annonymousdentalstudent
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- Feb 7, 2019
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Hey everyone, I am a D1 Dental Student and I was fortunate enough to land the NHSC scholarship. I just wanted to create a thread to explain my current educational finance situation to hopefully serve as a reference for those contemplating this program in the future. I know I found these forums helpful in the past. Please voice your opinion, good or bad, to assist others who may be looking into ways to finance their professional education.
I accepted a 4 year scholarship with NHSC which full tuition, fees, books, etc., and a monthly net living stipend of approximately $1,100. I calculated the total value of the scholarship to be worth approximately $335,000, and of course in exchange I am obligated to work in an approved site for 4 years following graduation.
That $335,000 I would otherwise have to take out in student loans if financed over the course of 25 years at 6.0% interest (which is a conservative number as I believe the loans I was looking at were 6.8% interest) would have accrued approximately $312,000 in interest, which in puts my cost of education at nearly $650,000. My monthly student loan payment would be around $2,100 dollars a month for 25 years!
On top of that, most of my research has found starting dental salaries at NHSC approved sites to hover around $120,000/year plus benefits which in total is likely worth $170-180,000/year. As far as I know, these seem to be competitive entry level dental salaries without the burden of a pretty massive student loan debt. Sure, I am going to have limited job opportunities upon graduation but that was a risk I thought was worth the financial gain.
I know it is a competitive scholarship and not everyone will be fortunate enough to obtain it, but in my opinion I think it is worth at least applying to (for dental school at least, higher paid medical specialties may be a different story). I would love to hear everyone's opinion on this situation and I hope some of you find this thread helpful while making your own professional school decisions.
I accepted a 4 year scholarship with NHSC which full tuition, fees, books, etc., and a monthly net living stipend of approximately $1,100. I calculated the total value of the scholarship to be worth approximately $335,000, and of course in exchange I am obligated to work in an approved site for 4 years following graduation.
That $335,000 I would otherwise have to take out in student loans if financed over the course of 25 years at 6.0% interest (which is a conservative number as I believe the loans I was looking at were 6.8% interest) would have accrued approximately $312,000 in interest, which in puts my cost of education at nearly $650,000. My monthly student loan payment would be around $2,100 dollars a month for 25 years!
On top of that, most of my research has found starting dental salaries at NHSC approved sites to hover around $120,000/year plus benefits which in total is likely worth $170-180,000/year. As far as I know, these seem to be competitive entry level dental salaries without the burden of a pretty massive student loan debt. Sure, I am going to have limited job opportunities upon graduation but that was a risk I thought was worth the financial gain.
I know it is a competitive scholarship and not everyone will be fortunate enough to obtain it, but in my opinion I think it is worth at least applying to (for dental school at least, higher paid medical specialties may be a different story). I would love to hear everyone's opinion on this situation and I hope some of you find this thread helpful while making your own professional school decisions.