Prescribing a Plan for PharmD Loan Prep
How PharmD students can reduce repayment stress by understanding interest, borrowing intentionally, and planning repayment paths early.
Juno Team
Jan 01, 2026
When student loans start to feel real
Student loans can feel abstract while you are in pharmacy school. Then the first student loan bill arrives, usually about six months after graduation, and suddenly the numbers feel very real.
Student loans can feel abstract while you are in pharmacy school. Then the first student loan bill arrives, usually about six months after graduation, and suddenly the numbers feel very real.
With median PharmD debt around $158,000 for the Class of 2023, small choices made during school can meaningfully change what repayment looks like later. The goal is not to become a finance expert, it is to avoid surprises.
How interest works while you are in school
Most pharmacy students rely heavily on unsubsidized federal loans. Unlike subsidized undergraduate loans, interest begins accruing as soon as funds are disbursed, even while you are in school.
Many students focus on how much they borrow each semester but underestimate how much interest accumulates quietly in the background. That accrued interest typically capitalizes before repayment begins, increasing the balance on which future interest is calculated.
Why borrowing less matters more than it feels
Borrowing slightly less each year can have an outsized impact over time. Because interest accrues during school and repayment, even modest reductions can compound over a 10 to 20 year horizon.
Students often reduce borrowing by trimming living expenses where possible, applying for pharmacy specific scholarships, asking financial aid offices about lesser known institutional awards, and using income from internships or part-time work to offset loan needs.
How debt can influence career decisions
Debt does more than affect monthly payments. Research published in the American Journal of Pharmaceutical Education suggests that perceived debt pressure, not just total debt, influences career choices such as whether to pursue residency or enter certain practice settings.
Unmanaged financial stress can narrow perceived options. Developing a basic repayment plan early can reduce that pressure.
Understanding your repayment paths
Most pharmacy graduates ultimately follow one of three repayment paths. Some enter service-based programs such as VA or Indian Health Service roles with loan repayment benefits. Others pursue federal forgiveness options like Public Service Loan Forgiveness or income-driven forgiveness, each with specific eligibility requirements. Many choose self-directed repayment, focusing on managing interest and paying loans down over time.
Understanding which path aligns with your likely career setting helps avoid defaulting into a plan that does not fit.
A common misconception to avoid
Many students assume a pharmacist salary alone will make repayment easy. While earnings are strong relative to many professions, debt pressure and financial stress remain common among pharmacists.
Planning early is less about income and more about structure.
Practical steps you can take now
Simple actions taken during school can make a meaningful difference. Reviewing loan types and interest rates each semester, tracking your projected balance at graduation, applying for scholarships consistently, and learning the basics of federal repayment and forgiveness options before your final year all help reduce uncertainty later.
Where Juno can help
For students who need private loans or graduates considering refinancing, Juno acts as a collective negotiating platform. Members can often access more competitive rates and terms than applying directly to lenders, while helping expand eligibility criteria for future borrowers.
Written By
Juno Team
Juno came into existence to help students save money on student loans and other financial products through group buying power by negotiating with lenders. The Juno Team has worked with 200,000+ students and families to help them save money.
