Canadian studying Dentistry in USA, Tuition Help

[guanjoi]

New member here.
I am Canadian grad, looking to pursue dentistry next application cycle 2018. It's competitive in Canada, so I am considering US as an option. I will apply to most Canadian friendly schools, Nova, NYU, etc, their tuition is very expensive.
My main concern is high tuition. When factoring in Canadian conversion rate, situation becomes more depressing. Based on my estimates average tuition is from 450-550k US which converts is 550- 700k Canadian dollars.
I would like to hear from other Canadian to be grads whether it's worth studying dentistry in US?
Returning back to Canada with 550k+ (canadian$) in loans is a risky move, in my opinion, may not pay off based on the average salaries I've seen/read here.

Do many of you consider an option working on Visa in US after finishing school?

Final problem, how to acquire such large loans of 550K? Canadian banks at most offer $250k in student loans. OSAP is very minimal.

Just trying to assess financial situation and have a clear picture, before starting full application process, and find out after acceptance that I cannot be approved for loans.

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[WOWOWOW]

Hey,

I'm a Canadian who graduated from an American dental school. When I was attending a dental school, currency rate was about 1:1 (USD:CAD).

I would like to hear from other Canadian to be grads whether it's worth studying dentistry in US?
Returning back to Canada with 550k+ (canadian$) in loans is a risky move, in my opinion, may not pay off based on the average salaries I've seen/read here.
My ANSWER = Because of the currency rate (horrible CAD), I DO NOT think it's worth studying dentistry in US. EVEN IF you find a way to get 700k CAD loans, you CAN NEVER come back to Canada. Paying back USD loan with CAD income? It is simply not possible, unless you live in a box. If you decide to go to US dental school, you are working in the US no matter what.

Do many of you consider an option working on Visa in US after finishing school?
My ANSWER = Yes. Canadian dentists can work in the US with TN-visa or H1b. With TN-visa, you do not need a sponsorship. TN-visa is only for Canadians and Mexicans working in the US. Processing is much faster than H1b. Other international workers have to get H1b visa in order to work in the US, and there is a "cap" on how many people can get H1b visa in the US per year. So it's not hard for Canadians to obtain work-visa to work in the US compared to other international dentists.
You can start with TN-visa (since processing time is much faster), and apply for H1b while you are working as a dentist in the US. You cannot apply for permanent residency with TN-visa.

Final problem, how to acquire such large loans of 550K? Canadian banks at most offer $250k in student loans. OSAP is very minimal.

My ANSWER = This is what I did, I paid total of $350 USD (4-years of dental school). $250 USD came from RBC bank in Canada, and had private $100k loan from Citibank in the US (Discover). Back when I was attending (2010~2014), the currency rate was 1:1, so I did not have any problems. To get the private loans in the US, you need to have a co-signer (American citizen or permanent resident of US) with excellent credit history and minimum $100k income.

I am lucky that CAD is much lower than USD now. I work in the states, and basically I do not have to pay back 25% of what I borrowed.

For you, you have 2 options
1) Your parents pay $200~250k USD
2) You need a strong American co-signer that will co-sign you at least $200~250k USD. Like I said, it can't be just any American. It has to be an American citizen/permanent resident with very strong credit history and minimum six-figure income.

If I were you, I would just do another bachelor's degree in Canada and apply to dental school in Canada. Going to the US for dental schools is not an option anymore for Canadians in my opinion (Unless CAD magically recovers).

Hope this helps. You can PM me for more details.

 

[DocDoom]

Australian or Irish Dental schools are always an option but you can't work in the US, only in Canada. Last I checked, CAD and AUD was about 1 to 1.

 

[guanjoi]

I am amazed of how thorough answer I have received.

Canadian currency is what really makes me double-think my DENTAL education in USA. I think $550k Canadian Dollars is the least I can expect to pay, given the current conversion rate. It's unlikely it will improve anytime soon. To even quality for such amount, parents must contribute, and they have to take another mortgage to supplement the 550K tuition.
With new Canadian lending restriction coming in effect in 2018, its going to be a problem for many Canadians to qualify for large sum loans/mortgages, according to all the talk I've been hearing on the news lately.

Loan rates here at 7.5%. I am assuming it will increase after new year, economy is meh..


TN-Visa is a good backup, but with todays NAFTA uncertainty it's difficult to predict the outcome and visa restrictions in 4 years from now.

 

[Johnwickk]

I am canadian applying to only US dental schools. I know a few canadians at NYU and BostonU. A few of them graduated last year and landed decent jobs paying 150K - 250K. After a few years of living like a student they will be able to pay off their canadian debt One will risk it and take a loan to open a new clinic and use that to pay off his debt. I know debt is a factor but it shouldn't hold you back from attending a US school, You will be able to pay it back, the only struggle would be to get that line of credit.
PS apply to maryland, and pittsburgh, they accepted some canadians and are on the cheap side

 

[guanjoi]

I spoke to a handful local dentist and salaries I've been hearing out of school 90-130K. Maybe situation in USA is so much better so starting are 150-250k, but if its New York, I wouldn't be surprised.

 

[pf1996]

I spoke to a handful local dentist and salaries I've been hearing out of school 90-130K. Maybe situation in USA is so much better so starting are 150-250k, but if its New York, I wouldn't be surprised.

What are your stats? You could always try for a public school in the states if competitive.

 

[guanjoi]

What are your stats? You could always try for a public school in the states if competitive.

Not competitive enough for public schools; private school is the only option.

 

[pf1996]

Not competitive enough for public schools; private school is the only option.

I have a ton of friends with “average” Canadian stats getting into certain public schools! Don’t give up hope. I’m sure your stats aren’t bad. PM me if you want!