Challenges Securing Private Loans

Started by SigmaFS
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JacquesVallee said:
I can't imagine every single incoming D1 has hefty parental financial backing...
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Agreed but with the changes these schools may be either forced to lower tuition, somehow people are able to secure private loans, or they lower the threshold of acceptance. Either way it could be a downhill spiral for these expensive schools similar to what's already happened with NYU which is a financial nightmare, and you don't get the education backing up the money.
 
So far though the demand for dental schools has stayed steady (or even gone up) and not enough supply (education) so there's no reason the price won't keep going up and up. If the private loan people say no and students don't have family financial support the demand will fall... But each of the most expensive schools still get thousands of applications for only hundreds of spots every year. The reputation of the school matters a little, but people are so desperate they'll go anywhere.
 
SutureSnake said:
Agreed but with the changes these schools may be either forced to lower tuition, somehow people are able to secure private loans, or they lower the threshold of acceptance. Either way it could be a downhill spiral for these expensive schools similar to what's already happened with NYU which is a financial nightmare, and you don't get the education backing up the money.
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What's happening at NYU? Are you referring to the price? If so, there are plenty of other schools in that range.
 
It's really unfortunate how academia loves to charge us insane amounts for trying to better ourselves. I really wish full financial support was from the government vs us trying to self fund. I am not a dental student, but medical and alot of my classmates and I ended up using Juno as a way to at least compare the different rates
 
mintydaisy13 said:
It's really unfortunate how academia loves to charge us insane amounts for trying to better ourselves. I really wish full financial support was from the government vs us trying to self fund. I am not a dental student, but medical and alot of my classmates and I ended up using Juno as a way to at least compare the different rates
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This is the country we have, and our elected government(s) fund according to the will of the electorate. We are not a "socialist" country where the government (in whatever democratic or authoritarian form) understands that sentiment and subsidizes a great amount of the costs. Higher education is more a "business" here.

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mintydaisy13 said:
It's really unfortunate how academia loves to charge us insane amounts for trying to better ourselves. I really wish full financial support was from the government vs us trying to self fund. I am not a dental student, but medical and alot of my classmates and I ended up using Juno as a way to at least compare the different rates
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@mintydaisy13
I really don't want to delve into a discussion on government subsidizing schools, which some state systems do fairly well, but also consider the income potential (specific to MD/DO students) vs more socialist systems. But....how was your Juno experience? What type of interest rates were offered? Did you need a co-signer?
 
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JacquesVallee said:
I can't imagine every single incoming D1 has hefty parental financial backing...
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I have a feeling private loan investors have plans for how to handle the amount of private professional school loans upcoming professional school students are going to be taking out. Rather, they are aware not everyone is going to be coming from the most affluent background...even still, because of the BBB, a lot of people that do not come from affluent, or at least families with decent credit who can cosign professional loans, will be at a big disadvantage or may not even be able to attend until this stupid bill is fixed when our current president is out of office.

I anticipate a rise in the amount of applicants who are going to be accepted will likely be from families of money though...which is not good. This bill is going to make professional programs excatly how they used to be, for the rich and the rich only. Not allowing for those of lesser upringings to have a fair chance. I hate it.

All that to say, I think the private loan industry is going to change drastically over the course of the next few years to compensate...so time will tell.
 
zarta said:
I have a feeling private loan investors have plans for how to handle the amount of private professional school loans upcoming professional school students are going to be taking out. Rather, they are aware not everyone is going to be coming from the most affluent background...even still, because of the BBB, a lot of people that do not come from affluent, or at least families with decent credit who can cosign professional loans, will be at a big disadvantage or may not even be able to attend until this stupid bill is fixed when our current president is out of office.

I anticipate a rise in the amount of applicants who are going to be accepted will likely be from families of money though...which is not good. This bill is going to make professional programs excatly how they used to be, for the rich and the rich only. Not allowing for those of lesser upringings to have a fair chance. I hate it.

All that to say, I think the private loan industry is going to change drastically over the course of the next few years to compensate...so time will tell.
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There aren’t enough rich families of predents to reasonably afford all of the private schools. After four years, we will see new grads struggling with their insane private loans, then we will finally see the positive effects of the BBB. Here’s to hoping we get mass school closures.
 
JacquesVallee said:
There aren’t enough rich families of predents to reasonably afford all of the private schools. After four years, we will see new grads struggling with their insane private loans, then we will finally see the positive effects of the BBB. Here’s to hoping we get mass school closures.
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Four years... ten years... we'll see how the rest of organized dentistry handles this (assuming no other laws are passed).

I think many more dental schools -- especially at public institutions -- will adapt to a 3-year curriculum rather than shutter.

Huge infusion of cash from corporate/PE. The Workman model is out there...
 
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JacquesVallee said:
There aren’t enough rich families of predents to reasonably afford all of the private schools. After four years, we will see new grads struggling with their insane private loans, then we will finally see the positive effects of the BBB. Here’s to hoping we get mass school closures.
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I definitely agree there will be a decent number of school closures in the future...what a time!
 
macsak said:
someone online got into a TX school the week before school started
and i heard that ohsu admitted someone the week before orientation too
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I'm cautiously optimistic. However, even back in my day, I heard of people randomly getting in in mid-august because someone dropped for whatever random reason. I even know someone who got in the first week classes started.
 
JacquesVallee said:
I'm cautiously optimistic. However, even back in my day, I heard of people randomly getting in in mid-august because someone dropped for whatever random reason. I even know someone who got in the first week classes started.
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i never said it doesn't rarely happen
it's an interesting data point that we heard from 2 public schools, including a tx school, which are generally the cheapest in the nation
i am wondering how much of this happened at privates, especially the high cost ones...
 
macsak said:
i never said it doesn't rarely happen
it's an interesting data point that we heard from 2 public schools, including a tx school, which are generally the cheapest in the nation
i am wondering how much of this happened at privates, especially the high cost ones...
Click to expand...
i hope you're right...
 
astudentslawyer said:
What worries me is how the private student loan companies will be handling students who get dismissed from medical school
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Big Hoss
 
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