• AMA with Certified Student Loan Professional

    Join SDN on December 7th at 6:00 PM Eastern as we host Andrew Paulson of StudentLoanAdvice.com for an AMA webinar. He'll be answering your questions about how to best manage your student loans. Register now!

Costs of dental school...? :)

Hi, I'm sure this has been answered in another thread. But to tell you the truth, I am far too lazy to search at this moment. Is it possible to pay for dental school completely from loans? Will the loans also cover your day to day expenses such as food, what about rent? Can you use your loan money to buy a house? Ahh...thanks so much in advance!!!
 

KY2007

Senior Member
10+ Year Member
5+ Year Member
Jan 1, 2005
213
1
    Absolutely. That's the way 90% of student dentists do it. You can use federal loans, or private loans. You just need to till out a FAFSA for federal student loans.
     
    About the Ads

    Ash

    Member
    10+ Year Member
    5+ Year Member
    Dec 7, 2004
    57
    1
    39
    New York
      KY2007 said:
      Absolutely. That's the way 90% of student dentists do it. You can use federal loans, or private loans. You just need to till out a FAFSA for federal student loans.


      Yea but is it a good idea to take out all those other loans besides taking out the loans to pay for tuition???? Do you guys recommend taking extra loans for a car, food, and a house or apartment or whatever...
       

      J2AZ

      Senior Member
      10+ Year Member
      5+ Year Member
      Aug 12, 2004
      393
      0
        CJWolf said:
        Depends. Stafford loans allow $38,500 per year for school. My school automatically takes 24k a year out for tuition, so i get the rest to live on.

        Are you sure you can get 38,500 per year in stafford loans? All the info I have seen says you can get 8,000 in subsidized combined with unsubsidized to max at around 18,000 for the year.
         

        Biogirl361

        1K Member
        7+ Year Member
        15+ Year Member
        Mar 7, 2004
        1,295
        1
          J2AZ said:
          Are you sure you can get 38,500 per year in stafford loans? All the info I have seen says you can get 8,000 in subsidized combined with unsubsidized to max at around 18,000 for the year.

          it's 38,500 per year, 8500 subsidized and 30,000 unsubsidized. what happens is the school makes out a budget for how much they think is a reasonable amount for tuition, books, instruments, room and board. then you can usually get student loans up to that amount that they specify and after the school takes their share you can use the remainder for whatever you want. if the school's budget goes much over the 38500, they usually have alternative loans available for the students to make up the difference.
          the school's budget for how much they will allow you to take out in student loans is pretty tight i have noticed, for example it usually only covers the 9 months you actually have class. so if you want to or have to keep your apartment for the remainder of the year you either have to make your 9 month budget stretch for 12 months or find some alternative funding for those months. it also is designed to cover only food and housing, they don't leave room for a car for example.
           

          J2AZ

          Senior Member
          10+ Year Member
          5+ Year Member
          Aug 12, 2004
          393
          0
            Ash said:
            Even if you could is it a good thing to do?

            Given the fact I am not a trust fund baby and will be paying for dental school out of my own pocket, taking federal subsidized and unsubsidized loans is a very very good thing. With subsidized loans you pay no interest while in school so this is a huge plus and with unsubsidized loans you will have a lower interest rate than you would with a private loan. In an ideal world I would not have to take out any loans but the fact is I will. So, 38,500 in federal loans is much better than 18,000 federal plus 20,000 private.
             

            J2AZ

            Senior Member
            10+ Year Member
            5+ Year Member
            Aug 12, 2004
            393
            0
              Biogirl361 said:
              it's 38,500 per year, 8500 subsidized and 30,000 unsubsidized. what happens is the school makes out a budget for how much they think is a reasonable amount for tuition, books, instruments, room and board. then you can usually get student loans up to that amount that they specify and after the school takes their share you can use the remainder for whatever you want. if the school's budget goes much over the 38500, they usually have alternative loans available for the students to make up the difference.

              Where did you find that 30,000 unsubsidized figure? I looked on many websites and kept seeing the same info 18,000 max combined subsidized and unsubsidized with 8500 the max in subsidized. This would give you 9500 unsubsidized and 8500 subsidized with the rest of tuition paid for with school based loans, private loans, grants, or scholarships.
               

              Biogirl361

              1K Member
              7+ Year Member
              15+ Year Member
              Mar 7, 2004
              1,295
              1
                every dental school finaid officer and website I have heard/looked at quotes 30,000/year for unsub stafford loans, but since you mentioned it i looked on government websites and whatnot and you're right, they say 18,000. but here are a couple of dental school websites that both say 38,000 total...
                http://www.finaid.umich.edu/Apply_and_Receive_Aid/Applying_for_Aid/Graduate_Students/dental.asp

                http://www.case.edu/dental/site/admissions/dmd/financialaid.html

                so i'm not sure what the deal is.. :confused: but I've always been told 38,000/year for dental school.

                edit: just for fun i'm checking out some other school websites.. so far arizona says 34,000/total...marquette , 45,000 for D1-D3 and 38,500 for D4... it appears that it depends on the school how much you can get maximum, but dental students are allowed more than the government websites quote for grad students. it looks like dental falls under a separate category or something.
                 

                aphistis

                Full Member
                Moderator Emeritus
                10+ Year Member
                Verified Expert
                15+ Year Member
                Feb 15, 2003
                8,394
                37
                Indianapolis
                1. Attending Physician
                2. Dentist
                  Biogirl361 said:
                  every dental school finaid officer and website I have heard/looked at quotes 30,000/year for unsub stafford loans, but since you mentioned it i looked on government websites and whatnot and you're right, they say 18,000. but here are a couple of dental school websites that both say 38,000 total...
                  http://www.finaid.umich.edu/Apply_and_Receive_Aid/Applying_for_Aid/Graduate_Students/dental.asp

                  http://www.case.edu/dental/site/admissions/dmd/financialaid.html

                  so i'm not sure what the deal is.. :confused: but I've always been told 38,000/year for dental school.

                  edit: just for fun i'm checking out some other school websites.. so far arizona says 34,000/total...marquette , 45,000 for D1-D3 and 38,500 for D4... it appears that it depends on the school how much you can get maximum, but dental students are allowed more than the government websites quote for grad students. it looks like dental falls under a separate category or something.
                  You should definitely take out the full allowance of Stafford loans even if you don't necessarily need all of it to live on. Since the interest rates on Staffords are artificially depressed relative to the commercial market, you're basically getting low-cost money that you can reinvest at a much higher rate of return.

                  Just for a basic example, I've got half of this semester's loan money in a 90-day CD that's paying me almost an entire year's worth of loan interest in just three months, plus when it matures in April I'll have it back at my disposal in case I need it for anything. Be smart, and let your money make more of itself for you.
                   

                  Darksunshine

                  So close I can taste it
                  10+ Year Member
                  5+ Year Member
                  Sep 30, 2004
                  513
                  0
                  1. Dental Student
                    aphistis said:
                    You should definitely take out the full allowance of Stafford loans even if you don't necessarily need all of it to live on. Since the interest rates on Staffords are artificially depressed relative to the commercial market, you're basically getting low-cost money that you can reinvest at a much higher rate of return.

                    Just for a basic example, I've got half of this semester's loan money in a 90-day CD that's paying me almost an entire year's worth of loan interest in just three months, plus when it matures in April I'll have it back at my disposal in case I need it for anything. Be smart, and let your money make more of itself for you.

                    I like this idea Aphistis, smart thinking. :thumbup: I was thinking about putting into a saving, but reinvestment is better over the long haul, but I think it does depend on the CD rates, etc.
                     

                    12YearOldKid

                    Full Member
                    10+ Year Member
                    5+ Year Member
                    Oct 31, 2004
                    775
                    3
                    1. Dentist
                      J2AZ said:
                      Where did you find that 30,000 unsubsidized figure? I looked on many websites and kept seeing the same info 18,000 max combined subsidized and unsubsidized with 8500 the max in subsidized. This would give you 9500 unsubsidized and 8500 subsidized with the rest of tuition paid for with school based loans, private loans, grants, or scholarships.

                      $18,000 is the standard figure, but MD and DDS students are an exception. We are allowed to borrow more since our schooling is so expensive.
                       
                      About the Ads
                      This thread is more than 16 years old.

                      Your message may be considered spam for the following reasons:

                      1. Your new thread title is very short, and likely is unhelpful.
                      2. Your reply is very short and likely does not add anything to the thread.
                      3. Your reply is very long and likely does not add anything to the thread.
                      4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
                      5. Your message is mostly quotes or spoilers.
                      6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
                      7. This thread is locked.