Pharmacy school is a major investment and can be financially daunting. These four pharmacy schools are ranked by the percentage of student loan debt that each carries in addition to their tuition cost – an important consideration when picking a school. Expertly-reviewed, these schools offer low costs with high quality education.
The “pharmacy school tuition list” is a website that ranks the 4 types of pharmacy schools by cost. The site also includes information about student loan options.
While the typical pharmacist we’ve advised owes $215,000 in student debt, there’s a big gap between that figure and the actual amount due. You might owe $120,000 if you went to a low-cost public pharmacy school, or $300,000 if you went to a high-cost private pharmaceutical school. Both schools provide you with the same opportunities to work as a pharmacist.
Many pharmacy school rankings (like the ones provided by U.S. News & World Report) look at the research, faculty-to-student ratio, job placements and other quantitative and qualitative factors. But we’re going to focus primarily on cost. If you’re a motivated individual, where you get your Doctor of Pharmacy program degree or Pharmaceutical Sciences degree won’t have the defining impact of what your final salary will be.
The location of your employment, the speciality you select, and the hours you work have a greater effect on your career in pharmacy than the name of the institution you attended. You might argue that certain institutions have a higher placement rate for the kind of pharmacy you want to work in, which is a fair point.
Having said that, we’ve never seen a good financial impact from attending a more costly school. Here are the four main kinds of pharmacy schools, graded according to how much or how little they ruin your money.
In-state, low-cost pharmacy schools provide the greatest value.
According to the American Association of Colleges of Pharmacy (AACP), the Accreditation Council for Pharmacy Education has recognized 143 colleges and schools of pharmacy in the United States. The total number of pharmacy students enrolled in various institutions is above 60,000.
College of Pharmacy degree programs in states with a good track record of financing higher education are often affordable. A public pharmacy school costs between $15,000 and $20,000 each academic year. The majority of these programs are four-year programs.
In terms of cost, here’s a sample of some of the best pharmacy schools. If I were looking for programs, I’d put these pharmaceutical schools (and any others with comparable costs) at the top of my list.
|
Public Pharmacy Schools at a Low Cost |
In-State Students’ Estimated Tuition and Fees |
|
Rhode Island University is a public research university in Rhode Island. |
|
|
The University of Texas at El Paso is a public university in El Paso, Texas. |
|
Keep in mind that you’ll need to borrow $15,000 to $25,000 each year to pay living costs while enrolled in the professional program, on top of the tuition. Before factoring in student health insurance, the total cost per year at the aforementioned institutions ranges from $120,000 to $160,000.
Tolerable: Low-cost, in-state pharmacy schools
Once you go beyond the lowest-cost public institutions, which range from $120,000 to $160,000, you’ll run across public schools that get less state support and pass the greater costs on to students.
The tuition at these colleges of pharmacy typically ranges from $25,000 to $30,000 per year, with total in-state tuition and obligatory fees costing between $100,000 and $115,000 in total.
|
Public Pharmacy Schools with Low Fees |
In-State Students’ Estimated Tuition and Fees |
|
The University of Buffalo is located in Buffalo, New York (SUNY) |
|
After living expenses are taken into consideration, you may expect to spend between $160,000 and $220,000 for these kinds of institutions.
Out-of-state public pharmacy schools cost more money than in-state public pharmacy schools.
Based on our research on pharmacy school costs, we discovered the following general rule of thumb: Non-resident students pay a tuition premium of approximately $20,000 per year at the lowest public pharmacy schools. On top of their resident tuition, the low-cost public pharmacy schools add approximately $10,000 each year. This is most likely due to differences in state funding for pharmacy programs throughout the country.
A typical out-of-state pharmacy school degree costs between $200,000 and $260,000 at a public institution. Because it is a major income source for pharmacy schools, they aim to accept as many out-of-state students as possible. Also, keep in mind that your residence status for each academic year will most likely be the same as it was the previous year.
The only justification I can think of for attending an out-of-state program is if it’s the only public alternative available. Even high-cost, out-of-state public colleges of pharmacy are usually more costly than private pharmacy schools. That isn’t always the case, however.
If your significant other has a geographical need to remain in a particular place, another incentive to attend an out-of-state school. Otherwise, attending pharmacy school out of state is a costly option that ranks in the third tier of pharmacy school rankings.
Inquire about your student loans from pharmacy school.
The majority of private pharmacy schools price more than you can afford.
Tuition and expenses at private pharmacy schools usually range from $30,000 to $60,000 per year. These institutions are often situated in locations with higher living costs, necessitating extra borrowing to cover rent in Boston or San Francisco.
In terms of pharmacy school rankings, I would place a private institution in the fourth tier. Below are a few instances.
|
Cost of Attendance as Estimated by the School |
|
|
California’s Touro University |
|
|
University of New England is a public research university in New England. |
|
|
Roseman University of Health Sciences (Roseman University of Health Sciences) |
|
|
Southern California University is located in Los Angeles, California. |
For private pharmacy schools, the total cost of enrollment varies from $220,000 to $350,000.
What are the differences between 3-year and 4-year pharmacy programs?
Certain private colleges and universities offer three-year programs that may be appropriate for some professional students. The LECOM Erie School of Pharmacy, for example, provides a three-year program with a tuition cost of approximately $90,000. This may cost anything from $160,000 to $170,000, depending on where you reside.
A three-year program at the University of the Pacific’s Thomas J. Long School of Pharmacy and Health Sciences costs $219,710.
If you want to attend a private pharmacy school, a three-year program is usually preferable than a four-year one. This is due to the additional year of income you get from a three-year program, as well as the elimination of one year of borrowed living expenses.
When comparing graduates of a three-year PharmD school to graduates of a bachelor’s degree program,
Assume you might make $50,000 after graduating with a Bachelor of Science, adjusted for inflation. You set aside 25% of your earnings. Alternatively, you may pursue LECOM’s three-year pharmacy program, which offers a starting salary of $120,000. The median salary for pharmacists in 2020 was $128,710, according to the Bureau of Labor Statistics (BLS).
Here’s a breakdown of your financial situation:
Using their optimistic wage estimate, a new PharmD grad’s financial breakeven point would be 15 years after graduation. You’ve finally reached the age of 37 and can begin earning real money!
When a PharmD and a B.S. degree are compared, the PharmD comes out on top.
Many new pharmacy graduates, however, do not get this amount of compensation. Many pharmacists are earning $90,000 to $100,000 a year, especially in regions where there are a lot of fresh graduates. In addition, many pharmacists are now required to complete Postgraduate Year One (PGY1) and Postgraduate Year Two (PGY2) in order to pursue the specialities they want.
After accounting for two years of residence and a terminal $100,000 income adjusted for inflation, this is the revised breakeven:
It will take an extra seven years to break even as a result of this. If you graduated from undergrad at the age of 22, you will be 44 before you begin to realize financial benefits from your PharmD as opposed to a standard bachelor’s degree.
Is the cheapest pharmacy school really worth it?
Traditional programs, such as the one at the University of Texas at El Paso, are four years long. What would it look like if you were able to locate extremely low-cost housing and paid just under $120,000 for your PharmD?
The breakeven is nearly identical to LECOM’s three-year option – 15 years after graduation.
With the same PGY1 and PGY2 wage assumptions and a $100,000 salary after, one of the cheapest four-year pharmacy schools will break even in year 21. So, given the same set of assumptions, it’s a little better than the 3-year alternative, but not by much.
What do the rankings of pharmacy schools say about getting a PharmD?
These are the break-even thresholds for the nation’s cheapest PharmD programs. It’s obvious to me that, in 2021, being a pharmacist at today’s pharmacy school costs is definitely a sub-optimal choice if your aim is to have alternatives in life, maximize your income, and reduce your stress levels.
If you already have this much debt, there are methods to get to a younger break-even point. You may save money and make greater use of pretax retirement funds if you are more thrifty. At a nonprofit organization, you may potentially take advantage of Public Service Loan Forgiveness (PSLF). Professionally, we can assist you with all of these choices.
If you have not yet begun your pharmacy study, I strongly advise you to apply for as many scholarships as possible. Also, remember to submit the Free Application For Federal Student Aid (FAFSA) every year. Even if you do not qualify for federal financial assistance, you may be eligible for state-based or merit-based support.
As a pharmacist, you may make a good living.
It’s not all doom and gloom in the pharmaceutical profession. You have the potential to be a very successful pharmacist. One pharmacist even became financially self-sufficient and co-founded a podcast that is likely worth more than seven figures.
Your savings rate will determine a lot of your financial destiny. You’ll work until your mid-70s if you put 10% of your income into loans and investments. If you put 30% of your income into loans and investments, you’ll be able to retire in your mid-fifties.
The point is that, unless pharmacy is your sole passion, I believe there are better career choices for most individuals out there if you or someone you know is deciding whether or not to go now.
In the last 20 years, the employment environment for pharmacists has drastically altered. That just means you must be more strategic in your decision-making.
In 2021, pharmacy school rankings should be based on how quickly they can get you a degree and how inexpensive it is to get there. The majority of other measures are nonsense.
Obtain a Student Loan Program
Watch This Video-
The most expensive pharmacy school tuition is at the University of Southern California. The cost for a 4-year degree is $208,000 and the average cost for students to attend is $150,000.
Related Tags
- cheapest pharmacy schools 2020
- what is the cheapest pharmacy school
- cheapest pharmacy schools in usa for international students
- how much is pharmacy school in texas
- florida a&m university pharmacy tuition
