About the Benjamins

[Peter North]

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How difficult will it be to come out of school close to 300K in the whole and be able to pay back student loans while facing the barrage of bill such as housing, practice buy-in, health insurance, car, car insurance, dreaded taxes and the such? any advice appreciated.

Cheers

 

[MD2b20004]

How difficult will it be to come out of school close to 300K in the whole and be able to pay back student loans while facing the barrage of bill such as housing, practice buy-in, health insurance, car, car insurance, dreaded taxes and the such? any advice appreciated.

Cheers

Are you going to be that much in debt?

 

[berryfremont]

YES! ME TOO! close to 300 thous.

 

[blotterspotter]

YES! ME TOO! close to 300 thous.

300k from Maryland?! Don't scare me because I might be there next semester. I thought tuition for out-of-state residents was about 40K/yr?! If you work a little, you might even be able to get that lower with in-state tuition.

 

[Typo]

300k from Maryland?! Don't scare me because I might be there next semester. I thought tuition for out-of-state residents was about 40K/yr?! If you work a little, you might even be able to get that lower with in-state tuition.

I'm at Maryland, and I'll probably break 300k unless I get in-state tuition (which is doubtful). I'm married and have a kid, though, so that changes things a bit.

 

[ItsGavinC]

How difficult will it be to come out of school close to 300K in the whole and be able to pay back student loans while facing the barrage of bill such as housing, practice buy-in, health insurance, car, car insurance, dreaded taxes and the such? any advice appreciated.

Cheers

Not impossible, especially if you manager your finances well for the first 4-5 years. Pay down the high interest loans you have, and consider taking a bit longer to pay off the lower interest Stafford loans, especially if you can take the excess money that you would pay and place it in something that yields a higher rate than the rate on the loans you owe.

 

[OMFSCardsFan]

Pay down the high interest loans you have, and consider taking a bit longer to pay off the lower interest Stafford loans, especially if you can take the excess money that you would pay and place it in something that yields a higher rate than the rate on the loans you owe.

Excellent advice.

 

[toofache32]

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Excellent Screen Name.

 

[Peter North]

Excellent Screen Name.

Its amazing...you can find a fan everywhere.

Thanks for those offering advice, i feel as if it's workable, but quite an intimidating hole to crawl out of.

Cheers

 

[diagnodent]

300k is a lot for student loans. You have to come out of school with a plan to be successful and pay the loans back. You can do it but it will take sacrifices. I came out with 150k a while ago and thought that was a lot. I will have it paid off within 10 years of graduation, and I got off to a slow start.

If I were you and really wanted to be a dentist I would start making contacts 2 years before you graduate to associate in a rural practice with a low dentist to population ratio (montana, kansas, etc). And make sure you have an opporutunity to buy 1-2 years later with the older guy retiring.

300k isn't a lot considering within 3 years of graduation you should a house (300-500k) and a practice loan (300-500k).

 

[sandman]

Just my 2 cents as I'm about to be out and in that exact situation. 700-900 for federal loans, another 500 for alternative loans and 250 or so for high interest summertime loans. So about 1500 a month if you are paying the minimums on 250-300000, If you've consolidated your federals at the 2-3% range. If you make 120000 to start you'll take home about 90000. 7500/month - 1500 still equals 6000, I think you'll be okay. Relax, if they make you feel that bad, live like a hermit and you can pay them off in 5 years and have none.

Just think of it as an expesive mortgage on your new "mind" house