Financing Dental School

[xxxiled]

I was hoping to get some advice on financing dental school. I was wondering if anyone has had any previous experience with getting a health professions loan for school (5% subsidized loan). My current dilemma is weather or not to attend Upenn dental, they offer this loan but it is based on household income and individual income. After contacting penn, they said that previous students had received loans ranging from 10k to 30k a year, but in theory this number could be greater depending on need. I am blessed to be financially well off, but going to penn would be 103k annually for me. I was wondering if anyone has received more than 10-30k, and if they would know what a household income of 70K would yeild (both my parents combined).

---

Members don't see this ad.

 

[Anonamoose]

It is impossible to say exactly what you would get, but with that income,I would assume you would be on the higher end of the loan range.

I know you might not want to hear it, but the thing that would REALLY put you in a good financial position would be going somewhere cheaper if you can. "Cheap" schools have HPL loans as well, imagine the savings then if cost of attendance is $30-40K cheaper per year before you even account for interest. Less time paying off loans means more time investing for retirement and could easily mean hundreds of thousands later on.

Plus the education can still be great at state schools, even if you like penn for specializing, you can match out of any school, if you are determined to specialize you will make it happen no matter where you go.

 

[JacquesVallee]

going to penn would be 103k annually for me.

So, roughly 500k after interest. Dentistry is not worth it for that much. I'd either pick a different career or go to a cheaper school.

 

[Big Time Hoosier]

know you might not want to hear it, but the thing that would REALLY put you in a good financial position would be going somewhere cheaper if you can.

This.

Big Hoss

 

[SigmaFS]

With the existence of the Department of Education as well as Health and Human Services in question, who knows what going to be available. I'll beat the dead horse a little more -> go to the cheapest school.

 

[Big Time Hoosier]

With the existence of the Department of Education as well as Health and Human Services in question, who knows what going to be available. I'll beat the dead horse a little more -> go to the cheapest school.

It’s about time free market forces applied pressure on what these predatory schools charge. How many private lenders are going to loan $600,000+ for someone to become a dentist? Probably few if any. Government intervention is what created the higher ed bubble in the first place (i.e. the Bennett Hypothesis).

Big Hoss

 

[FosterWallace]

How many private lenders are going to loan $600,000+ for someone to become a dentist? Probably few if any.

Plenty of Canadian dental students at private schools in the US get full COA private loans for that much. I know multiple personally.

 

[Big Time Hoosier]

Plenty of Canadian dental students at private schools in the US get full COA private loans for that much. I know multiple personally.

And how many of those required a co-signer?

Big Hoss

 

[xxxiled]

It is impossible to say exactly what you would get, but with that income,I would assume you would be on the higher end of the loan range.

I know you might not want to hear it, but the thing that would REALLY put you in a good financial position would be going somewhere cheaper if you can. "Cheap" schools have HPL loans as well, imagine the savings then if cost of attendance is $30-40K cheaper per year before you even account for interest. Less time paying off loans means more time investing for retirement and could easily mean hundreds of thousands later on.

Plus the education can still be great at state schools, even if you like penn for specializing, you can match out of any school, if you are determined to specialize you will make it happen no matter where you go.

Thank you so much for the advice <3

 

[xxxiled]

This.

Big Hoss

thank you <3

 

[xxxiled]

With the existence of the Department of Education as well as Health and Human Services in question, who knows what going to be available. I'll beat the dead horse a little more -> go to the cheapest school.

Thank you <3

 

[Pablo Sanchez]

I can give you some useful information. I went to Penn.

My parents had an income higher than your parents. I qualified for $18,000 from the HSP loan my first year, and I think $10,000 each year after.

That being said, I had a scholarship and commuted 3 hours per day. I graduated with around $250k of debt and paid it off in just over a year.

My advice? While I loved Penn, GO TO THE CHEAPEST SCHOOL. Limit your debt. Maximize your income. Your life will be exponentially more enjoyable when you can use your income how you want to use it instead of being a slave to your lender.