Any tips on dealing with the financial burden of pharmacy school?

Question:

Any tips on dealing with the financial burden of pharmacy school?

I come from a single parent household and have no financial support from my family. I've applied for OSAP and all of the scholarships/bursaries I can find (both through the school of pharmacy and externally), yet I still constantly worry about how to pay the incredibly high tuition rates/rent/groceries/club fees etc. I don't feel like I have the time to work part-time while in school. I have a student line of credit that I can always fall back on but I think what's bothering me the most is the stress of paying for everything myself. Any tips on minimizing debt/not letting the stress affect my life so much? And does the school provide any financial assistance if you choose to do a co-op or rotation outside of the Waterloo area? Thanks!

---

Response 1: I think we’re all on the same page that pharmacy school is *expensive* and stressful if you think about your loans everyday. I know it’s hard, but try to keep busy. The busier you are, the less mindful hours you’ll be spending on worrying. And if you’re still finding your finances to be a creeping intrusive thought, it doesn’t hurt to do up a budget. Budgets are great because you’ll have a solid number in your mind. You can make the budget more strict if you’re worried about debt, but you can also leave a small contingency in it for incidentals or emergencies (eg. you have to cab to school because you’ve missed the bus). Keeping track of your spending on eating out, clothes shopping, and other superfluous purchases can show you where you can cut back to make you feel more comfortable. In addition, you can meet with a financial advisor at your bank or the Student Success Office to help you draw up the budget (to help keep you realistic), especially if you’ve never done one before. Here at the pharmacy school, you can reach out to pharmacy.advisor@uwaterloo.ca. The academic advisors are here to help, listen, and find ways to support you through pharmacy school. It all depends on your level of comfort but if finances are really tight for you, there’s big things you can do to save money. Are you living with roommates? Are you willing to live a bit further away from campus and take the bus/ion train everyday? Do you check fliers for sales at grocery stores, and go to places that price match (eg. Walmart)? Do you go to Value Mart in the Waterloo Public Square on Monday, Tuesday, & Wednesday for the 10% student discount?

Response 2: I think everyone in pharmacy school understands your pain. Unfortunately, this degree does cost a lot, and you are definitely not alone in being someone who has to pay for everything. One thing I found that helped me with my financial stress was coming up with a budget and sticking to it as best I can. There are definitely ways to save money - like meal prepping rather than eating out and going to the Apollo instead of Cineplex to see movies. Try these to help lessen your financial burden. There are also courses and assistance offered on main campus through the student success office. There is no additional compensation (to my knowledge) for going to other places for co-op, but sometimes the compensation is more at the job - so that does play a part for sure. I currently have a part time job for extra money, but do not get one if you don’t think it is manageable. If you do decide to get one, I recommend picking one with an understanding boss like mine, who let’s me work only two days a week and take time off when we have a big midterm or something the day of a shift. Unfortunately, I cannot greatly change your financial status, but at the very least we are all broke together. No one has their finances in order - despite the way it may seem.