Loan coverage

[dentalmember123]

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Hi guys. I have recently been accepted to some schools and I chose to go to a private institution. I don't have any parental monetary support so I will be taking out loans to cover my education. For those under similar circumstances (or does who happen to know), can you cover ALL the dental school expenses with loans? By "ALL" I obviously mean tuition and fees, but also room and board? Oh and how does that work....if I were to get a loan for rent and food do I get a check at the beggining of the semester that I can deposit into my account or is it a weekely allowance through the school? I'm very confused. Thank you in advance!

 

[tinman831]

Hi guys. I have recently been accepted to some schools and I chose to go to a private institution. I don't have any parental monetary support so I will be taking out loans to cover my education. For those under similar circumstances (or does who happen to know), can you cover ALL the dental school expenses with loans? By "ALL" I obviously mean tuition and fees, but also room and board? Oh and how does that work....if I were to get a loan for rent and food do I get a check at the beggining of the semester that I can deposit into my account or is it a weekely allowance through the school? I'm very confused. Thank you in advance!

Loans can be completely covered without a penny being paid out of your pocket while you are in school. At the beginning of each year, they will give you an estimate of what the school thinks it will cost for you to attend their school (including room and board and miscellaneous expenses). Usually you take the subsidized and unsubsidized government loans first (these are usually lowest in interest). Once you have maxed those loans out, you begin to take out any private loans or loans offered by the school to cover the remaining from that estimated cost of attendance.

 

[sacapuntas]

Loans can be completely covered without a penny being paid out of your pocket while you are in school. At the beginning of each year, they will give you an estimate of what the school thinks it will cost for you to attend their school (including room and board and miscellaneous expenses). Usually you take the subsidized and unsubsidized government loans first (these are usually lowest in interest). Once you have maxed those loans out, you begin to take out any private loans or loans offered by the school to cover the remaining from that estimated cost of attendance.

No more subsidized loans and no more low interest loans for us youngins.





You will be able to do stafford loans up to I think 40 or 45k per year at 6.8% interest and then you can take out gradplus loans for the remaining balance at 7.9% interest. I believe you will need to have a sufficient credit score to qualify for grad plus loans so you may want to check into that now in case there are any potential problems.


I personally am considering private loans because their interest rate is about half of the government loans, but it is a variable interest rate so their is risk involved with taking private loans. They also don't play nice with deferments and forbearance like the government loans.

 

[RazorbackDDS]

Yes it does cover tuition, fees, room and board. They should have a breakdown of the "total cost of attendance" to include, tuition, fees, supplies, and living expenses. Just don't do anything crazy like live in the some luxury apartment or get an insane internet/cable package. What I did was look at the amount financial aid allotted for "living expenses" and then went to look at apartments. If you can make a simple budget you should be fine. Also, they usually give you money for a new computer and text books (which we never use at my school). This can become emergency cash or money you can avoid borrowing the next year.

One other thing to be aware of; you get one disbursement each semester with half your money for the year. First semester you will get half a years worth of money for 4-5 months of living. Make sure you have enough to live/pay rent in June/July when you don't have school. They should allot "living expenses" to last you the entire year, not just the school year.

Good luck in school!

 

[NDPitch]

I personally am considering private loans because their interest rate is about half of the government loans, but it is a variable interest rate so their is risk involved with taking private loans. They also don't play nice with deferments and forbearance like the government loans.

I'm also going through the same dilemma. Not sure if I should go private and potentially save money, or go federal and have the flexibility of loan payback options. PM me if you want to put heads together and discuss.

👍

 

[teett]

No more subsidized loans and no more low interest loans for us youngins.

You will be able to do stafford loans up to I think 40 or 45k per year at 6.8% interest and then you can take out gradplus loans for the remaining balance at 7.9% interest. I believe you will need to have a sufficient credit score to qualify for grad plus loans so you may want to check into that now in case there are any potential problems.

I personally am considering private loans because their interest rate is about half of the government loans, but it is a variable interest rate so their is risk involved with taking private loans. They also don't play nice with deferments and forbearance like the government loans.

Can you share the information where and how to get private loans with interest rate is about half of the government loans. Thank you very much! Highly highly appreciate!!! 🙂

 

[sacapuntas]

Can you share the information where and how to get private loans with interest rate is about half of the government loans. Thank you very much! Highly highly appreciate!!! 🙂

https://www.wellsfargo.com/student/loans/#gstudents

Wells Fargo Collegiate loan for one example, though you will likely need a co-signer unless you have a high earning spouse or some other unusual financial circumstance.

 

[teett]

I just checked out the "MedCAP® Loan Program" offered by Wells Fargo. It has fixed 6.49 APR. It is as high as Federal loan. I guess Federal would be the best choice.

 

[sacapuntas]

I just checked out the "MedCAP® Loan Program" offered by Wells Fargo. It has fixed 6.49 APR. It is as high as Federal loan. I guess Federal would be the best choice.

No origination fees and discount of .5 make it an attractive option to me rather than a grad plus loan at 7.9.

 

[teett]

No origination fees and discount of .5 make it an attractive option to me rather than a grad plus loan at 7.9.

Compared to the grad plus loan, it is attractive.

 

[sacapuntas]

For anyone familiar with programs that repay your student debt such as the NHSC or IHS, do you know if they will repay private loans or do they need to be federal? That should be a strong consideration as to whether taking private loans is worth saving the interest.

 

[PointEstimate]

No origination fees and discount of .5 make it an attractive option to me rather than a grad plus loan at 7.9.

I was wondering something similar too, looking at what Citibank has to offer.

My guess is that it's harder to qualify for the what-appears-to-be a better private loan than it is for a federal loan.

 

[sacapuntas]

I was wondering something similar too, looking at what Citibank has to offer.

My guess is that it's harder to qualify for the what-appears-to-be a better private loan than it is for a federal loan.

That is probably true. I did one of their 'instant decisions' online with Wells Fargo and I was approved at their lowest APR, but I have been banking with Wells Fargo for years and have a substantial line of credit as well as a mortgage with them. I am not sure what the typical credit score needed would be to qualify without a co-signer at the lowest rate, but I would guess it is north of 720.

 

[Aquafresh123]

When is everyone going to start applying for the private loans? I am interested as well in discussing this issue of private vs federal loans for dental school next fall. Please PM me if you prefer.

 

[jmh018]

What about someone who is married? I'm a traditional student, just got married last summer so my yearly expenses are greater than an individual student. Can this be figured into living expenses so loans can cover it? Yes I know my wife can work to help pay the extra expense but there are other circumstances that may cause her to be unable to work. Just wondering.

 

[sacapuntas]

What about someone who is married? I'm a traditional student, just got married last summer so my yearly expenses are greater than an individual student. Can this be figured into living expenses so loans can cover it? Yes I know my wife can work to help pay the extra expense but there are other circumstances that may cause her to be unable to work. Just wondering.

Your spouse or any dependents you have will not be factored into your cost of living expenses when determining the maximum amount of loans you can take out, at least with public loans.

 

[AlbinoPolarBear]

What about someone who is married? I'm a traditional student, just got married last summer so my yearly expenses are greater than an individual student. Can this be figured into living expenses so loans can cover it? Yes I know my wife can work to help pay the extra expense but there are other circumstances that may cause her to be unable to work. Just wondering.

Unfortunately, the loans will only cover you.

The only exception to this is if you have children who need to be sent to daycare. They will loan you extra money for daycare, but that's all.

Your spouse will have to worry about herself.

 

[jmh018]

That is what I figured. It's not a big deal for us but I was just curious. Thanks for the answers

 

[purity]

i intend to take the board exams mid 2013 after which i ll apply to dental schools for advanced dental education. the fees re quite outrageous but amnt discouraged as i was reliably told i could get loans to foot the fees. pls anyone with sound knowledge on the types of loans available for foreign trained dentist, how to obtain such loans before resumption of studies, how to renew for the next year and how to pay back loans especially as one ll have to pass the clinical exam and obtain licensure before commencement of practise. tnx