Financial Loan Breakdown for Dental School

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bhar03

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Hey guys, long time lurker of these forums and just got finished with my first interview at UNLV a week ago. I'm a finance major so I decided to use my background and do a little homework to see just what the future holds on the monetary side due to huge amounts of loans and what kind of paycheck you can expect after graduating school; after those big student loan payments. I didn't know if anything else like this was floating around the web so I decided to make my own. Anyways, I tried to explain everything I was doing and put it in layman's terms because I know most of you probably aren't as up to snuff in the finance department as some of us.

As for finance, its all based around assumptions and I tried to lay these out for you guys, but feel free to make your own changes to fit your needs. Everything is connected together so you don't have to do any number crunching; it's all done for you.

I guess I'm hoping that people use this as a tool to see what exactly they're up against with all these forthcoming loans. Please leave feedback or suggestions on how this sheet can be improved, better looking and expanded.


P.S. These numbers are for UNLV out-of-state costs, one of the most expensive schools to go to in the country; and everything is set up in a worst-case-scenario manner.

P.P.S. It's 2 paged so don't miss the 2nd tabbed sheet labeled Refi
 

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wow and holy crap. thanks for taking the time to do this...very helpful and insightful. def makes me wanna rethink some things
 
i think you should go into banking
that was outstanding!
 
Great breakdown, thank you! But I thought that at UNLV it's possible to get in-state tuition after the first year? At least that's what people said on this thread:

http://forums.studentdoctor.net/showthread.php?t=519210

Regardless, this is a great analysis of the debt that we will accumulate if we attend a private university, or a state school as an out-of-state resident.

I'm going to pray for some serious inflation to reduce the burden of the debt that I'm about to accumulate. Also, if I can get interest rates at 4% or less when I graduate, I will try to stretch out my payments to 30 years (or as long as lenders will allow). I'm sure I can make at least 4% investing in my practice or the stock market (over the long term).

And don't go into banking, be a dentist. I used to work in finance, and dentistry is way better!
 
Haha, sorry. I wasn't trying to scare anyone; just trying to shed a little light on the reality of the situation. Besides, this is mainly just a tool to help those out-of-staters kids who need have to pay more . In state kids will defiantly be in a lot better situation, but there is a large amount of us out there that won't have that option. I guess we'll all have to realize at some point it won't be all bananas and dancing once we graduate school (Dane Cook reference 🙂 )
 
This guy is just trying to get rid of the competition at UNLV...🙄 😉
 
I am really interested in looking at this document but it is not formatted for my Mac. Does anybody know how to convert this so I can take a gander? Thanks for your help!
 
so where does my lake house fit into these numbers?
 
What version of office are you running? I'm guessing you have 2003 and this a 2007 document. I'll save it as a 2003 document and upload it in a bit.
 
bhar03 said:
What version of office are you running? I'm guessing you have 2003 and this a 2007 document. I'll save it as a 2003 document and upload it in a bit.
Click to expand...

There, its uploaded. Try that and see if it works now.
 
Wow, thanks. This is especially helpful since I'm considering joining the Air Force.
 
Thanks it really helps. Kind of in a good way and bad way. Good- all that hard work will eventually pay off. Bad- It's going to cost and arm and leg and my first newborns new born to pay off the debt. 😱 But I still want to go to dental school.
 
But comon now..will you remain making 120 K ? I'm pretty sure after 3 or 4 years you might hit the 150 K mark or more and at that point you may be making close to 60 K after you pay it all up (Taxes, loans)...not bad id say! Also after 10 years..you ll be in an excellent financial position don't you think?
 
mazaag said:
But comon now..will you remain making 120 K ? I'm pretty sure after 3 or 4 years you might hit the 150 K mark or more and at that point you may be making close to 60 K after you pay it all up (Taxes, loans)...not bad id say! Also after 10 years..you ll be in an excellent financial position don't you think?
Click to expand...

Agreed. You're pay should definatley go up and couple that with inflation your debt burden will lighten with time no doubt. This was mainly meant to be a snapshot of what happens right out of the blocks. I guess being here at BYU where everyone seems to be either premed or predent it got me thinking how lots of people here are diluted to thinking they'll be driving lambos to their mansions come 4 years. Nonetheless, even though the real life situation might not be so bleak; it still is somethine to think about.
 
Thanks. I was able to open this document this time around. I am wondering about the PLUS loans quoted in your document. Furthermore from UNLV. I got on their officail website and it apears to be a loan for parents for their children...? If I am married, have a child and I am the studen who will be attendign the school, DO I STILL QUALIFY FOR THESE LOANS? After you hit the maximum of sudsidized and unsubsidized loans we have the ooptionto borrow privately. WOuld the PLUS loans classify as private loans since you have to obtain them form a private lender? Thanks for any info!
 
This may be nitpicky and perhaps an actual dental student can answer this but aren't the loans distributed twice (semester) or thrice (quarter) a year? So wouldn't you have to take the interest in to account per semester (quarter)? Or do the people who give you out the loan take the interest from us when we actually don't have it in our hands? I'm just wondering because I had an interview at USC last year where they gave us a similar excel sheet such as the OP.
 
pacific2013 said:
This may be nitpicky and perhaps an actual dental student can answer this but aren't the loans distributed twice (semester) or thrice (quarter) a year? So wouldn't you have to take the interest in to account per semester (quarter)? Or do the people who give you out the loan take the interest from us when we actually don't have it in our hands? I'm just wondering because I had an interview at USC last year where they gave us a similar excel sheet such as the OP.
Click to expand...

As for when the funds are disbursed I was not exactly sure seeing as I haven't really gone through the literature that finely and haven't gone through the actual process myself. This breakdown is looking as if each portion was given to you at the beginning of the year; what you needed for that year. Depending on timing, and if they're charging you interest on money you haven't yet got, than yes it would change things up and take some more in depth calculations, but for simplicity's sake i went this route.

Any current dental school students out there who can chime in on this, when you get your loan money and how often per year it comes in?
 
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