Expensive dental school not sure what to do

[Trojan1234]

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Hello everyone,

So I was accepted to USC Dental school and am committed to starting this fall because I was only accepted to USC and NYU. I know Usc is a great school and everything however the more I think about it the more I don’t know what to do. I love dentistry with a passion and know that this is what I want to do but the huge price tag and coming out with that much debt really scares me. I wanted to ask if you guys could provide any advice as to what I should do. I’m a California resident so the only state schools (UCLA and UCSF) are extremely competitive and I don’t know if I could gain admission to them. I don’t know if I should take another year and work on my application to then apply again next year for the class of 2024 because it’s too late to improve and apply this cycle. Or if I should look at other career alternatives. I’m sorry if I sound like I’m all over the place I’ve just been thinking about this a lot recently and have been depressed about how lost I feel as to what I should do. But here’s a little more about me I graduated as a pre-dental student with a major in public health. GPA: 3.4/3.5 and DAT 23.

 

[Medin2017]

This is one of the few cases where I would consider reapplying. Isn't their tuition/cost 540k+?

 

[Marspumpkin]

Hello everyone,

So I was accepted to USC Dental school and am committed to starting this fall because I was only accepted to USC and NYU. I know Usc is a great school and everything however the more I think about it the more I don’t know what to do. I love dentistry with a passion and know that this is what I want to do but the huge price tag and coming out with that much debt really scares me. I wanted to ask if you guys could provide any advice as to what I should do. I’m a California resident so the only state schools (UCLA and UCSF) are extremely competitive and I don’t know if I could gain admission to them. I don’t know if I should take another year and work on my application to then apply again next year for the class of 2024 because it’s too late to improve and apply this cycle. Or if I should look at other career alternatives. I’m sorry if I sound like I’m all over the place I’ve just been thinking about this a lot recently and have been depressed about how lost I feel as to what I should do. But here’s a little more about me I graduated as a pre-dental student with a major in public health. GPA: 3.4/3.5 and DAT 23.

Can I ask you which schools you applied?

 

[Trojan1234]

This is one of the few cases where I would consider reapplying. Isn't their tuition/cost 540k+?

Can I ask you which schools you applied?

I applied to 11 schools total: USC, NYU, UPENN, UCLA, UCSF, UCONN, Temple, Case Western, LECOM, UOP, WesternU. Got interviews to USC, NYU, WesternU, and LECOM. Accepted to USC, NYU, and WesternU. All of which have around the same costs so I chose Usc due to closeness of my home (I’m from SoCal) and it’s prestige over WesternU

 

[Bingwen]

Hello everyone,

So I was accepted to USC Dental school and am committed to starting this fall because I was only accepted to USC and NYU. I know Usc is a great school and everything however the more I think about it the more I don’t know what to do. I love dentistry with a passion and know that this is what I want to do but the huge price tag and coming out with that much debt really scares me. I wanted to ask if you guys could provide any advice as to what I should do. I’m a California resident so the only state schools (UCLA and UCSF) are extremely competitive and I don’t know if I could gain admission to them. I don’t know if I should take another year and work on my application to then apply again next year for the class of 2024 because it’s too late to improve and apply this cycle. Or if I should look at other career alternatives. I’m sorry if I sound like I’m all over the place I’ve just been thinking about this a lot recently and have been depressed about how lost I feel as to what I should do. But here’s a little more about me I graduated as a pre-dental student with a major in public health. GPA: 3.4/3.5 and DAT 23.

Not going is going to be a gamble. Remember that while you are decreasing debt you are also losing an entire year of income. This is compounded further if you do not get in at all next year. It is obviously up to you though.

 

[Medin2017]

I applied to 11 schools total: USC, NYU, UPENN, UCLA, UCSF, UCONN, Temple, Case Western, LECOM, UOP, WesternU. Got interviews to USC, NYU, WesternU, and LECOM. Accepted to USC, NYU, and WesternU. All of which have around the same costs so I chose Usc due to closeness of my home (I’m from SoCal) and it’s prestige over WesternU

I'm not sure USC carried prestige in dental school, but westernU looks to be about 100-110k per year as opposed to USC's 130+ from what I've read. I think it's a pretty big difference especially with interest and all.

 

[Trojan1234]

I'm not sure USC carried prestige in dental school, but westernU looks to be about 100-110k per year as opposed to USC's 130+ from what I've read. I think it's a pretty big difference especially with interest and all.

Not going is going to be a gamble. Remember that while you are decreasing debt you are also losing an entire year of income. This is compounded further if you do not get in at all next year. It is obviously up to you though.

WesternU would also be a huge student loan about 450K+. My point isn’t to attack USC’s high cost, but just in my scenario I want to get advice if spending that much money for my school is feesibile or if I should look at other options like trying again? And yeah I agree that isn’t a sure bet that I will accepted again that’s why I’m feeling very lost at the moment

 

[Bingwen]

WesternU would also be a huge student loan about 450K+. My point isn’t to attack USC’s high cost, but just in my scenario I want to get advice if spending that much money for my school is feesibile or if I should look at other options like trying again? And yeah I agree that isn’t a sure bet that I will accepted again that’s why I’m feeling very lost at the moment

I definitely understand, it is a huge committment. One thing you might do is call USC and ask them about how their graduates are paying off their debt. They are obviously going to sell that it is simple but it might give you an idea of how your future will look.

 

[scarsdale92]

Hello everyone,

So I was accepted to USC Dental school and am committed to starting this fall because I was only accepted to USC and NYU. I know Usc is a great school and everything however the more I think about it the more I don’t know what to do. I love dentistry with a passion and know that this is what I want to do but the huge price tag and coming out with that much debt really scares me. I wanted to ask if you guys could provide any advice as to what I should do. I’m a California resident so the only state schools (UCLA and UCSF) are extremely competitive and I don’t know if I could gain admission to them. I don’t know if I should take another year and work on my application to then apply again next year for the class of 2024 because it’s too late to improve and apply this cycle. Or if I should look at other career alternatives. I’m sorry if I sound like I’m all over the place I’ve just been thinking about this a lot recently and have been depressed about how lost I feel as to what I should do. But here’s a little more about me I graduated as a pre-dental student with a major in public health. GPA: 3.4/3.5 and DAT 23.

Hello everyone,

So I was accepted to USC Dental school and am committed to starting this fall because I was only accepted to USC and NYU. I know Usc is a great school and everything however the more I think about it the more I don’t know what to do. I love dentistry with a passion and know that this is what I want to do but the huge price tag and coming out with that much debt really scares me. I wanted to ask if you guys could provide any advice as to what I should do. I’m a California resident so the only state schools (UCLA and UCSF) are extremely competitive and I don’t know if I could gain admission to them. I don’t know if I should take another year and work on my application to then apply again next year for the class of 2024 because it’s too late to improve and apply this cycle. Or if I should look at other career alternatives. I’m sorry if I sound like I’m all over the place I’ve just been thinking about this a lot recently and have been depressed about how lost I feel as to what I should do. But here’s a little more about me I graduated as a pre-dental student with a major in public health. GPA: 3.4/3.5 and DAT 23.

When did you hear about your acceptance? I'm asking because I will be applying there this cycle

 

[Medin2017]

WesternU would also be a huge student loan about 450K+. My point isn’t to attack USC’s high cost, but just in my scenario I want to get advice if spending that much money for my school is feesibile or if I should look at other options like trying again? And yeah I agree that isn’t a sure bet that I will accepted again that’s why I’m feeling very lost at the moment

In your shoes I would take 450 over 530+. I don't think prestige matters at all between those 2 schools, and apparently USC is PBL which is not a good thing. I would have applied broader if I were you anything is better than USC in my opinion just because the costs. Also tuition will only rise by year too

 

[Carlsaganlvr10]

OP can you live at home to decrease costs?

 

[Hunterdan]

I'd go if I were you. If you don't go I'm sure there are thousands of other pre-dental students who would love to take your seat.

 

[caffeine jitters]

Apply for NHSC and if that doesn’t work out prepare three HPSP applications.

 

[Big Time Hoosier]

Let me guess, you probably are set on practicing in “Cali” too. Just understand that by going to USC and staying in California you’ll earn less than average while trying to pay off an above average loan. It’s a tough hole to climb out of - you’re looking at over $50,000 a year for the next 20 years going towards student loans. Like caffeine jitters said, I’d think long and hard about the HPSP.

Big Hoss

 

[NITRAS]

I definitely understand, it is a huge committment. One thing you might do is call USC and ask them about how their graduates are paying off their debt. They are obviously going to sell that it is simple but it might give you an idea of how your future will look.

Might ask Dr Meru what his USC education did for him.

 

[hmmmidk]

Based on where you applied to (most are expensive schools), I would just go and look into the 3 year army scholarship and possibly commute from your family home.

 

[allantois]

If you can't see yourself doing anything else, then USC it is.

 

[oralcare123]

I would go. There are options to repay the loan, but nothing is worse then being stuck nowhere and wait admission

 

[redfish955]

You will want to pay it off as fast as possible. Live off of like 45k a year or less after graduating. Basically enough for decent enough food to be healthy and maybe entertain a date, a beer league, and one night out a week while living in a nice 500 sq. ft. studio with a cheap used car. This will also put you in a position in which you likely won't want to have kids until your in your early to mid thirties but you can still enjoy yourself as a single guy or young married couple. You will definitely want to move away from Soco unless you can live with your parents for 7 years. Once it is paid off you will want to be putting around 35k a year into savings for your retirement and then live off of what ever is left over. That extra 80k in debt will force you to rough it for another 1.5-2 years because of interest. You can use this calculator to show how much you have to pay each month and year. Loan Calculator | Bankrate.com | Calculate your loan payment today!

 

[Namelessking]

Let me be clear dude:

1. If your parents are loaded with money and want to see you become a dentist: Do it and don't look back

2. If you're a middle-class schmuck like me, GTFO while you still have a chance. Turn them down and don't look back. Don't sign away your youth and sanity to line the pockets of people who don't give a crap about you. Don't fall for the hype, dental school isn't so hard to get into if you got interviews as you stated. Take a year off, strengthen your application, retake the DAT if you need to and reapply to state schools.

Tired of people ruining their lives thanks to a government and school system that doesn't give a crap about the middle class. Vote with your money. As enrollment drops these jerks will seriously reconsider their bs. Regardless, I got out of dentistry altogether from the rage inducing cost alone.

 

[pf1996]

Let me be clear dude:

1. If your parents are loaded with money and want to see you become a dentist: Do it and don't look back

2. If you're a middle-class schmuck like me, GTFO while you still have a chance. Turn them down and don't look back. Don't sign away your youth and sanity to line the pockets of people who don't give a crap about you. Don't fall for the hype, dental school isn't so hard to get into if you got interviews as you stated. Take a year off, strengthen your application, retake the DAT if you need to and reapply to state schools.

Tired of people ruining their lives thanks to a government and school system that doesn't give a crap about the middle class. Vote with your money. As enrollment drops these jerks will seriously reconsider their bs. Regardless, I got out of dentistry altogether from the rage inducing cost alone.

Interested in what you think the difference between loaded and middle class!

 

[Blueshirts]

Probably the ability to pay in cash vs credit lol

 

[redfish955]

As long as your willing to live off of like 45k a year until your 32 or so you should be fine. Once your debt is paid off max a 401k, Roth IRA, and put another 10k in savings. Then live off the rest.

 

[Big Time Hoosier]

More than half of Millennials expect to be millionaires someday | Daily Mail Online

On second thought, I wouldn’t worry about debt. Half of millennials will be millionaires...if only in their dreams.

Big Hoss

PS: OP, really, really consider the HPSP.

 

[Arthur Jeffries]

i would go to usc. not worth chancing it. live cheaply for as long as possible to pay it off as quickly as possible. or as big hoss said consider HPSP or even public service repayment program

also side note....maybe you shouldn’t have applied to usc or nyu if you were that concerned about the money that you would consider not even attending but that’s neither here nor there at this point

 

[NITRAS]

Would you spend 4 years, and go half a million dollars into debt to make $150k/year?

Trust me, $150k/year won’t make you feel your rich.

 

[Manic324]

As long as your willing to live off of like 45k a year until your 32 or so you should be fine. Once your debt is paid off max a 401k, Roth IRA, and put another 10k in savings. Then live off the rest.

I really don't get the dramatic posts like this. There are tons of income based options on paying back your loans, no one in their right mind who owes 400k+ would choose to simply pay the 10 year rate and live in poverty for the prime years of their life. If this was truly the only option no one would go to school.

 

[oralcare123]

More than half of Millennials expect to be millionaires someday | Daily Mail Online

On second thought, I wouldn’t worry about debt. Half of millennials will be millionaires...if only in their dreams.

Big Hoss

PS: OP, really, really consider the HPSP.

A million doesn't have the same buying power as it used to

 

[danchoi03]

OP,

Why did you apply to USC if you have no intention to go there?

 

[redfish955]

More than half of Millennials expect to be millionaires someday | Daily Mail Online

On second thought, I wouldn’t worry about debt. Half of millennials will be millionaires...if only in their dreams.

Big Hoss

PS: OP, really, really consider the HPSP.

If you save 5,000 a year from 22 to 58 you should have about 1 million at retirement. The problem is that less than 25% of millennials are getting college degrees and of those 25% likely only about half of them are in position to put away 10k a year so you can have a decent retirement.

 

[redfish955]

I really don't get the dramatic posts like this. There are tons of income based options on paying back your loans, no one in their right mind who owes 400k+ would choose to simply pay the 10 year rate and live in poverty for the prime years of their life. If this was truly the only option no one would go to school.

45k a year actually goes a long ways for a single guy in the south or midwest. It is more than enough for two beer leagues, apartment, decent groceries, and $200 for entertainment a week. The loans increase at 6.7% and the ones that offer debt forgiveness force you to pay taxes on the total forgiven amount. This guy is going to owe 700k in taxes when it is forgiven. Mike Meru Has $1 Million in Student Loans. How Did That Happen? Not everyone gets the jobs that offer forgiveness either. You have to be ready for the worse case situation.

 

[tiper15]

I definitely understand, it is a huge committment. One thing you might do is call USC and ask them about how their graduates are paying off their debt. They are obviously going to sell that it is simple but it might give you an idea of how your future will look.

They talk mostly about the REPAYE programs and stuff through the federal system during the interview day.
Apart from that OP, I personally wouldn't go but maybe choose WesternU instead. NYU is more expensive when you add up living costs (assuming you live at home).

 

[Namelessking]

Saying no to these schools that get a giggle out of charging students this much is the first step in fixing the problem. Continuing to sign the dotted line for a bloated loan is exactly what they want.

 

[TeeKay310]

I’m reading a lot of people saying turn down and reapply next year which can seem tempting to say no to a bigger tuition, so I’d like to throw in a balancing opinion. besides getting the hpsp which pays your tuition for service which is great if you’re not opposed to military, it would be better to go now if you don’t have any other better options for income. Waiting year will cost you about plus or minus 171k (median GP income) since you are giving up a year of working earlier (class of 2022 vs 2023). This potential salary opportunity cost may be much higher if you’re a workaholic and own practice(s) or investor that lost a potential year of income to grow your capital.

Large Loans can also be paid off in multiple ways which you can explore. Luckily this loan earns you income unlike other types of debt, so don’t be so paranoid like it’s a half million credit card debt or an unliquidable house. Either live like a pauper and aggressively pay it down in 5-10 years while living off family/spouse or drag it out for 30 years for forgiveness (new trump IBR/REPAY plan) but live nicer and save for the “tax bomb”. Should be doable if you learn to save and invest your wealth. But ultimately you know your own circumstances better. you may already have money in your life or you might consider other careers that’ll make you happier or the same amount of income. Knew a friend drop out of med school to become a 6 figure twitch streamer haha and he’s much happier for now, so don’t feel pressured either way by other too much and do what’s best for your situation. Good luck with making your decision and wish you the best.

 

[redfish955]

The number one priority should be to set yourself up to raise and support a family if that is a goal of yours. Being 32, debt free, and earning 130k+ a year is still a very good place to start.

 

[ssdent18]

OP,

Why did you apply to USC if you have no intention to go there?

I agree, when you apply to a school you are deciding then that if you get in, and that is the best school you got into, you are gonna go. Why did you apply and put yourself in this situation? The choice is ultimately up to you, but I would just go. You can try to do military or NHSC type of scholarships or live as frugally as possible. You dont have confidence that you will get into state schools so I dont see a point in risking it again.

 

[Dentalman2017]

I listened to a podcast on this today.

I would suggest contacting Travis at StudentLoanPlanner. Pay $100-200 let him give you an idea of how much you would owe after dental school and what your life would be like. Make a data driven decision from there. Everything else is just conjecture. Just my two cents.

 

[sobertiger]

If becoming a dentist is your goal, just go. Money-wise, think of what you will make in your final year. That is what you will be losing out on due to the opportunity cost.

 

[Lane138]

The loss of income (~130,000 as a starting new doc) from taking another year off is worth it IF you are confident you can get into a more affordable school next cycle AND you will be working and saving at least 60k, resulting in you taking out fewer loans. Dental school loans even at expensive schools can be manageable if you can live frugally during school, work side jobs (I continued to tutor).

 

[GypsyHummus]

Just to remind people, 150K/year turns into 100K/year after taxes, depending on where you live. Since you said SoCal, if you wanna go back, it might be less than 100K net.

170K is more like 115K net.

 

[redfish955]

Just to remind people, 150K/year turns into 100K/year after taxes, depending on where you live. Since you said SoCal, if you wanna go back, it might be less than 100K net.

170K is more like 115K net.

The new tax laws now make a huge difference if your married or not married.

 

[Dentalman2017]

With USC's current tuition, at a 5% interest rate (non-compounding), you will graduate with ~$430,000 in school debt alone. If you live cheap (and I mean cheap) on $10,000/yr in Southern California on a GradPlus loan at 7% (non-compounding) that is an additional ~$48,000. So that puts the price tag on your dental education at $475,000.

If you average those interest rates (not good finance on my part) the screen shot can give you an idea of how much you will pay if you start off with an associate income of $150,000, you don't get married, and you don't have kids. I just ripped this from StudentLoanPlanner - I have no association with them. The numbers aren't perfect, but I think you need to seriously consider those numbers.

A little background on how this all happened - US dental schools didn't start charging these insane amounts for dental school until the GradPlus loan was introduced in 2006. There is essentially no limit to what you can borrow as a student. Sounds great, right? Not so fast. This basically gave every dental school (but especially private schools) the carte blanche to substantially raise their prices over the next 10 years. Until people like yourself take a hard look in the mirror and decline acceptance, these prices will continue to rise. Just my two cents.

Again, I'd suggest a professional, but hopefully this is more valuable than the "if your heart tells you to do it, then do it" advice you get from ill-advised pre-dents and dental students.

 

[redfish955]

With USC's current tuition, at a 5% interest rate (non-compounding), you will graduate with ~$430,000 in school debt alone. If you live cheap (and I mean cheap) on $10,000/yr in Southern California on a GradPlus loan at 7% (non-compounding) that is an additional ~$48,000. So that puts the price tag on your dental education at $475,000.

If you average those interest rates (not good finance on my part) the screen shot can give you an idea of how much you will pay if you start off with an associate income of $150,000, you don't get married, and you don't have kids. I just ripped this from StudentLoanPlanner - I have no association with them. The numbers aren't perfect, but I think you need to seriously consider those numbers.

A little background on how this all happened - US dental schools didn't start charging these insane amounts for dental school until the GradPlus loan was introduced in 2006. There is essentially no limit to what you can borrow as a student. Sounds great, right? Not so fast. This basically gave every dental school (but especially private schools) the carte blanche to substantially raise their prices over the next 10 years. Until people like yourself take a hard look in the mirror and decline acceptance, these prices will continue to rise. Just my two cents.

Again, I'd suggest a professional, but hopefully this is more valuable than the "if your heart tells you to do it, then do it" advice you get from ill-advised pre-dents and dental students.

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Basicly you should move to a location with a low cost of living and a high dentist salary if you want to go to a private school. I would equate dentristy with big debt to an engineer that works his way up from 45k a year technician to director.

 

[predental21250]

With USC's current tuition, at a 5% interest rate (non-compounding), you will graduate with ~$430,000 in school debt alone. If you live cheap (and I mean cheap) on $10,000/yr in Southern California on a GradPlus loan at 7% (non-compounding) that is an additional ~$48,000. So that puts the price tag on your dental education at $475,000.

If you average those interest rates (not good finance on my part) the screen shot can give you an idea of how much you will pay if you start off with an associate income of $150,000, you don't get married, and you don't have kids. I just ripped this from StudentLoanPlanner - I have no association with them. The numbers aren't perfect, but I think you need to seriously consider those numbers.

A little background on how this all happened - US dental schools didn't start charging these insane amounts for dental school until the GradPlus loan was introduced in 2006. There is essentially no limit to what you can borrow as a student. Sounds great, right? Not so fast. This basically gave every dental school (but especially private schools) the carte blanche to substantially raise their prices over the next 10 years. Until people like yourself take a hard look in the mirror and decline acceptance, these prices will continue to rise. Just my two cents.

Again, I'd suggest a professional, but hopefully this is more valuable than the "if your heart tells you to do it, then do it" advice you get from ill-advised pre-dents and dental students.

5% interest rate? lol.... I wish

 

[Dentalman2017]

I was being nice (low interest rate, living on 10,000/yr, not having a family)

 

[dent_wannabe]

They will know your history of acceptance if you reapply. I heard it looks bad if you had an acceptance, and then turned it down so that you can try for your first choice again. It can raise questions about your commitment to dentistry. In general, when you apply to school, you should be asking yourself if you would be willing to attend if that were the only school that accepted you.