For those who do NOT take out student loans

[Cofo]

If you decide to not take out student loans for Dental school, how do you pay, how much do you pay, and how often do you pay?

example: I don't take out student loans because I am lucky enough to have a wife that works, while I am in Dental school. Will I have to pay a certain percentage of tuition once every semester? ...or will I have to pay X amount of dollars for a down payment, and then will I pay X amount of dollars once a year to the dental school? How does this work?

P.S. If you could, please let me and other SDN users know how much money you have to pay, when the dental school "Bill" comes in. Thank you!

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[wizziefiend]

If you decide to not take out student loans for Dental school, how do you pay, how much do you pay, and how often do you pay?

example: I don't take out student loans because I am lucky enough to have a wife that works, while I am in Dental school. Will I have to pay a certain percentage of tuition once every semester? ...or will I have to pay X amount of dollars for a down payment, and then will I pay X amount of dollars once a year to the dental school? How does this work?

P.S. If you could, please let me and other SDN users know how much money you have to pay, when the dental school "Bill" comes in. Thank you!

Why would it be any different for you? The date it's due is the same for everyone.

I'm not sure what you are asking. Go to school websites and look at the expected cost of attendance. It's almost always due at the beginning of the term.

For example, here is a simple version of Pacific's:
http://www.dental.pacific.edu/finaid/DDS/cost_of_attendance.htm

Look for something similar at your school.

 

[jmjfb23]

You pay tuition at the begining of every semester, so if you're overall tuition for four years is 100,000 then you would pay 25,000 a year or 12,500 a semester. Tuition usually isn't the same every semester though, it usually goes up every year and then you have to add in equipment cost which is different every year, plus whatever other fees your school charges (lab fees, computer fees, or whatever). Also some schools consider summer another semester and then that years tuition would be broken down over 3 semesters. So I guess in the end my answer to your question is - you will be making 2 or 3 lump sums per year, at least this is how it works at my school. FYI I take out loans, but I'm pretty positive this is how it would work for you

 

[Lesley]

Why would it be any different for you? The date it's due is the same for everyone.

I'm not sure what you are asking. Go to school websites and look at the expected cost of attendance. It's almost always due at the beginning of the term.

For example, here is a simple version of Pacific's:
http://www.dental.pacific.edu/finaid/DDS/cost_of_attendance.htm

Look for something similar at your school.

Hi Wizzie, Did you decide on Pacific for sure? Is Pacific's cost of attendance for a first year dental student, July 07-Mar 08, much different than the July 06-Mar 07 costs listed the link? Thanks. Good Luck with school!

 

[12YearOldKid]

If you decide to not take out student loans for Dental school, how do you pay, how much do you pay, and how often do you pay?

example: I don't take out student loans because I am lucky enough to have a wife that works, while I am in Dental school. Will I have to pay a certain percentage of tuition once every semester? ...or will I have to pay X amount of dollars for a down payment, and then will I pay X amount of dollars once a year to the dental school? How does this work?

P.S. If you could, please let me and other SDN users know how much money you have to pay, when the dental school "Bill" comes in. Thank you!

You will owe the full semester tuition and fees at the beginning of the semester just like everybody else.

This may be something you hadn't thought about, but I would seriously consider taking out the loans for dental school and putting your money instead into a good mutual fund or other investment. In most cases it makes long term financial sense to do this.

 

[Jaybe]

You will owe the full semester tuition and fees at the beginning of the semester just like everybody else.

This may be something you hadn't thought about, but I would seriously consider taking out the loans for dental school and putting your money instead into a good mutual fund or other investment. In most cases it makes long term financial sense to do this.

That made sense a few years ago when Stafford loans were at 2 - 3 %, but now that they are fixed at 6.8%, it is more debatable.

I would, however, at least consider taking out the subsidized portion of the Stafford loans, even if you have cash to pay for tuition. These subsidized loans are great because they accrue NO interest as long as you are in school or in any other 'deferment' status.

Think about this, though. . . Cash is very helpful when you do your Practice start up or acquision, so consider taking at least some of the student loans if only for the fact that you will be able to sock away that much cash each year. But don't put it all in a Mutual Fund. That is foolish if you are wanting the money for down payments in 4 years. Too much short term volatility. Instead put it in a FDIC insured online savings account that will yield around 5% APY.

 

[Lesley]

That made sense a few years ago when Stafford loans were at 2 - 3 %, but now that they are fixed at 6.8%, it is more debatable.

I would, however, at least consider taking out the subsidized portion of the Stafford loans, even if you have cash to pay for tuition. These subsidized loans are great because they accrue NO interest as long as you are in school or in any other 'deferment' status.

Think about this, though. . . Cash is very helpful when you do your Practice start up or acquision, so consider taking at least some of the student loans if only for the fact that you will be able to sock away that much cash each year. But don't put it all in a Mutual Fund. That is foolish if you are wanting the money for down payments in 4 years. Too much short term volatility. Instead put it in a FDIC insured online savings account that will yield around 5% APY.

Good post, and if a good portion of the loans are unsubsidized PLUS loans (8.5%) or private loans (prime + 2-3%), not to mention origination fees, it makes the decision to borrow, if you don't have to, even more difficult.