Douglas Olsen
Pharmacists often face the challenge of managing their student loans, and those working in retail pharmacies like CVS often seek alternatives to Public Service Loan Forgiveness (PSLF). While CVS does not directly pay off pharmacists' student loans, they do offer tuition assistance and scholarship programs to support aspiring pharmacists. These initiatives include the PharmD tuition assistance program, which provides eligible interns with a $20,000 annual award, and the CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award, which offers $20,000 scholarships to outstanding student pharmacists facing financial barriers. Additionally, income-driven repayment plans, refinancing options, and state-based or federal loan repayment programs can provide relief for pharmacists working at CVS.
| Characteristics | Values |
|---|---|
| CVS student loan repayment | CVS does not offer direct student loan repayment. However, it provides tuition assistance and scholarships for eligible pharmacy interns and students. |
| Tuition assistance | CVS offers a PharmD tuition assistance program that provides a $20,000 award per year to eligible CVS Pharmacy interns. |
| Scholarships | CVS, in collaboration with the American Association of Colleges of Pharmacy (AACP), offers the Community Pharmacy Health Equity Award. This scholarship is worth $20,000 and is awarded to 21 outstanding student pharmacists facing financial barriers. |
| Student loan forgiveness | Pharmacists working at CVS do not qualify for Public Service Loan Forgiveness (PSLF). However, they may benefit from Income-Driven Repayment (IDR) forgiveness, state-based forgiveness programs, or refinancing options. |
| IDR forgiveness | IDR adjusts payments based on income and can lead to loan forgiveness after 120 qualifying payments over 10 years. |
| State-based forgiveness programs | Examples include the National Health Service Corps Loan Repayment Program and the Indian Health Service Loan Repayment Program, which offers up to $40,000 in loan assistance with a two-year service commitment. |
| Refinancing | Pharmacists can consider refinancing their loans with a private lender when working for private sector employers like CVS. |
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What You'll Learn
CVS scholarships for student pharmacists
On April 3, 2024, CVS Health announced two new offerings for pharmacy students to support the next generation of pharmacists. The first offering is an enhanced PharmD tuition assistance program for eligible CVS Pharmacy interns, which provides a $20,000 award per year. The second offering is a new scholarship for students enrolled in pharmacy schools nationwide.
The CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award will grant $20,000 to 21 outstanding student pharmacists who face financial barriers in their pursuit of education. This award is intended to promote and support a population of student pharmacists who will care for an increasingly diverse patient population as part of a healthcare team. To be eligible, applicants must demonstrate leadership, academic success, financial need, and a commitment to advancing the profession of pharmacy and patient care.
The application for the 2025 CVS Health/AACP Community Pharmacy Award for Student Pharmacists program is now closed. The scholarship applicants must be enrolled in a 3-year or 4-year Pharm.D. program and must be able to demonstrate that they face financial barriers in their pursuit of education. The GPA for the current degree program must be 2.5 or greater on a 4.0 scale.
Retail pharmacists working at CVS can also explore income-driven repayment (IDR) forgiveness, which adjusts payments based on income and can lead to loan forgiveness over time. Additionally, there are state-based forgiveness programs and federal programs like the National Health Service Corps Loan Repayment Program that may provide assistance with student loans.
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CVS tuition assistance for interns
CVS Health has demonstrated its commitment to investing in the future of pharmacy by offering two new programs to support the next generation of pharmacists. The first is an enhanced PharmD tuition assistance program for eligible CVS Pharmacy interns, and the second is a new scholarship for students enrolled in pharmacy schools across the country.
CVS Health PharmD Tuition Assistance Program
The CVS Health PharmD tuition assistance program is available to all eligible CVS Pharmacy interns and offers a $20,000 award per year. This program is designed to provide financial assistance and hands-on experience to interns, helping them advance their careers in pharmacy.
Starting in the summer of 2024, PharmD graduates interning with CVS Pharmacy can apply for up to $20,000 towards their final year of tuition. From the fall of 2024 onwards, the program will expand to include CVS Pharmacy interns in their final two years of pharmacy education, who will also be eligible for $20,000 each year while working as interns.
CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award
The CVS Health/AACP Community Pharmacy Health Equity Award is a scholarship program that grants $20,000 to 21 outstanding student pharmacists facing financial barriers in their pursuit of a Pharm.D. degree. The scholarship aims to support students who demonstrate leadership, academic success, and a commitment to addressing health disparities and patient well-being in underserved communities.
Other CVS Tuition Assistance Programs
In addition to the above programs specifically for pharmacy interns, CVS also offers tuition reimbursement to its employees. This benefit is available to both part-time and full-time employees, helping them to gain a higher education. CVS also offers scholarships for dependents of full-time CVS colleagues, ranging from $1,000 to $5,000 in value.
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Pharmacists' student loan forgiveness
Pharmacists often graduate with a large amount of student loan debt. According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy school graduates is $170,444. However, there are a variety of loan forgiveness programs available for pharmacists, and depending on where you work and the service you're able to commit to, you could qualify for partial or full pharmacist loan forgiveness.
Public Service Loan Forgiveness (PSLF)
PSLF is a strong option for public service pharmacists. To qualify, you must submit the PSLF form each year to certify your employment. After 120 qualifying payments, you can apply for forgiveness. If you work full-time for a qualifying employer, you can make 120 monthly payments and have your remaining federal student loan balance forgiven after 10 years through the PSLF program. These payments do not need to be consecutive, which can be helpful if your career path changes.
Income-Driven Repayment (IDR) Forgiveness
IDR forgiveness is often the best option for retail pharmacists working at for-profit employers like CVS or Walgreens. IDR plans adjust your payments based on your income and family size, which can help lower your payments. The remaining balance will be forgiven by the end of your repayment period, which is usually 20 or 25 years. The federal government offers several types of IDR plans, including:
- Income-Based Repayment (IBR) plan: Under the IBR plan, a borrower’s monthly payments are generally equal to 15% of their discretionary income.
- Saving on a Valuable Education (SAVE) plan: SAVE is designed to lower your payments based on income and family size. If your monthly payment isn’t enough to cover the accrued monthly interest, the government will cover it, preventing your balance from growing due to unpaid interest.
State-Based Forgiveness Programs
Many states offer loan repayment programs for healthcare professionals working in Health Professional Shortage Areas (HPSAs). These programs typically reward pharmacists working in underserved areas or specific healthcare settings, offering significant loan repayment opportunities. Some examples include:
- Washington Health Corps: Up to $75,000 in student loan forgiveness for a two- to three-year commitment in an HPSA.
- Colorado Health Service Corps: Full-time clinical pharmacists may qualify for up to $90,000 in loan forgiveness after three years.
National Health Service Corps Loan Repayment Program
The National Health Service Corps Loan Repayment Program may help with both federal and private student loans.
Indian Health Service Loan Repayment Program
The Indian Health Service Loan Repayment Program may also help with both federal and private student loans.
HRSA Faculty Loan Repayment Program
For pharmacists from disadvantaged backgrounds who serve as faculty at health professional schools, the HRSA Faculty Loan Repayment Program offers up to $40,000 in loan repayment for a two-year commitment.
CVS Health Scholarship Programs
CVS Health has expanded its pharmacy tuition assistance and scholarship programs in collaboration with the American Association of Colleges of Pharmacy and the CVS Health Foundation. The CVS Health PharmD tuition assistance program offers eligible CVS Pharmacy interns a $20,000 award per year. Additionally, the CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award grants $20,000 to outstanding student pharmacists facing financial barriers.
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Pharmacists' student loan refinancing
Pharmacists often graduate with six-figure student loan debt, with the average student loan debt for graduates at $170,956 in 2024. The median annual income for pharmacists was $137,480 as of May 2024, according to the Bureau of Labor Statistics, but early-career pharmacists will likely make significantly less.
In recognition of this, CVS Health has implemented a tuition assistance program for eligible CVS Pharmacy interns, offering an award of $20,000 per year. They have also introduced a scholarship in collaboration with the American Association of Colleges of Pharmacy (AACP), granting $20,000 to 21 outstanding student pharmacists who face financial barriers.
If you are a pharmacist with student loan debt, there are several options available to you, including federal student loan forgiveness programs, income-driven repayment plans, and refinancing.
Student Loan Forgiveness Programs
There are federal and state-based forgiveness programs available for pharmacists, such as Public Service Loan Forgiveness (PSLF), which is an option for pharmacists working in not-for-profit or government organizations, including the military. Pharmacists working in retail or for-profit pharmacies may find that Income-Driven Repayment (IDR) forgiveness is their best option. Additionally, there are state-based forgiveness programs and loan repayment programs for healthcare professionals working in Health Professional Shortage Areas (HPSAs).
Income-Driven Repayment Plans
If you don't qualify for loan forgiveness, you may want to consider an income-driven repayment plan, such as Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), or Income-Contingent Repayment (ICR). These plans adjust your payments based on your income and can lead to forgiveness after a certain number of qualifying payments.
Refinancing
Refinancing your student loans is another option to consider, as it could enable you to get a lower interest rate, especially if you have a large loan amount. However, it may be difficult to qualify for refinancing as lenders typically require good credit and a strong income. Additionally, if you refinance federal student loans with a private lender, you will lose eligibility for federal student loan benefits, including income-driven repayment plans, forgiveness programs, and federal forbearance and deferment.
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Pharmacists' income-driven repayment forgiveness
Pharmacists working at CVS or other for-profit companies do not qualify for Public Service Loan Forgiveness (PSLF). However, they can benefit from income-driven repayment forgiveness. IDR adjusts payments based on income and can lead to forgiveness. Most income-driven repayment plans last for 20 or 25 years, after which the U.S. Department of Education may forgive any remaining loan balance.
There are several income-driven repayment plans available, including:
- Revised Pay As You Earn (REPAYE)
- Pay As You Earn (PAYE)
- Income-Based Repayment (IBR)
- Income-Contingent Repayment (ICR)
Under the PAYE plan, pharmacists are required to pay 10% of their discretionary income as monthly payments for 20 years. At the end of this period, they must pay taxes on the forgiven balance as if it were income.
It is important to note that pharmacists with federal student loans who are considering refinancing to obtain a lower interest rate should be aware that private loans do not offer benefits such as income-driven repayment plans or loan forgiveness programs.
In addition to income-driven repayment forgiveness, pharmacists working at CVS can also take advantage of the company's tuition assistance and scholarship programs, such as the CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award, which grants $20,000 to outstanding student pharmacists who face financial barriers.
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Frequently asked questions
CVS Health offers tuition assistance and scholarship programs for pharmacy students. They offer a $20,000 award per year to eligible CVS Pharmacy interns. They also offer a scholarship for students enrolled in pharmacy schools, which is awarded to 21 outstanding students who face financial barriers.
Applicants must demonstrate leadership, academic success, and a commitment to care for patients in underserved communities. They must also be enrolled in a Pharm.D. program at an American Association of Colleges of Pharmacy (AACP) member institution.
It is important to demonstrate financial need and a commitment to advancing the profession of pharmacy and patient care. Applicants must also meet the income requirements, with an adjusted gross income below the Low-Income Level.
Pharmacists working at CVS or other for-profit companies do not qualify for Public Service Loan Forgiveness (PSLF). However, Income-Driven Repayment (IDR) can offer relief by adjusting payments based on your income. There are also state-based forgiveness programs and loan repayment programs for healthcare professionals working in Health Professional Shortage Areas (HPSAs).
In addition to IDR and state-based forgiveness programs, you can explore refinancing your loans with a private lender. This option can be significantly cheaper than the standard 10-year repayment plan. However, refinancing may cause you to forfeit certain federal benefits and loan forgiveness options. It is important to carefully consider your financial situation and seek expert advice before making any decisions.
