How will you pay for dental school?

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JacquesVallee

JacquesVallee

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  1. Dentist
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Pre dents, what have dental schools told you in the interviews for paying for dental school now that federal loans are capped? Are you all planning on taking out private loans? Have private lenders said they'd cover you?
 
Mr.Smile12 said:
crypto and CBD investments?

Seriously, if you have interviewed at dental schools, we would like to know.

Ditto with any current students.
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I think the silence from the dental schools says it all: they don't have a plan. It will be interesting to see if students can get the private loans to cover or not. If they're rejected, we could get a mass exodus of incoming dental students.
 
JacquesVallee said:
I think the silence from the dental schools says it all: they don't have a plan. It will be interesting to see if students can get the private loans to cover or not. If they're rejected, we could get a mass exodus of incoming dental students.
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Well, give it a while, or throw the grenade into Reddit or DAT Bootcamp forums... let's see what happens there.
 
JacquesVallee said:
I think the silence from the dental schools says it all: they don't have a plan. It will be interesting to see if students can get the private loans to cover or not. If they're rejected, we could get a mass exodus of incoming dental students.
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Big Hoss
 
JacquesVallee said:
I think the silence from the dental schools says it all: they don't have a plan. It will be interesting to see if students can get the private loans to cover or not. If they're rejected, we could get a mass exodus of incoming dental students.
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i think this cycle is going to go on very long at a lot of schools as people drop out because they cannot get private loans...
 
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I’m a parent of a predental, came out here to learn more about things. I was a business major, MBA in finance, so I talk to her a lot about the financial side and run calculations to make sure she understands. My personal opinion is that private lenders are not going to offer enough to fully fund the gap between the federal limit and COA at the top 10-20 most expensive schools. The schools either have to bring the total down to an amount the lenders are willing to risk, given the ROI, or those students need outside funds to bridge the remaining gap. Private lenders may be able to cover the remaining balance at the schools in the middle of the price pack.
So far my daughter has just interviewed at our state schools where the total would stay under the federal loan limit (TX) but she has an upcoming interview with an out of state school that would require a big private loan and I’ve coached her with some pretty specific questions, I’ll come back and report on how those questions are answered. I’m very interested in what they are telling these kids.
 
texas-tornado said:
I’m a parent of a predental, came out here to learn more about things. I was a business major, MBA in finance, so I talk to her a lot about the financial side and run calculations to make sure she understands. My personal opinion is that private lenders are not going to offer enough to fully fund the gap between the federal limit and COA at the top 10-20 most expensive schools. The schools either have to bring the total down to an amount the lenders are willing to risk, given the ROI, or those students need outside funds to bridge the remaining gap. Private lenders may be able to cover the remaining balance at the schools in the middle of the price pack.
So far my daughter has just interviewed at our state schools where the total would stay under the federal loan limit (TX) but she has an upcoming interview with an out of state school that would require a big private loan and I’ve coached her with some pretty specific questions, I’ll come back and report on how those questions are answered. I’m very interested in what they are telling these kids.
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Thanks for sharing this. I know we all look forward to hearing what your daughter reports back. Texas has the cheapest schools in the country so hoping your daughter gets into one of them!
 
texas-tornado said:
I’m a parent of a predental, came out here to learn more about things. I was a business major, MBA in finance, so I talk to her a lot about the financial side and run calculations to make sure she understands. My personal opinion is that private lenders are not going to offer enough to fully fund the gap between the federal limit and COA at the top 10-20 most expensive schools. The schools either have to bring the total down to an amount the lenders are willing to risk, given the ROI, or those students need outside funds to bridge the remaining gap. Private lenders may be able to cover the remaining balance at the schools in the middle of the price pack.
So far my daughter has just interviewed at our state schools where the total would stay under the federal loan limit (TX) but she has an upcoming interview with an out of state school that would require a big private loan and I’ve coached her with some pretty specific questions, I’ll come back and report on how those questions are answered. I’m very interested in what they are telling these kids.
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They are probable clueless. These are the people who are used to getting the check from the government with zero accountability
 
texas-tornado said:
I’m a parent of a predental, came out here to learn more about things. I was a business major, MBA in finance, so I talk to her a lot about the financial side and run calculations to make sure she understands. My personal opinion is that private lenders are not going to offer enough to fully fund the gap between the federal limit and COA at the top 10-20 most expensive schools. The schools either have to bring the total down to an amount the lenders are willing to risk, given the ROI, or those students need outside funds to bridge the remaining gap. Private lenders may be able to cover the remaining balance at the schools in the middle of the price pack.
So far my daughter has just interviewed at our state schools where the total would stay under the federal loan limit (TX) but she has an upcoming interview with an out of state school that would require a big private loan and I’ve coached her with some pretty specific questions, I’ll come back and report on how those questions are answered. I’m very interested in what they are telling these kids.
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Thanks for sharing your thoughts and experiences. A couple of responses.
  • TX state schools are probably the cheapest nationally. Yours is an unusual experience.
  • Private loans - you need to apply annually. As the co-signer's credit score and debt-to-income ratio drops from co-signing private loans, greater probably of being denied (imagine being denied as you're starting D3).
Given all this, it is my understanding dental school admission applications have increased?!
 
SigmaFS said:
Thanks for sharing your thoughts and experiences. A couple of responses.
  • TX state schools are probably the cheapest nationally. Yours is an unusual experience.
  • Private loans - you need to apply annually. As the co-signer's credit score and debt-to-income ratio drops from co-signing private loans, greater probably of being denied (imagine being denied as you're starting D3).
Given all this, it is my understanding dental school admission applications have increased?!
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That’s a “gotcha” that I doubt anyone is considering. The private loan underwriters would definitely include that in their risk assessment, which is one of the reasons I’m skeptical they will be willing to underwrite the size of loans needed for the most expensive schools. Also, from my understanding private loans can be discharged in court if someone can show hardship. It’s certainly feasible that these students could make this claim when their loan payments are over 50% of their after tax income and they are unable to make ends meet, buy a home, raise a family. I’m sure the private loan underwriters are well aware of this risk too. A judge would be likely to take pity on them and feel they were taken advantage of by predatory lenders.
 
texas-tornado said:
That’s a “gotcha” that I doubt anyone is considering. The private loan underwriters would definitely include that in their risk assessment, which is one of the reasons I’m skeptical they will be willing to underwrite the size of loans needed for the most expensive schools.
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The chaos and unintended consequences will be interesting to follow, say from an uninvolved party.
 
Looking at around 100k in private loans if I get accepted. I have no idea if I will be approved for those.
 
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JacquesVallee said:
Do NOT take out 100k in private loans on top of 200k in federal loans, my goodness.
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I will be completely honest, but I will take them out if I get approved. I like dentistry and the alternatives are not appealing to me.
 
michaeljj2021 said:
I will be completely honest, but I will take them out if I get approved. I like dentistry and the alternatives are not appealing to me.
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I assumed you would. When I was a pre dent, I would've done the same. I left with 200k and that was not financially worth it imo. I can't imagine had I tacked on an additional 100k in predatory PRIVATE loans. You've been warned.
 
michaeljj2021 said:
I will be completely honest, but I will take them out if I get approved. I like dentistry and the alternatives are not appealing to me.
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Applicants seem to consistently underestimate their loan amounts. If you can keep it to $300k and willing relocate to higher demand areas, you should be fine. But you're at $350k+, obviously it becomes more challenging.
 
What are the current interest rates? 9%? 100k is only an additional 25k per year on a loan that starts accruing interest the moment it is dispensed. Someone should make calculations what that would balloon to just at the time of graduation alone
 
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allantois said:
What are the current interest rates? 9%? 100k is only an additional 25k per year on a loan that starts accruing interest the moment it is dispensed. Someone should make calculations what that would balloon to just at the time of graduation alone
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Federal interest rates are 9.1%. Private are significantly higher than that from like 12-15% I believe.
mjzccle19701 said:
Dress up as the OBBB for Halloween with a sign that says this
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Too scary haha
 
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Not sure if this has been deterring people, Tufts has gotten 4,800 applications so far this year, its most ever.. and I'm one of them. Although I have been strongly considering a switch to medicine with its lower COA and great guaranteed pay out of residency
 
Exoticsky said:
Not sure if this has been deterring people, Tufts has gotten 4,800 applications so far this year, its most ever.. and I'm one of them. Although I have been strongly considering a switch to medicine with its lower COA and great guaranteed pay out of residency
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Well the processes have not changed - but what is going to happen at the point when someone needs to fork over money to cover the gap in federal loans?
 
Exoticsky said:
Not sure if this has been deterring people, Tufts has gotten 4,800 applications so far this year, its most ever.. and I'm one of them. Although I have been strongly considering a switch to medicine with its lower COA and great guaranteed pay out of residency
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Hopefully private lenders won't give you guys loans. I know it sounds harsh, but it's the best thing for you. You simply have no business taking on 400k+ in loans at 12-15% that this time you actually have to pay back (unlike federal loans).
 
SigmaFS said:
Applicants seem to consistently underestimate their loan amounts. If you can keep it to $300k and willing relocate to higher demand areas, you should be fine. But you're at $350k+, obviously it becomes more challenging.
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I was going off COA. But anyway, I do plan on living with family a few years after graduation, knocking out the private loans ASAP, and saving some money to open a practice somewhere down the line.
 
Exoticsky said:
Not sure if this has been deterring people, Tufts has gotten 4,800 applications so far this year, its most ever.. and I'm one of them. Although I have been strongly considering a switch to medicine with its lower COA and great guaranteed pay out of residency
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Medical schools are not much cheaper. My kid has just gotten an acceptance offer from a private med school in the midwest. According to the school’s website, the cost of attendance for the first 2 years is $109/yr (the tuition alone is $69k/yr) and for the last 2 years is $114/yr. So the total cost for 4 years will be $446k, which is around the same cost as what many private med schools like USC, Georgetown, Vanderbilt etc charge their students. Public medical schools like UCLA are not that much cheaper either. According to the UCLA’s med school website, the total cost of attendance there is $417k (How Much Does Medical School Cost? | UCLA Medical School).

Georgetown med school receives 14,480 applications this year. They only invite 1,053 applicants for interviews. And they have a class size of 200 students. The total cost of attendance there is $465k.
 
Exoticsky said:
Not sure if this has been deterring people, Tufts has gotten 4,800 applications so far this year, its most ever.. and I'm one of them. Although I have been strongly considering a switch to medicine with its lower COA and great guaranteed pay out of residency
Click to expand...

Jonah Hill Snl GIF by Saturday Night Live


No no no no no...
 
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Mr.Smile12 said:
Jonah Hill Snl GIF by Saturday Night Live


No no no no no...
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charlestweed said:
Medical schools are not much cheaper. My kid has just gotten an acceptance offer from a private med school in the midwest. According to the school’s website, the cost of attendance for the first 2 years is $109/yr (the tuition alone is $69k/yr) and for the last 2 years is $114/yr. So the total cost for 4 years will be $446k, which is around the same cost as what many private med schools like USC, Georgetown, Vanderbilt etc charge their students. Public medical schools like UCLA are not that much cheaper either. According to the UCLA’s med school website, the total cost of attendance there is $417k (How Much Does Medical School Cost? | UCLA Medical School).

Georgetown med school receives 14,480 applications this year. They only invite 1,053 applicants for interviews. And they have a class size of 200 students. The total cost of attendance there is $465k.
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Am I wrong to assume that physicians have an "easier" path to loan repayment? I see that dentists on average make less than them. Let me know if I am being naive? Although I do like dentistry a lot more and am currently in the HPSP application process..
 
SigmaFS said:
Oh, you haven't accounted for annual tuition & fee increases and interest accrual. Well, $350k+ is coming.
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If congressional R's are right, I won't have to worry about tuition increases.

(Mostly joking)
 
Exoticsky said:
Am I wrong to assume that physicians have an "easier" path to loan repayment? I see that dentists on average make less than them. Let me know if I am being naive? Although I do like dentistry a lot more and am currently in the HPSP application process..
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Keep in mind that the physicians won’t start earning the high doctor’s income until they are in their early to mid 30s because they'll have to do 3-6 more years of residency/fellowship after med schools. The average age of first year medical student is 24 yo because many of them (75% of them) took 1-2 gap years to improve their stats before they applied for med schools. Many of them won’t get their MD degree until they turn 28-29 yo.

IMO, dentistry is a better profession. I’ve had a good life despite having to work on the weekends. It’s good that you are applying for HPSP scholarship. Hope they’ll accept your application.
 
You won't pay back dental school if your loans after 200K for a principal are 10-2% interest YoY.
 
TheLastDance said:
You won't pay back dental school if your loans after 200K for a principal are 10-2% interest YoY.
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How do you figure? A loan at 12% interest, principal at $120k with 10-year repayment period results in $1722/month payment.
 
SigmaFS said:
How do you figure? A loan at 12% interest, principal at $120k with 10-year repayment period results in $1722/month payment.
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Brother if you really think taking out an extra 300K on your 550K dental degree at 15-20% is "only 1722" - I've got an igloo in Georgia to sell. No private interest is forebeared. Interest rates will be astronomical.
 
TheLastDance said:
Brother if you really think taking out an extra 300K on your 550K dental degree at 15-20% is "only 1722" - I've got an igloo in Georgia to sell. No private interest is forebeared. Interest rates will be astronomical.
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Last dance...maybe I misunderstood the amounts you were referring to. "You won't pay back dental school if your loans after 200K for a principal are 10-2% interest YoY." What is the actual amount? And I assumed you meant 10-12% interest YoY.

And here, "Brother if you really think taking out an extra 300K on your 550K dental degree at 15-20%". I don't you know how go from an 300K on your 550K, and then 15%-20%. $250k accrued interest?

Now, michaeljj was talking about borrowing $200K federal and $100K, but I don't know what you're speaking of. And interest rates are not necessarily astronomical. Here are rates a current borrower was offered.
1761694215328.png
 
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Big Time Hoosier said:
I wish I could sell my dental degrees to some unwitting predent like they were some kind of commodity. I’d like to unload them before the bubble bursts.

Big Hoss
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Definitely, 100% I would do likewise
 

Someone on Reddit asked about what schools have said about the BBB in their dental school interviews. The responses (or lack thereof) from the dental schools says it all: they don't have a plan. Really pulling for expensive dental schools to not be able to fill their classes.

Here's an interesting response: "I had 4 interviews. I brought it up in every single one. The general response was “eh not our problem”. One school was downright hostile and offended that I would dare consider the cost. You’re on your own with private student loans."
 
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