Anyones parents paying for their dental schooling?

[Bereno]

This is an insightful thread. This would make a better interview question than some of the things I've been asked. Seems to bring out some good background info and values on both sides of the scenario.

I agree with you! Would be very telling to hear their answers

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[A6project]

that's why i have been buying Mega Miilions every time I go for a grocery shopping.
for real.
its just so amazing how a dollar can exceedingly give u a false sense of reality and limitless fantasy and happiness that you will have hundreds of millions to pay for dental school and any possible living cost you can think of.

if i win before next summer, i will pay for all of ur tuition!

 

[PreDent321]

that's why i have been buying Mega Miilions every time I go for a grocery shopping.
for real.
its just so amazing how a dollar can exceedingly give u a false sense of reality and limitless fantasy and happiness that you will have hundreds of millions to pay for dental school and any possible living cost you can think of.

if i win before next summer, i will pay for all of ur tuition!

I think if you won the mega millions lottery, you would change your mind about dental school. I sure would. No reason to sleep 2 hrs/night for the next 4 years when I can be on a beach living like a king.

 

[jeffity]

I think if you won the mega millions lottery, you would change your mind about dental school. I sure would. No reason to sleep 2 hrs/night for the next 4 years when I can be on a beach living like a king.

I discussed this just yesterday with a friend. He assumed I wouldn't continue on to dental school. I think I would though. I've come this far and I dropped a career and turned my life upside down to get to this point. I'm pretty set on what I want. It would just make it easier and slightly less stressful during and after school.

 

[katwoman1688]

If your parents are helping you out - just pay them back as long as it really doesn't hurt them in the process. haha to the story about the guy with a dentist father. My parents have offered to help me out, definitely going to pay them back as soon as I can as well. Sometimes what you can do is take out a small loan and than have your parents pay for the rest - since they are offering anyway. My sister did that for when she went to dental school and its worked out well for her and she went to UofP - which is pricey as well unfortunately.

 

[SeattleRDH]

Well for those of us, who have dreams of specializing, this means that they won't see their money for 7 years.

7 years might be okay for someone in their 20's, but when you hit your 60's, every year counts. You can pretty much die any time and I'd rather have my dad enjoy his money when he's alive. It would suck if he struggled through your dental school education, and then died before he was able get that ****ty interest you give him.

I guess if he's still alive, that ****ty interest can probably help him pay all of those hospital bills, as he'll probably get sick a lot at that age.

Let your parents use that money on vacations so they can see the world when they are healthy. You have lots of time to do that later in life, but their time is limited.

Well, it depends a lot on your parents' financial situation. I wouldn't put my dad through the financial strain, as he's not a millionaire. Maybe some of you can sleep finely at night knowing that your parents did all they can to help you, but I'd rather have the financial strain put on myself.

60 isn't that old! Sheesh!

 

[Riz0791]

My parents are paying for my tuition and are also passing on their clinic to me (both of them are dentists). I'm very blessed.

Lucky you

 

[JustwantDDS]

my rents want to.... and if i get into my state school (AND OR GET IN ANYWHERE AT ALL UGHGUHGUHGHGH) it shouldnt be anything like 350k or whatnot
i mean, i feel bad but at the same time they are my PARENTS.
hmmm this thread is making me feel bad.

 

[sacapuntas]

My parents are paying for my tuition and are also passing on their clinic to me (both of them are dentists). I'm very blessed.

Then why couldn't you help me out on the price for DAT Destroyer?

 

[flyingforever]

Then why couldn't you help me out on the price for DAT Destroyer?

some people are just

 

[Khal87]

My parents are paying for my tuition and are also passing on their clinic to me (both of them are dentists). I'm very blessed.

Then why couldn't you help me out on the price for DAT Destroyer?

Haha, busted...

 

[JLum]

Personally, my dad is a dentist and the first thing he told me senior year of high school was, " did you apply for student loans? " ahaha..

I've been given spending money, but on the requirement I take a full schedule and finish in 3 years.

So... Finishing in 3 years actually reduced my loan money by 10k which is nice I'll probably owe around 100k when I am done.

100k in undergrad? What!

 

[SeattleRDH]

100k in undergrad? What!

After interest paying back 100k for undergrad isnt uncommon.

 

[Mr. Thirsty]

After interest paying back 100k for undergrad isnt uncommon.

Very true! But I think Spears56 is talking about when he is done with dental school; his total debt will be 100k. Which is great haha

 

[stevesteve121]

they pay for your schooling and you pay them back $+extra goodies or whatnot after you graduate.

less inefficiencies than dealing with loans and besides that's what families are for right?

cant imagine what kind of parents would be ok with their kids burdened with a mountain of debt and then add in the pressure of dental school ..etc. when they can easily help them out

 

[DentalJedi]

they pay for your schooling and you pay them back $+extra goodies or whatnot after you graduate.

less inefficiencies than dealing with loans and besides that's what families are for right?

cant imagine what kind of parents would be ok with their kids burdened with a mountain of debt and then add in the pressure of dental school ..etc. when they can easily help them out

I definitely agree that if you do borrow money you should pay them back and then some to show how much you appreciate it.

 

[wizi]

I definitely agree that if you do borrow money you should pay them back and then some to show how much you appreciate it.

Does producing some beautiful grandsons and granddaughters for them count as paying back?

 

[AlbinoPolarBear]

Does producing some beautiful grandsons and granddaughters for them count as paying back?

Yah, but that would suck if you kids turn out ugly. Then your parents will have ugly grandkids that they have to pretend to like. Along with losing all of their money to you.

 

[PreDent321]

they pay for your schooling and you pay them back $+extra goodies or whatnot after you graduate.

less inefficiencies than dealing with loans and besides that's what families are for right?

cant imagine what kind of parents would be ok with their kids burdened with a mountain of debt and then add in the pressure of dental school ..etc. when they can easily help them out

However, by the time you pay them back after dental school, they're either too old to enjoy it or in poor health sitting on the couch watching reruns all day of Sanford and Sons (because you took away their future vacation/retirement money).

 

[CleverThought]

My parents also said they would be paying for my D-school as well. They pay for my undergrad (~ 20k/year) and some other expenses. D school will cost ~$178,968.81 if I stay in state ( Per UIowa estimate), so it's not too awful for that being stretched out over 4 years.

However, I am not opposed to paying it on my own. I'm sure there is a possibility I could have to pay. My dad said after I get married he's done paying, so that's something fiance and I are trying to decide on. But also, my dad's company could end up unexpectedly going under or he might splurge on that beach house instead of paying for me hehe

 

[FROGGBUSTER]

Then why couldn't you help me out on the price for DAT Destroyer?

lol I actually would have let it go for your asking price (down from the already great deal) if you had told me you just didn't have the funds or something, but real talk: I didn't appreciate the fact that you were holding the other 2 $105 offers (real? fake? I could be wrong, but I suspected they were not real.) over my head to try to get me to sell it to you at a lower price.

It was such a great price I was offering that I knew other people would snap it up quickly, and I was right. I sold it the next day.

edit: I'm actually quite pissed. I was nothing but courteous in my response to your offer and you go and call me out (the smiley face doesn't change the sentiment btw).

This was all I wrote in response:

Hey Ryan,

Thanks for the offer, but I'm going to wait it out.

Good luck on your DAT.

some people are just

Don't talk.

 

[Spears56]

Very true! But I think Spears56 is talking about when he is done with dental school; his total debt will be 100k. Which is great haha

correct, ill owe about 17k by the end of this year and if I get in for Fall 2012 then it will amount to 67K + living costs during dental so around 100k.

I wont really mind though I plan to work my a** off for a few years and get some " liquid " security.. haha

 

[sacapuntas]

lol I actually would have let it go for your asking price (down from the already great deal) if you had told me you just didn't have the funds or something, but real talk: I didn't appreciate the fact that you were holding the other 2 $105 offers (real? fake? I could be wrong, but I suspected they were not real.) over my head to try to get me to sell it to you at a lower price.

It was such a great price I was offering that I knew other people would snap it up quickly, and I was right. I sold it the next day.

edit: I'm actually quite pissed. I was nothing but courteous in my response to your offer and you go and call me out (the smiley face doesn't change the sentiment btw).

This was all I wrote in response:





Don't talk.

Yikes dude...lighthearted joke taken the wrong way.


And yes, the other prices were real and that is why I bought one of them.


Also, you were very respectful to me in every way, I don't want people to think you weren't.

Sorry to anger you.

 

[shayanH]

woooow...I wish my parents would pay for my dental school. Its the best feeling to be debt free after graduating!!!

 

[yappy]

It was a shameless plug. I wish the admins on this network would be more aggressive towards banning spam.

WTF... worst advertising ever...

When the hell will any of us be in Hungary?!

 

[btk2333]

My parents are paying for 2.5 years of my dental school. My wife and I will be paying for the other 1.5 years ourselves with the help of her job and some investments our parents made for us a long time ago (so technically they're paying for all four years). The agreement I have with my parents is that I will also pay for my children's college and graduate education if they desire it/ if I am lucky enough to be able to afford it

 

[PreDent321]

The agreement I have with my parents is that I will also pay for my children's college and graduate education if they desire it/ if I am lucky enough to be able to afford it

What kind of agreement is this?? It sounds as though the grandparents are expected to pay for the grandchildren's college education???

 

[PreDent321]

My plan is to find a sugar momma who will pay for everything. I already have a few lined up--just need to decide which one will be the most bearable. I know... I'm a man *****. You would surprise how far a little loving can go lol.

 

[Jackson-Ave-Dental]

What kind of agreement is this?? It sounds as though the grandparents are expected to pay for the grandchildren's college education???

What bkt2333's parents' intentions are, is to give a gift that keeps on giving.

I don't know about you but to me, that is very sweet and very well thought out.

 

[BobLoblawDDS]

My parents can and have offered to pay for it. They began saving for my education when I was still in the womb and the funds are available.

I'm taking on as much debt as I can on my own though. Because for me, I could be going to a Canadian school and saving a **** ton of money. But I may not; I may be paying much more than I need to in order to attend a school far from home. And that's on me.

 

[Bereno]

My plan is to find a sugar momma who will pay for everything. I already have a few lined up--just need to decide which one will be the most bearable. I know... I'm a man *****. You would surprise how far a little loving can go lol.

Dont let the Iceman hear you say that!!



I think I would have my kids take loans for their own education even if I could pay for it... However, after they have finished, I would then offer to pay it for them. I think that a student is a little more responsible and conscious about their education if they feel they are going to be paying for it. Plus, I think it builds character. This way I could have my kids take their education seriously, yet still come out debt free at the end of it. win/win

 

[tayloreve]

Dont let the Iceman hear you say that!!



I think I would have my kids take loans for their own education even if I could pay for it... However, after they have finished, I would then offer to pay it for them. I think that a student is a little more responsible and conscious about their education if they feel they are going to be paying for it. Plus, I think it builds character. This way I could have my kids take their education seriously, yet still come out debt free at the end of it. win/win

Interesting Bereno, I never thought about it like that before.
Well I'd hope if you got accepted into dental school you would take it seriously lol

So what's the final consensus on this?
If your parents have the money and are willing, LET EM! (As long as you aren't jacking up their retirement plans) And when you are established and rolling in the $$, pay them back and buy them a romantic vacation to Hawaii ? What an awesome feeling it would be to graduate debt free.

 

[PreDent321]

Dont let the Iceman hear you say that!!



I think I would have my kids take loans for their own education even if I could pay for it... However, after they have finished, I would then offer to pay it for them. I think that a student is a little more responsible and conscious about their education if they feel they are going to be paying for it. Plus, I think it builds character. This way I could have my kids take their education seriously, yet still come out debt free at the end of it. win/win

That's a brilliant tactic. But I still think the Deuce Bigalow idea is better.

 

[Bereno]

That's a brilliant tactic. But I still think the Deuce Bigalow idea is better.

Deuce Bigalow?? I don't get it haha

EDIT: I suddenly got it haha!!

 

[btk2333]

What kind of agreement is this?? It sounds as though the grandparents are expected to pay for the grandchildren's college education???

I think you're confused. My parents pay for my education, as a result I pay for my children's education and so on and so forth- there are quite a few people in my class who have the same arrangements with their parents.

 

[Elvie]

for those of you whose parents are loaning you money for school, keep in mind that the government will consider this loan a "gift" if no interest is charged (and likewise if a very low interest rate is applied that is nowhere close to market standards). What does this mean for you and your parents? Well, your parents can gift you up to $13,000 per year each, that means if you have 2 parents, they can give you $26,000 per year without having to pay gift tax on it. Anything over that, or over the lifetime limit of 5mil, will be taxed HEAVILY (although I believe tuition payments are not considered a gift as long as they are paid directly to the school). The last thing you want in dental school is the IRS knocking on your door demanding payment of taxes on the money your parents loaned/gifted you.

Furthermore, if you take an interest free loan from your parents, and pay it back over however many years, you really are not repaying them the true value of their money when you account for inflation. Considering over the past 30 years or so, inflation rates have been about 3-5% per year, you need to insist on paying the loan back with interest to account for inflation. Consider this-if you take a loan from your parents for $300,000 (a reasonable estimate for a mid priced private school in a city with very low living expenses), and you plan on paying them back within 10 years of graduation (14 years total), the actual value of that money when you account for inflation is about $420,000. If you only pay them on the initial loan you took out with 0% interest, you are actually shorting your parents $120,000!!! And that is not even accounting for the significant investment income your parents will lose upon dishing out that $300,000 "loan".

In all honestly, if in the future I had the capital to fund my future child's professional education in cash, I would do it in a heartbeat. I think most parents would want to do that for their kids, even if it meant sacrificing their nest egg and delaying retirement. So you might have to be the practical/grown up one in this conversation and insist upon paying your parents the loan back with interest equivalent to what you would pay to the government through stafford and gradplus (6.8 and 7.9%). That way, their money is still outpacing the inflation at a rate which is actually a pretty decent return in today's market, and the government isn't going to be getting rich off of you.
....i too sometimes wonder how I ended up in dental school and not finance.

 

[PreDent321]

for those of you whose parents are loaning you money for school, keep in mind that the government will consider this loan a "gift" if no interest is charged (and likewise if a very low interest rate is applied that is nowhere close to market standards). What does this mean for you and your parents? Well, your parents can gift you up to $13,000 per year each, that means if you have 2 parents, they can give you $26,000 per year without having to pay gift tax on it. Anything over that, or over the lifetime limit of 5mil, will be taxed HEAVILY (although I believe tuition payments are not considered a gift as long as they are paid directly to the school). The last thing you want in dental school is the IRS knocking on your door demanding payment of taxes on the money your parents loaned/gifted you.

Furthermore, if you take an interest free loan from your parents, and pay it back over however many years, you really are not repaying them the true value of their money when you account for inflation. Considering over the past 30 years or so, inflation rates have been about 3-5% per year, you need to insist on paying the loan back with interest to account for inflation. Consider this-if you take a loan from your parents for $300,000 (a reasonable estimate for a mid priced private school in a city with very low living expenses), and you plan on paying them back within 10 years of graduation (14 years total), the actual value of that money when you account for inflation is about $420,000. If you only pay them on the initial loan you took out with 0% interest, you are actually shorting your parents $120,000!!! And that is not even accounting for the significant investment income your parents will lose upon dishing out that $300,000 "loan".

In all honestly, if in the future I had the capital to fund my future child's professional education in cash, I would do it in a heartbeat. I think most parents would want to do that for their kids, even if it meant sacrificing their nest egg and delaying retirement. So you might have to be the practical/grown up one in this conversation and insist upon paying your parents the loan back with interest equivalent to what you would pay to the government through stafford and gradplus (6.8 and 7.9%). That way, their money is still outpacing the inflation at a rate which is actually a pretty decent return in today's market, and the government isn't going to be getting rich off of you.
....i too sometimes wonder how I ended up in dental school and not finance.

I think you should work as a tax auditor.

 

[Bereno]

for those of you whose parents are loaning you money for school, keep in mind that the government will consider this loan a "gift" if no interest is charged (and likewise if a very low interest rate is applied that is nowhere close to market standards). What does this mean for you and your parents? Well, your parents can gift you up to $13,000 per year each, that means if you have 2 parents, they can give you $26,000 per year without having to pay gift tax on it. Anything over that, or over the lifetime limit of 5mil, will be taxed HEAVILY (although I believe tuition payments are not considered a gift as long as they are paid directly to the school). The last thing you want in dental school is the IRS knocking on your door demanding payment of taxes on the money your parents loaned/gifted you.

Furthermore, if you take an interest free loan from your parents, and pay it back over however many years, you really are not repaying them the true value of their money when you account for inflation. Considering over the past 30 years or so, inflation rates have been about 3-5% per year, you need to insist on paying the loan back with interest to account for inflation. Consider this-if you take a loan from your parents for $300,000 (a reasonable estimate for a mid priced private school in a city with very low living expenses), and you plan on paying them back within 10 years of graduation (14 years total), the actual value of that money when you account for inflation is about $420,000. If you only pay them on the initial loan you took out with 0% interest, you are actually shorting your parents $120,000!!! And that is not even accounting for the significant investment income your parents will lose upon dishing out that $300,000 "loan".

In all honestly, if in the future I had the capital to fund my future child's professional education in cash, I would do it in a heartbeat. I think most parents would want to do that for their kids, even if it meant sacrificing their nest egg and delaying retirement. So you might have to be the practical/grown up one in this conversation and insist upon paying your parents the loan back with interest equivalent to what you would pay to the government through stafford and gradplus (6.8 and 7.9%). That way, their money is still outpacing the inflation at a rate which is actually a pretty decent return in today's market, and the government isn't going to be getting rich off of you.
....i too sometimes wonder how I ended up in dental school and not finance.

I'm pretty sure that most parents are just going to pay the school... There is no need to worry about the IRS "gift" issue. At all. Even then, if it was a loan, it is also not considered a gift.

Second, those who have parents lending them money "interest free" should not pay more than the loan amount. That is the meaning of "interest free". I am fully aware of the effects of inflation, however, the much of the intent of loan interest is to curb inflation. The point of the interest free loan is to allow parents to help their kids. Everyone knows that this is placing an opportunity cost on the parents.

 

[tayloreve]

for those of you whose parents are loaning you money for school, keep in mind that the government will consider this loan a "gift" if no interest is charged (and likewise if a very low interest rate is applied that is nowhere close to market standards). What does this mean for you and your parents? Well, your parents can gift you up to $13,000 per year each, that means if you have 2 parents, they can give you $26,000 per year without having to pay gift tax on it. Anything over that, or over the lifetime limit of 5mil, will be taxed HEAVILY (although I believe tuition payments are not considered a gift as long as they are paid directly to the school). The last thing you want in dental school is the IRS knocking on your door demanding payment of taxes on the money your parents loaned/gifted you.

Furthermore, if you take an interest free loan from your parents, and pay it back over however many years, you really are not repaying them the true value of their money when you account for inflation. Considering over the past 30 years or so, inflation rates have been about 3-5% per year, you need to insist on paying the loan back with interest to account for inflation. Consider this-if you take a loan from your parents for $300,000 (a reasonable estimate for a mid priced private school in a city with very low living expenses), and you plan on paying them back within 10 years of graduation (14 years total), the actual value of that money when you account for inflation is about $420,000. If you only pay them on the initial loan you took out with 0% interest, you are actually shorting your parents $120,000!!! And that is not even accounting for the significant investment income your parents will lose upon dishing out that $300,000 "loan".

In all honestly, if in the future I had the capital to fund my future child's professional education in cash, I would do it in a heartbeat. I think most parents would want to do that for their kids, even if it meant sacrificing their nest egg and delaying retirement. So you might have to be the practical/grown up one in this conversation and insist upon paying your parents the loan back with interest equivalent to what you would pay to the government through stafford and gradplus (6.8 and 7.9%). That way, their money is still outpacing the inflation at a rate which is actually a pretty decent return in today's market, and the government isn't going to be getting rich off of you.
....i too sometimes wonder how I ended up in dental school and not finance.

I hate finance. This hurts my head. I am going to have to re-read this in the AM, lol. Thank you though for the insightful post.

 

[btk2333]

I'm pretty sure that most parents are just going to pay the school... There is no need to worry about the IRS "gift" issue. At all. Even then, if it was a loan, it is also not considered a gift.

Second, those who have parents lending them money "interest free" should not pay more than the loan amount. That is the meaning of "interest free". I am fully aware of the effects of inflation, however, the much of the intent of loan interest is to curb inflation. The point of the interest free loan is to allow parents to help their kids. Everyone knows that this is placing an opportunity cost on the parents.

+1 my parents pay the school directly- therefore we don't have to worry about IRS gift taxes

 

[Demps]

I hate finance. This hurts my head. I am going to have to re-read this in the AM, lol. Thank you though for the insightful post.

me too. It took me a long time to read this because I didn't understand too well!

I agree with Bereno. Heck, is that even considered a gift if it is a loan?

 

[Demps]

And if my parents decided to pay dental school tuition for me, they'd do it expecting nothing in return. I'm sure this is the case for most parents.