loans

[wise146]

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I just wanted to know how most people plan on paying for dental school. How easy is it to get those state subsidized loans and how much of the costs does it usually cover?

Any information is appreciated. Thanks.

 

[aphistis]

You can pretty safely expect to live on loans while you're in dental school. A few schools offer significant scholarships, but you're endangering yourself if you count too heavily on receiving any of them. As far as eligibility is concerned, they're pretty easy to obtain; I'd venture to say unless you're coping with a recent bankruptcy or similar credit disaster, you don't have anything to worry about.

I'm an in-state student at IUSD, and my school-related expenses total out to $26k this year (It diminishes the further in you go. This year's in-state D4's are paying $19k). Federal Stafford loan eligibility for dental students is $38,500 per year, so that gives me $12,000 in loan proceeds to live on, plus my external income (primarily National Guard pay & benefits). All told, it makes for a pretty comfortable lifestyle that you can't properly enjoy since you're so busy with school .🙄

 

[arns51]

Originally posted by aphistis
You can pretty safely expect to live on loans while you're in dental school. A few schools offer significant scholarships, but you're endangering yourself if you count too heavily on receiving any of them. As far as eligibility is concerned, they're pretty easy to obtain; I'd venture to say unless you're coping with a recent bankruptcy or similar credit disaster, you don't have anything to worry about.

I'm an in-state student at IUSD, and my school-related expenses total out to $26k this year (It diminishes the further in you go. This year's in-state D4's are paying $19k). Federal Stafford loan eligibility for dental students is $38,500 per year, so that gives me $12,000 in loan proceeds to live on, plus my external income (primarily National Guard pay & benefits). All told, it makes for a pretty comfortable lifestyle that you can't properly enjoy since you're so busy with school .🙄

Maybe im missing something here. You said that your school related expenses are 26K a year. Now, it sounds like this does not include room and board. But, if it does, does that mean that you are allowed to take up to the 38,500? I guess what im trying to ask is, most schools allocate a certain amount for room and board and add that to the total price of school, supplies, etc. From my understanding most schools do not let you obtain any more money in loans than that amount. So, are you able to take out more money in loans than the school claims you need to live on/pay tuition with?

 

[jjflynn2]

Wow, living in Indiana must be very affordable!. My real estate taxes alone are $8000 per year. Guess I'll have to sell the house and invest in a cardboard box for the kids!
😱

 

[drPheta]

Loans are only allowed up to the full amount of the cost of education. Some schools may allow slightly more to be borrowed, but for the most part you're limited to the cost of education.

For example,

Tufts COE is ~$67,000
This meand we can only take out up to ~67,000 for that year.

It include tuition, books, room/board, transportation, personal expenses (they allot a certain amount every year).

Aphistis...damn, you're going to be living nicely when you grad and pay off those loans.

 

[aphistis]

Originally posted by arns51
Maybe im missing something here. You said that your school related expenses are 26K a year. Now, it sounds like this does not include room and board. But, if it does, does that mean that you are allowed to take up to the 38,500? I guess what im trying to ask is, most schools allocate a certain amount for room and board and add that to the total price of school, supplies, etc. From my understanding most schools do not let you obtain any more money in loans than that amount. So, are you able to take out more money in loans than the school claims you need to live on/pay tuition with?

Right, the $26,000 figure I mentioned is for school only--tuition, fees, equipment issue, etc. The <em>cost of education</em>, however, is significantly greater than that, since you need money to live on while you're in school. In my case, the $38,500 cap on federal loans doesn't exceed the cost of education (I think IUSD authorizes a little over $40k a year for residents, but don't quote me on that). Furthermore, Pheta is right; the school has to authorize supplemental loan requests as legitimate. This is obviously necessary to prevent loan fraud, and to ensure that lower-interest education loans are, in fact, used for education.

Next, yeah, Indiana is a very reasonably priced place to live (this is true to varying extents for the entire Midwest region, especially compared to the coasts). If you do a little advance planning, you can live a very comfortable lifestyle quite inexpensively. I generally spend $1500 a month or so (my loan proceeds, basically), including several non-essential expenses, and I should have plenty left over to invest at the end of this semester (thanks largely to Guard pay and benefits).

JJFlynn, where are you from?

 

[ItsGavinC]

Bill, living large and in charge, eh?

 

[aphistis]

As much as possible, out here on the fringe of civilization 😉

 

[Mo007]

aphistis.

Why don't you reply my pm's.

I want to know so much about IUSD, I sent you 3 pm's and no replies...

Should I open a thread for my questions?😀

Thanx

 

[aphistis]

Sorry, I kept putting it off because I've had a crazy couple of weeks in class, and your questions need some verbiage to answer properly. You'll have it in a few minutes 😀

 

[critterbug]

Just post a new thread and make the title "Bill"

Everyone will love that.

 

[aphistis]

Who doesn't enjoy the love of having a thread made exclusively for their benefit? 😍

...aside from <em>every single other board user</em>, anyway...

 

[ItsGavinC]

Originally posted by aphistis
Who doesn't enjoy the love of having a thread made exclusively for their benefit? 😍

...aside from <em>every single other board user</em>, anyway...

I don't envy that because whenever I have one created it's only people ripping me to shreds.