However, the majority of students end up taking out student loans to cover the cost of pharmacy school and other associated costs. According to the results of a national study conducted in 2019 by the American Association of Colleges of Pharmacy (AACP), 85 percent of students who graduated with a pharmacy degree did so by taking out loans.
Who holds the most student debt?
Who has outstanding debt from student loans? – According to an examination of census data from January 2022, there are 45 million people living in the United States who are carrying student loan debt. This accounts for around 13.5 percent of the total population.
- The likelihood of having student loan debt is highest for those between the ages of 25 and 34, but the figures from the federal government reveal that individuals between the ages of 35 and 49 have the highest total amount of debt, which is over $600 billion.
- According to data published in 2020 by the American Association of University Women, women generally borrow more money for higher education than men do (and also get a greater number of degrees).
This is true across the board. According to the data provided by the federal government, students of African descent take out loans more frequently and for bigger sums than students of any other race or ethnicity. Find out more about the types of people that take out student loans by reading this article.
How long do pharmacists take to pay off student loans?
How long does it take to pay off all of the student debts from pharmacy school? – The typical length of time a borrower has to pay back their federal student loan is ten years, although private student loan providers can provide repayment terms that range anywhere from five to twenty years.
| Repayment Plan | Repayment Term |
| Consolidation Loan | Up to 30 years |
| Extended | 25 years |
| Pay as You Earn | 20 years |
| Revised Pay as You Earn | Up to 25 years |
| Income-Based | Up to 25 years |
| Income-Contingent | Up to 25 years |
If you have private student loans, the duration of your payments will be the same as the one you selected when you submitted your application. However, if you find that you are unable to pay that, you have the option of refinancing your student loans in order to obtain a longer term.