How do you Dental students Survive (financially) when going to dental school

[Nasem]

I am woundering how do students survive.... I know dental schools are a FULL time school, you simply can not work and go to school. You have to devote most of your time studying and going to lectures....

So how do you guys manage ? is it all loans ? what kind of loads ? do dental and medical students get different types of loans than, for example someone who is studying to get their masters in Engineering or whatnot....

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[Dr. Dai Phan]

Unless you have super rich parents or a huge saving, you need to take out loans. Your best bet is going for Federal loans as they have low interest rates (4% ish). Stay away from HEAL loans as the interest rate is pretty steep but they can give you as much as you need or want. Minimize your loans since the interest is NOT tax deductable unless you make less than 60 grands a year and married with bunch of kids. My other advice is choose the CHEAPEST school, a DDS is a DDS is a DMD regardless where you got it from. DP

 

[dentaldentist]

I am woundering how do students survive.... I know dental schools are a FULL time school, you simply can not work and go to school. You have to devote most of your time studying and going to lectures....

So how do you guys manage ? is it all loans ? what kind of loads ? do dental and medical students get different types of loans than, for example someone who is studying to get their masters in Engineering or whatnot....

I eat lots of ramen noodles and pb&j.

Yes, lots of loans. Unfotunately the federal loans are not 4% anymore. Right now I believe they are at 6.8%. If you get into your state school, go there, unless you really do not like the school, you are offered scholarship elsewhere, or you get a scholarship from the armed forces. I know several students who have signed on with the Army, Navy or Airforce to receive fully paid dental education. They are of course required to be a dentist for the military for the years they receive paid education for, but its not a bad way to go as you get great dental experience in the military and you get a decent pay. If you go out of state and don't get scholarship or have great finances, you can still make it work. Many dental students do this, it just means you will have more to pay back when you get out, so your first several years of working will be pretty tight.

 

[Nasem]

I eat lots of ramen noodles and pb&j.
QUOTE]

LMAO @ that comment.... it sounds soo funny but I bet its true

 

[beannaithe]

Sign on the dotted lines and learn the fantastic word "alternative loan"

 

[Sprgrover]

I am woundering how do students survive.... I know dental schools are a FULL time school, you simply can not work and go to school. You have to devote most of your time studying and going to lectures....

So how do you guys manage ? is it all loans ? what kind of loads ? do dental and medical students get different types of loans than, for example someone who is studying to get their masters in Engineering or whatnot....

For me it's loans. And yes, medical and dental students qualify for different loans (e.g. health professions loans) and stipend structures than other types of graduate students. The amount that is set aside is just enough to get by and in order to make it work students have to budget themselves. It's doable but you won't be living too high on the hog.

 

[FreshBreath]

Well unlike a few people in my class who can rely on mommy and daddy (nothing wrong with that and more power to them I guess) to spring for pocket money or pay for tuition, you have no choice but to go loans, loans, loans. I guess another alternative is to have a spouse or signifigant other who can work and help with cost of living such as food and rent costs while you are a slave-opps-i mean student at school.

 

[milman]

i have a strange question. if as a dental student i am qualified for up to $200k in federal loans but i take a military scholarship for school, may i then still take the federal loans to buy a house or a nice car?

 

[Midoc]

i have a strange question. if as a dental student i am qualified for up to $200k in federal loans but i take a military scholarship for school, may i then still take the federal loans to buy a house or a nice car?

From what my school told me (and went so far as to demand return of money they disbursed) they have to consider the money that the government directly pays to the school as "financial aid" and this applies to your cap on federal aid money. Money that I received from the monthly stipend did not apply to this cap so I was able to borrow some money under federal loans. I have heard that some schools consider the stipend as financial aid as well and if that is the situation then would almost certainly be over the cap and be unable to receive federal loans.

 

[milman]

From what my school told me (and went so far as to demand return of money they disbursed) they have to consider the money that the government directly pays to the school as "financial aid" and this applies to your cap on federal aid money. Money that I received from the monthly stipend did not apply to this cap so I was able to borrow some money under federal loans. I have heard that some schools consider the stipend as financial aid as well and if that is the situation then would almost certainly be over the cap and be unable to receive federal loans.

thanks! so for those schools that do not consider it as financial aid, how much can you take out in federal loans? and would you take out the loans in 4 sums every year, or you could take out 1 large sum during your freshman year?

 

[rocknightmare]

alot of people work on Main Street at the strip district.. the only problem occurs when they get caught by the police

 

[Midoc]

thanks! so for those schools that do not consider it as financial aid, how much can you take out in federal loans? and would you take out the loans in 4 sums every year, or you could take out 1 large sum during your freshman year?

I am not an expert on this, you would have to ask each school individually but AFAIK determines a budget of how much tuition, books, fees and housing is going to cost the student and then there is a federal cap. You would take either the schools budget or the federal cap and which ever is lower then this would be your maximum possible federal financial aid amount. So take the maximum possible amount and subtract the amount the military pays and that is what you're eligible to borrow. At least, this is the way it seems to have worked for me. I never could get a clear explanation from the financial aid "advisor".

You have basically no chance of getting a lump sum (the school, the lender and the government have no guarantee how long you'll be enrolled in the school). You would probably get paid per semester but it could be per year.

As a note, it is illegal to use federal educational loan money for noneducational expenses. Also, I would recommend against borrowing money to invest it or making any big purchases with the plans of paying for them with future loan money. You have no guarantees that you will get the loan money or that the school won't screw things up for you. If not getting the money or not getting it on time would put you in a bankruptcy situation then don't do it. Nothing that bad happened to me but they did screw me over pretty good.