How to deal with massive cost of attendence? (400k)

[Reirrac]

I have been fortunate enough to get invited for an interview at USC dental school, but when I looked at the expected cost of attendence, my mind went blank and my heart full of fear.

Basically, I would have near 400k in debt if I attend USC for 4 years. I do not expect any assistance from my parents (who are near retirement) or relatives, so I'm on my own on this one.

What can I do apart from applying for the FALSA and student loans? I do not like the idea of repaying debt for the rest of my life. 100k or 200k I could manage somehow, but 400k is really pushing it. Is joining the military the only option? My crooked left elbow (shattered elbow from an accident) will most likely disqualify me for military service, so I'm at a loss here. (Push ups is very difficult, if not dangerous for my left elbow).

Any words of advice or experience to share?

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[odieoh]

I have been fortunate enough to get invited for an interview at USC dental school, but when I looked at the expected cost of attendence, my mind went blank and my heart full of fear.

Basically, I would have near 400k in debt if I attend USC for 4 years. I do not expect any assistance from my parents (who are near retirement) or relatives, so I'm on my own on this one.

What can I do apart from applying for the FALSA and student loans? I do not like the idea of repaying debt for the rest of my life. 100k or 200k I could manage somehow, but 400k is really pushing it. Is joining the military the only option? My crooked left elbow (shattered elbow from an accident) will most likely disqualify me for military service, so I'm at a loss here. (Push ups is very difficult, if not dangerous for my left elbow).

Any words of advice or experience to share?

Grad education really has gotten out-of-control expensive and you are wise to be looking at it before the fact. You really need to weigh whether paying off that debt is viable/how long it would take etc. I don't know of a lot of great options besides the military. In medicine there are incentive programs for people who go work in underserved areas, I'm not sure if similar programs exist for dentistry.

Working during school really isn't an option. However, there are ways to make some cash...none that I would recommend though. Selling plasma gives you a steady source of income. My medical school paid volunteers $200 a pop to allow the medical students to practice rectal exams on them. To each his own.

 

[Reirrac]

I would never allow to subject my precious body to abuse, so rectal exams and other charming stuff is a definite no-no unless I have hemorrhoids. Physical training is alright, but my left elbow cannot withstand much exertion and I can hear the bones grinding against each other when I try pushups.

I have been talking to other people on this matter, and the consensus is "It's not worth getting 400K in debt!". Imagine what you could acheive in 4 years with 400K worth of capital in other routes...

However, I still want to learn, get trained, and practice the healing arts as my primary profession.

 

[penguin24]

If that's the only dental school you got accepted to, I would bite the bullet and go. Better to be a dentist in massive debt, than to be debt free and unemployed w/ a BS in Biology. It sucks, but what realistically are your other options?

During dental school, be as frugal as possible. Don't go out, no alcohol, get roommate to split rent, etc. With some luck you'll get some scholarships and it won't be so bad.

If you get accepted to a cheaper school, then obviously go to that. No 'brand-name' is worth that much money, just get the DDS and get out.

 

[avatarftw]

The cost of attendance sheet for the vast majority of schools is way off the mark. Our school had a COA that is easily twice as expensive as what one normally needs.

I'm assuming that your tuition is 50,000 or so since many dental schools are more expensive than medical schools. (That I've seen, I don't have the complete mean figures for dental schools)

You can seriously live on 8,000 a year or less if you don't have a car and have an inexpensive living arrangement (not cramped, mind you) in the midwest. Let's say that the COA in California is 25% more than in the midwest. That brings your living expenses to 10,000 a year. 60,000*4=240,000 in principal loan debt. Even with interest, you will be nowhere near 400,000 in debt.

Also, a high debt means nothing if you don't consider the compensation you will have as a doctor/lawyer/etc. Hypothetically, if you had a debt of 500,000 but were guaranteed a salary of 300,000 after tax dollars/year it would be a pretty sweet deal.

I have been fortunate enough to get invited for an interview at USC dental school, but when I looked at the expected cost of attendence, my mind went blank and my heart full of fear.

Basically, I would have near 400k in debt if I attend USC for 4 years. I do not expect any assistance from my parents (who are near retirement) or relatives, so I'm on my own on this one.

What can I do apart from applying for the FALSA and student loans? I do not like the idea of repaying debt for the rest of my life. 100k or 200k I could manage somehow, but 400k is really pushing it. Is joining the military the only option? My crooked left elbow (shattered elbow from an accident) will most likely disqualify me for military service, so I'm at a loss here. (Push ups is very difficult, if not dangerous for my left elbow).

Any words of advice or experience to share?

 

[penguin24]

I just went to the USC dental school website, and the tuition is $69,927 for year 1, 2, and 3; then $46,618 for the last year. That's $256,399 for 4 years.

Plus dental equipment. This is nuts, but also keep in mind that although this is more expensive than med school, us physicians have to train for 3-6 years post-med school, thus our interest accumulates over the years. Still, go to cheaper school if possible.

 

[Reirrac]

Yes, I would love to attend my state university dental school, which would cut my COA down to 200K. This is my second time applying there, however, so I'm preparing to deal with the less than ideal outcome.

I find it hard to believe that a starting salary for a fresh graduate can reach 300K after taxes! Most tell me a more realistic salary for a young dentist is 100K ~ 150K before taxes, at least in my area (Ohio). Granted, if someone offers me such a lucrative salary, I would relocate to almost anywhere in the USA, but I doubt I can create such a huge production that merits a 300K salary.

 

[Kitra101]

I am sick an tired of us being crapped on by everyone looking to take advantage of us. (Sarcasm here) Yes great government, you are really encouraging people to go into medicine and dentistry by fixing our interest rates much higher than the market in time of recession, then penalizing us by further increasing the rate if we consolidate to simply our payments from 4 different places. Moreover, by cutting our salaries while we are now locked into the fields because of our debt, that is even more encouraging. (end sarcasm) No wonder no one wants to go into primary care. You are essentially taxing the crap out of us to get a higher education so that we are in debt for ever. I hate you government.

 

[MedMan25]

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