or professional student, you can borrow up to $20,500 each year in Direct Unsubsidized Loans. Direct PLUS Loans can also be used for the remainder of your college costs, as determined by your school, not covered by other financial aid.
so as you can see, students are forced to take private loans and not so great rates.
state schools keep the kids in school now by making programs that used to be able done as undergraduate now graduate requiring students to get their bachelors first because then they can charge much higher tuition. So pharmacy, nursing, physical therapist, etc. cost a ton more to get.
now, I would agree that many students are foolish to chose undergraduate studies at an expensive school that doesn't lead to a job. that is something their parents should have discussed with them. in my own family, a niece wanted to go to an out of state school and thus pay higher tuition and her parents let her do it. her major wasn't anything she couldn't have studied at an in state school. She now regrets it bitterly as that debt is still part of her debt load because she pursued a graduate degree.
I think the loans need to be paid, but I would support re-writing the loans to reduce the interest rate. If we could give financial institutions no interest loans when everything crashed, we should do it for the students. The private loans the kids have to take for graduate work are very predatory. you don't have the year grace period after graduating. Interest starts accruing right away while they are in school.
and as others have stated, the amount charged for tuition needs to be examined. schools have raised it exponentially.
|