If you’re exploring career options, pharmacy might have popped up on your radar — and for good reason. Not only can pharmacists command a good salary, they also have job security, as the pharmaceutical industry is one that won’t vanish any time soon.
That said, how much does a pharmacist make? Is it worth all the trouble of going through pharmacy school to become one? Let’s find out.
What Are Pharmacists?
You’ve likely picked up a prescription or two at a pharmacy, but maybe you didn’t give any thought to the person behind the counter. This individual is your local pharmacist, and it’s their job to prepare and dispense prescription medications.
Pharmacist Job Responsibility Examples
In addition to doling out prescription drugs, pharmacists also consult with patients, provide instructions for how to take medications, and help patients find low-cost medications. Some also give health screenings and immunizations.
Keep in mind, a pharmacist often needs to be outgoing, since their work involves speaking with patients throughout the day. If that’s not your personality, you may want to look into jobs for introverts.
How Much Is a Starting Pharmacist Salary?
As with most professions, pharmacists tend to earn more money as they gain more experience. But what is a good entry-level salary for pharmacists?
Pharmacists with less than a year of experience generally earn, on average, about $54 per hour. That’s $112,320 per year.
Of course, how much you actually can earn depends on where you live, what your duties are, and whether you work for an independent pharmacy or a chain. It can also help to research the highest-paying jobs by state.
What Is the Average Salary for a Pharmacist?
Now that you see what starting salaries are for pharmacists, let’s address the next question: How much money does a more experienced pharmacist make?
Generally speaking, pharmacists are usually paid by the hour. A pharmacist with 10 years of experience earns an average of $67.05 per hour. That adds up to $139,464 per year.
What Is the Average Pharmacist Salary by State for 2023?
The amount you make will depend on where you live, among other factors. Here’s a look at the average pharmacist salaries by state, from highest to lowest.
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Pharmacist Job Considerations for Pay & Benefits
Where you live is one factor that can determine how much you earn as a pharmacist. Your on-the-job responsibilities may also play a role. For example, there are different job titles, and each has its own set of responsibilities, requirements, and salary ranges. Examples include:
- Staff pharmacist
- Pharmacy specialist
- Clinical pharmacist
- Pharmacy manager
- Director of pharmacy
Some pharmacists may have roles and responsibilities beyond filling prescriptions, such as offering immunizations and health screenings. Some may be in charge of hiring and managing other employees. Some may work in traditional pharmacies, while others may work for companies focusing on chemotherapy, nuclear pharmacy, or long-term care.
Pros and Cons of Pharmacist Salary
While being a pharmacist can be a rewarding job, there are potential drawbacks to keep in mind. Let’s look at some pros and cons.
Pros of Being a Pharmacist
Naturally, the high salary pharmacists tend to command may be one reason to consider this career path. Because many pharmacists get paid by the hour, they’ll be compensated fairly for their time even if they work more than 40 hours a week.
Another perk is that you may have a flexible schedule that allows you to work part-time or during certain hours. There could even be opportunities to work remotely, which may be useful if you’re working in a rural area.
You might also be able to open your own pharmacy instead of working for someone else. This brings freedom and flexibility to you as a business owner.
Finally, you’ll be a valuable member of your community, since it’s your job to help people on their path to wellness.
Cons of Becoming a Pharmacist
If becoming a pharmacist was easy, everyone would do it! For starters, you’ll need to have about six years of education after high school. And the cost of pharmacy school can range anywhere from $5,000 to $30,000 a year for an in-state public college, or $20,000 to $95,000 a year for a private school.
Depending on your financial situation, this could require you to tap into savings or take out student loans. (Creating a budget while you’re in school or just starting out can help you keep track of where your money is going. A money tracker app can help make the job easier.)
Another possible drawback? Some pharmacies may not guarantee a certain number of hours a week, and in that case, being paid hourly may not come with the big paycheck you’d expect.
Also keep in mind that some pharmacists work long hours, which can have a negative impact on your health and mental wellbeing.
The Takeaway
If you’re looking for a rewarding and potentially lucrative job, becoming a pharmacist might fit the bill. You’ll help your local community get healthier, and depending on where you live and your level of experience, you could earn competitive pay, too.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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States With The Highest (& Lowest) Average Student Debt In 2024
It can be hard to wrap your mind around the size of college student debts in America. When you’re talking about education-financing trends, the numbers are … huge. Exceeding $1.7 trillion as of January 2024.
How did this happen? Experts say that as it became more and more common to pursue a college degree, the federal government made accruing student loans fairly easy to do and tuition has skyrocketed since 1980. The National Center for Education Statistics (NCES) data — as adjusted for inflation — confirms the average cost of tuition, fees, room, and board at U.S. colleges increased 166% over the last four decades using 2022 constant dollars based on the Consumer Price Index.
These forces seem to have strengthened one another, leading to what some describe as a crisis. Student loan debt is now the second highest consumer debt category in the nation, according to TransUnion®. It is second to mortgage debt and ranks higher than credit card or auto loan debt.
In August 2022, President Joe Biden said that over time “an entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree. The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided.”
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According to the latest statistics, over 40 million Americans owe $1.7 trillion in student loan debt. The vast majority of this debt is made up of federal loans.
In March 2020, a pause was put on payments on federal student loans due to hardship caused by the COVID-19 pandemic. The federal student loan pause ended in the autumn of 2023 as required by the Fiscal Responsibility Act of 2023.
The three-year-long pause included the following relief measures for eligible loans:
- a suspension of loan payments
- a 0% interest rate
- stopped collections on defaulted loans
The payment pause freed up cash in the budgets of millions of Americans. But the pause also cost the federal government more than $100 billion.As part of the debt ceiling bill negotiated by President Biden and Congress, student loan interest accrual resumed on Sept. 1, 2023, and required payments resumed in October.
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The average student loan debt in the U.S. is about $35,000 per borrower, according to TransUnion. In general, it can take 10 years or longer to repay your student loans.Here are the states with the highest overall federal student debt balances as of June 30, 2023:
1. California
Balance (in billions): $149
Borrowers (in thousands): 3,985.7
Average Balance: $37,384
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Balance (in billions): $127.2
Borrowers (in thousands): 3,183.6
Average Balance: $33,354
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Balance (in billions): $105.4
Borrowers (in thousands): 2,724.7
Average Balance: $38,683
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Balance (in billions): $94.9
Borrowers (in thousands): 2,498.1
Average Balance: $37,989
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Balance (in billions): $70.6
Borrowers (in thousands): 1,690
Average Balance: $41,775
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Here are the states with the lowest overall federal student debt balances as of June 30, 2023:
1. Wyoming
Balance (in billions): $1.7
Borrowers (in thousands): 56
Average Balance: $30,357
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Balance (in billions): $2.4
Borrowers (in thousands): 68.7
Average Balance: $34,934
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Balance (in billions): $2.7
Borrowers (in thousands): 90
Average Balance: $30,000
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Balance (in billions): $3
Borrowers (in thousands): 78.8
Average Balance: $38,071
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Balance (in billions): $3.8
Borrowers (in thousands): 119.7
Average Balance: $31,746
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The 2022 Survey of Household Economics and Decisionmaking (SHED) found most student loan borrowers with outstanding debt owed less than $25,000 on their educational loans.
Students loan borrowers who completed an undergraduate program in 2018 owed the following amounts of education debt on average, according to the National Postsecondary Student Aid Studies (NPSAS) data:
- Undergraduate certificate recipients owed an average of $14,800
- Associate degree recipients owed an average of $20,900
- Bachelor’s degree recipients owed an average of $27,500
Once students graduate, drop below half-time enrollment, or leave school, their federal student loan goes into repayment. However, if they have a Direct Subsidized, Direct Unsubsidized, or Federal Family Education Loan, they have a six-month grace period before being required to start making regular payments. They’ll have a nine-month grace period if they’ve got a Perkins Loan.
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When you scrutinize the student debt average for graduate school, the amount can be staggering. Student loan borrowers who completed a graduate program in 2018 owed the following amounts of education debt on average, according to the National Postsecondary Student Aid Studies (NPSAS) data:
- Master’s degree recipients owed an average of $71,800
- Doctor of Philosophy (PhD) and similar research-driven doctoral degree recipients owed an average of $112,400
- Professional practice doctoral degree recipients (such as medical doctors and law school graduates) owed an average of $185,100
In almost all cases, graduate or professional students are considered independent students for the purposes of completing their FAFSA® form for grad school. This means graduate students generally are not required to provide parent information.
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Unless you qualify for student loan forgiveness, borrowers are expected to pay off student debt over time. The way it begins: your loan servicer will provide you with a loan repayment schedule that states when your first payment is due, the number and frequency of payments, and the amount of each payment.
Your billing statement will tell you how much to pay. Your monthly payment amount depends on your repayment plan. If you signed up for electronic communication, pay attention to your email. Most loan servicers send an email when your billing statement is ready for you to access online.
On its Federal Student Aid website, the U.S. Department of Education issues the following statement: “REMEMBER: Your federal student loans can’t be canceled or forgiven because you didn’t get the education or job you expected or you didn’t complete your education (unless you couldn’t complete your education because your school closed).”
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To pursue new interest rates and flexibility in repayment time frames, some people choose to refinance their federal student loans with a private loan servicer. You may pay more interest over the life of the loan if you refinance with an extended term.
By comparing student loan refinance rates, loan holders can choose a deal that works for them. The private company pays off the federal loan and begins a new loan with the customer.
There are pros and cons to refinancing. By doing so, private loan holders lose out on some benefits available to those with federal student loans. Those include:
- Losing access to the government’s SAVE program for federal student loans, an income-driven repayment plan that can significantly decrease your monthly payment amount compared to all other government repayment plans.
- No interest accumulation on subsidized student loans during periods when payments are deferred
- Access to repayment plans based on your income that provide loan forgiveness once you have been in repayment for 20 or 25 years (or earlier for some SAVE Plan enrollees)
- Access to various forms of loan forgiveness and discharge, such as Public Service Loan Forgiveness, Teacher Loan Forgiveness, total and permanent disability discharge, and borrower defense to repayment discharge
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The nation’s student debt has grown in recent years, with the average student borrowing $35,000 to pursue a college education. When it comes to grad school, the average PhD candidate can rack up well above $100K in student debt.
What this has led to: student loan debt now ranks as the second highest consumer debt category in the nation, second only to mortgage debt.
Holders of federal student loans could be interested in refinancing loans. However, they must bear in mind that refinancing means that loan is no longer eligible for federal forgiveness or income-driven repayment. You may pay more interest over the life of the loan if you refinance with an extended term.
This article originally appeared on SoFi.comand was syndicated byMediaFeed.org.
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NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
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