How to pay for DS

[Kef318]

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I'm entering my junior year and will be applying to DS next year.

Short of hitting the lottery, how does one pay for dental school? (No rich relatives either).

I'd like some advice on the best place to get loans, etc. Not interested in joining the military.

 

[Hev0406]

Federal stafford loans (from what I have gathered) will give you half of the estimated cost per year (tuition, cost of living etc). The other half is called a Grad Plus loan that is based on your credit score. Scholarships are pretty much a myth.

 

[Koalafied]

I'm entering my junior year and will be applying to DS next year.

Short of hitting the lottery, how does one pay for dental school? (No rich relatives either).

I'd like some advice on the best place to get loans, etc. Not interested in joining the military.

For starters, I don't recommend private bank loans unless you possess precognition.

 

[V3NOM]

For starters, I don't recommend private bank loans unless you possess precognition.

Can you specify what do you mean by precognition?

 

[DentVols17]

When you fill out the FAFSA, the government will provide the Direct Unsubsidized loan based off the school's estimated cost of attendance and your ability to pay. Many students will not receive the total amount needed for the school year; in that case, you can take out a second loan, the federal Grad Plus loan, in order to meet the school's estimated cost of attendance (this usually includes living expenses). You may not take out federal loans exceeding the estimated cost of attendance of your school. The interest rate on the Unsub is 6.8% and the GradPlus is 7.9% with a higher origination fee.

The other option is to go through a private bank that will use a third party to lend you money. Most of the time you will need a co-signer to get approved. IMO, this is a waste of time because the rates for banks are variable, not fixed (not worth the risk).

 

[Koalafied]

The other option is to go through a private bank that will use a third party to lend you money. Most of the time you will need a co-signer to get approved. IMO, this is a waste of time because the rates for banks are variable, not fixed (not worth the risk).

Can you specify what do you mean by precognition?

@V3NOM: Now you wouldn't want people knocking on your momma's door late at night if anything were to happen to you would you?

 

[Joh27]

Loans loans loans. Fill out that FAFSA, a combination of subsidized, unsubsidized, and Grad plus loans should be enough to pay for d school and survive for four years.

Live within your means, don't make dumb and expensive purchases, go to the cheapest school possible, etc. Also I know you said you don't want to join the military, but it is a very solid option and you shouldn't rule it out so quickly. If you're left with no choice or choose to attend an expensive private dental school, total cost of education can easily hit 400-500k. Don't want to scare you but imagine 6.8+% interest compounding on that massive principal for 10-30 years. Don't bury yourself in debt without a strategy, paying off that debt by joining the military is a very good option.

 

[Chomski]

The other option is to go through a private bank that will use a third party to lend you money. Most of the time you will need a co-signer to get approved. IMO, this is a waste of time because the rates for banks are variable, not fixed (not worth the risk).

Yes and no. So it depends on if you have built up credit over your time in college or not. If you have responsibly used a credit card for 4 years then you can have some solid credit built up. Also banks do have fixed rates available as well as variable. I agree variable are not worth the risk, but nearly every loan agency offers fixed loans. I was able to get a fixed loan without a co-signer at 7.00% interest from a private source. Generally the issue with private loan sources is that they can be less forgiving than the government and they do not participate in repayment plans (income based repayment etc.)

But the long and short of it is that you take out loans. I think almost all of us are paying for our entire dental education so don't worry you aren't alone.

 

[Glimmer1991]

I'm also pretty uninformed about loans, but I know I'll be needing them! Luckily, my Dad is good with finances and I know he will be able to help me greatly.

So, anyhow, if you have a great credit score, is it still just as bad to get a private loan? I've had cards since I was in high school and have always used them perfectly.

 

[ToothbrushBuddy]

Try to get into your state school.

 

[Glimmer1991]

Try to get into your state school.

Always great advice! 👍👍

 

[Koalafied]

I'm also pretty uninformed about loans, but I know I'll be needing them! Luckily, my Dad is good with finances and I know he will be able to help me greatly.

So, anyhow, if you have a great credit score, is it still just as bad to get a private loan? I've had cards since I was in high school and have always used them perfectly.

I was also uniformed about loans (never took one out myself) last cycle which was one of the reasons why I didn't apply OOS.

Apparently all you need is at least no credit to qualify for the GradPLUS (the other half of your loans).

http://forums.studentdoctor.net/showthread.php?t=983992

 

[John Durian]

Join the military. It's a pretty good deal (100% tuition/books/kit and monthly stipend). Send me a PM for more info

 

[SES0112]

I took out Grad plus loans for my masters and I had no problem getting the amount I needed without a cosigner. When I looked into private loans I needed a cosigner even with good/decent credit.