How much money are you taking out for your own personal needs?

[Thetoothhurts91]

Some of the dental schools add in an estimate of 12,000/year for personal reasons such as transportation/food/living expenses. How much are you guys actually spending? I'd like to knock that number down a bit and live frugally. To put in perspective, I lived off minimum wage at 35 hours last year and still managed to save money thanks to Walmart and the bus system.

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[CoFe2]

I don't know much about finances unfortunately but I was told to take out the max. loan amount in the first year of school and track what you spend/what you actually need then the next year only take out what you need minus what you didn't spend the first year (if that makes any sense?)
most of the better student loans don't start charging interest until after you graduate anyway so this is probably what I'll be doing personally

 

[free99]

I don't know much about finances unfortunately but I was told to take out the max. loan amount in the first year of school and track what you spend/what you actually need then the next year only take out what you need minus what you didn't spend the first year (if that makes any sense?)
most of the better student loans don't start charging interest until after you graduate anyway so this is probably what I'll be doing personally

So the vast majority of students will only have two options when it comes to taking out federal loans - direct unsubsidized loans, and grad plus loans, both of which are unsubsidized, meaning interest begins accruing the moment the loan is disbursed. Some students who qualify may get additional loans for exceptional financial need, which I believe are subsidized. Those who got this loan at my school said it was only for a few grand, but I don't know the specifics.

You can take out the maximum amount (dictated by your schools estimated expenses) at the beginning of the year, and give back whatever you don't end up using without having a pay interest on that portion, assuming you give it back within a certain time window. Check with your financial aid office.

Correct me if any of that ^^ is wrong, you financial whizzes (I'm looking at you @sjv ) ... my eyes are bleeding from metabolism pathways at this point.

To the OPs question - an estimate of $12,000/year for all associated living expenses (rent, food, gas, utilities, extraneous stuff) is fairly modest. Most schools will allot far more than this for your living expenses; this is not to say you need to take it all out. Obviously your monthly costs vary depending on where you are and how you live. Personally, I've been able to get by on $600-700/month total living expenses, but I live one of the poorest cities in the country and am very frugal. Living in NYC or San Fran for under $1000/month will definitely be more difficult.

 

[r2thekesh]

If you lived super frugally in my city, you could find a terrible room in an apartment for $300, utilities for the year would run you maybe $600, rice and beans for food would cost you maybe $50 a month, plus the free meals around the school. And let's assume you don't spend anything else, you could get by for $4500-5000 a year. You'd be super stressed by the time you were done but you'd have saved a ton of money. You'd have to get rid of your phone, not buy a laptop or loupes.
Or you can just be reasonable live like a normal human being and spend about $1500 a month total. Living comfortably on an extra $5k is not a really big deal in the scheme of things. Your choice of location that you live in after school is a much bigger factor. If you lived in California vs. Wyoming, there's a difference in $30k in taxes and expenses in California. That would negate $5k per year in dental school plus interest in ONE YEAR. Alaska vs. New York? Alabama vs. Chicago?

 

[Silent Cool]

It depends totally on where you live.

If you live in a place like boston, nyc, etc.., you will probably spend 30K per year to live.