How pharmacists can pay off their student loans

By Sasha Bulatskaya | Published on October 21, 2025

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Many people want to work in lucrative healthcare professions outside of becoming a doctor. The average pharmacist, for example, earned over $130,000 in 2023, according to the Bureau of Labor Statistics. However, pharmacists can also take on significant student loan debt when earning their degree.

While the average doctor carries over $240,000 in federal student loans, the average pharmacy school grad takes on over $170,400. If you’re one of the many graduates with pharmacy school loans, you have options to ease the burden of student loan repayments¹.

Understanding the 5 loan repayment programs

Federal loan repayment programs for educational loans

Are you a full-time pharmacist working in a Health Professional Shortage Area (HPSA)? If so, you may be eligible for assistance through federal and state loan repayment programs, such as the National Health Service Corps (NHSC) from the HRSA (Health Resources & Services Association).

The NHSC offers loan repayment assistance to healthcare professionals who commit to serving for at least two years in areas with healthcare provider shortages. By fulfilling this service requirement, qualified borrowers can receive significant support to help manage their federal student loan debt. Applications for the 2024 program cycle have closed, but keep an eye on the NHSC website for the next round.

Forgiveness and assistance programs

Can pharmacists get their loans forgiven?

If you're employed full-time by an eligible employer, you may be eligible for Public Service Loan Forgiveness (PSLF). Here’s how it works:

• You work for a qualifying non-profit or government agency
• You have the correct type of federal loans. Only Direct Loans are eligible to be forgiven, but you can consolidate FFEL and Perkins Loans into a Direct Consolidation Loan to become eligible.
• You are not in default on any of your loans
• You’ve made 120 qualifying payments on your federal loans
• Once you meet all of the requirements, your remaining loan balance may be forgiven

Help for disadvantaged backgrounds

If you come from a disadvantaged background or commit to serving in an approved health professions school you may be eligible for forgiveness options through programs like the Faculty Loan Repayment Program. This program offers pathways to reduce or eliminate a portion of your education debt, providing much-needed relief for qualified healthcare professionals.

Income-driven repayment plans

Income-driven repayment plans\*, offered through the Department of Education, can assist in making your federal loan payments more manageable based on your income and family size. By enrolling in an income-driven plan, you could get a lower monthly payment, making it easier to meet your financial obligations. Additionally, after 20 - 25 years of making on-time payments, your loans will be forgiven.

* As a result of ongoing court actions, the terms of some Income-Driven Repayment (IDR) plans, including the SAVE plan, may be subject to change. Please refer to studentaid.gov for the current status of these plans.

1. Federal student loan consolidation

Consolidation of federal student loans can streamline repayment into a single loan with a fixed interest rate, simplifying the process and potentially reducing monthly payments.

2. Student loan refinancing

Private student loans often carry higher interest rates, making repayment challenging. If you don’t qualify for any other assistance programs, refinancing through a private lender could help. Refinancing benefits include:

• You can refinance federal and private student loans
• Get a lower interest rate if you qualify, potentially saving a lot of money²
• Potentially lowering your monthly payment
• Getting a new term and consolidating multiple loans into a single payment

Refinance when interest rates are low

You’ll want to refinance when you’re confident you can get a lower interest rate. In September 2024, the Fed finally lowered rates making it cheaper to borrow money. This makes it a good time to look at refinancing if you’re considering it.

What to look for in a refinancing lender

Make sure you shop around for interest rates. A lender should offer you a free rate check so you can see how much you can potentially save. You’ll also want to see their repayment options, flexible terms, and good customer service.

Keep in mind that if you refinance with a private lender, you will lose access to all federal student loan protections.

Refinancing with Earnest

If you’re thinking about refinancing, you can check your interest rate in 2 minutes and use our free refinancing calculator to find out if it makes sense for you. Here’s what makes Earnest different from other lenders:

• We answer customer calls in under 2 minutes
• Over 90% of our clients give our Client Happiness team a positive rating
• We have flexible terms and low rates available
• Payment tool that lets you select a rate, payment, and term combination that works for you.

Staying informed and empowered

Navigating the landscape of loan repayment assistance and forgiveness options can be hard. Know that with the right knowledge and resources, you can take steps toward managing your pharmacy school loans more effectively.

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About the Author

Sasha Bulatskaya

Sasha is the Senior Manager of Brand and Content at Earnest. She has been writing for ten years and has been focused on educational finance and financial aid for over three. Her passion for mission-driven companies brought her to Earnest in 2020, and she's been helping make student finance more accessible ever since. She strives to demystify personal finance and student loans to help borrowers make the best decisions for their financial situation.

Disclaimer

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.

1 As was announced by the U.S. Department of Education (ED), federal student loans have resumed accruing interest starting September 1, 2023, and federal student loan payments were reinstated starting in October. Please note that you may lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans (an example of which is the SAVE plan), Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan. If you file for bankruptcy, you may still be required to pay back this loan. Seehttps://studentaid.gov/ for more information.

2 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan.