Dental School Loans!!

[zoralsurgeon]

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Hi all,

So I'm starting my first year, woo woo! Anyway, my financial aid package was just awarded...and the following figures are what I have been offered.

Scholarship - $1,203
Direct Subsidized Loan - $8,500
Direct Unsubsidized Loan - $12,000 (6.8% rate)
Additional Unsubsidized Loan - $24,444 (6.8% rate)
Direct Grad PLUS Loan - $14,246 (7.9% rate)

Total offered: $60,393

My total tuition for Fall, Spring, and Summer at my school will total around $38,000. Basically, what I am very sincerely asking for is your advice. I do not have any other financial support - meaning I will be living 100% on my loan money. I also plan to live quite frugal - as I have been raised. How much do YOU think I should take out? What did you take out? I have about $10k to my name as of now if that affects your opinion at all...Oh, monthly rent/utilities is $450..


Thanks, gracias, danke...whatever works haha.

 

[noles]

Hi all,

So I'm starting my first year, woo woo! Anyway, my financial aid package was just awarded...and the following figures are what I have been offered.

Scholarship - $1,203
Direct Subsidized Loan - $8,500
Direct Unsubsidized Loan - $12,000 (6.8% rate)
Additional Unsubsidized Loan - $24,444 (6.8% rate)
Direct Grad PLUS Loan - $14,246 (7.9% rate)

Total offered: $60,393

My total tuition for Fall, Spring, and Summer at my school will total around $38,000. Basically, what I am very sincerely asking for is your advice. I do not have any other financial support - meaning I will be living 100% on my loan money. I also plan to live quite frugal - as I have been raised. How much do YOU think I should take out? What did you take out? I have about $10k to my name as of now if that affects your opinion at all...Oh, monthly rent/utilities is $450..


Thanks, gracias, danke...whatever works haha.

take out the full amount. figure out your budget and what you will truly need. you have 120 days to return whatever money you dont need and avoid being charged interest on that returned money. call and confirm this with the financial aid counselor

 

[MNdental]

take out the full amount. figure out your budget and what you will truly need. you have 120 days to return whatever money you dont need and avoid being charged interest on that returned money. call and confirm this with the financial aid counselor

+1. especially call to speak with finaid conselor. It's what they are there for.

 

[jay47]

take out the full amount. figure out your budget and what you will truly need. you have 120 days to return whatever money you dont need and avoid being charged interest on that returned money. call and confirm this with the financial aid counselor

I can't say I agree with this. I took out the full amount, and did not use nearly all of it, leading to more interest accumulation than I needed (yes, I know I should have probably just returned it, but I procrastinated and got super busy in the semester). My numbers are somewhat similar to yours.

Here's my idea: make an excel spreadsheet with a weekly budget.

Add up all of the following things:

Rent per week (based on monthly avg.)
Electric/Water
Cable/Internet
Groceries for lunches ( I spend about $100 week for my wife and I)
Eating out money weekly
Gas money
Any insurances you may have
Health insurance?
Any additional kits you have to buy for school
Any hobby/vacation costs you plan to incur

Add the weekly cost up and then find out a yearly cost and add that to your tuition and fees for class. Find out what that number is and add 15% to it and take out that much. Having that 10K in savings should help be a cushion in case you really need it.

 

[zoralsurgeon]

I can't say I agree with this. I took out the full amount, and did not use nearly all of it, leading to more interest accumulation than I needed (yes, I know I should have probably just returned it, but I procrastinated and got super busy in the semester). My numbers are somewhat similar to yours.

Here's my idea: make an excel spreadsheet with a weekly budget.

Add up all of the following things:

Rent per week (based on monthly avg.)
Electric/Water
Cable/Internet
Groceries for lunches ( I spend about $100 week for my wife and I)
Eating out money weekly
Gas money
Any insurances you may have
Health insurance?
Any additional kits you have to buy for school
Any hobby/vacation costs you plan to incur

Add the weekly cost up and then find out a yearly cost and add that to your tuition and fees for class. Find out what that number is and add 15% to it and take out that much. Having that 10K in savings should help be a cushion in case you really need it.

Okay, sweet thanks man. See, I am afraid of that too - taking out a large chunk and just letting it sit in my bank account..sure it might look good, but I am paying interest on money that isnt needed...I will definitely take the excel advice. Makes me kinda ticked lol because I have a few friends starting med school and they dont care what their loans are because they are going back to need areas that pay all their loans off! lucky lil peeps! us dentists...not SO fortunate 😉 No biggie!! What is the typical amount of loans at your school?!?

 

[mflinchb]

Here is what our financial aid advisor gave us here at Louisville. I found it to be very eye-opening the amount of money I spend in a typical month and also saw how lucky I am to have some things paid for by my parents (still under their health insurance) and other things which are already paid off (car). The weekly idea is good, if you prefer you can break down this monthly into weekly, then just multiply by 52 at the end instead of 12

Total MONTHLY Expenses:
*Rent
*Auto Payment
*Auto Insurance
*Gasoline
*Maintenance (not sure if this means your maintenance or your car's lol)
*Telephone (maybe you're on your parent's plan?)
*Electric
*Gas (I know you mentioned rent/utilities already, so maybe just lump these all under rent?)
*Water
*Cable/Internet
*Food: Groceries and restaurants
*Child Care
*Laundry
*Medical/Dental (once again, I don't know if this means procedures or insurance, but I put 0, my insurance covers most and I am lucky in the fact that my parents pay the remaining)
*Prescriptions
*Health Insurance
*Credit Card Payments
*Entertainment
*Misc

Total that all up, multiply by 12. Keep in mind if your school goes Aug-June, then starts back up in July you'll probably need some money for food if you stay where your school is or money for traveling if you are planning on going to your hometown, etc.

I also had to figure in that I am in 3 weddings this school year as a bridesmaid. If you've ever been in a wedding you know that costs can add up fast, so I am trying to be frugal in the months leading up to the weddings and the months after. I am not going "all out" at their weddings, but I do have to pay for the dress/bridal shower gifts/bachelorette party type things.

My dad also said I should keep a small cushion, so I over estimated on a few things (i.e. car maintenance). I popped a tire/scratched a rim on my car last spring and it cost more than I had planned for, so just keep things in mind.

Also, if you can live frugally the first year it will make a huge difference since on unsubsidized loans you're accruing interest from day 1.

Louisville is a pretty inexpensive city to live in, so our Financial aid advisor said to keep monthly costs between (or under) 1,200-1,500/mo. Based on your price for rent/utilities I'd say you're living in a rather inexpensive city as well.

Best of luck!

 

[zoralsurgeon]

Here is what our financial aid advisor gave us here at Louisville. I found it to be very eye-opening the amount of money I spend in a typical month and also saw how lucky I am to have some things paid for by my parents ...
Best of luck!

Thanks so much!! Man SDN is soooo cool haha! I think how helpful everyone is is so freakin awesome. Have a great day! By the way, your case sounds similar to mine...I have moms insurance till im 26 and no car payment...what is your total loan estimate lookin like for dental school?! Also, clicked on your predent profile (never done that before haha) and saw Purdue..I love being purdue on ncaa football for ps3, lmao. Go Purdue!!

 

[mflinchb]

Thanks so much!! Man SDN is soooo cool haha! I think how helpful everyone is is so freakin awesome. Have a great day! By the way, your case sounds similar to mine...I have moms insurance till im 26 and no car payment...what is your total loan estimate lookin like for dental school?! Also, clicked on your predent profile (never done that before haha) and saw Purdue..I love being purdue on ncaa football for ps3, lmao. Go Purdue!!

Lol glad you love Purdue as much as I do! I'm out of state all 4 years at Louisville, but I am living with a roommate. I am living on about $1,207/mo on top of our costs for school so about 80K for the first year alone (tuition is almost 54K plus we have instrument rental fees of 7K). I am not sure if this is going to be too little/too much yet though. We have orientation tomorrow so I am going to ask the financial aid person if this sounds reasonable for my situation.

 

[noles]

Okay, sweet thanks man. See, I am afraid of that too - taking out a large chunk and just letting it sit in my bank account..sure it might look good, but I am paying interest on money that isnt needed...I will definitely take the excel advice. Makes me kinda ticked lol because I have a few friends starting med school and they dont care what their loans are because they are going back to need areas that pay all their loans off! lucky lil peeps! us dentists...not SO fortunate 😉 No biggie!! What is the typical amount of loans at your school?!?

if this "large chunk" that is sitting in your bank account is not used and returned within 120 days of disbursement you will not be charged interest on that money

 

[deleted407830]

if this "large chunk" that is sitting in your bank account is not used and returned within 120 days of disbursement you will not be charged interest on that money

You have 14 days to return it to the school so that the school will return to the gov't.

You have 120 days to return it to the gov't yourself directly.

This is what is listed in the Disclosure Statements that are available on studentloans.gov.👍

 

[setupben]

My advice would be to take out and spend a little more your first year.

Live a little better and focus on getting good grades/passing.

This year you can gauge how much you will need for the rest of dental school.

Doing well and getting out as a successful dentist is what matters most, not saving a few thousand dollars along the way.