Non-Trads Financing Dental Education

[DMD-2-B]

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Hey.

I'm considering a career change from engineering to dentistry. Among one of my many concerns is financing dental school, and I was wondering if anyone can shed some light on this matter.

Some background info. I'm a 26 y.o. woman, single with virtually no savings and owe $30k in student loans. I will have to do a post-bacc, so that's another expense to consider.

How do you non-trad students finance your dental educations?

And what's your lifestyle like financially? i.e. do you pay your own rent/mortgage, make car payments, pay doctor bills, etc... and how do you afford all these things while in school if mommy and daddy are no longer supporting education???

These issues keep me up thinking at night, and I'd love to hear some of your expereinces so I can finally have some sort of idea of what to expect!

Thanks in advance!!! 😀

 

[JavadiCavity]

I'm 27, married, 3 kids, and my first degree was in accounting. I came back to school 2 years ago to take the pre-reqs. I paid for and will pay for everything with loans, loans, loans.

I decided that I really wanted to do dentistry, so I bit the bullet financially. In the end, I think it will be worth it.

 

[vertical bite]

I'm 27, married, 3 kids, and my first degree was in accounting. I came back to school 2 years ago to take the pre-reqs. I paid for and will pay for everything with loans, loans, loans.

I decided that I really wanted to do dentistry, so I bit the bullet financially. In the end, I think it will be worth it.

You sound like my cousin who was in a similar situation except he has 2 kids. He has been practicing for 8 years now and still has no more than the average Joe so I dont really think dentistry is worth it if YOUR PURPOSE IS TO BE FINANCIALLY SET if you are already an older indiv with bills.

Course life is what you make out of it and I have to give you praise for changing careers as accounting is not for everyone. My uncle is an accountant and hes one boring dude and prob wishes that he changed careers.

Are you a CPA?

 

[vertical bite]

Hey.

I'm considering a career change from engineering to dentistry. Among one of my many concerns is financing dental school, and I was wondering if anyone can shed some light on this matter.

Some background info. I'm a 26 y.o. woman, single with virtually no savings and owe $30k in student loans. I will have to do a post-bacc, so that's another expense to consider.

How do you non-trad students finance your dental educations?

And what's your lifestyle like financially? i.e. do you pay your own rent/mortgage, make car payments, pay doctor bills, etc... and how do you afford all these things while in school if mommy and daddy are no longer supporting education???

These issues keep me up thinking at night, and I'd love to hear some of your expereinces so I can finally have some sort of idea of what to expect!

Thanks in advance!!! 😀

Sounds like you have a steep hill in front of you. Its like this, you can sit on your ass at the bottom and watch the rest of the people climb it or you can get up and start walking. Then when you get to the top you can look back to the bottom and watch those who decided to stay there......

You can do it. Money is just money and debt is just debt, its all about what you want to do in life and if you want to be a dentist then money should not be a factor.

 

[airvent]

Hey.

I'm considering a career change from engineering to dentistry. Among one of my many concerns is financing dental school, and I was wondering if anyone can shed some light on this matter.

Some background info. I'm a 26 y.o. woman, single with virtually no savings and owe $30k in student loans. I will have to do a post-bacc, so that's another expense to consider.

How do you non-trad students finance your dental educations?

And what's your lifestyle like financially? i.e. do you pay your own rent/mortgage, make car payments, pay doctor bills, etc... and how do you afford all these things while in school if mommy and daddy are no longer supporting education???

These issues keep me up thinking at night, and I'd love to hear some of your expereinces so I can finally have some sort of idea of what to expect!

Thanks in advance!!! 😀

You get loans. Everyone of the 10000+ Dental students across the nation are paying for school with loans. Unless your credit is majorly screwed up you will get a loan also. When you are a practicing dentist You will be able to pay back these loans.

While in school you will need to minimize your cost and live frugally. So ideally you should try to reduce your debt and save some money before entering Dental school. Although school loans may still cover your living expenses.

I paid my post bacc with loans, I worked parttime to pay bills. I now work fulltime and will pay for school with Loans and will not likely work while in Dental school.

 

[dental pilot]

Hey.

I'm considering a career change from engineering to dentistry. Among one of my many concerns is financing dental school, and I was wondering if anyone can shed some light on this matter.

Some background info. I'm a 26 y.o. woman, single with virtually no savings and owe $30k in student loans. I will have to do a post-bacc, so that's another expense to consider.

How do you non-trad students finance your dental educations?

And what's your lifestyle like financially? i.e. do you pay your own rent/mortgage, make car payments, pay doctor bills, etc... and how do you afford all these things while in school if mommy and daddy are no longer supporting education???

These issues keep me up thinking at night, and I'd love to hear some of your expereinces so I can finally have some sort of idea of what to expect!

Thanks in advance!!! 😀

My situation is very similar to yours. I'm also 26, changing from airline pilot to dentistry. I did a year of pre-reqs last year and my financial situation is almost identical. Like others have mentioned, LOANS. It's not ideal (UOP isn't especially cheap either), and will involve very careful spending for a few years, and paying it back for even more years... but for me it's worth it.

If you really want to make a change to dentistry, I wouldn't let the idea of loans stop you. What are your reasons for considering the change?

 

[JavadiCavity]

You sound like my cousin who was in a similar situation except he has 2 kids. He has been practicing for 8 years now and still has no more than the average Joe so I dont really think dentistry is worth it if YOUR PURPOSE IS TO BE FINANCIALLY SET if you are already an older indiv with bills.

Course life is what you make out of it and I have to give you praise for changing careers as accounting is not for everyone. My uncle is an accountant and hes one boring dude and prob wishes that he changed careers.

Are you a CPA?

I'm not a CPA--I wasn't interested enough. I know lots of accountants that are intersting people. It's seems like you jump to conclusions based largely on stereotypes. And, I'm not sure where you got the idea that I was only in it for the money. As a stock broker, I made a decent living. If money were the only reason for switching, I would've kept my job. My comment about having enough money in the end to make d-school worth it was to allay any fears about there being in too much debt to make dental school worth the loans. I assure you I have other reasons for choosing a career in dentistry.

 

[eapleitez]

Hmm, I was lucky enough to secure a Cal Grant that has paid for my tuition costs, and work covered the rest. Now I'm married and the wife is supporting me. I don't have any student loans (yay!) but I do owe 17,000 for my car for the next 4.5 years. As for dental school, if everything goes according to plan, I'll have about a year to save up more money (we have some decent savings), but the majority of it (probably all of it just to make sure the money is there) will be covered by loans.

 

[DMD-2-B]

dental pilot -

There are several reasons for the change.

1. I have many gripes with the entire field of engineering and am certain this is not where my future lies. It's a male dominated world, and while I can definately keep my head up and have earned respect from my coworkers, I just plain old miss being around women. Also, a bigger problem is the financial reward, or lack there of. Engineers provide such a valuable service to the community, yet are paid penuts! I can't live my life feeling like I've been exploited, and I wanna give my future kids opportunities in life. That is one thing I am not willing to sacrafice.

2. It's my dream to have my own business where the focus is on helping people. I am inlove with the idea of having my own private practive. I'm envisioning a group practice where many work together to make a strong collective group.

3. I love children, and love being around them. So I plan on entering pediatrics dentistry. 👍

4. I feel dentistry allows for a good balance of career and personal life without much sacrafice in either regard (unlike medicine where your life IS your career).

What point are you at in your career/education? How's it going so far? Is what you've expected?

vertical bite -

You are so correct. I am not afraid to take risks, as long as I am being realistic about the outcome. I just want to make sure that what I am planning on doing is infact doable. I am looking at a 6 year commitment including post-bacc, DAT, and Dental school. And thats not including the peds specialty I plan to do.

I've heard of many non-trads entering medicine, but don't know what the numbers are for dentistry, and don't know what kind of loans/programs are availbale for us.

Also my credit is not so good. So even if loans are available, will they be available to me??? That's another issue! 😕

Any ideas, suggestions on where I can learn about financial aid?

 

[dental pilot]

dental pilot -

There are several reasons for the change.

1. I have many gripes with the entire field of engineering and am certain this is not where my future lies. It's a male dominated world, and while I can definately keep my head up and have earned respect from my coworkers, I just plain old miss being around women. Also, a bigger problem is the financial reward, or lack there of. Engineers provide such a valuable service to the community, yet are paid penuts! I can't live my life feeling like I've been exploited, and I wanna give my future kids opportunities in life. That is one thing I am not willing to sacrafice.

2. It's my dream to have my own business where the focus is on helping people. I am inlove with the idea of having my own private practive. I'm envisioning a group practice where many work together to make a strong collective group.

3. I love children, and love being around them. So I plan on entering pediatrics dentistry. 👍

4. I feel dentistry allows for a good balance of career and personal life without much sacrafice in either regard (unlike medicine where your life IS your career).

What point are you at in your career/education? How's it going so far? Is what you've expected?

Those sound like good reasons, they're some of my reasons too. I'm assuming you're interested in the actual work involved in dentistry as well; all the other positives of the career may not seem as good if you discovered you don't like teeth, of course. But it sounds like you've been thinking it through.

I'm starting at UOP in July, so I can't really speak from experience yet. But I can say that I quit my job flying over a year ago, and I don't miss it yet. If you don't like what you're doing now, and think dentistry is what you want, I would say go for it. What's a couple hundred grand compared to happiness?

 

[DMD-2-B]

I agree that there's no point in staying at a job you don't like.

What I know about dentistry is what I see from my own dentist, and what I research on the internet. I do plan to speak to my dentist and ask him if I can volunteer at his office, or maybe work part time. I feel any exposure is better than none!

So I guess I can't conclusively say that I like the work becuase I havent been around it much. But so far, everything I see, I like (lifestyle, patient care, income, working with children). And I feel when a person has those essentials in order, they are likely to like what they do.

I am just so concerned that going to dental school will mean not being able to afford the necessities in my life.

For example, I need a new car becuase mine is about to die on me. But I don't know how on earth I would be able to afford the upcomming monthly payments, so I've been putting it off until I decide 100% on dental school.

But my approach is if I go to dental school, I wont get the car and bus/train it everywhere (and I don't live in the city or anything so it would be a pain). And if I don't go, then I'll lease a car.

Other financial issues like that are bugging me.

Any ideas???

 

[crazy_sherm]

I am just so concerned that going to dental school will mean not being able to afford the necessities in my life.

For example, I need a new car becuase mine is about to die on me. But I don't know how on earth I would be able to afford the upcomming monthly payments, so I've been putting it off until I decide 100% on dental school.

But my approach is if I go to dental school, I wont get the car and bus/train it everywhere (and I don't live in the city or anything so it would be a pain). And if I don't go, then I'll lease a car.

Other financial issues like that are bugging me.

Any ideas???

It depends on what you consider necessities. While in school, you're not going to be able to maintain the same lifestyle that you have now. I'm not sure how much you spend on stuff, but if you've been working for 4 years as an engineer and have no savings, you must be spending your money on something. You have to decide which things you really need and what you can live without.

If you really do plan on going to dental school, now is probably not the best time to get a new car. Why don't you just get something used and practical like a toyota corolla? They're relatively cheap, get good gas mileage, and should last you forever as long as you don't abuse it or get hit by someone in an SUV talking on their cellphone.

Almost all of us will be taking out a ton of loans for school. There's almost no way around it unless we're already rich. The average dental student accrues around $130k in loans by the time they're finished, but you have to realize its an investment in your future. You will eventually be able to pay it off.

 

[DMD-2-B]

So you live strictly off loans? I have no problem with that. I'm just trying to understand the system. I feel like such a rookie... 🙄

In college there was a limit on the $-amount of loans each student qualified for. For example I only qualified for 3k my first year, and by senior year I claimed financially independant and qualified for 12k, which got me by.
Also, the amount was the same regardless of my credit history.

Is there a similar $-limit for dental loans?

Does the amount you qualify for depend on your credit?

My credits been on the up-hill road for the past year or so, but before that it was pretty bad. Is there anyway to improve my status as far as loans are concerned?

Oh yeah, I've only been a full-time engineer for a few months, hence no savings.

 

[crazy_sherm]

I'm not in school yet, start in July, but I'll be living off loans and whatever savings I have. Almost all dental students should qualify for $38k or so in federal loans. Anything needed beyond that will have to be covered through private loans. The school you attend sets the estimated budget for the max amount you'll need, though there is a little leeway if you need more I think. If your credit score isn't that good, you may want to get a cosigner. The credit rating doesn't affect the amount eligible, but the interest rate on the private loans.

 

[DMD-2-B]

I'm not in school yet, start in July, but I'll be living off loans and whatever savings I have. Almost all dental students should qualify for $38k or so in federal loans. Anything needed beyond that will have to be covered through private loans. The school you attend sets the estimated budget for the max amount you'll need, though there is a little leeway if you need more I think. If your credit score isn't that good, you may want to get a cosigner. The credit rating doesn't affect the amount eligible, but the interest rate on the private loans.

I see. Thank you for that very useful information. You really knew what I needed to know, and how to convey it.

Hmm... 38k sounds a little low considering I wanna go to Columbia, and they're expensive. In that case then, according to what you said, I would take out personal loans with a potentially high interest rate (which I'm hoping can be refinanced somewhere down the road after graduation)?

Do you know where I can learn more about loans for dental school? Is there one authority/source? Also do you know about loans for post-bacc (I need to do a year).

Congrats on your admission btw! Where are you going?

 

[crazy_sherm]

I see. Thank you for that very useful information. You really knew what I needed to know, and how to convey it.

Hmm... 38k sounds a little low considering I wanna go to Columbia, and they're expensive. In that case then, according to what you said, I would take out personal loans with a potentially high interest rate (which I'm hoping can be refinanced somewhere down the road after graduation)?

Do you know where I can learn more about loans for dental school? Is there one authority/source? Also do you know about loans for post-bacc (I need to do a year).

Congrats on your admission btw! Where are you going?

I'll be starting at the university of the pacific in July...also an expensive school. I don't know if there is a one-stop shop to learn about student loans. Try searching the forums for information, I'm sure there have been threads on the subject before. You can also talk to the financial aid office at Columbia for some general info to see how they work out their student budgets. Try asking at the school you wish to attend about the post-bacc and if they offer loans.

 

[DMD-2-B]

I'll be starting at the university of the pacific in July...also an expensive school. I don't know if there is a one-stop shop to learn about student loans. Try searching the forums for information, I'm sure there have been threads on the subject before. You can also talk to the financial aid office at Columbia for some general info to see how they work out their student budgets. Try asking at the school you wish to attend about the post-bacc and if they offer loans.

Thanks! Will do!

 

[DMD-2-B]

I'll be starting at the university of the pacific in July...also an expensive school. I don't know if there is a one-stop shop to learn about student loans. Try searching the forums for information, I'm sure there have been threads on the subject before. You can also talk to the financial aid office at Columbia for some general info to see how they work out their student budgets. Try asking at the school you wish to attend about the post-bacc and if they offer loans.

Thanks! Will do! And good luck to ya!

 

[La Miraflorina]

I'm in the same situation as the OP...

I've been looking at a few schools' websites and it seems like they all expect the applicant's family to make a contribution. I don't have any family who would contribute and I don't have any savings because I was working abroad for the last 3 years making peanuts 🙁

Are all matriculants pretty much guaranteed to get enough loans to cover all expenses? As far as I know, my credit is fine... but we're talking over $200K over four years so you can imagine my concern.

 

[wimmcs]

Are all matriculants pretty much guaranteed to get enough loans to cover all expenses? .

As far as I've heard, no one has ever dropped out of school because they couldn't afford it. Again, if the federal loans don't cover your expenses, then there are the private loans and you should have plenty of $ to cover your expenses. As you indicated, however, your credit worthiness is important if you go the private loan road. Good luck in this endeavor.

 

[msf41]

Something I thought I would just add to this thread. I spoke with a dentist who graduated about 5 years ago. He still owes $150,000 in loans. I asked him if that has ever hurt him in buying a house, car, or business expenses...and he said that he has never had any bank worry about his ability to pay back his debt. So he said even with his $150,000 in loans, he still could get $200,000 more to buy into a practice if he wanted to.

 

[DMD-2-B]

Something I thought I would just add to this thread. I spoke with a dentist who graduated about 5 years ago. He still owes $150,000 in loans. I asked him if that has ever hurt him in buying a house, car, or business expenses...and he said that he has never had any bank worry about his ability to pay back his debt. So he said even with his $150,000 in loans, he still could get $200,000 more to buy into a practice if he wanted to.

I see... that's very promising. Thanks for the info! 🙂

 

[balance]

In 1998, I was accepted to USC's dental school and I thought the $200 K tuition was too expensive. I did not go to USC's dental school due to family reasons and ended up working as an engineer. Although, I made very good money and bought a house and other things, I don't have any savings, since majority of the money is going to my mortgage, Uncle Sam, and 401 K.

If I have gone to USC back then, I would have graduated in 2002, and I could have consolidate my $200 K school loans on %2.2 interest rate. However, if I want to attend USC today, it will cost me around $400 K and who knows what interest rates would be by 2009. It seems like it will be around %6-7.

In conclusion, money keeps depreciating and cost of schools are going up. If you think that you want to go to dental school, then do it and do not make money as an excuse. Since in 10-15 years from now, attending a dental school might cost about $1,000,000.00.

So, I am going to UCLA this fall and not thinking about student loans, since in long term $200 k school loans is nothing compare to what you get from the dental profession. And, I do not know of any dentists that are struggling, even though, most all of them have school loans. What I know, as a dentist, you can always find a job not matter where you are to pay back your student loans, but you do not have this luxury with other professions. At least in our life time, dentistry can not be out sourced to other countries.

 

[DMD-2-B]

In 1998, I was accepted to USC's dental school and I thought the $200 K tuition was too expensive. I did not go to USC's dental school due to family reasons and ended up working as an engineer. Although, I made very good money and bought a house and other things, I don't have any savings, since majority of the money is going to my mortgage, Uncle Sam, and 401 K.

If I have gone to USC back then, I would have graduated in 2002, and I could have consolidate my $200 K school loans on %2.2 interest rate. However, if I want to attend USC today, it will cost me around $400 K and who knows what interest rates would be by 2009. It seems like it will be around %6-7.

In conclusion, money keeps depreciating and cost of schools are going up. If you think that you want to go to dental school, then do it and do not make money as an excuse. Since in 10-15 years from now, attending a dental school might cost about $1,000,000.00.

So, I am going to UCLA this fall and not thinking about student loans, since in long term $200 k school loans is nothing compare to what you get from the dental profession. And, I do not know of any dentists that are struggling, even though, most all of them have school loans. What I know, as a dentist, you can always find a job not matter where you are to pay back your student loans, but you do not have this luxury with other professions. At least in our life time, dentistry can not be out sourced to other countries.

Balance, our situations are so similar. I too am an engineer. I'm a 26 y.o. F. How old are you?

And why are you making a switch to dentistry? How did that happen?

For me, I considered medicine first. I realized very quickly engineering would not give me the lifestyle I wanted, and being a woman I do not enjoy working in a male dominated enviornment. After much research into medicine I found that malpractice insurance would make my life miserable, and soon afterwards began to consider dentistry.

The lifestyle of a dentist seems to be very appealing. Although I must reluctantly admitt that I need to learn more about the job duties themselves. Although looking in peoples mouths all day doesnt seem to exciting per se, I want to specialize in peds which seems a lot more appealing to me than general or any other specialty.

Whats your story???

 

[bipolardoc]

Hmm, I was lucky enough to secure a Cal Grant that has paid for my tuition costs, and work covered the rest. Now I'm married and the wife is supporting me. I don't have any student loans (yay!) but I do owe 17,000 for my car for the next 4.5 years. As for dental school, if everything goes according to plan, I'll have about a year to save up more money (we have some decent savings), but the majority of it (probably all of it just to make sure the money is there) will be covered by loans.

How did you get that, can you elaborate, free dental school?! what do you need to get that, I want it too, lol, I am so jealous...

 

[jaypea65]

You might want to consider the military's HPSP tuition program. Tuition paid for a 4 year commitment in the service, bonus, and monthly stipend while attending school. It does not seem like a bad deal.

 

[lemoncurry]

How did you get that, can you elaborate, free dental school?! what do you need to get that, I want it too, lol, I am so jealous...

Actually, his post said that he will be paying for his dental education with loans. Cal Grants are for undergraduates only.

This thread is 3 years old and technically belongs in Financial Aid.