In-state tuition vs. private...should cost be #1 factor?

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ossumpossum666

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As I'm sure many of you know, it's a hard choice between choosing your in-state school with a cheaper tuition that you liked a lot, versus a private or OOS school that you really loved. I am currently in this predicament choosing between my in-state (Oregon) or Marquette. Obviously cost is a huge factor but should it be my (or anyone's) total deciding factor if your gut is kinda saying something else?? GAHH I am struggling!! 😕
 
Haha! I recently sent you a message about OHSU. I'm kind of in the same boat. I got it down to OHSU and NYU to choose from. I'm leaning towards OHSU because I think they have a really good program and the staff was really nice plus clinical practice is top notch.

Living in Portland is a nice bonus. Much better than Eugene.
 
i think it depends on what you want. ultimately this is a huge investment in yourself and your future. either way you're going to pay a huge sum of money ultimately. do what's right for you. 🙂
 
It should be the #1 factor. Unless one school is absolutely terrible. If both schools are within 10-20K of each other, then I would start thinking about where I want to live and compare curriculum/clinics/etc. People forget that the difference in price between school's will increase dramatically with interest. Something that seems like "oh just a 70K difference" will get huge over time. I wouldn't want to spend another 5 years paying that off when I could be going on a great vacation.

However, if you have a serious significant other, then that probably becomes the #1 factor.

Is there a reason there have been a couple threads about people not wanting to go to OHSU? Seems kinda strange. I would love to go to my state school.....
 
Yes, cost should be a primary factor, especially if there is a significant >20k difference. OHSU in-state vs. NYU? You have to be kidding me? How financially irresponsible can you be?
 
armorshell said:
Yes, cost should be a primary factor, especially if there is a significant >20k difference. OHSU in-state vs. NYU? You have to be kidding me? How financially irresponsible can you be?
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ROFL clearly money grows on trees ...

no let me stop,

But what is the tuition difference?
 
My Ohio State Cost of Attendance cheat sheet says

Oregon instate tuition - $240K
Marquette - $309K
 
Ask any dentist and they will tell you to get out with the least amount of debt possible. Interest adds up fast!
 
Just read an article in Dentaltown on repaying school loans:

for a debt of $400,000 at 7% interest, you pay $2,800 per month on a 25-year repayment, $3,600/mo for 15 years, $4,650 for 10 years and it goes up to $8,000 for a five-year repayment.

for a debt of $200,000 the 10 year repayment is $1,750 per month and 5 year repayment is $3,000 per month.

That's a huge difference! I'd say go with the cheaper school and you'll be debt free in much less time. You can pay about 3K for 25 years of your life or you can pay the same amount for about 5 years and get rid of your loans for good.
 
Cost should be a HUGE decisive factor (IMO, #1 factor)
 
AlwaysSmiles said:
Just read an article in Dentaltown on repaying school loans:

for a debt of $400,000 at 7% interest, you pay $2,800 per month on a 25-year repayment, $3,600/mo for 15 years, $4,650 for 10 years and it goes up to $8,000 for a five-year repayment.

for a debt of $200,000 the 10 year repayment is $1,750 per month and 5 year repayment is $3,000 per month.

That's a huge difference! I'd say go with the cheaper school and you'll be debt free in much less time. You can pay about 3K for 25 years of your life or you can pay the same amount for about 5 years and get rid of your loans for good.
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Thats a really interesting statistic. Do you mind giving us the link to the article.
 
I found this on Dental Town. Bereno, a member here on SDN and on there, made this and it's one of the most amazing excel sheet's i've ever seen. ALL CREDIT GOES TO HIM. Thanks a million for this.

It can calculate loans and monthly repayments. It also you to change variables such as salary, salary increments, loan amount. Hell you can even add mortgage payments and auto payments to it. For anyone thinking about dental school THIS IS A MUST HAVE. Please take a look at this before making your choices. You can see how a little loan difference will add up over time.
 

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coolbeans123 said:
I found this on Dental Town. Bereno, a member here on SDN and on there, made this and it's one of the most amazing excel sheet's i've ever seen. ALL CREDIT GOES TO HIM. Thanks a million for this.

It can calculate loans and monthly repayments. It also you to change variables such as salary, salary increments, loan amount. Hell you can even add mortgage payments and auto payments to it. For anyone thinking about dental school THIS IS A MUST HAVE. Please take a look at this before making your choices. You can see how a little loan difference will add up over time.
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Thanks... Super helpful 🙂
 
AlwaysSmiles said:
Just read an article in Dentaltown on repaying school loans:

for a debt of $400,000 at 7% interest, you pay $2,800 per month on a 25-year repayment, $3,600/mo for 15 years, $4,650 for 10 years and it goes up to $8,000 for a five-year repayment.

for a debt of $200,000 the 10 year repayment is $1,750 per month and 5 year repayment is $3,000 per month.

That's a huge difference! I'd say go with the cheaper school and you'll be debt free in much less time. You can pay about 3K for 25 years of your life or you can pay the same amount for about 5 years and get rid of your loans for good.
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3,000 /month x 12 months/year x 5 years = $180,000 total 😕

I'd really like to see this article or post.
 
coolbeans123 said:
I found this on Dental Town. Bereno, a member here on SDN and on there, made this and it's one of the most amazing excel sheet's i've ever seen. ALL CREDIT GOES TO HIM. Thanks a million for this.

It can calculate loans and monthly repayments. It also you to change variables such as salary, salary increments, loan amount. Hell you can even add mortgage payments and auto payments to it. For anyone thinking about dental school THIS IS A MUST HAVE. Please take a look at this before making your choices. You can see how a little loan difference will add up over time.
Click to expand...

Glad you like it 👍

LaFleur said:
3,000 /month x 12 months/year x 5 years = $180,000 total 😕

I'd really like to see this article or post.
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haha, you beat me to it! I just ran a few numbers and 200k loan with even 5% interest for 5 years is going to be $3,774.25 per month...
 
LaFleur said:
3,000 /month x 12 months/year x 5 years = $180,000 total 😕

I'd really like to see this article or post.
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Sorry guys I posted that info right before heading to class without taking a close look at it. You're right it doesn't add up but I took the figures straight from the article that came in the mail today. The article is titled "How to Pay Off Your Dental School Debt" by Douglas Carlsen, DDS in the Dentaltown New Grad Edition. I searched online and it isn't available on the website yet. Anyways, main point is like what another post said: interest can really add up, thus prolonging your debt. So yeah, I'd say cost of school is pretty important.
 
dentalWorks said:
Cost should be a HUGE decisive factor (IMO, #1 factor)
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I second this. Cost should be #1.

I will add though if it's a small amount of money - say the diff between 260 and 300k I would go where you will get more surgeries and clinical experience.
 
Do you guys think if you (more specifically, me, lol) are going to specialize that cost should still be a factor?

Also, what if your daily life is better at the more expensive school? Would this then justify the added expense?

I'm looking at >150k difference here 😱.
 
UnimaasMED said:
Didn't you choose UDM over UofM which would have been cheaper? Assuming you are a resident of MI?
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No... cause with UDM, I stay'd at home.... whereas for UofM, I woulda had to move to Ann-Arbor.

Cheaper tuition vs cheaper living expense.... My math at the time came out to Mich being like 20 or 30k cheaper at end of 4 years... Wasn't really worth the move
 
kaDa said:
Do you guys think if you (more specifically, me, lol) are going to specialize that cost should still be a factor?

Also, what if your daily life is better at the more expensive school? Would this then justify the added expense?

I'm looking at >150k difference here 😱.
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Most of that 150k is going to be paid for, by non other than that glorified graduate plus (7.9% interest rate). And it starts to add up as soon as you borrow.

By time you graduate, the 150k really balloons up to around 180-190k (say ty interest). Then your gonna do another 2-3 years of residency, where, it will most likely grow to well above 220k+.

Do YOU think its a good idea to look at the extra 150k?
 
I'm looking at about a 50k difference over the span of the 4 years. And living expenses (since for my state school I'd be living at home). So obviously 50k is no chump change, but if you really felt you fit in more at one school and felt that you'd be happier there, shouldn't that count for something?
 
ossumpossum666 said:
I'm looking at about a 50k difference over the span of the 4 years. And living expenses (since for my state school I'd be living at home). So obviously 50k is no chump change, but if you really felt you fit in more at one school and felt that you'd be happier there, shouldn't that count for something?
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To a degree I guess. but that 50k will be like 70k in the long run. That's a BMW M3 or a Jeep GC SRT8... 😉

Go with your gut - then ask some local dentists that went to your home school. See what they think. Is there a difference in getting a good associateship after school based off Home school over X school? Ask around
 
ossumpossum666 said:
I'm looking at about a 50k difference over the span of the 4 years. And living expenses (since for my state school I'd be living at home). So obviously 50k is no chump change, but if you really felt you fit in more at one school and felt that you'd be happier there, shouldn't that count for something?
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Sorry, this isn't directed only at you. It amazes me how some people can figure out that a school is the "perfect fit" for them after one interview and a campus tour.

If you are able to adapt well and get along with people before dental school, then you will be able to adapt well and get along with people in any dental school.

You're trying to justify a $50k tuition difference (plus interest), substantial living expenses vs living at home while going to your state school, and being away from your family because you THINK this will make you happier?!

I wonder how happy you'd be when someone who went to the cheaper "not as happy" state school opens up shop near you.
 
I'll be the voice of dissent. Follow your bliss. I have some tough choices to make myself regarding this matter. I talked to one of my favorite professors who I very much consider a mentor and asked him what he thought. His response? If you truly love the more expensive school, go for it. Sure, you'll still be paying debt and driving your beat-up 2000 Camry eight years from now, but you will have loved every second of dental school. If having the BMW and the fancy apartment a few years sooner is really worth it to you, then pick the cheaper school.

FWIW, this professor chose Stanford for his doctoral program even though they didn't get him full funding like some other schools. He just loved the school and loved the program, and doesn't regret his decision one bit.
 
These people who say "Imagine if you had that extra 150,000$ difference, you could have a luxury car with that amount" are ridiculous. When your loan money + interest capitalizes when you exit school and you start paying interest on your interest, it will hit you, it is something you have to pay back. Every month. Conversely, a lump sum payment would never just fall into your lap for you to buy a luxury car (normally). Your loan money is actually a lot more serious than a comparison to a car you could buy with it.

It might not seem too serious now, but when you start to have a family, save for retirement, open a business, buy cars and a house on loan, etc, you are going to want the lowest monthly payment possible on your dental school payment. You can have good memories anywhere and good friends anywhere, but I would argue no one sits at home and are glad they went to the most expensive dental school with the best weather and nicest clinics. They are going to care about taking care of them self and their family.

"Loan money is not lottery money"
 
dantemac said:
These people who say "Imagine if you had that extra 150,000$ difference, you could have a luxury car with that amount" are ridiculous. When your loan money + interest capitalizes when you exit school and you start paying interest on your interest, it will hit you, it is something you have to pay back. Every month. Conversely, a lump sum payment would never just fall into your lap for you to buy a luxury car (normally). Your loan money is actually a lot more serious than a comparison to a car you could buy with it.

It might not seem too serious now, but when you start to have a family, save for retirement, open a business, buy cars and a house on loan, etc, you are going to want the lowest monthly payment possible on your dental school payment. You can have good memories anywhere and good friends anywhere, but I would argue no one sits at home and are glad they went to the most expensive dental school with the best weather and nicest clinics. They are going to care about taking care of them self and their family.

"Loan money is not lottery money"
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I agree with this... but I am sure when people compare loans amounts with "fancy" things... they are just doing it to prove a point.

I like to think of Corvettes when I compare dental school tuition (since is my favorite sports car lol)... so 150k tuition is two Corvette Z06's (75k a piece haha)
 
I feel like half of us make the "go to the cheaper school" argument to deaf ears. I'm just giving up. I've said it as many times as I can. And so have the sensible and sane half of the forum. If people want to prance around NYC/LA/wherever with their loan money to have the most "amazing" experiences and meet the "coolest" people while using the latest gizmos in dentistry, more power to them.
 
AwesomeTeeth said:
I feel like half of us make the "go to the cheaper school" argument to deaf ears. I'm just giving up. I've said it as many times as I can. And so have the sensible and sane half of the forum. If people want to prance around NYC/LA/wherever with their loan money to have the most "amazing" experiences and meet the "coolest" people while using the latest gizmos in dentistry, more power to them.
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👍👍👍 cant teach an old dog new tricks. i'm saving my loan $$$ for other expenses. 100K or 150K aint nuttin to laugh at. I dont have that rich uncle, so I need to save all the nickels and dimes that I can.
 
wired202808 said:
👍👍👍 cant teach an old dog new tricks. i'm saving my loan $$$ for other expenses. 100K or 150K aint nuttin to laugh at. I dont have that rich uncle, so I need to save all the nickels and dimes that I can.
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Yeah, but it's also important, I think, to balance frugality with enjoying life. You only live once. And you only go to dental school once. I feel like the "sacrifice now to reap the benefit later" is a never ending cycle that leads to an unhappy, unsatisfied life.
 
mc719 said:
Yeah, but it's also important, I think, to balance frugality with enjoying life. You only live once. And you only go to dental school once. I feel like the "sacrifice now to reap the benefit later" is a never ending cycle that leads to an unhappy, unsatisfied life.
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It depends on what you're sacrificing.

What are you going to dental school for? To get an education. For me, that's the #1 factor. Then everything else.

You're probably going to spend the vast majority of your time studying anyway, which means you're not going to have too much time to explore a new city or go out.
 
mc719 said:
Yeah, but it's also important, I think, to balance frugality with enjoying life. You only live once. And you only go to dental school once. I feel like the "sacrifice now to reap the benefit later" is a never ending cycle that leads to an unhappy, unsatisfied life.
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I dunno about you, but I cant see myself "enjoying life" in d-school. I intend to enjoy studying and doing the necessary things in order to develop my future career. Nothing in life is ever gained overnight and yes sacrifices must be made. I dont think going to a super cheap school in order to be smart and save some $$$ for later will adversely impact the rest of my life.

4 years is simply a drop of water in a bucket. I did my undergrad and its been so long that I barely remember it, but I am glad that I didnt go away to school and waste my hard earned cash on an "amazing experience." life is simply what you make off it, i intend to use the $$$$ to go on vacations and buy a house. That would give me a lot more long term satisfaction than some sunny days at d-school, when I know i cant even go outside because I'm studying for an exam.
 
wired202808 said:
I dunno about you, but I cant see myself "enjoying life" in d-school. I intend to enjoy studying and doing the necessary things in order to develop my future career. Nothing in life is ever gained overnight and yes sacrifices must be made. I dont think going to a super cheap school in order to be smart and save some $$$ for later will adversely impact the rest of my life.

4 years is simply a drop of water in a bucket. I did my undergrad and its been so long that I barely remember it, but I am glad that I didnt go away to school and waste my hard earned cash on an "amazing experience." life is simply what you make off it, i intend to use the $$$$ to go on vacations and buy a house. That would give me a lot more long term satisfaction than some sunny days at d-school, when I know i cant even go outside because I'm studying for an exam.
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You make good points. But, where do you draw the line. You said that you can't see yourself "enjoying life" in d-school. Why the #@$% not? When are we going to enjoy life then? Things are only going to get harder and more stressful.
 
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mc719 said:
Yeah, but it's also important, I think, to balance frugality with enjoying life. You only live once. And you only go to dental school once. I feel like the "sacrifice now to reap the benefit later" is a never ending cycle that leads to an unhappy, unsatisfied life.
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i couldn't agree more. some people are perfectly alright with living below their means for several years to have the opportunities and location that a certain school affords. And frankly, I don't see why it is anyone else's job to judge another's decision regarding this matter.


I could not care less about what car I drive in 10 years or how big my apartment is, FWIW.
 
mc719 said:
You make good points. But, where do you draw the line. You said that you can't see yourself "enjoying life" in d-school. Why the #@$% not? When are we going to enjoy life then? Things are only going to get harder and more stressful.
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Why cant I take my savings of 100K and use it for an immediate vacation after d-school? Or why can't I use that $$$ to buy myself a house or business or new car?

Theres a time for work and a time for play. The term work hard and play hard means that you can play hard but only after you work hard 🙂 After is defined as any time after d-school. Remember its only 4 years of your life, you got the rest of your life to live.
 
wired202808 said:
Why cant I take my savings of 100K and use it for an immediate vacation after d-school? Or why can't I use that $$$ to buy myself a house or business or new car?

Theres a time for work and a time for play. The term work hard and play hard means that you can play hard but only after you work hard 🙂 After is defined as any time after d-school. Remember its only 4 years of your life, you got the rest of your life to live.
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It's about balance my friend. It's always going to be more beneficial to trade 1 marshmallow now for 2 marshmallows tomorrow, but at some point you have to eat some of your marshmallows or there's no point saving them.
 
mc719 said:
It's about balance my friend. It's always going to be more beneficial to trade 1 marshmallow now for 2 marshmallows tomorrow, but at some point you have to eat some of your marshmallows or there's no point saving them.
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as long as you are happy with your choice thats all that matters. 🙂
 
wired202808 said:
as long as you are happy with your choice thats all that matters. 🙂
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👍 true, i just think that there is a little bit too much of a focus on dental school cost on SDN. Everywhere I look people are saying the cheaper the school the better, and I'm starting to think that there are many circumstances where this is not true.
 
mc719 said:
👍 true, i just think that there is a little bit too much of a focus on dental school cost on SDN. Everywhere I look people are saying the cheaper the school the better, and I'm starting to think that there are many circumstances where this is not true.
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hey man, too each his own. again we can just restate our original opinions and wind up at the same point. if you plan to spend more, then more power to you. i plan to spend less and i'm perfectly fine with that.

its really what you make of it and what you can live with.
 
wired202808 said:
hey man, too each his own. again we can just restate our original opinions and wind up at the same point. if you plan to spend more, then more power to you. i plan to spend less and i'm perfectly fine with that.

its really what you make of it and what you can live with.
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👍 exactly. as long as you're realistic about what it truly means to spend more for school and are OK with that, there is no debate about it. to each his own.
 
Enjoying life... hmmm.

I work my a** off everyday. I work 30 hours a week. I spend 4 hours a day commuting, and I am taking 4 science classes (which is a lot for being on the quarter system), along with volunteering. I am extremely busy, just as many of you are! However, I am very happy. I find true enjoyment seeing the benefits of my hard work. I value a strong work ethic far more than intellect or even talent. I go to bed exhausted sometimes, but I smile as I do it. I don't think being happy means taking the easy route... Will I be happy in dental school? Yeah, I think I will be, regardless of cost. 😉
 
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mc719 said:
👍 true, i just think that there is a little bit too much of a focus on dental school cost on SDN. Everywhere I look people are saying the cheaper the school the better, and I'm starting to think that there are many circumstances where this is not true.
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Please, enlighten us with examples
 
Columbia and Penn send ~20 kids to Ortho and OMS. State schools will generally send top 1-3. This is not my opinion, but that of several interviewers AT state schools where I applied and interviewed. Reputation in some cases (whether deserved or not) does matter in terms if you want to apply. You have more room for error per se if you go to a top school to specialize. And yes, anyone can specialize at any school. But if it is your state school (at least at the ones where I applied), you better be in the top 5 to have a chance at Ortho and especially OMS.
 
I wouldn't pick Harvard, Columbia, or Penn because I love their respective cities; there are people that do and that's their own choice. I would pick those schools because of the opportunities that their reputations afford. Whether it's research or access to the top residencies. And yes sometimes depending on your patient population, the reputation of the school does matter. As an oral surgeon who performs cosmetics, you might want to a recognizable name to attract wealthier patients with better insurance. That's just the way it is. With that said, if you are happy doing general dentistry and are not picky about where to practice, by all means go with the most affordable schools you can. I'm not trying to ruffle any feathers here. Let's just keep it real.
 
Kobe08 said:
Columbia and Penn send ~20 kids to Ortho and OMS. State schools will generally send top 1-3. This is not my opinion, but that of several interviewers AT state schools where I applied and interviewed. Reputation in some cases (whether deserved or not) does matter in terms if you want to apply. You have more room for error per se if you go to a top school to specialize. And yes, anyone can specialize at any school. But if it is your state school (at least at the ones where I applied), you better be in the top 5 to have a chance at Ortho and especially OMS.
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You're empirically wrong, and if people have been truly telling you this they have literally no clue what they're talking about.
 
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