- Joined
- Apr 20, 2013
- Messages
- 42
- Reaction score
- 1
So here is the situation...
I am a former financial advisor. I have my degree in finance and worked for a couple of brokerage firms for a few years. A year and a half ago I decided to quit my job and go back to school to get my prereqs for dental school.
I have a 3.0 on my undergrad, which isn't that great I know. However, I am now done with my General Bio, Gen Chems, Organic Chems and Physics and have straight A's. I am still going to take Biochem, Microbio and Anat and Phys.
I have been in touch with a number schools over the last year and flown out and taken tours of several. I have been very well received so far and most of them told me that as long as I do well on the DAT, scheduled for the end of May, I have a decent chance. Schools I have toured are ASDOH, Midwestern, Louisville, UK, Ohio State, Case Western, Pittsburgh and Indiana.
I know TX is often a hot topic on hear, but I wanted to ask some advice....
If I get into, say Louisville, the out of state expenses in the ADEA book say I would be in the neighborhood of 315,000 in debt after school. I have a wife and a couple kids, so my expenses would be even more. So for sake of argument, say expenses ended up being 355,000 all in.
Payments amortized over 30 years at 7.5 to 8%, which I understand are going rates for student loans, would be around 2600 dollars a month.
Texas, in state at UT Houston, for example, would be around 180,000 + the same additional 40,000 I included on Louisville's estimate, I am at 220,000. Payments amortized over 30 years would be around 1500-1600 dollars a month, or over 15 years would be 2100 dollars a month, 500 dollars a month less, for 15 years less than what it would cost to pay off Louisville for 30.
Comparing Louisville debt vs in state TX debt I would not only be saving the initial 135,000 in debt, but in interest, the total amount that I would save, including interest would be well over 550,000 dollars over the course of the loans.
Also, having only 1500-2100 (depending on amortization schedule) vs 2600-3400, in student loan overhead, it would seem reasonable to think you could get into your own practice or buy a practice a bit easier than having the heavier payments.
I am not a TX resident, I have family in Dallas and Houston. I could sit a year out, meaning not apply this May, move to TX, work, get in-state residency and apply the following year. Or I can apply this year, keep my momentum that I have in school, take the debt on the chin and move on.
Any thoughts? I think too many people dive right into the debt without knowing what they are getting into, however, I also don't want to focus on the money too much if in the end it really doesn't matter.
Being a former finance guy, I tend to focus on the money aspect of things...I just don't want to focus too hard on it, if that makes sense...
I would love to hear from some people that moved to get in-state or any new dentists or experienced dentists know how hard the debt really is to pay off. Or any body else that has some advice.
Thanks for the input!
I am a former financial advisor. I have my degree in finance and worked for a couple of brokerage firms for a few years. A year and a half ago I decided to quit my job and go back to school to get my prereqs for dental school.
I have a 3.0 on my undergrad, which isn't that great I know. However, I am now done with my General Bio, Gen Chems, Organic Chems and Physics and have straight A's. I am still going to take Biochem, Microbio and Anat and Phys.
I have been in touch with a number schools over the last year and flown out and taken tours of several. I have been very well received so far and most of them told me that as long as I do well on the DAT, scheduled for the end of May, I have a decent chance. Schools I have toured are ASDOH, Midwestern, Louisville, UK, Ohio State, Case Western, Pittsburgh and Indiana.
I know TX is often a hot topic on hear, but I wanted to ask some advice....
If I get into, say Louisville, the out of state expenses in the ADEA book say I would be in the neighborhood of 315,000 in debt after school. I have a wife and a couple kids, so my expenses would be even more. So for sake of argument, say expenses ended up being 355,000 all in.
Payments amortized over 30 years at 7.5 to 8%, which I understand are going rates for student loans, would be around 2600 dollars a month.
Texas, in state at UT Houston, for example, would be around 180,000 + the same additional 40,000 I included on Louisville's estimate, I am at 220,000. Payments amortized over 30 years would be around 1500-1600 dollars a month, or over 15 years would be 2100 dollars a month, 500 dollars a month less, for 15 years less than what it would cost to pay off Louisville for 30.
Comparing Louisville debt vs in state TX debt I would not only be saving the initial 135,000 in debt, but in interest, the total amount that I would save, including interest would be well over 550,000 dollars over the course of the loans.
Also, having only 1500-2100 (depending on amortization schedule) vs 2600-3400, in student loan overhead, it would seem reasonable to think you could get into your own practice or buy a practice a bit easier than having the heavier payments.
I am not a TX resident, I have family in Dallas and Houston. I could sit a year out, meaning not apply this May, move to TX, work, get in-state residency and apply the following year. Or I can apply this year, keep my momentum that I have in school, take the debt on the chin and move on.
Any thoughts? I think too many people dive right into the debt without knowing what they are getting into, however, I also don't want to focus on the money too much if in the end it really doesn't matter.
Being a former finance guy, I tend to focus on the money aspect of things...I just don't want to focus too hard on it, if that makes sense...
I would love to hear from some people that moved to get in-state or any new dentists or experienced dentists know how hard the debt really is to pay off. Or any body else that has some advice.
Thanks for the input!
Last edited: