How the heck am I going to pay for this??

[kidsteethyay]

So I'm sitting here wondering exactly how I'm going to pay for dental school and room and board when I start next year. I know it's going to be impossible to have a job with all the studying that I'll need to do, so how is that going to work? How do I make a budget to know approximately how much $$ in loans I'm going to have to take out? And would it be possible to get that much in loans?

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[mspaic]

those were my exact questions too

 

[tinman831]

Figure out how much of your personal money you want to contribute and take out loans for the rest. I'll be taking out loans to cover 100% of my costs. The school you will be attending will give you an itemized buget outlining how much everything costs. You should also be eligible to receive enough in loans to cover everything if you need it.

 

[PickMe]

im going to penn in the fall, which is one of the most expensive schools. the government loans covered my entire bill, and i get money back. i took out a personal loan for room and board. the government gives a lot more money to grad students-the stafford alone is 38,500/yr, and they also give health profession and a perkins loan. i say dont worry about the money now. the government will lend you most or all of it.

 

[jpollei]

So I'm sitting here wondering exactly how I'm going to pay for dental school and room and board when I start next year. I know it's going to be impossible to have a job with all the studying that I'll need to do, so how is that going to work? How do I make a budget to know approximately how much $$ in loans I'm going to have to take out? And would it be possible to get that much in loans?

You probably won't have a difficult time securing loans (unless you have a $200 bar tab every weekend)...especially at a state school. That's an advantage in addition to their relatively lower cost than private schools.

At the risk of sounding prudish from the perspective of someone who has not yet started dental school, the bigger questions that not enough students ask themselves are: "how am I going to live within my means?" and "how can I spend as little as possible without feeling impoverished?" May sound stupid now, but in 4 years when you're staring that first student loan payment in the face, you'll wish you'd been a bit more frugal. There are plenty of old SDN threads on the topic, though, so I won't beat it to death.

As for the budget, you'll get a feel for cost of living, and other personal expenses after a few months living wherever you go to school. So the first semester or year of loans may be a bit of a guess, but years 2-4 can be estimated pretty realistically based upon your 1st year's experience. Some people get a job on the side to help meet rising costs, too, if the situation dictates (I and several in my class did so).

Getting money now won't be a problem. Paying it back later will be more of one than you think it will be, though. Always is.

 

[djeffreyt]

pray...or play the lotto...your chances of getting what you want either way are probably the same.

It isn't actually impossible to work while in dental school, but if you don't have restaurant or bar experience...then it might be.

 

[Sprgrover]

To answer your question, if you take out the full amount of loans allowed by your school (this is set by the school's financial aid office and only in rare and extreme cases can you borrow above this amount) you will receive around ~1,300 for room and board, bills, food, etc. This figure is actually set not by the school but by Congress and was derived back in the early 1980's for a single, male health professions student and it hasn't changed since (ADPAC, the lobbying arm of ASDA - the American Student Dental Association - lobbied unsuccessfully last year to raise the amount). This figure is pretty much the same across the nation (there are some very minor adjustments for high-cost areas such as NYC or SoCal, but not much), regardless whether or not you attend a public or private school. When planning your budget you can figure this into the funds you can rely on (if you are indeed taking out loans to cover your expenses while in school). No lending agency, federal or private such as Citi, will allow a student to take out an educational loan above the total cost of attendance of his/her program. While going to a public school at in-state tuition rates will enable you to have less debt when you get out, it will not enbable you to take out more loans to increase the funds for your personal needs while in school.

 

[kidsteethyay]

pray...or play the lotto...your chances of getting what you want either way are probably the same.

It isn't actually impossible to work while in dental school, but if you don't have restaurant or bar experience...then it might be.

I teach aerobics classes right now, and I get paid really well per hour. I'm wanting to teach like a class or two a week (each an hour long) for a little extra $$ and to get a free gym membership so I can stay in shape and work off some stress. But my mom is convinced that I"m not going to have any free time so I definately won't be able to work a job. Any thoughts?

 

[kidsteethyay]

No lending agency, federal or private such as Citi, will allow a student to take out an educational loan above the total cost of attendance of his/her program.

Ok, but are there other types of loans that aren't educational loans that I could get? (I know very little about finances. I'm a pre-dent, not a business major! )

 

[WVUdental]

Ok, but are there other types of loans that aren't educational loans that I could get? (I know very little about finances. I'm a pre-dent, not a business major! )

I am not an architect but when I have to pee I don't pick up a cushion on the couch and take a wizz, I go to the bathroom.


You need to contact the financial aid office of the school of choice and they can help you.