Taking out student loans can feel overwhelming, but a clear strategy makes the process far more manageable. By understanding your options—from federal to private and subsidized to unsubsidized— you can make informed decisions with confidence. With the right approach, you can secure the loans that best fit your needs and goals.
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| Loan Type | Subsidized | Unsubsidized | Private |
| Available to | Undergraduates only | Undergraduates & Graduates | Undergraduates & Graduates |
| Financial Need | Required | Not required | Not required |
| Credit History | Not required | Not required | Not required |
| Who Pays Interest? | Government (while in school) | Student (but payments can wait) | Student (the sooner you begin paying, the better) |
For a more in-depth comparison, check out Federal vs. Private Student Loans.
Federal loans are a common way to pay for pharmacy school. These loans must be paid back after you graduate, but they often come with lower interest rates and repayment plans designed to fit your income.
Direct Subsidized/Unsubsidized Loans:
For undergraduate and graduate students.
Direct Subsidized Loans
- Who can get them? Only undergraduate students with financial need.
- How they work: The government pays the interest on the loan while you’re
in school and for the first six months after graduation (this is called the
grace period). - Why it’s good: Since the interest doesn’t build up while you study, the total
amount you owe will be smaller. - Example: If you borrow $5,000, that’s all you owe when you leave school—no extra interest added while you’re still in class.
- More information can be found here.
Direct Unsubsidized Loans
- Who can get them? Both undergraduate and graduate students, and
financial need is not required. - How they work: You’re responsible for all the interest that builds up on the
loan, even while you’re still in school. However, you don’t have to start
paying until after you graduate. - Why it’s helpful: Since there’s no need requirement, anyone can apply,
even if they don’t qualify for grants or scholarships.- Example: If you borrow $5,000, interest starts adding up right away, so the
total amount you owe may be more by the time you leave school.
- Example: If you borrow $5,000, interest starts adding up right away, so the
How to Apply: Fill out the Free Application for Federal Student Aid (FAFSA). This is required to be considered for federal loans, grants, and some scholarships.
Private Student Loans
Private student loans are another way to help pay for pharmacy school when federal aid, grants, scholarships, and personal savings do not cover the full cost of attendance. Unlike federal loans, private loans are provided by banks, credit unions, and other private lenders and must be repaid with interest. Interest rates, repayment terms, and eligibility requirements vary by lender.
- Who can get them? Students who meet a lender’s eligibility requirements, which often include a credit check. Many undergraduate students may need a cosigner to qualify.
- How they work: You borrow money from a private lender to help pay for educational expenses. The lender sets the interest rate and repayment terms.
- Why they’re helpful: Private loans can help fill funding gaps after federal aid, scholarships, and grants have been exhausted.
- Things to consider: Private loans generally do not offer the same borrower protections as federal loans, such as income-driven repayment plans or federal loan forgiveness programs.
How to Apply: Research lenders, compare interest rates and repayment options, and complete the lender’s application. Many lenders allow students to apply online and provide a credit decision within a few days.
- The Complete Pharmacy School Loan Guide – A comprehensive guide to pharmacy school loans, covering federal vs. private loans, credit prep, and repayment.
- Credit 101: A Student's Guide to Smart Money Management