Now that we're in, how do we pay?

[claugh]

Is anyone else concerned about paying for the dental school? I got into my state school but I would much rather go to Tufts (I really didnt like the state scshool, and I am in love with Tufts and Boston all around). The problem is that I would need to take out a loans for about 85% of the costs. Anyone else in a similar situation or knows someone who's done it? Am I going to ruin my life and have to file bankruptcy if I do this?

---

Members don't see this ad.

 

[kevin512]

Navy. They are throwing money at me.

 

[rollypolly]

Is anyone else concerned about paying for the dental school? I got into my state school but I would much rather go to Tufts (I really didnt like the state scshool, and I am in love with Tufts and Boston all around). The problem is that I would need to take out a loans for about 85% of the costs. Anyone else in a similar situation or knows someone who's done it? Am I going to ruin my life and have to file bankruptcy if I do this?

I think almost everyone is worried about paying for dental school. There are a lot of people that are going to private schools and will have to borrow the entire amount in loans, and there are many dentists in the past that have survived their huge debt. You could also go the military route as the poster above stated.

 

[small]

The debt is massive, but most of us will come out of school with it hanging over our heads. You need to sit down and run the numbers, including the interest that will be compounded into your loan at the end of your four years, and see how much of your future dentist-lifestyle you are willing to sacrifice for your life in dental school. I compared Indiana and Penn, borrowing everything, and it came out after four years to be $200,000 and $400,000. This means about $2000/month payments or $4300/month payments over a 15 year period. Sounds like a lot, right? Be sure to then calculate how much money you will have at the end of the month by subracting that, taxes, and all the other expenses you will or might have once you start working from an average salary. If it doesn't seem like you'll really miss that 1,2, or 3K a month that you have to put toward your loan, then go to the place you will enjoy more!

One more thing to think about, though: how much money could you be making off of investments with that money you will have to instead put toward a loan because you went out of state? Even 12k a year over a 15 year period at a measly 4% will give you close to 300k!

I know this all sounds very miserly, but we are all going to be thinking about this when we have house+cars+practice+family+livestyle to pay for, and this is the only quantitative way to consider this question (the in-state or private question). Of course, there is no way to put a number on 4 years of your life. . .

 

[Bicuspid Bonita]

This is why i'm going to marry an already established oral surgeon right after i graduate from dental school.

 

[litldime]

this is why i'm staying instate... ~<70k all four years with everything included...thank you Texas
i've already started crunching numbers as you can see....
-ld

 

[UNR.Grad]

this is why i'm staying instate... ~<70k all four years with everything included...thank you Texas
i've already started crunching numbers as you can see....
-ld

I am extremely jealous of you.

 

[axum]

in-state at a public school is definetly the way to go. as my good friend once put it: "imagine what you can do with the $200,000 difference between an in-state school and a private school"

this is what I could do...

 

[lollipop999]

great point!!1

 

[jdoc04]

four years to be $200,000 and $400,000. This means about $2000/month payments or $4300/month payments over a 15 year period.

When you graduate the holder of the loan will let you choose from several repayment options. One of which is a graduated option which allows you to pay back a smaller monthly until you get established and are able to handle a higher monthly payment. Just relax, 1000's of dental students graduate every year with this kind of debt and they do just fine. Worry about loans later, lets enjoy our acceptances!!

 

[ajam]

Most people are probably familiar with this, but here's what I used to ballpark / initially estimate costs:

1. Use school-issued estimates of costs of living + tuition to get your bulk number for 4 years. I've found these to be surprisingly accurate estimates, so they are certainly good for rough/initial figures.
2. Use a loan calculator like this one to estimate monthly payments on the sum from (1). I generally run a 15 year projection, trying to keep in mind the maximum borrowing limit on the Stafford loan means only part of your loan is at that low 6.80% -- other loans are higher, so mentally tack on extra to that resulting payment to account for this (yep, we're estimating )
3. Estimate your monthly earnings when you emerge from dental school using a tool like the US Department of Labor stats. Or, use a tool more specific to your state. For example, here are the numbers for Minnesota. Don't use the average value! I figured around the lower 25% percentile for starting dentists... a number which gave me $100,000 per year. Your mileage may vary.
4. Lop a third off of that estimated salary (for taxes).
5. Lop a quarter off that to account for cost of housing.
6. Divide by 12 for monthly income. Compare this monthly income to monthly payments from (2). Keep in mind you have to eat and live after paying that loan. And... congratulations, you've just scraped the iceberg of debt management!

This method can quickly become rather inaccurate since projections are 5 years in the future and I'm making a lot of estimates. However, those are some rules of thumb I've found to be useful for answering the question "what will my finances look like right out of dental school?" (Here's a helpful list of rules of thumb for personal finances.) In doing the numbers, I've seen that using your savings to pay towards tuition/housing through 4 years of school can dramatically reduce the interest you pay between now and 2027 when you're done paying for school. Of course, we all knew that, though!

 

[sss08]

I'm definitely worrying about finances. Although its true that most dental students graduate with tons of debt, I don't see why you wouldn't try to minimize it, especially if you have a family. I'm married and would like to have kids sooner than later, and I think less debt would help me move on with my life quicker. I'm thinking of going to my state school over Penn or Columbia. How much does it make a difference if you go to a private over a public school? I think you can shine anywhere as long as you go into it with the right mindset...any thoughts??

 

[hattrack04]

cross into the blue....

 

[Khala Jaan]

i hope i get into san antonio!

this is why i'm staying instate... ~<70k all four years with everything included...thank you Texas
i've already started crunching numbers as you can see....
-ld

 

[gryffindor]

Go to the cheapest school. Go ask this question on DentalTown and every dentist on there will say the same thing. Also, dentists in the past didn't often graduate with $300K+ debt so consider your decision to choose a private school carefully if you have a cheaper in-state option available. Dental students work hard and complain at every school so the extra debt isn't going to buy you warm fuzzy feelings. I made the private vs state school decision 10 years ago and sorta reluctantly chose the state although I would have rather attended the private school. Now that I've been out and practicing and in a specialty, I don't regret it. I definitely have plenty of uses for the extra $2500 I keep each month instead of paying it toward a loan for a diploma from a private school.

 

[Anatomy Fanatic]

I hate that Utah doesn't have an state dental school! I have no choice but to pay out the rear no matter where I go (since I didn't get accepted into Creighton's RDEP program) or I can join the military. The military is looking better and better every day...

 

[Smills91]

I hate that Utah doesn't have an state dental school! I have no choice but to pay out the rear no matter where I go (since I didn't get accepted into Creighton's RDEP program) or I can join the military. The military is looking better and better every day...

If you're looking towards military for purely financial reasons, you'll regret it.

 

[claugh]

The problem is that I really did not like Stony Brook, the school was too small and while they tried to sell it on intimate environment, it really didnt seem like it. I dont like the location either. I really want to go to Tufts and the only thing stopping me is the cost. (And i am not a citizen of the US, so the Navy/Army/AF are not an option). My parents are telling me to go to Tufts, my boss to go to Stony. I got no money. I dont know what to do...

 

[jigabodo]

The problem is that I really did not like Stony Brook, the school was too small and while they tried to sell it on intimate environment, it really didnt seem like it. I dont like the location either. I really want to go to Tufts and the only thing stopping me is the cost. (And i am not a citizen of the US, so the Navy/Army/AF are not an option). My parents are telling me to go to Tufts, my boss to go to Stony. I got no money. I dont know what to do...

Thats why you take out loans, its almost inevitable.

If you can somehow get a cosigner that is either a Greencard holder/citizen of US, you can still get federal loans even if you are an international student.

Look in the international student forum for more information. I believe they stickied the loans stuff.

 

[JMJRDH1]

The problem is that I really did not like Stony Brook, the school was too small and while they tried to sell it on intimate environment, it really didnt seem like it. I dont like the location either. I really want to go to Tufts and the only thing stopping me is the cost. (And i am not a citizen of the US, so the Navy/Army/AF are not an option). My parents are telling me to go to Tufts, my boss to go to Stony. I got no money. I dont know what to do...

People would kill to have your kind of problem. Are you more worried about debt or your school environment? If you are in love with Tufts and are willing to pay, literally, for the privilege of attending, then go into debt. If you want to optimize your future success as a dentist and are willing to sacrifice some of the comforts that attract you to Tufts, then go to Stonybrook.

IMHO, "feelings" about the school are irrelevant when there is so much money at stake. I would be going to Stonybrook without a second thought. YOur parents mean well, but your boss knows firsthand what debt is like, and it ain't good!

 

[Smills91]

I will be the first person to say don't join the military if you only want to join for the monetary beefits of the schoalrship, but to say you'll regret it isn't always so. Some people actually enjoy it even if they were in it for the money. Enough said on that or else I'll end up hijacking this thread.

Hair splitter! I tried to pick my words carefully, that's why I added 'purely' into my sentence. lol Oh well, you know from experience.

 

[porschex911x]

cash, credit card, or check

 

[Katalyst]

Lowest rates in ten years thanks to the fed. Banks should be happy to lend money for education loans, we know they ain't selling any home loans. A graduate in 2004 told me he made 300,000 his first year out of dental school. But at 4% for federal loans, why bother paying more than you need to back?

 

[toroisgood]

Lowest rates in ten years thanks to the fed. Banks should be happy to lend money for education loans, we know they ain't selling any home loans. A graduate in 2004 told me he made 300,000 his first year out of dental school. But at 4% for federal loans, why bother paying more than you need to back?

No kidding? What state was he in?

 

[yorkiepoo]

in-state at a public school is definetly the way to go. as my good friend once put it: "imagine what you can do with the $200,000 difference between an in-state school and a private school"

this is what I could do...

way to put it into perspective!!

 

[golfer]

This is what I am going through right now. How much should cost of attendance matter? I could come out of a school I would love with easily 320k or out of another good school across the country in a very cold area around 150k....
I am married with a kid (and one on the way) so they play a factor in deciding where I go. It makes the decision a whole lot harder.

 

[Katalyst]

No kidding? What state was he in?

He graduated from Creighton, but moved to Rural Texas. (Tyler, TX) My neighbor here in California has 150k in government loans at just 4%.

 

[albodent]

been saving some food stamps since i first came to the states

 

[estrella00]

Anyone familiar with the student loan changes that Congress passed when the Dems first took over? From what I can understand, they will be lowered bit by bit until they hit the lowest point in 2012. So does that mean that we could get our loans now and then consolidate them at their lowest point in several years? I can't remember the percent that they passed, I think it will end up at 3.4%

 

[mooredge]

Anyone familiar with the student loan changes that Congress passed when the Dems first took over? From what I can understand, they will be lowered bit by bit until they hit the lowest point in 2012. So does that mean that we could get our loans now and then consolidate them at their lowest point in several years? I can't remember the percent that they passed, I think it will end up at 3.4%

The 3.4% rate only applies to Stafford Susidized loans. The bill passed by Congress is actually going to be worse for us. Check out the website below.

http://studentloantruth.blogspot.com/index.html

 

[NismoDDS]

play the lotto. i won $12 today, that'll pay for the draw string on my scrubs... its a start.