Dec 31, 2020
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I have narrowed down my choices between two schools and am unsure if the cost difference between schools makes it an obvious choice. It comes out to around an 80k difference. Both are great schools and I would be happy with the training itself at either. The location and weather is what is making my choice not so obvious.

School A:
270k COA (I am sure my future self would thank me)
Extremely cold weather in the winter
Extremely small town
Closest big city is over an hour a way

School B:
350K COA
Feel like I would be happier (However I am unsure because interviews were virtual this year and never got an actual feel of the school/city)
Part of a big university
In a great city
Weather is wayyyy more bearable

If it sounds like I am trying to justify an extra 80k, I am. As someone who does not know much about debt I don't know the implications of taking out an extra 80k. I do know it will end up to be much more than that with interest.

Any thoughts would be great!
 
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Carmencitas

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In my opinion, 80k is too large of a difference. Interest begins to accrue the minute you take it out so 80k difference can easily become 100k difference by the time you graduate. I would plug in both COAs into a loan calculator (here) and just compare the difference in monthly payments. At 5-7% interest going to school B would cost $1000 more in monthly payments. At the end of the day it is your decision to make so start doing research on debt and loans.
 
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I have narrowed down my choices between two schools and am unsure if the cost difference between schools makes it an obvious choice. It comes out to around an 80k difference. Both are great schools and I would be happy with the training itself at either. The location and weather is what is making my choice not so obvious.

School A:
270k COA (I am sure my future self would thank me)
Extremely cold weather in the winter
Extremely small town
Closest big city is over an hour a way

School B:
350K COA
Feel like I would be happier (However I am unsure because interviews were virtual this year and never got an actual feel of the school/city)
Part of a big university
In a great city
Weather is wayyyy more bearable

If it sounds like I am trying to justify an extra 80k, I am. As someone who does not know much about debt I don't know the implications of taking out an extra 80k. I do know it will end up to be much more than that with interest.

Any thoughts would be great!
No one can tell you whether or not the additional loan will be worth it to you. Maybe you'd be absolutely miserable at the cheaper school and $80k over the 4 years would be worth your happiness or something or whatever.

That being said, almost everyone can tell you whether or not the extra loan would be worth it to them. And the vast majority of people would say no.

Do some simple research on your own. Maybe start here and see what repayment looks like, read up on student loans. Look at the loan repayment calculators. Consider a realistic potential income. What are your retirement goals? What are your wealth generation goals? What are your work/life balance goals?

And if you feel after doing your own research that you still dont fully understand the implications of an additional $80k on an already very large loan, then I would say trust everyone who is telling you that it is not worth it.
 
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Pablo Sanchez

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I posted this on another thread recently.


$80k is a lot of money. If you invested the $80k that you'll save going to School A upon graduation at ~26 years of age, with a return of 10% your $80k will be worth close to $5 million by the time you reach retirement age at 67.

Do with that information what you will.
 
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Bigjt1420

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Anybody reading this: $80K (really like $120K after interest) IS WORTH going to a "more miserable" school. I would go ANYWHERE if it meant I would pay $100K less, given that I still graduate and get a degree/license at the end of it.

The cold hard truth of dental school is that you'll find your place anywhere you go. You'll find your friends and you'll find your happiness. Trust me, school goes by really fast because you're studying and practicing and working on pt's constantly.

Furthermore, you can specialize from any accredited dental school. It doesn't come down to the school's name, it comes down to your grades and scores. Do not believe people when they say that "this $400K school is prestigious and therefore you have a better chance of specializing." Specialty programs DO NOT CARE. You know who does? The NYU's of the world charging $400K+ to their dental students. How else are they going to sell you on a degree you could get literally for half the cost for the exact same thing at another school?

I cannot stress this enough: GO TO THE CHEAPEST DENTAL SCHOOL
 
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macsak

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Aug 16, 2018
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don't think of it as $80k
think of it as 30% more expensive

and at either school, for the first 2 years you will spend 5-7 days a week at school, so the location will matter less

in addition, is the cheaper school your instate school?
do you plan to live/work in the state after graduation?
if so, the networking will be even more of an advantage to the cheaper school
 
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Dec 31, 2020
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No one can tell you whether or not the additional loan will be worth it to you. Maybe you'd be absolutely miserable at the cheaper school and $80k over the 4 years would be worth your happiness or something or whatever.

That being said, almost everyone can tell you whether or not the extra loan would be worth it to them. And the vast majority of people would say no.

Do some simple research on your own. Maybe start here and see what repayment looks like, read up on student loans. Look at the loan repayment calculators. Consider a realistic potential income. What are your retirement goals? What are your wealth generation goals? What are your work/life balance goals?

And if you feel after doing your own research that you still dont fully understand the implications of an additional $80k on an already very large loan, then I would say trust everyone who is telling you that it is not worth it.
Thank you for the response! I am going to play around with the link you added!
 
Dec 31, 2020
3
0
don't think of it as $80k
think of it as 30% more expensive

and at either school, for the first 2 years you will spend 5-7 days a week at school, so the location will matter less

in addition, is the cheaper school your instate school?
do you plan to live/work in the state after graduation?
if so, the networking will be even more of an advantage to the cheaper school
Thank you for the response! The more expensive school is a likely place I could see myself practicing, unfortunately lol.
 

macsak

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Thank you for the response! The more expensive school is a likely place I could see myself practicing, unfortunately lol.
ah ok, that's different
can you list the schools and your other plus/minuses (family/sig other?)
we might be able to give you a better answer...
 

wengerout

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I personally paid about 100k more to go to the school I preferred and don't regret it. Just gotta do what's right for you.

Especially these days, no point going somewhere if you'll hate it so much it'll affect your mental health. Just have to realize what it's costing you.
 

PerioDont

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Jun 7, 2015
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don't think of it as $80k
think of it as 30% more expensive

and at either school, for the first 2 years you will spend 5-7 days a week at school, so the location will matter less

in addition, is the cheaper school your instate school?
do you plan to live/work in the state after graduation?
if so, the networking will be even more of an advantage to the cheaper school
One of my friends suggested thinking about every dollar of loan money as you will have to pay it back 3x. ofc with IBR etc this is not exactly how it will work, but its a good frame of reference.

i.e I can buy this 30$ shirt with loan money. but I'm gonna pay it back as 90$. really changes your perspective on loan money.

so not 80k, but 240k.
 

O Cabra

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I personally paid about 100k more to go to the school I preferred and don't regret it. Just gotta do what's right for you.

Especially these days, no point going somewhere if you'll hate it so much it'll affect your mental health. Just have to realize what it's costing you.

You might regret it once you start paying back that extra 100k+
 
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wengerout

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Compared to what it would have been? Ignorance is bliss I guess..

No ignorance at all. I got to live in a state where I feel safe and secure. Considering what's gone on the last four years and especially the last year/week, that in itself is worth its weight in gold.
 

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