Loans, loans, loans, advice?

[Sowthpaw4]

I"m looking for people out there who have a couple hundred thousand in debt, didn't come from a well to do family, paid for it essentially on your own. Tell me some stories so i feel better. I realize its just something you have to do, simple as that. But it's got to be a big burden hanging over your head. How do u not think about it. Thanks people

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[Cold Front]

Which dental school will you be attending? (just curious).

 

[docious]

I"m looking for people out there who have a couple hundred thousand in debt, didn't come from a well to do family, paid for it essentially on your own. Tell me some stories so i feel better. I realize its just something you have to do, simple as that. But it's got to be a big burden hanging over your head. How do u not think about it. Thanks people

In a few years times, you're going to be making six figures + every year, for the rest of your life. And, to make this happen all you have to do when you get out is pay roughly the equivalent of what costs to lease a nice car each month.

...just think of it as an investment. when you buy a house, it's not like you have to pay off hundreds of thousands of dollars right away either.

 

[hockeydentist]

Think of it as a initiation fee to a club that allows you opportunties to make a great living.

HD

 

[TKD]

Think of it as a initiation fee to a club that allows you opportunties to make a great living.

HD

It's a very unfortunate fact of life. Especially when you compare it to tuiton only 7-8 yrs ago. As long as you live modestly, slowly but surely pay it off. Research and compare different loans, mortgages (when the time comes), get stuff co-signed if possible. You;ll be fine in the end. It just becomes a monthly bill automatically deducted, just like cell phone, internet, etc. Only 1 way to lose - If you start letting it influence the way you practice dentistry (overtreatment).

 

[diagnodent]

Everyone here makes student loans seem like no big deal b/c you will be making tons of money. However, as a dentist I have a different opinion. Up to a certain point loans make sense but when you get to 300k its a lot of money. Depending on where you want to live you could be screwed. If you want to buy a practice in no where kansas or iowa, etc. then 300k not a problem. But if you want to live in socal or manhattan then it might not be such a great idea. I had 160k in loans and will pay it off in 10 years after graduating plus a 400k practice.

 

[mahya]

Everyone here makes student loans seem like no big deal b/c you will be making tons of money. However, as a dentist I have a different opinion. Up to a certain point loans make sense but when you get to 300k its a lot of money. Depending on where you want to live you could be screwed. If you want to buy a practice in no where kansas or iowa, etc. then 300k not a problem. But if you want to live in socal or manhattan then it might not be such a great idea. I had 160k in loans and will pay it off in 10 years after graduating plus a 400k practice.

you are absolutely right! as a future dentist attending USC and knowing that I have to take around 300K loans, I am so afraid that I won't be able to pay my loans off and live a decent life..everyone say the samething that you will make 6 figures salaries but being realistic that is only after 5-10 yrs of experience not as soon as you graduate...

 

[fightingspirit]

you are absolutely right! as a future dentist attending USC and knowing that I have to take around 300K loans, I am so afraid that I won't be able to pay my loans off and live a decent life..everyone say the samething that you will make 6 figures salaries but being realistic that is only after 5-10 yrs of experience not as soon as you graduate...

i think your worries are valid. perhaps it would be a good idea to try to get in touch with USC alumni and ask them about this issue. in fact, if i were you, i 'd go to the dentaltown forums and try to find a USC dentist in practice.

 

[fightingspirit]

.....Only 1 way to lose - If you start letting it influence the way you practice dentistry (overtreatment).

it is pearls of wisdom--like the quote above--that make SDN worthy of the time one spends on its forums.

carry on TKD...

 

[flyingkao]

I"m looking for people out there who have a couple hundred thousand in debt, didn't come from a well to do family, paid for it essentially on your own. Tell me some stories so i feel better. I realize its just something you have to do, simple as that. But it's got to be a big burden hanging over your head. How do u not think about it. Thanks people

I haven't started d-school yet but, like you, I've also been thinking about how I'm possibly going to afford the insane cost of my dental education for the upcoming year. I've just starting researching the different loans, and it seems to me that everyone should try for the Federal Stafford Loan. If you qualify for the subsidized loan, the government pays your interest (about 6.8 fixed) during school and for 6 months during the grace period. This is where the gov't looks at your parent's income and assets to see if you qualify for this. If both the subsidized and unsubsidized Federal Stafford Loan aren't enough (which seems to be the case for me and many others), apply for private loans.

If you go to a UC, you can apply for the Sallie Mae UC Health Professional Student Loan, which is great if you can get a co-signer because the interest isn't that much different than the Federal Stafford Loan. The catch is that interest does accrue for this loan while you're in school. I think the best loans out there with the lowest interest ask that for a co-signer.

I'm still shopping around for loans. You just need to find yourself the best deals with the lowest APR percent interest, preferably 0% initial payment fee, best deals (reduction on rates for on-time payments), grace period lengths, start of repayment, etc.

 

[toothfairy85]

I haven't started d-school yet but, like you, I've also been thinking about how I'm possibly going to afford the insane cost of my dental education for the upcoming year. I've just starting researching the different loans, and it seems to me that everyone should try for the Federal Stafford Loan. If you qualify for the subsidized loan, the government pays your interest (about 6.8 fixed) during school and for 6 months during the grace period. This is where the gov't looks at your parent's income and assets to see if you qualify for this. If both the subsidized and unsubsidized Federal Stafford Loan aren't enough (which seems to be the case for me and many others), apply for private loans.

If you go to a UC, you can apply for the Sallie Mae UC Health Professional Student Loan, which is great if you can get a co-signer because the interest isn't that much different than the Federal Stafford Loan. The catch is that interest does accrue for this loan while you're in school. I think the best loans out there with the lowest interest ask that for a co-signer.

I'm still shopping around for loans. You just need to find yourself the best deals with the lowest APR percent interest, preferably 0% initial payment fee, best deals (reduction on rates for on-time payments), grace period lengths, start of repayment, etc.

You can also qualify if you are an independent and do not have enough income.

 

[12YearOldKid]

Everyone here makes student loans seem like no big deal b/c you will be making tons of money. However, as a dentist I have a different opinion. Up to a certain point loans make sense but when you get to 300k its a lot of money. Depending on where you want to live you could be screwed. If you want to buy a practice in no where kansas or iowa, etc. then 300k not a problem. But if you want to live in socal or manhattan then it might not be such a great idea. I had 160k in loans and will pay it off in 10 years after graduating plus a 400k practice.

I totally agree. Loans are a huge deal. It's hard to wrap your head around just how much of a burden those loans can be. Yes, you will make a lot of money when you graduate, but it is amazing how fast those big checks disappear without any significant increase in your life style. All of a sudden you have taxes, all kinds of insurance, various license fees, association dues, CE costs, etc... After paying all that and your student loans that $10k/month is going to resemble more of a teacher's salary than the big doctor's salary you have been imagining.

Not trying to be a downer here, but if you are looking at $250-300k for school loans you should throw up a little every time you think about it. That is an enormous debt. It will be manageable if you find the right job, but it will not be just a blip on the radar. A healthy dose of worry and anxiety will keep you making smart financial decisions.

 

[Hysteria24]

Not trying to be a downer here, but if you are looking at $250-300k for school loans you should throw up a little every time you think about it. That is an enormous debt.

Being a CA resident, the cheapest school for me would be UCSF at a 4-year total cost price tag of $232,688. After interest accrued while in school, I would be in your danger zone.

With this logic, every CA resident going through school with 100% loans should be throwing up. Now that’s one big smelly mess!

 

[flyingkao]

Being a CA resident, the cheapest school for me would be UCSF at a 4-year total cost price tag of $232,688. After interest accrued while in school, I would be in your danger zone.

With this logic, every CA resident going through school with 100% loans should be throwing up. Now that’s one big smelly mess!

Yea, I am a CA resident and will be attending UCSF this fall. Before looking into student loans, I thought that by attending my state school I would be saving a lot of money and stay within the $100-150K bracket in debt after I graduate. How wrong I was. I'm definitely adding to the smelly pile.

It is definitely going to be a lovely 4 years of oatmeal, homemade sandwiches, fresh produce, and top ramen .

It pains me to think about the additional $500K loan we're going to have to take out on top of our dental school debt to open up a business . I can't imagine how people who move across the country to attend dental school are faring with their student loans (out-of-state tuition, high cost of living and moving, traveling fees to go back home for the holidays, possibly a car purchase to get around...).

 

[flyingkao]

You can also qualify if you are an independent and do not have enough income.

That's very comforting to know...

I'm trying to figure out the difference between unsubsidized Federal Stafford Loans and a few private loans (Sallie Mae, for one)...similar interest rates, interest that accrue during school, repayment after graduation. Doesn't look like there is one...other than a cap on the Federal Loan with how much you can borrow.

 

[xxsuzuki1000xx]

That's very comforting to know...

I'm trying to figure out the difference between unsubsidized Federal Stafford Loans and a few private loans (Sallie Mae, for one)...similar interest rates, interest that accrue during school, repayment after graduation. Doesn't look like there is one...other than a cap on the Federal Loan with how much you can borrow.

In my experience, Federal Stafford loans have always been cheaper than going out for private ones. Not only is there a cap to the percentage of the Stafford Loans, you can also find great lenders that are willing to charge you 0% in fees to guarantee the loan. One major tip: Do not, under any circumstances, automatically accept the loan company that your school suggests as the default loan (just because everyone else is doing it) without doing your homework first. Some companies offer percentage cuts for paying on time, bonus programs for paying loan back in certain period of time, etc.