A career as a pharmacist may lead to a six-figure salary, but it can also lead to a six-figure student debt balance. A 2020 survey by the American Association of Colleges of Pharmacy (AACP) revealed that about 85% of students seeking a Doctor of Pharmacy degree borrowed money to help pay for their college expenses, with an average of $179,514 lent per student.

With standard repayment terms of 10 years for federal student loans and 5-25 years for private student loans, it can feel like a lifetime before you can even dream about being free of your pharmacy school debt. However, with student loan forgiveness options for pharmacists and McCarthy Law’s student loan debt settlement program, you may be able to achieve financial freedom sooner than you think.
Student Loan Forgiveness Options for Arizona Pharmacists
Although pharmacy can be a lucrative and gratifying field, the crippling student loan debt can cause graduates to regret their choice in career path. Fortunately, pharmacists have quite a few avenues for forgiveness of their student debt:

● Public Service Loan Forgiveness (PSLF): This program will forgive the remaining balance on Direct Loans if you work full-time for a qualifying employer. However, you must first make 120 qualifying monthly payments under a qualifying repayment plan while working for said employer.
● Arizona State Loan Repayment Program (SLRP): By working at an eligible nonprofit or designated health professional shortage area (HPSA), Arizona pharmacists could receive up to $25,000 in loan repayment assistance for each year of service.
● HRSA Faculty Loan Repayment Program: The Health Resources and Services Administration (HRSA) offers up to $40,000 in student loan repayment for pharmacists with an economically or environmentally disadvantaged background who serves as a faculty member at a health professions school for at least two years.
● NHSC Substance Use Disorder Workforce Loan Repayment Program: Pharmacists who do three years of substance abuse disorder treatment with the National Health Service Corps (NHSC) can get up to $75,000 in student loan repayment.
● Indian Health Service Loan Repayment Program: Serving American Indian or Alaska Native communities for at least two years could qualify pharmacists for up to $40,000 in student loan repayment benefits.
● Armed Forces Active Duty Health Professionals Loan Repayment Program: Active U.S. military officers could receive up to $120,000 toward pharmacy school loans.

Unfortunately, most student loan forgiveness programs for pharmacists require serving at qualified sites, so make sure to weigh your options before pursuing pharmacy school loan forgiveness.
How Can You Find Out if Your Student Loans are Federal or Private?
Before beginning the process of mitigating student loan debt, you will need to know if your loans are federal or private. Using the FSA ID you made for your Free Application for Federal Student Aid (FAFSA), log into the studentaid.gov website. If your loans are from a federal lender, they will show up here. If they do not show up on the studentaid.gov website, your student loans were probably borrowed from a private lender.

For private student loan information, check your student loan bill for the name of your lender. If you cannot find a bill, check your free annual credit report for your lender’s name. If all else fails, your school’s financial aid office should be able to find the name of your loan lenders.
How Can Arizona Pharmacists Reduce Their Private Student Loan Debt?
McCarthy Law focuses on student loan debt negotiation for privately issued student loans. When you enter our student loan debt settlement program, a licensed attorney will work to reduce your pharmacy school debt.

First, they will contact your student loan lenders to get the negotiation process rolling. Our debt attorneys are skilled negotiators with your interests in mind. Their main goal is to reduce your private loan balance to a more manageable amount. Once a settlement amount can be agreed upon between both parties, you will benefit from having to owe just a fraction of your previous student loan balance. The remainder of the debt will be forgiven by the lender, allowing you the ability to free up a large chunk of your finances.
Hire an Arizona Student Loan Attorney for Help Shrinking Your Pharmacy School Debt
If your PharmD degree has left you with the post-graduate financial blues, McCarthy Law may be able to help. Our student loan debt attorneys in Scottsdale, Tucson, Flagstaff, and Yuma can provide you with practical legal advice and create a strategic plan to help you reduce your pharmacy school loan debt.

We understand how stifling a six-figure loan debt can feel. That’s why our team of experienced student loan attorneys will handle all of the negotiations for you. Our fees are often lower than anyone else in the industry (including non-lawyer debt settlement companies), but we will match competitors’ pricing if you find someone cheaper. Call (855) 976-5777 or complete a contact form for a free, no-obligation consultation