What Is The Average Pharmacy School Debt?

Attending pharmacy school can lead to a lucrative career filled with many job options. But the cost of pharmacy school is no joke. According to a 2024 report from the American Association of Colleges of Pharmacy (AACP), student loans for pharmacists amount to an average of $170,956.

If you’re considering becoming a pharmacist and wondering if the debt is worth it, the good news is that the degree will open up many career paths. You’re also likely to be paid quite well, with the average pharmacist salary well over six figures. Here’s what you need to know about financing a pharmacy school education and your options for repayment.

The average pharmacy school debt

Almost 82 percent of PharmD degree holders had to borrow money to get through school, according to the AACP, but keep in mind that private pharmacy colleges tend to skew the average upward. While the average pharmacy student loan for private institutions averaged $204,576 in 2024, students attending public colleges averaged $143,338.

Attending pharmacy school means paying for more than just tuition. While the cost of tuition and fees varies, remember to take into consideration other expenses, including books and supplies, as well as living costs, such as food and housing.

How to reduce pharmacy school debt

There are plenty of opportunities to pay down your pharmacy school student loans, some of which involve assistance from an outside source. Here are some options to consider:

Income-driven repayment plan

If you have federal student loans, you may qualify for an income-driven repayment (ICR) plan. Each plan bases your monthly payment on your income and family size. After making payments for a certain number of years, the remaining balance on your loans is forgiven.

The U.S. Department of Education offers three active income-driven repayment plans as of Jan. 1, 2025:

You may want to consider an ICR plan if you don’t currently earn enough to afford your current student loan payment or if you’re enrolled in a student loan forgiveness program that requires you to enroll in one.

Student loan forgiveness programs

Another benefit of federal student loans is that you may qualify for student loan forgiveness if you work full-time for a government agency or eligible not-for-profit organization while meeting other eligibility criteria.

The Public Service Loan Forgiveness (PSLF) program requires you to make 120 qualifying monthly payments on an income-driven repayment plan. After you meet all the requirements — check the department’s website for full details — your remaining balance will be forgiven.

In addition to PSLF, there are student loan forgiveness programs for healthcare professionals. For example, the Indian Health Services Loan Repayment Program offers up to $50,000 in loan repayment to pharmacists and other healthcare workers who agree to work for two years in a facility that serves Alaskan Native and American Indian communities.

State loan repayment assistance programs (SLRP)

The National Health Service Corps offers grants to states through the SLRP. States then use this money to offer funds to healthcare workers who work in High Professional Shortage Areas (HPSAs) to repay their student loans.

Award amounts for SLRPs vary by state. For example, pharmacists who agree to work for three years in an HPSA in Louisiana could receive up to $20,000 per year. By comparison, pharmacists who agree to work in an HPSA in California could receive up to $50,000 for the first year, $20,000 for the second year, $20,000 for the third year and $10,000 for each subsequent year.

Student loan repayment assistance programs

You may also qualify for student loan repayment assistance programs through a federal or state agency. In the medical field, many of these programs are limited to practicing physicians, nurses and workers in similar career paths.

For example, the National Institutes of Health, as well as the Health Resources and Services Administration, offer programs with student loan repayment assistance. Speak with your school’s financial aid office to get an idea of all that’s available for pharmacy school graduates.

Student loan refinancing

Student loan refinancing may be a good alternative if you don’t qualify to get assistance with reducing your student loan debt. With student loan refinancing, you’ll replace your existing loans with a new one through a private lender.

Student loan refinancing interest rates vary based on your creditworthiness, but depending on what you’re paying now, you may be able to get a lower interest rate and save money. Student loan refinancing is also the only way to extend your repayment term on private student loans — or even shorten the schedule if you can afford it.

Remember that if you’re working toward student loan forgiveness or repayment assistance, or you want to take advantage of an income-driven repayment plan, refinancing may not be the best path for you. You’ll no longer qualify for those benefits once your federal loans become private loans.

Tuition reimbursement programs

Some employers offer tuition reimbursement as a perk for their employees. As of this writing, federal law allows companies to offer their employees up to $5,250 in tax-free educational assistance through the end of 2025.

Scholarships

If you’re still in pharmacy school, one way to potentially reduce your student loan debt is to look for scholarships. For example, the National Community Pharmacists Association Foundation offers five different scholarships for pharmacy students. The American Pharmacists Association offers several scholarships.

How long does it take to reduce pharmacy school student loans?

Since the average student loan debt for pharmacists is much higher than the average for all college graduates, you may need to opt for a repayment plan on the longer side to keep monthly payments low. If you have federal loans, you may be able to extend your schedule up to 30 years, depending on the program.

Bottom line

So, is pharmacy school debt worth it in the long run?

Though pharmacy school can lead to a lucrative career, the cost of education is a significant factor to consider. You need to be aware of the potential financial burden before committing to this career path.

There are plenty of options to help reduce student debt, such as refinancing and student loan forgiveness programs. Ultimately, it is crucial to carefully weigh the costs and benefits and explore all available resources to make an informed decision.