Loan advice + Specializing?

[Amalgam Creep]

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[Big Time Hoosier]

I'm just throwing this out there, but I am guessing you are referring to the Georgia School of Orthodontics. Here's why you are struggling to find a private lender:

Between the ridiculous tuition and fees and 3 years of living expenses you're looking at an additional $325,000 on top of your dental school loans. In another post of yours, you mention you went to UPenn for dental school. How much do you owe there? $400,000 or more? How much interest are you going to accrue during residency? I suspect you would be staring down more than $800,000 in student loans when all is said and done. I am not the only one that thinks that is absolutely crazy; banks do too! They are questioning your ability to pay all of that back. If you wanted to pay that off in 10 years any idea what your monthly payment would be? More than $9,000 a month! Want to drag it out to 20 years? $6,000 a month. And that's all coming from after-tax money. Imagine having to earn more than $100,000 every year just to not default on your student loans. How much do you really think you'll make as an orthodontist? Plan on opening your own office? Good luck getting a loan for that when you owe almost $1 million just in student loans. You need to really think about your financial future. It may not be pretty if you go down this road. Now you know why Big Hoss is always telling people to go to the cheapest school! Debt will limit your future life choices and you are now learning this first hand. Best of luck to you.

Big Hoss

 

[786783]

I'm just throwing this out there, but I am guessing you are referring to the Georgia School of Orthodontics. Here's why you are struggling to find a private lender:

Between the ridiculous tuition and fees and 3 years of living expenses you're looking at an additional $325,000 on top of your dental school loans. In another post of yours, you mention you went to UPenn for dental school. How much do you owe there? $400,000 or more? How much interest are you going to accrue during residency? I suspect you would be staring down more than $800,000 in student loans when all is said and done. I am not the only one that thinks that is absolutely crazy; banks do too! They are questioning your ability to pay all of that back. If you wanted to pay that off in 10 years any idea what your monthly payment would be? More than $9,000 a month! Want to drag it out to 20 years? $6,000 a month. And that's all coming from after-tax money. Imagine having to earn more than $100,000 every year just to not default on your student loans. How much do you really think you'll make as an orthodontist? Plan on opening your own office? Good luck getting a loan for that when you owe almost $1 million just in student loans. You need to really think about your financial future. It may not be pretty if you go down this road. Now you know why Big Hoss is always telling people to go to the cheapest school! Debt will limit your future life choices and you are now learning this first hand. Best of luck to you.

Big Hoss

Holy ****. It finally clicked in my brain. I had to read like 20 posts like this and grow 1.5 years to finally start making sense to me. May god have mercy on the uninformed.

 

[Marmalade]

In my experience, anyone telling you "it'll be ok" or "the money works its self out" turns out to be debt free all along.

PD

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[charlestweed]

I remember after paying the tuition for my ortho residency, I only had about $7000 left to live for a year. That’s because I maxed out the student loan in dental school. The rent alone was $450/month. Therefore, I had to use the credit card convenient checks and deposited them to my bank account every 3-4 months…and the interest rate was like 20%. By the time I graduated, I owed $50k in credit card debt in addition to the combined $450k student loans that my wife and I took out. Fortunately, we both had a full time job after graduation.