Average Salaries

[damast]

Advertisement - Members don't see this ad

Hello everyone, i am starting this thread so that it will help me and other members to make decision regarding joining expensive schools like NYU.
I am looking for some answers and any response will be highly appreciated.
-Whats the average salaries of students who graduate from nyu
-whats an ideal repayment time of the loans.
-Whether nyu students are more competent , less competent or at par as per clinical skills when compared with graduates from other schools offering Advanced standing programs.
These are the few things which came up in my mind,but surely some other issues might as well come up.
Thanks

 

[kilani]

This is getting really old, the whole subject of schools ranking and which students are more competent than others , if you search the threads in this forum (International & Dental sections) you will find plenty of posts talking about this subject which I think is......hmm...let me think of a nice word... "not very smart" !

 

[damast]

Thanks for ur response and i know response would be lying somewhere in the forum but just wanted to have a platform for current students to discuss this.

This is getting really old, the whole subject of schools ranking and which students are more competent than others , if you search the threads in this forum (International & Dental sections) you will find plenty of posts talking about this subject which I think is......hmm...let me think of a nice word... "not very smart" !

 

[NileBDS]

Thanks for ur response and i know response would be lying somewhere in the forum but just wanted to have a platform for current students to discuss this.

Hey Damast.
Yeah, I agree with Kilani ... these questions have been exhausted on other threads. Just search SDN and you could be reading about them all day.
I don't know if I ever posted on them or not, so I will give you my personal outlook (keeping in mind that NYU is an excellent school, however will not guarantee you any additional income as opposed to other school graduates ... they sky really is the limits).
I'll answer your questions in the order you posted them;
1. Avg. dentist salary in the US as per the labor dept. is around $130k/year as of last May 2004.
http://www.bls.gov/oco/ocos072.htm#earnings
There is no difference between different school graduates potential. It is all about you once you graduate. You shape your own future, but again, now you know the average.
2. Average repayment is $40-50k/yr. Based on how deep in debt you are by the time of graduation, you should be able to figure out the rest.
3. Once again, no ... Dental schools in the US are not officially ranked for good reasons. Please do not get into debates of whos school is better than who. If necessary, feel free to take part in the anarchy on the already existing dental/medical threads about that subject in particular.
I hope it is of any help to you.
Good Luck.

 

[damast]

Thanks NileBds,well i really wana join nyu but the only thing which is pulling me back is the high amount of loans i might incur and not being a citizen or a permanent resident also adds to the doubt.But i know these are the decisions which we cant take on generalizations and have to be indiviual choice and we cant merit any decison until we see the after effects...

 

[NileBDS]

Thanks NileBds,well i really wana join nyu but the only thing which is pulling me back is the high amount of loans i might incur and not being a citizen or a permanent resident also adds to the doubt.But i know these are the decisions which we cant take on generalizations and have to be indiviual choice and we cant merit any decison until we see the after effects...

Hey Damast.
Yeah, I understand your concerns.
Dental education in general in this country can get pretty expensive, however, I do not think it should factor into your decision if you get accepted at any specific school, ie; acceptance at NYU verses waiting another year. Now if you have more than one option, then it might be a matter of preference.
Anyways, I never heard of a dentists being jailed for not being able to re-pay loans. All of us do it, whoever is practising now did it before and future dentists will continue to do it as well. You have
to pay your dues.
I would say a good start would be to search SDN for "international student loans" and take it from there.
Once you have the loan, I see no problem in you repaying it back in as little as 6-8 years (that is assuming you will be re-paying $300K and not $225 due to the interest accumilation).
Good Luck.

 

[rahmed]

OK, Theses are the 6 scenarios. I have used two different maximum loan balance ($220k/240), varied over three different interest rates(8/10/11.5 %) and two different repayment periods (10/15)
Calculation is done by a loan calculator

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,669.21
Number of Payments: 120

Cumulative Payments: $320,304.67
Total Interest Paid: $100,304.67

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,102.43
Number of Payments: 181

Cumulative Payments: $378,439.00
Total Interest Paid: $158,439.00


##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,907.32
Number of Payments: 120

Cumulative Payments: $348,877.62
Total Interest Paid: $128,877.62

##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,364.13
Number of Payments: 180

Cumulative Payments: $425,543.93
Total Interest Paid: $205,543.93

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,374.29
Number of Payments: 120

Cumulative Payments: $404,914.95
Total Interest Paid: $164,914.95

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,803.66
Number of Payments: 180

Cumulative Payments: $504,656.68
Total Interest Paid: $264,656.68

With these figures I have discussed with 4 different dentists --
GP --12 years in practice, GP -- 5 years in practice, Orthodontist -- 7 years in practice, Oral Pathologist (F/T Faculty) -- 8 years

I received good laughs and job offers from GPs and Orthodontist -- $100,000 + Percentage ( I have asked for $100,000 starting --- Orthodontist offered higher starting in 2009 provided I take care of extractions, root canals and restorations for all his three office patients!). Oral Pathologist was cautious, asked me to do some research about practice/office location and advised me to buy an existing practice or join an office as an associate with a view to buy it in the near future.

No one asked me not to borrow that kind of money. All of them said however much you borrow for your education it's worth (given my age and possible working years left).

I thought of posting this as lots of SDN-ers offered admission in NYU, and UoP (another very expensive school) start worrying (rightly so) about cost of education and feasibility of job offer/ repayment.

P.S.
1) This is my personal research / view
2) I am on H4 visa (GC processing going on), hence have to borrow entire cost of education as private student loan.
3) One has to be flexible about moving in order to accept the best possible job offer / personal office location (Upstate NY / West Pennsylvania/ East Tennesse etc)
4) MOST OF US HAVE TO LIVE LIKE A STUDENT FOR 2-3 YEARS, NO LUXURY / FANCY SHOPPING / ? DESIGNER LABEL SHOPPING / IMPULSE SPENDING (Bang goes my lifestyle 😡 ) 🙂 😀

Good luck everyone,
rahmed

 

[tiyakapoor]

wow..I am so impressed rahmed.now I can feel less guilty of borrowing so much money.

 

[nmas6]

OK, Theses are the 6 scenarios. I have used two different maximum loan balance ($220k/240), varied over three different interest rates(8/10/11.5 %) and two different repayment periods (10/15)
Calculation is done by a loan calculator

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,669.21
Number of Payments: 120

Cumulative Payments: $320,304.67
Total Interest Paid: $100,304.67

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,102.43
Number of Payments: 181

Cumulative Payments: $378,439.00
Total Interest Paid: $158,439.00


##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,907.32
Number of Payments: 120

Cumulative Payments: $348,877.62
Total Interest Paid: $128,877.62

##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,364.13
Number of Payments: 180

Cumulative Payments: $425,543.93
Total Interest Paid: $205,543.93

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,374.29
Number of Payments: 120

Cumulative Payments: $404,914.95
Total Interest Paid: $164,914.95

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,803.66
Number of Payments: 180

Cumulative Payments: $504,656.68
Total Interest Paid: $264,656.68

With these figures I have discussed with 4 different dentists --
GP --12 years in practice, GP -- 5 years in practice, Orthodontist -- 7 years in practice, Oral Pathologist (F/T Faculty) -- 8 years

I received good laughs and job offers from GPs and Orthodontist -- $100,000 + Percentage ( I have asked for $100,000 starting --- Orthodontist offered higher starting in 2009 provided I take care of extractions, root canals and restorations for all his three office patients!). Oral Pathologist was cautious, asked me to do some research about practice/office location and advised me to buy an existing practice or join an office as an associate with a view to buy it in the near future.

No one asked me not to borrow that kind of money. All of them said however much you borrow for your education it's worth (given my age and possible working years left).

I thought of posting this as lots of SDN-ers offered admission in NYU, and UoP (another very expensive school) start worrying (rightly so) about cost of education and feasibility of job offer/ repayment.

P.S.
1) This is my personal research / view
2) I am on H4 visa (GC processing going on), hence have to borrow entire cost of education as private student loan.
3) One has to be flexible about moving in order to accept the best possible job offer / personal office location (Upstate NY / West Pennsylvania/ East Tennesse etc)
4) MOST OF US HAVE TO LIVE LIKE A STUDENT FOR 2-3 YEARS, NO LUXURY / FANCY SHOPPING / ? DESIGNER LABEL SHOPPING / IMPULSE SPENDING (Bang goes my lifestyle 😡 ) 🙂 😀

Good luck everyone,
rahmed

Excellant post Dr.Rahmed.
Cleared some of my doubts.
Thank you

 

[damast]

Cool, so at times even the interest is more than the principle,wish i was CEO of citibank.

 

[DDS80]

Hi everyone,

Great information Nile BDS and rahmed.
Thanks for that. You really helped me solve my worries.
Keep it up.

 

[damast]

i know the interest rates varies upon the credit profile of the student and the co-signer and Rahmed has done calculations according to 3 rates.My quetsion is are those three rates the least possible we can get or can the rates be still lower for private loans?

 

[rahmed]

i know the interest rates varies upon the credit profile of the student and the co-signer and Rahmed has done calculations according to 3 rates.My quetsion is are those three rates the least possible we can get or can the rates be still lower for private loans?

Hi damast,

Lowest was 7.91 couple of months ago. It is at/over 8.0 now. I think it will increase. Realistically for most of us with a co-signer having GOOD credit history we are looking at 10.0% and as high as 11.5% This is from my interaction with Salli Mae.

Addendum: Rates will be different and closer to 8.o % for students who will borrow over their Stafford Loan limit (i.e. $38,500) with co-signer. If you have a good credit history, US citizen/ GC holder and do not want to involve a co-signer the current interest rate for additional amount beyond Stafford is Prime lending rate + 4-4.5 % ~ 11.5 -12.0 %

Hope everyone start your research soon and post here so that we will have more facts and figures.

Thanks
rahmed

 

[D(M)ental]

Good job rahmed!!
🙂

 

[rahmed]

Good job rahmed!!
🙂

Thanks everybody for showing appreciation. Once again I am requesting for more facts and figures from fellow SDN-ers.

rahmed

 

[damast]

hey guys , i found this website which might help u with loan calculations,not sure about the accuracy but can give a decent idea.
http://www.finaid.org/calculators/loanpayments.phtml

 

[y200519761980]

Hey Rahmad,

Great post!!! I guess we are in the same boat. I am also on H4 and have done some research on loans.

Looks like only option we have is Citi Assist and they offer special rate to NYU students. Few weeks ago I talked to them over the phone and they said it is 6%. Well because it is variable, I asked them how this compares to Prime. They interest rate for NYU Dental students is PRIME - 1% (yes it is minus 1 and not plus 1%!!!!!). Ofcourse assumption here is that you cosigner has a good credit history.

Now your discussion with Dentists is pretty interesting. Do they start offering even though you will be graduating in 3 yrs from now,,,just wondering,,,if it is really like this then it is pretty encouraging.

Good luck Rahmad and lets post our experience regarding loans here...it will benefit all of us.

THanks....

Hi damast,

Lowest was 7.91 couple of months ago. It is at/over 8.0 now. I think it will increase. Realistically for most of us with a co-signer having GOOD credit history we are looking at 10.0% and as high as 11.5% This is from my interaction with Salli Mae.

Addendum: Rates will be different and closer to 8.o % for students who will borrow over their Stafford Loan limit (i.e. $38,500) with co-signer. If you have a good credit history, US citizen/ GC holder and do not want to involve a co-signer the current interest rate for additional amount beyond Stafford is Prime lending rate + 4-4.5 % ~ 11.5 -12.0 %

Hope everyone start your research soon and post here so that we will have more facts and figures.

Thanks
rahmed

 

[damast]

Hey Rahmad,

Great post!!! I guess we are in the same boat. I am also on H4 and have done some research on loans.

Looks like only option we have is Citi Assist and they offer special rate to NYU students. Few weeks ago I talked to them over the phone and they said it is 6%. Well because it is variable, I asked them how this compares to Prime. They interest rate for NYU Dental students is PRIME - 1% (yes it is minus 1 and not plus 1%!!!!!). Ofcourse assumption here is that you cosigner has a good credit history.

Now your discussion with Dentists is pretty interesting. Do they start offering even though you will be graduating in 3 yrs from now,,,just wondering,,,if it is really like this then it is pretty encouraging.

Good luck Rahmad and lets post our experience regarding loans here...it will benefit all of us.

THanks....

thats interesting,6% is very very reasonable..

 

[fido!]

bravo,boss! 👍brilliant!simply brilliant! home-work well done!

OK, Theses are the 6 scenarios. I have used two different maximum loan balance ($220k/240), varied over three different interest rates(8/10/11.5 %) and two different repayment periods (10/15)
Calculation is done by a loan calculator

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,669.21
Number of Payments: 120

Cumulative Payments: $320,304.67
Total Interest Paid: $100,304.67

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,102.43
Number of Payments: 181

Cumulative Payments: $378,439.00
Total Interest Paid: $158,439.00


##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,907.32
Number of Payments: 120

Cumulative Payments: $348,877.62
Total Interest Paid: $128,877.62

##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,364.13
Number of Payments: 180

Cumulative Payments: $425,543.93
Total Interest Paid: $205,543.93

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,374.29
Number of Payments: 120

Cumulative Payments: $404,914.95
Total Interest Paid: $164,914.95

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,803.66
Number of Payments: 180

Cumulative Payments: $504,656.68
Total Interest Paid: $264,656.68

With these figures I have discussed with 4 different dentists --
GP --12 years in practice, GP -- 5 years in practice, Orthodontist -- 7 years in practice, Oral Pathologist (F/T Faculty) -- 8 years

I received good laughs and job offers from GPs and Orthodontist -- $100,000 + Percentage ( I have asked for $100,000 starting --- Orthodontist offered higher starting in 2009 provided I take care of extractions, root canals and restorations for all his three office patients!). Oral Pathologist was cautious, asked me to do some research about practice/office location and advised me to buy an existing practice or join an office as an associate with a view to buy it in the near future.

No one asked me not to borrow that kind of money. All of them said however much you borrow for your education it's worth (given my age and possible working years left).

I thought of posting this as lots of SDN-ers offered admission in NYU, and UoP (another very expensive school) start worrying (rightly so) about cost of education and feasibility of job offer/ repayment.

P.S.
1) This is my personal research / view
2) I am on H4 visa (GC processing going on), hence have to borrow entire cost of education as private student loan.
3) One has to be flexible about moving in order to accept the best possible job offer / personal office location (Upstate NY / West Pennsylvania/ East Tennesse etc)
4) MOST OF US HAVE TO LIVE LIKE A STUDENT FOR 2-3 YEARS, NO LUXURY / FANCY SHOPPING / ? DESIGNER LABEL SHOPPING / IMPULSE SPENDING (Bang goes my lifestyle 😡 ) 🙂 😀

Good luck everyone,
rahmed

 

[fido!]

thatz right,rahmed!i got my loan approved via salli !but it comes to prime +4 for me!! 🙁

Hi damast,

Lowest was 7.91 couple of months ago. It is at/over 8.0 now. I think it will increase. Realistically for most of us with a co-signer having GOOD credit history we are looking at 10.0% and as high as 11.5% This is from my interaction with Salli Mae.

Addendum: Rates will be different and closer to 8.o % for students who will borrow over their Stafford Loan limit (i.e. $38,500) with co-signer. If you have a good credit history, US citizen/ GC holder and do not want to involve a co-signer the current interest rate for additional amount beyond Stafford is Prime lending rate + 4-4.5 % ~ 11.5 -12.0 %

Hope everyone start your research soon and post here so that we will have more facts and figures.

Thanks
rahmed

 

[fido!]

r u kidding?hmmmmmn!lemme check out with citi..then! 🙂

Looks like only option we have is Citi Assist and they offer special rate to NYU students. Few weeks ago I talked to them over the phone and they said it is 6%. Well because it is variable, I asked them how this compares to Prime. They interest rate for NYU Dental students is PRIME - 1% (yes it is minus 1 and not plus 1%!!!!!). Ofcourse assumption here is that you cosigner has a good credit history.

Now your discussion with Dentists is pretty interesting. Do they start offering even though you will be graduating in 3 yrs from now,,,just wondering,,,if it is really like this then it is pretty encouraging.

Good luck Rahmad and lets post our experience regarding loans here...it will benefit all of us.

THanks....

 

[dentistjas]

OK, Theses are the 6 scenarios. I have used two different maximum loan balance ($220k/240), varied over three different interest rates(8/10/11.5 %) and two different repayment periods (10/15)
Calculation is done by a loan calculator

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,669.21
Number of Payments: 120

Cumulative Payments: $320,304.67
Total Interest Paid: $100,304.67

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,102.43
Number of Payments: 181

Cumulative Payments: $378,439.00
Total Interest Paid: $158,439.00


##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,907.32
Number of Payments: 120

Cumulative Payments: $348,877.62
Total Interest Paid: $128,877.62

##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,364.13
Number of Payments: 180

Cumulative Payments: $425,543.93
Total Interest Paid: $205,543.93

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,374.29
Number of Payments: 120

Cumulative Payments: $404,914.95
Total Interest Paid: $164,914.95

##
Loan Balance: $240,000.00
Loan Interest Rate: 11.50%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,803.66
Number of Payments: 180

Cumulative Payments: $504,656.68
Total Interest Paid: $264,656.68

With these figures I have discussed with 4 different dentists --
GP --12 years in practice, GP -- 5 years in practice, Orthodontist -- 7 years in practice, Oral Pathologist (F/T Faculty) -- 8 years

I received good laughs and job offers from GPs and Orthodontist -- $100,000 + Percentage ( I have asked for $100,000 starting --- Orthodontist offered higher starting in 2009 provided I take care of extractions, root canals and restorations for all his three office patients!). Oral Pathologist was cautious, asked me to do some research about practice/office location and advised me to buy an existing practice or join an office as an associate with a view to buy it in the near future.

No one asked me not to borrow that kind of money. All of them said however much you borrow for your education it's worth (given my age and possible working years left).

I thought of posting this as lots of SDN-ers offered admission in NYU, and UoP (another very expensive school) start worrying (rightly so) about cost of education and feasibility of job offer/ repayment.

P.S.
1) This is my personal research / view
2) I am on H4 visa (GC processing going on), hence have to borrow entire cost of education as private student loan.
3) One has to be flexible about moving in order to accept the best possible job offer / personal office location (Upstate NY / West Pennsylvania/ East Tennesse etc)
4) MOST OF US HAVE TO LIVE LIKE A STUDENT FOR 2-3 YEARS, NO LUXURY / FANCY SHOPPING / ? DESIGNER LABEL SHOPPING / IMPULSE SPENDING (Bang goes my lifestyle 😡 ) 🙂 😀

Good luck everyone,
rahmed

Dear Rahmed,

That was a very informative and encouraging post.
I knew that you are a very helpful person, but today I would add few more adjectives Sir. Mature, stable minded, balanced, good farsightedness, determined, element of sacrifice an definitely very knowledgable 👍

Good luck to you Sir. I hope you outshine in NYU.

Kind regards--Jas

 

[damast]

are itna mat chadao nahin to utarna mushkil ho jayega... just kidding dear rahmed u r doin an excellent job.

Dear Rahmed,

That was a very informative and encouraging post.
I knew that you are a very helpful person, but today I would add few more adjectives Sir. Mature, stable minded, balanced, good farsightedness, determined, element of sacrifice an definitely very knowledgable 👍

Good luck to you Sir. I hope you outshine in NYU.

Kind regards--Jas

 

[fido!]

good one! 👍

are itna mat chadao nahin to utarna mushkil ho jayega... just kidding dear rahmed u r doin an excellent job.

 

[rahmed]

Dear Rahmed,

That was a very informative and encouraging post.
I knew that you are a very helpful person, but today I would add few more adjectives Sir. Mature, stable minded, balanced, good farsightedness, determined, element of sacrifice an definitely very knowledgable 👍

Good luck to you Sir. I hope you outshine in NYU.

Kind regards--Jas

'....are itna mat chadao nahin to utarna mushkil ho jayega....'
I loved that comment. Thanks damast my friend.

Thanks dentistjas for all your kind words. I hope I can live up to those words. I like to help people if I can in my small ways. Don't know about outshining but would hope to go with the paces of NYU. Good luck,

rahmed

p.s. Guys and Gals try to post more info about student loan please.

 

[damast]

Thanks rahmed.Abt my research for loans , i think the minimum we take the better would be for us in the long run and probabaly only living expenses are the ones we would have control on ;so be ready to squeeze.Did anyone have an idea what criteria should the cosigner have to get an ideal interest rate and maximum amount.I talked with citbank coustomer rep and she said the minimum criteria to be a coisgner are:
-Minimum annual salary of $ 18,000(i hope i heard it right,its not $ 80,000)
-Decent credit score(she didnt specify)
-Debt to income ratio of 45% or less.
-Decent credit history.
I know this list is very incomplete but hope to get more input from other memebers.Also,i think, it would be idea to have a look at the credit report of the cosigner before we actually let him co-sign.

'....are itna mat chadao nahin to utarna mushkil ho jayega....'
I loved that comment. Thanks damast my friend.

Thanks dentistjas for all your kind words. I hope I can live up to those words. I like to help people if I can in my small ways. Don't know about outshining but would hope to go with the paces of NYU. Good luck,

rahmed

p.s. Guys and Gals try to post more info about student loan please.

 

[rtvj]

i have a question...If we do get a GC holder with good credit history & credit score, will asking them to cosign the loan reduce their credit score????

 

[NileBDS]

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,669.21
Number of Payments: 120

Cumulative Payments: $320,304.67
Total Interest Paid: $100,304.67

##
Loan Balance: $220,000.00
Loan Interest Rate: 8.00%
Loan Term: 15 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,102.43
Number of Payments: 181

Cumulative Payments: $378,439.00
Total Interest Paid: $158,439.00


##
Loan Balance: $220,000.00
Loan Interest Rate: 10.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $2,907.32
Number of Payments: 120
.........................................................................
rahmed

Hey Rahmed ... NICE JOB !
That is very unselfish of you to share your well-spent effort with us.
Thanks Buddy.
All the info I can pitch in probably won't help you much, because it relates more to Stafford/federal loans for perm. res./Citizens.
Anyways, I read on the dental threads that this upcoming year, the Stafford loan interest rate will be fixed at %6. something. That's good, incase someone doesn’t know what it means.
In addition, Grad PLUS loans will be introduced for the very first time this year. These are federally funded loans (not private) which are credit -but not income- based. They are intended to help graduate students cover the difference between Stafford loans and the actual cost of education.
They will be introduced this year at an %8.5 fixed APR (+origination fees, -rebates), which is good from what I hear. They also include some other benefits over private loans such as payment protection, forbearance deferment of payment and others.
I hope it helps someone, because it did me.
Good Luck.

 

[NileBDS]

i have a question...If we do get a GC holder with good credit history & credit score, will asking them to cosign the loan reduce their credit score????

If the case of student loans is the same as car finances, then defenitely YES. Only temporarily.
When someone co-signs your loan, what it means is basically that he/she are the ones taking out the loans. Not you. You are just "promising" to pay back, while they have to "guarantee" it.
So to answer your question, their credit score might take a hit initially, but maybe for a couple of months or so, until you start making consistent payments either on the interest, principal or both.
Having said that, I should also say that once they are off your loan, their credit score will improve substantially. It will be MUCH higher than before they co-signed with you, considering that you make payments regularly.

Good Luck.

 

[damast]

thats very true

If the case of student loans is the same as car finances, then defenitely YES. Only temporarily.
When someone co-signs your loan, what it means is basically that he/she are the ones taking out the loans. Not you. You are just "promising" to pay back, while they have to "guarantee" it.
So to answer your question, their credit score might take a hit initially, but maybe for a couple of months or so, until you start making consistent payments either on the interest, principal or both.
Having said that, I should also say that once they are off your loan, their credit score will improve substantially. It will be MUCH higher than before they co-signed with you, considering that you make payments regularly.

Good Luck.

 

[damast]

been gathering some info.For nyu students,as per my research(many of you might already know this) citibank assist loan,comprehensive access loan and saille mae are 3 decent options(there r other options also).We can get $ 40,000/per year, from citibank without a co signer,but its falls too short from the estimated cost of attendance for 1 year,so probably will need a co-signer too.For access gp we can take full amount without a cosigner but they ask a very good credti history(3 yr in US).Saille mae ...havent read what they have to offer.There are a lot of details and fine print,so be sure before we accept any loan.For example,repayements or no repayments during school time,interest rate,defferment of repayments,cancellation policy,whether co- signer is release after some payements or not, calculatuon method,etc. etc...

I was wondering whats an ideal credit score for the borrower and for co-signer for getting a good interest rate.
Also,if any one has recieved the AFCOE packet from nyu or already recieved I-20,how much funds they expect us to show on the sponser letter?is it $66,000 or $86,000.I am asking this because i havent recieved mine yet.
Thanks

 

[Talal]

Hey,

I recived the documentation required to apply for an I-20. The forms require us to show our source of funding for 3 years. I had always thought we were supposed to show personal funds for one year. Anyway, I called up the International Students office offfice, and they said that showing the pre-approval note from the bank showing full cost of attendance will be sufficient. This then means we don't have to show personal funds. Hmm..doesn't seem right. Also, about the loan thing, I was told start applying from 15th may. They say it is too early now.

Any input, anyone?

been gathering some info.For nyu students,as per my





research(many of you might already know this) citibank assist loan,comprehensive access loan and saille mae are 3 decent options(there r other options also).We can get $ 40,000/per year, from citibank without a co signer,but its falls too short from the estimated cost of attendance for 1 year,so probably will need a co-signer too.For access gp we can take full amount without a cosigner but they ask a very good credti history(3 yr in US).Saille mae ...havent read what they have to offer.There are a lot of details and fine print,so be sure before we accept any loan.For example,repayements or no repayments during school time,interest rate,defferment of repayments,cancellation policy,whether co- signer is release after some payements or not, calculatuon method,etc. etc...

I was wondering whats an ideal credit score for the borrower and for co-signer for getting a good interest rate.
Also,if any one has recieved the AFCOE packet from nyu or already recieved I-20,how much funds they expect us to show on the sponser letter?is it $66,000 or $86,000.I am asking this because i havent recieved mine yet.
Thanks

 

[rtvj]

Hi Nile BDS,
Thanks for the info..I have one more q...will the credit score take a hit as soon as the loan has been approved or after i finish my studies( the initial period of 6-9 months after graduation to pay back loans)??
Thanks again.

If the case of student loans is the same as car finances, then defenitely YES. Only temporarily.
When someone co-signs your loan, what it means is basically that he/she are the ones taking out the loans. Not you. You are just "promising" to pay back, while they have to "guarantee" it.
So to answer your question, their credit score might take a hit initially, but maybe for a couple of months or so, until you start making consistent payments either on the interest, principal or both.
Having said that, I should also say that once they are off your loan, their credit score will improve substantially. It will be MUCH higher than before they co-signed with you, considering that you make payments regularly.

Good Luck.

 

[NileBDS]

Hi Nile BDS,
Thanks for the info..I have one more q...will the credit score take a hit as soon as the loan has been approved or after i finish my studies( the initial period of 6-9 months after graduation to pay back loans)??
Thanks again.

Hello again.
Inorder to enroll in any program, you will need to be accepted for the loan, and then allocate the money to which ever school/program you choose. It depends more on when the loan is actually dispersed.
Note that you may be approved for a loan (say of $10,000), but never actually use or take the loan. In that case, the credit score would only maybe decrease by 2-5 points, due to the fact that someone has inquired about your credit report. ONLY when you actually take the loan out (start of school) is when the rating would go down significantly.
Good Luck.

 

[PK_Bond]

hello,
i thought that an educational loan would not affect your credit scores. It does show up on the credit report, but would not count towards your credit score. Correct me if I am wrong.........We can certainly discuss this with Experian or Equifax and get an concrete answers to the concerns.

Hello again.
Inorder to enroll in any program, you will need to be accepted for the loan, and then allocate the money to which ever school/program you choose. It depends more on when the loan is actually dispersed.
Note that you may be approved for a loan (say of $10,000), but never actually use or take the loan. In that case, the credit score would only maybe decrease by 2-5 points, due to the fact that someone has inquired about your credit report. ONLY when you actually take the loan out (start of school) is when the rating would go down significantly.
Good Luck.

 

[NileBDS]

hello,
i thought that an educational loan would not affect your credit scores. It does show up on the credit report, but would not count towards your credit score. Correct me if I am wrong.........We can certainly discuss this with Experian or Equifax and get an concrete answers to the concerns.

Hello PK.
What you are talking about are Federal loans not private ones. There are many types of "educational loans". What we were discussing here was the case of co-signers in a private loan.
Private student loans are just that ... private loans. Private loans are credit and/or income based (which means that they would definitely affect your credit history). That is why they require a co-signer in the first place, in the case of applicants who can not prove sufficient credit worthiness (good credit score/history).
Now in the case of federal loans, you are right. They do not affect your credit report/history, unless you fail to comply with the terms of that specific loan (if you default on a loan, fail to make payments and so on ...).

 

[rtvj]

Thanks NileBDS for the prompt reply.Good luck to u too!

 

[DDS_well-wisher]

Answer. Absolutely. By cosigning, you are accepting full responsibility for the debt if the other person does not pay as agreed. A cosigned account will appear on both your credit history and the other person's. All loans and credit card accounts that appear on your credit report will impact credit scores.


courtesy from EXPERIAN.. read more

http://www.experian.com/consumer/credit_score_faqs.html#cosigning

 

[Den_Alice]

Very helpful info, rahmed. Are you a full-time dental student under the H4 visa status? I thought you have to have a F1 visa to be a full time student. Please confirm it. Thanks.

Den_Alice

'....are itna mat chadao nahin to utarna mushkil ho jayega....'
I loved that comment. Thanks damast my friend.

Thanks dentistjas for all your kind words. I hope I can live up to those words. I like to help people if I can in my small ways. Don't know about outshining but would hope to go with the paces of NYU. Good luck,

rahmed

p.s. Guys and Gals try to post more info about student loan please.

 

[jack33]

Western dental pays #350 per day, if you have are graduate of foreign country and if you have degreee from us or canada then $400 per day. No vacation, insurance etc. And they make you see so many patients a day that you start feeling like you are in sweatshop. Other companies may pay you more but if you dont make close to $2000 for the company then you are toast. If managing dentist keeps taking high paying patients then you are in trouble. Dentical pays $39 for a filling and you can calculate how many fillings that you need to do to make $2000. For steel crown dentical pays $90. I have seen a dentist getting fired 2 times in a month. There are jobs for very hard working dentists. It all comes down to business sense. Companies are looking for money making dentists and if you dont meet their criteria then good luck.

 

[jack33]

You can study fulltime on H4.

Very helpful info, rahmed. Are you a full-time dental student under the H4 visa status? I thought you have to have a F1 visa to be a full time student. Please confirm it. Thanks.

Den_Alice

 

[rahmed]

Very helpful info, rahmed. Are you a full-time dental student under the H4 visa status? I thought you have to have a F1 visa to be a full time student. Please confirm it. Thanks.

Den_Alice

Hi Den_Alice,

I agree with jack33. H4 is accepted visa status by d. schools. Only small problem is you can't work during school not even voluntary. But that should not be a problem if you strictly pusue the program and nothing else.

Good luck,
rahmed

 

[rahmed]

Western dental pays #350 per day, if you have are graduate of foreign country and if you have degreee from us or canada then $400 per day. No vacation, insurance etc. And they make you see so many patients a day that you start feeling like you are in sweatshop. Other companies may pay you more but if you dont make close to $2000 for the company then you are toast. If managing dentist keeps taking high paying patients then you are in trouble. Dentical pays $39 for a filling and you can calculate how many fillings that you need to do to make $2000. For steel crown dentical pays $90. I have seen a dentist getting fired 2 times in a month. There are jobs for very hard working dentists. It all comes down to business sense. Companies are looking for money making dentists and if you dont meet their criteria then good luck.

Important post. I guess you live in CA. I had no idea about private companies running dental offices!!.....It will be a great contrast for me to hit the country roads of Virginia in search of bread and butter after living in NYC for 3 years....I guess I should prepare myself for the culture shock from now 🙂 .....Or what about some of us getting together and start a company and run dental offices....with a promise not to bite our dentists as hard as Western dental .....CEO will be chosen by first name out of basket

rahmed

 

[indian bds]

👍

Important post. I guess you live in CA. I had no idea about private companies running dental offices!!.....It will be a great contrast for me to hit the country roads of Virginia in search of bread and butter after living in NYC for 3 years....I guess I should prepare myself for the culture shock from now 🙂 .....Or what about some of us getting together and start a company and run dental offices....with a promise not to bite our dentists as hard as Western dental .....CEO will be chosen by first name out of basket

rahmed

 

[rag]

hey guys,
iam just wondering the oppurtunities of getting H1 after finishing graduation to work as a dentist when u r not in F1 status , particularly in the eastern side.
if anybody put some inputs, that would be really helpful for me.
thanks

 

[fido!]

nice idea!

Important post. I guess you live in CA. I had no idea about private companies running dental offices!!.....It will be a great contrast for me to hit the country roads of Virginia in search of bread and butter after living in NYC for 3 years....I guess I should prepare myself for the culture shock from now 🙂 .....Or what about some of us getting together and start a company and run dental offices....with a promise not to bite our dentists as hard as Western dental .....CEO will be chosen by first name out of basket

rahmed

 

[damast]

as no one came forward i have self-nominated myself for the post of CEO of our dental corporate house.I have a degree in health policy and administration to back my claim.
I would request MR Rahmed to be our CFO and fido as our chief operating officer.I would also like to have a Public relation officer ...any takers?
Guys pls suggest a name for the company. 😛

Important post. I guess you live in CA. I had no idea about private companies running dental offices!!.....It will be a great contrast for me to hit the country roads of Virginia in search of bread and butter after living in NYC for 3 years....I guess I should prepare myself for the culture shock from now 🙂 .....Or what about some of us getting together and start a company and run dental offices....with a promise not to bite our dentists as hard as Western dental .....CEO will be chosen by first name out of basket

rahmed

 

[rahmed]

as no one came forward i have self-nominated myself for the post of CEO of our dental corporate house.I have a degree in health policy and administration to back my claim.
I would request MR Rahmed to be our CFO and fido as our chief operating officer.I would also like to have a Public relation officer ...any takers?
Guys pls suggest a name for the company. 😛

Nominations accepted. May be we should throw open the position of Public Relation Officer to Gals.....Name of the company...that's easy.....INDENT LLC....Hidden in the Word Indent....no, no, nothing to do with India.....short form of 'Indentured Dentists'.....I mean once those dentists sign the clause our corporate law will not let them get away easily 😉 .........I will be in NYC for 3 years (along with CEO and COO) to look for the best law firm!

 

[starbucksfan]

how about one of the gals be the CEO or CFO.U guys can do the PR business.
I can come forward for this and by the way I live in VA so that makes all the more easy.
oh!ya one more thing the CEO just comes to the office to work may be1-2 days.she has to manage the office boks with the CPA.soI am sure u wouldnt expect me to work and of course the CEO gets the best share.
so RAHMED are u in for that.

 

[fido!]

and....what will be my duty as a COO? work or not to work...?

as no one came forward i have self-nominated myself for the post of CEO of our dental corporate house.I have a degree in health policy and administration to back my claim.
I would request MR Rahmed to be our CFO and fido as our chief operating officer.I would also like to have a Public relation officer ...any takers?
Guys pls suggest a name for the company. 😛