I recently got accepted to a very pricy dental school and this is my only option at this point. Now if I was 25, I'd be ok with it as I would have a long time to pay it off. But I'm already in my mid-30's and would be looking at paying $40-45K in debt/year throughout my 40's. I'm wondering if it's worth it to wait and reapply for the next cycle hoping I can get in at the state school which would cost about $130K less. I didn't get all my materials in until late October and I think this hurt my chances but I still received three interviews. Also, if I do go, is the military my only option to avoid being poor until I'm 50?
$400,000+ debt
- Thread starter eire1981
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Can you predict the future and say for 100% certainty that you will get accepted next year? I know of a guy (best friends friend) who had one acceptance, but he declined it hoping for something better. In this particular case the kid didn't want to move so far away from home. He did not get accepted for TWO MORE CYCLES to another school! He lost out on 3 years. Instead of only have one year left of d-school, he was just starting. I'm not saying that would happen to you, but it is a possibility.
Say you decide to accept this offer and you finish in 4 years. In the 5th year (1st year out of d-school) you could make $130K+, whereas if you wait a year, that is a year less of income that you would make and tuition at your state school could go up during this year. As an example, from what I understand at UNLV, their tuition went through the roof in just one year.
If I were in your shoes, I would take the acceptance, run, and never look back. That's just my opinion though. I am interested in what others think about this.
Good luck and be wise.
Say you decide to accept this offer and you finish in 4 years. In the 5th year (1st year out of d-school) you could make $130K+, whereas if you wait a year, that is a year less of income that you would make and tuition at your state school could go up during this year. As an example, from what I understand at UNLV, their tuition went through the roof in just one year.
If I were in your shoes, I would take the acceptance, run, and never look back. That's just my opinion though. I am interested in what others think about this.
Good luck and be wise.
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My only advice is don't forget to do the math to see when you would really pay everything off and how everything will play out throughout your life. If you choose to enter school now then you will be able to work an extra year as a dentist (this is a lot of money because it will be near the peak of your career).
Also, there is no guarantee you will get in next cycle. good luck deciding.
Also, there is no guarantee you will get in next cycle. good luck deciding.
Good points made by the other replies. One thing to think about, is that the year you lose out on working as a dentist is not really the year right out of dental school. That year still happens just a year later. It's actually the last year before you retire. Which might be a year you bring in top dollars, or less if you are older and slow down. Either way it's probably worth more than the savings of waiting for a possible better option.
Ask yourself this question, why would I apply and interview at a school to which I would not consider attending if it was my only option? I'd take it for sure, I'm your age and I was scared to death of not getting in this year. I'd have gladly taken any acceptance I got even if it was the most expensive option. The school I'm attending is pretty expensive, and I'm honored to be attending there and happy to pay.
Congrats on your acceptance, remember there are thousands of others out there who would take your spot in a heartbeat. Every year it gets more difficult to gain acceptance.
Ask yourself this question, why would I apply and interview at a school to which I would not consider attending if it was my only option? I'd take it for sure, I'm your age and I was scared to death of not getting in this year. I'd have gladly taken any acceptance I got even if it was the most expensive option. The school I'm attending is pretty expensive, and I'm honored to be attending there and happy to pay.
Congrats on your acceptance, remember there are thousands of others out there who would take your spot in a heartbeat. Every year it gets more difficult to gain acceptance.
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so your going to reject an acceptance because 400k vs 270k ?
You realize that 130k is close to your first year salary as a dentist (well, its more like 100-120k but close enough)
So your pushing your career by 1 whole year without getting anything in return.
Don't do it. Imagine if you applied next year, and for some odd reason, you don't get in.....
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One..ONE (out of how many?!) glorious school handed you a golden ticket to the Willy Wonka Chocolate Factory..and YOUR'RE ACTUALLY "THINKING ABOUT" NOT GOING?!?! NOT OKAY.👎
Do the right thing..someone out there thinks it's your time to shine👍
Do the right thing..someone out there thinks it's your time to shine👍
Take the offer man, you are crazy to even consider not going because of the price. With income based repayment it is easier then ever to control your dental school debt after graduation. Besides, more expensive school=better school (joke).
I agree with what everyone else is saying. $400k in debt is a ton of money, but there's no way to know if you will get into your state school next year. Plus since you are already in your 30s, don't you want to go ahead and get dental school over with sooner rather than later?
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You definitely gotta take the acceptance. Just put in your mind that in 4 years from NOW you'll be a DENTIST! I didn't get accepted this year and I know how it feels🙁, but you might feel much worse if you refused the acceptance and didn't get accepted in the next application cycle!!! The position where you are now is a dream for others, so just enjoy whatever you have in control now.
Another piece of advice is try to get all if's and buts out of your head and clear your mind of any worries when you go to dental school and be happy because It gets harder every year to get in dental school.
If tuition is a big issue in your mind, I'd suggest looking at scholarships that are available for healthcare professional like those ones with the air force and navy😎... I am gonna consider such scholarships when I got to dental school.. I won't worry about tuition repayment after graduation, plus some decent benefits. Some people can't afford high tuitions and see that this is an ideal option.
I don't know more details or another resources but talk to recruiters and financial aid advisors- they might know something else we are not aware of.
Another piece of advice is try to get all if's and buts out of your head and clear your mind of any worries when you go to dental school and be happy because It gets harder every year to get in dental school.
If tuition is a big issue in your mind, I'd suggest looking at scholarships that are available for healthcare professional like those ones with the air force and navy😎... I am gonna consider such scholarships when I got to dental school.. I won't worry about tuition repayment after graduation, plus some decent benefits. Some people can't afford high tuitions and see that this is an ideal option.
I don't know more details or another resources but talk to recruiters and financial aid advisors- they might know something else we are not aware of.
Thanks all for the advice. You can't predict the future so there is no guarantee that waiting would allow me to get into the state school. So I'll probably go and try to see what my financial options are at this point. Maybe the military or service to disadvantaged areas are good options for tuition reimbursement.
Also, the point about making 120K coming out of school to compensate for the savings is wrong because after taxes, you're looking at 70-75K while the debt money is real money that is accruing interest. If I wanted to pay on a 10 year timeline, I'd have about 30K real money to spend after debt. Does anyone know where I can get info on average salaries for the first 5-10 years after school and typical repayment schedules? Thanks a lot and thanks again for the advice.
Also, the point about making 120K coming out of school to compensate for the savings is wrong because after taxes, you're looking at 70-75K while the debt money is real money that is accruing interest. If I wanted to pay on a 10 year timeline, I'd have about 30K real money to spend after debt. Does anyone know where I can get info on average salaries for the first 5-10 years after school and typical repayment schedules? Thanks a lot and thanks again for the advice.
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keeping the money matter aside,
is there any other reason for you to not take the current offer.
4 years is a long time.
who knows, as the economy recovers, your avg salary may go up. In that case, you may land up regretting not taking the offer in hand.
Also, when you know you have to pay a certain amount - you will work towards it.
So, unless something else is stopping you, you should take the offer.
is there any other reason for you to not take the current offer.
4 years is a long time.
who knows, as the economy recovers, your avg salary may go up. In that case, you may land up regretting not taking the offer in hand.
Also, when you know you have to pay a certain amount - you will work towards it.
So, unless something else is stopping you, you should take the offer.
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Hello everyone! There is an opportunity cost of not going to dental school for one year and that would be the average salary of your career in the middle of your career not towards the end and not the beginning. Because everyone that goes to dental school will still have their first few years out of dental school and get paid the average (unless you parents have a practice or something). To take the average statistically speaking it's also not towards the end of your career but somewhere in the middle.
Sure if you make $130k you are getting around like $95k but you still needed to make that much in order to pocket $95k because if you were making $95k you would way less into your pocket.
Also, the average amount coming out of school being 120-$130k is fairly high. In my experience and from who I've talked to I think it's more in the span of $85-$100k for 1-4 years experience, and more on the lower side of this range for 1-2 years out. I have attached a link below, but not entirely sure how valid it is but it's there for what it's worth.
http://www.payscale.com/research/US/Job=Dentist/Salary/by_Years_Experience
My recommendation is to go this year since there is definitely no guarantee you will be accepted next year and even by that particular state school. Also, comparably you might be ONLY slightly less in debt if you waited one year but if you wait >1 year then the first option would have been way better off, IMO. Good luck!!
