Dental School Debt

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pharmacist28

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Hello:

I would like to hear the input from dentists who have graduated from dental schools with high tuition. Schools like USC, NYU, Univ of Penn, Boston Univ, Tufts Univ, Univ of the Pacific, Case Western, Columbia Univ, Nova, Harvard, etc...
Usually graduates from these schools have anywhere from 250,000 to 400,000 dollars in debt. How are you guys coping after graduation and landing in your first job? Any thoughts on the subject is appreciated. Thanks!

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I went to BU...about 250K in debt upon graduation. My monthly payment is ~2K.

I'm making more money than I anticipated, so it's really not an issue at all. I'd love to have that 2K every month to buy a Porsche...but I'm living comfortably and still enjoying plenty of luxuries.

And as that income rises...the loan becomes even more of an afterthought.
 
I went to BU...about 250K in debt upon graduation. My monthly payment is ~2K.

I'm making more money than I anticipated, so it's really not an issue at all. I'd love to have that 2K every month to buy a Porsche...but I'm living comfortably and still enjoying plenty of luxuries.

And as that income rises...the loan becomes even more of an afterthought.

What type of area are you employeed at? City, suburbs, rural?
 
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Anything under 300K in loans should be OK if you are landing a job with an average or above average salary. It also depends on whether you are on a 10 yr or 30 yr repayment schedule. From what I am hearing from the recent grads of this year in Cali and NY, you might have a hard time finding a job in those areas.

But in a few years, who knows what the financial climate will be? Who knows whether retiring dentists will make it a buyer's market, or if mid levels will kill our profits... Just be ready to adapt when you graduate!
 
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How much is University of the Pacific's dental school total tuition and/or debt? I'm going to apply to UoP and UIC's accelerated programs and am not sure which one I would prefer if I get accepted (2+3 or 3+3 program @ Pacific, GPPA @ UIC). I would get instate tuition for UIC, which I've heard is very good. I like both Chicago and the bay area, but I'd also like to go west. The money could play a big issue too, if Pacific's debt is that bad.
 
How much is University of the Pacific's dental school total tuition and/or debt? I'm going to apply to UoP and UIC's accelerated programs and am not sure which one I would prefer if I get accepted (2+3 or 3+3 program @ Pacific, GPPA @ UIC). I would get instate tuition for UIC, which I've heard is very good. I like both Chicago and the bay area, but I'd also like to go west. The money could play a big issue too, if Pacific's debt is that bad.

Unless you are going to be living at home and commuting to dental school at UIC, tuition is quite high for a state school at UIC. Tuition and fees for 1st year are 45k (without living expenses), 2 3 and year 4 are each 55k/year. This is pretty much close to any private dental school's tuition. The undergrad tuition is good though. So if you go to UIC it will be for tuition and fees 45k+55+55+55 = 210k for 4 years. If you get an apartment and stuff add another 20k/year or so. So with living expenses 210+80 = ~290k

UoP is 120k/yr with living expenses included. UoP area housing is probably a bit more expensive than around UIC. So UoP 3 years = 360k
People will come in here telling you, you graduate UoP 1 year early, so in that 1 year you can pay off 50k (ideally) of that debt so technically you are left with 310k debt and be working for 1 year, while other schools are just graduating.

Now, UIC's tuition... say for example you get accepted to UCSF/UCLA their estimated tuition for 4 years for OOS is 80k/year = 320k. 30k more than UIC in-state tuition. California also allows you to change residency to instate after your 1st year, so 1st year you pay 80k, then you pay instate 70k/year. So after 4 years you owe 290k. Same as UIC. Do you see how UIC's "instate tuition" is not all that great due to the financial status of the state? UIC is great and all, but financially they are stuck in a pickle right now.

East coast schools (Stony Brook) allow residency changes too. But Stony Brook is really hard to get into. UNLV and some others do residency changes too as far as I know.

These figures don't include interest and stuff, so they will be higher.

If you are worried about money, I would stay at UIC and try to commute from home or find the cheapest apartment possible.
 
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Unless you are going to be living at home and commuting to dental school at UIC, tuition is quite high for a state school at UIC. Tuition and fees for 1st year are 45k (without living expenses), 2 3 and year 4 are each 55k/year. This is pretty much close to any private dental school's tuition. The undergrad tuition is good though. So if you go to UIC it will be for tuition and fees 45k+55+55+55 = 210k for 4 years. If you get an apartment and stuff add another 20k/year or so. So with living expenses 210+80 = ~290k

UoP is 120k/yr with living expenses included. UoP area housing is probably a bit more expensive than around UIC. So UoP 3 years = 360k
People will come in here telling you, you graduate UoP 1 year early, so in that 1 year you can pay off 50k (ideally) of that debt so technically you are left with 310k debt and be working for 1 year, while other schools are just graduating.

Now, UIC's tuition... say for example you get accepted to UCSF/UCLA their estimated tuition for 4 years for OOS is 80k/year = 320k. 30k more than UIC in-state tuition. California also allows you to change residency to instate after your 1st year, so 1st year you pay 80k, then you pay instate 70k/year. So after 4 years you owe 290k. Same as UIC. Do you see how UIC's "instate tuition" is not all that great due to the financial status of the state? UIC is great and all, but financially they are stuck in a pickle right now.

East coast schools (Stony Brook) allow residency changes too. But Stony Brook is really hard to get into. UNLV and some others do residency changes too as far as I know.

These figures don't include interest and stuff, so they will be higher.

If you are worried about money, I would stay at UIC and try to commute from home or find the cheapest apartment possible.

Thank you so much. I couldn't have asked for a more helpful answer. :):thumbup:
 
What type of area are you employeed at? City, suburbs, rural?

Im working at a private practice in Houston...but we mostly see medicaid patients. Schedule about 25 per day for me to see...so its pretty hectic.
 
Im working at a private practice in Houston...but we mostly see medicaid patients. Schedule about 25 per day for me to see...so its pretty hectic.

The Texas Medicaid boon is going to bust in a few months.
Several years ago, Medicaid was forced to increase their reimbursment rates. Tons of dentist came to Texas to open medicaid clinics and many got rich quickly.

I went to the medicaid stakeholders meeting in October. In a few months Medicaid & CHip will be changing into an HMO style capitation plan run by a 3rd party that is going to profit by taking over medicaid. Once this happens it will difficult to make a living treating medicaid patients.

My advice is to go to the cheapest US dental school possible. Student loan debt sucks.
 
My advice is to go to the cheapest US dental school possible. Student loan debt sucks.

Or get the military to pay your entire tuition with HPSP. I'm thinking of applying for that years down the road.
 
Hi Doc Payne, if you have the military to pay all your tuition, what do u have to do in return? how many yrs you have to work for the military after you graduated and how much will they paying you? thank you..
 
Hi Doc Payne, if you have the military to pay all your tuition, what do u have to do in return? how many yrs you have to work for the military after you graduated and how much will they paying you? thank you..

If you are accepted to the HPSP scholarship and commit yourself to it, you are obligated to serve as many years as the military pays for your tuition (they also pay for books and fees). This is usually 4 years, sometimes more, sometimes less. You get paid when you're in school, and you also get a stipend.

You'll find the FAQ useful: http://forums.studentdoctor.net/showthread.php?t=118576
 
If you are accepted to the HPSP scholarship and commit yourself to it, you are obligated to serve as many years as the military pays for your tuition (they also pay for books and fees). This is usually 4 years, sometimes more, sometimes less. You get paid when you're in school, and you also get a stipend.

You'll find the FAQ useful: http://forums.studentdoctor.net/showthread.php?t=118576

Total commitment required for ANY type of army loan is 8 years, with the number of years that you were funded exchanged for the same number of years required on active duty, then the remainder of the 8 years in reserve.

Sorry if that sounds confusing, I just talked to an Army recruiter a few weeks ago and that is the way they put it. Bottom line is that if you can sacrifice your life to whatever the Army wants to do with you, DO IT. Financially, you cannot top that offer.
 
The Texas Medicaid boon is going to bust in a few months.
Several years ago, Medicaid was forced to increase their reimbursment rates. Tons of dentist came to Texas to open medicaid clinics and many got rich quickly.

I went to the medicaid stakeholders meeting in October. In a few months Medicaid & CHip will be changing into an HMO style capitation plan run by a 3rd party that is going to profit by taking over medicaid. Once this happens it will difficult to make a living treating medicaid patients.

In the process of buying my own practice...quitting my medicaid job within a couple weeks. :thumbup:
 
Total commitment required for ANY type of army loan is 8 years, with the number of years that you were funded exchanged for the same number of years required on active duty, then the remainder of the 8 years in reserve.

Sorry if that sounds confusing, I just talked to an Army recruiter a few weeks ago and that is the way they put it. Bottom line is that if you can sacrifice your life to whatever the Army wants to do with you, DO IT. Financially, you cannot top that offer.

Do you mean you're serving while you're in school? Or do you serve the remainder of the 8 years in reserve only?
 
Do you mean you're serving while you're in school? Or do you serve the remainder of the 8 years in reserve only?

You will serve a year for a year commitment in relation to active duty. For example if you are on HPSP scholarship for 4 years of dental school, you will serve 4 years of active duty. After this 4 years of active duty is up you will serve 4 years as inactive reserve. This essentially means that your name goes on a list, and if there is some sort of great need for dentists then you will be called on to serve. From what I have gathered, the chance of being called back to duty is extremely low.
 
The Texas Medicaid boon is going to bust in a few months.
Several years ago, Medicaid was forced to increase their reimbursment rates. Tons of dentist came to Texas to open medicaid clinics and many got rich quickly.

I went to the medicaid stakeholders meeting in October. In a few months Medicaid & CHip will be changing into an HMO style capitation plan run by a 3rd party that is going to profit by taking over medicaid. Once this happens it will difficult to make a living treating medicaid patients.

My advice is to go to the cheapest US dental school possible. Student loan debt sucks.

:thumbup:

Excellent post. Hard to find good advice on here but everybody should listen to this.

I practiced for a little while in Ohio MA that had DHMO type plans. Wasn't too bad but reimbursement was very very low... you do OK if you are very fast. It's almost impossible to keep your quality good when going that fast.

Keep your debt level down as much as possible and you'll be OK. 2k a month for 30 years just for loan repayment gets old REAL fast.
 
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