Flipping the UPenn Bill

[Peter North]

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Is anyone out there planning on or currently taking out the full loan amount suggested by Penn for each year of study and if so how concerned are you about paying your loans off. That amount of debt is staggering and I'm finding it a bit intimidating.

Cheers

 

[Unemployed]

Is anyone out there planning on or currently taking out the full loan amount suggested by Penn for each year of study and if so how concerned are you about paying your loans off. That amount of debt is staggering and I'm finding it a bit intimidating.

Cheers

What's the suggested loan budget at Penn? UOP is hovering around $260K 😱

 

[Peter North]

What's the suggested loan budget at Penn? UOP is hovering around $260K 😱

about 288 for the 4 years

 

[tinman831]

I don't see why people should be worrying about tuition (unless they don't qualify for enough loans to cover the costs). Just get your education and you'll be making it all back in the long run.

 

[I'mFillingFine]

I don't see why people should be worrying about tuition (unless they don't qualify for enough loans to cover the costs). Just get your education and you'll be making it all back in the long run.

woah woah woah!! Guys, this WILL make a difference!!!


Peter North, I have the exact same question...I've been tormenting myself over the Penn/SUNY Buffalo decision. Interestingly, EVERYONE I've spoken with, including current dental students (at both private and public schools), recent grads, practicing dentists, friends, family retirees....everyone says to go where it's cheapest!

Sure tinman831, we can pay the monthly BILLS. That won't be a problem. But that does mean around $800/month for the 10-year plan, and it means that for those who choose to go to a state school, they'll be finished paying off school $100,000 SOONER. That's a big difference! We have to remember that when we graduate, we'll want to buy into a practice or buy a house or start a family or pay back undergrad loans...whatever! A boat! car!

Honestly, I really, really wanted Penn, but once I realized that any program will do the job and that you can have an AMAZING time anywhere, it just doesn't seem worth it! Peter North, I think most penn students are indeed dependent on loans and just have to be careful if they go on to more school, since they'll often reach the cap for their government loans. (Then either do bank loans or take a residency or specialty that pays a stipend or go into practice anyway or whatever). They just owe Uncle Sam their souls! 😀

man....what a decision!!!

 

[Dr.BadVibes]

Ever since I started on SDN, Ive advocated going to the cheapest school possible....I even tell people to goto Dentaltown to see for themselves and encourage them to talk to anyone in the dental field to ask for their advice cause Im positive EVERYONE will just say the same thing.

If you wanna goto Penn to impress people, I would think that saving 100K by going elsewhere and using that cash to make your practice extra better or buy a bigger house or nicer car would impress people way more than a degree that no one asks about when you graduate.

And about the loans, you'll definitely have to take private loans after your government loans at Penn....Stafford loans only give you $38,500 per year and that doesnt cover Penn's expenses.

I only take Stafford loans and its such a great feeling that instead of paying extra on top of that, I actually get a REFUND every semester. So far Ive used that money to have a little fun for myself, taking vacations here and there and buying myself a few toys....but for the next two years, Ill probably give that refund money back to the government to lessen my debt, cause its all money we have to pay back PLUS INTEREST

 

[coolraz]

If you wanna goto Penn to impress people, I would think that saving 100K by going elsewhere and using that cash to make your practice extra better or buy a bigger house or nicer car would impress people way more than a degree that no one asks about when you graduate.

That's a really good point. You go into a dentists office and see all digital stuff and plasma screens all over the place I think that IS way more impressive. Oh and if it's nice BMW or Porsche parked in the "Doctor" spot in the parking lot, that's not bad either : )

 

[cowsgomoo]

That's a really good point. You go into a dentists office and see all digital stuff and plasma screens all over the place I think that IS way more impressive. Oh and if it's nice BMW or Porsche parked in the "Doctor" spot in the parking lot, that's not bad either : )

Nahhh... A Ferrari is going to look so much nicer. I am so going to get one even if it means living in an apartment and not a house.
I think that financial situation at each school should be taken into consideration but it should not be your sole motivator. You have to look at the city in which you are going to live now and maybe after you finish school. Also if the school/faculty is going to be a good fit for you. The education may not be too different from school to school but the curriculums may and that should be considered too. Hope this helps. 👍 😀 👍 😀 👍

 

[Peter North]

I agree. It seems that most recently graduated dentists and dental students say to go the cheaptest place possible. Because in the end, if your a GP, it makes very little or no difference where u went to school.
As a note of interest. I brought up a loan repayment program, and a 288K loan over thirty years and at 5.5% interest, that comes out to ~1850 dollars a month for THIRTY years. Do the math and see how much your paying in intrest (it hurts, don't do it). Something tells me that 20 years after you graduate your going to care alot less about where you went to school and alot more about a nearly 2K a month student loan.

Other people have told me you'll make the money back and not to worry, and that the school loan will just be a nagging nuisance.

 

[Dr.BadVibes]

Other people have told me you'll make the money back and not to worry, and that the school loan will just be a nagging nuisance.

Sure, you'll definitely earn the money back...but instead of paying a big chunk of your paycheque to loan repayment, use that money towards making investements, spending more on your family and making your life easier. WOuldnt that be nicer?

Also, by going to a cheaper school, my standard of living is much better. Ive used the money Ive saved by purchasing a spacious condo (that will make me money in the end), buying a high-def entertainment system (which I love!!!!), being able to buy decent groceries, being able to afford going out on the weekends...stuff like that....and in the end, my debt repayment will STILL be way less than most private schools.

 

[I'mFillingFine]

Sure, you'll definitely earn the money back...but instead of paying a big chunk of your paycheque to loan repayment, use that money towards making investements, spending more on your family and making your life easier. WOuldnt that be nicer?

Also, by going to a cheaper school, my standard of living is much better. Ive used the money Ive saved by purchasing a spacious condo (that will make me money in the end), buying a high-def entertainment system (which I love!!!!), being able to buy decent groceries, being able to afford going out on the weekends...stuff like that....and in the end, my debt repayment will STILL be way less than most private schools.

Right, exactly. At first the appeal of "specialty placement" seemed enough to go to Penn, but everyone in the Dental forum is begging predents to realize that you may very likely not place into a specialty or not want to go to one! Either way, if you don't, you've wasted that extra 100K for a goal you never achieved. And it's not like you can't reach a specialty from a public school.

And I don't know if I"ve said this already, but another point that was made was this: If you really want to go to a specialty, you're not going to be enjoying the city anyway!!! (i.e. don't go to penn for philly if you're just going to be studying all day)

 

[jaerob]

I've always been a supporter of the belief that you can place into any specialty regardless of where you attend given that you study hard and perform well during dental school. With that being said, it kind of goes without saying that I've also always been a supporter of paying the least amount of $$ possible for d-school 🙂 Why pay more when I think that I'll be just as successful whether I go to School X or School Z?

But, that's just my opinion 😀