NYU students... all rich?

[dentwannabe]

Okay, so is it true most NYU students are somewhat rich (parents are dentists/doctors, parents have $$, or you have $$ to inherit)?

I mean, it seemed it was hard to find an average, middle class student like myself at my NYU interview. Am I applying to the wrong school?

What do you NYU students feel about the loan of 350,000 at the end of 4 years? Will someone help you pay it or will you do it yourself?

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

Any input (especially by NYU students) would be deeply appreciated. 👍

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[makushin]

Okay, so is it true most NYU students are somewhat rich (parents are dentists/doctors, parents have $$, or you have $$ to inherit)?

I mean, it seemed it was hard to find an average, middle class student like myself at my NYU interview. Am I applying to the wrong school?

What do you NYU students feel about the loan of 350,000 at the end of 4 years? Will someone help you pay it or will you do it yourself?

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

Any input (especially by NYU students) would be deeply appreciated. 👍

.

 

[Generallee]

Okay, so is it true most NYU students are somewhat rich (parents are dentists/doctors, parents have $$, or you have $$ to inherit)?

I mean, it seemed it was hard to find an average, middle class student like myself at my NYU interview. Am I applying to the wrong school?

What do you NYU students feel about the loan of 350,000 at the end of 4 years? Will someone help you pay it or will you do it yourself?

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

Any input (especially by NYU students) would be deeply appreciated. 👍

I am the opposite of rich. I got an interview, then accepted. I will be looking into scholarships such as the HRSA. I totally understand your concern!

 

[superchris147]

Okay, so is it true most NYU students are somewhat rich (parents are dentists/doctors, parents have $$, or you have $$ to inherit)?

I mean, it seemed it was hard to find an average, middle class student like myself at my NYU interview. Am I applying to the wrong school?

What do you NYU students feel about the loan of 350,000 at the end of 4 years? Will someone help you pay it or will you do it yourself?

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

Any input (especially by NYU students) would be deeply appreciated. 👍

it seems self explanatory, nyu is expensive therefore their students are probably poor and not rich

but then again we are all poor 🙁

 

[12YearOldKid]

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

You ought to be freaked out. You should be peeing yourself right now.

$350000 is a TON of money to borrow. If you spread it out over 10 years you are looking at $4000 a month payments. Let's say you get a good associateship and are knocking down $100k/yr.

100,000
-23,000 state and federal taxes
-48,000 student loans
_______
$29,000

$29,000. Can you live on that?. Taxes may be a little more or less depending on your situation, but my figures are pretty close.

Are you going to be buying a big, shiny ring for your fiancee with $29,000? Putting a big down payment on a nice house? Getting that Mercedes you've been dreaming about? O.K. Maybe a Kia? How about saving for retirement? Saving to buy your own practice?

Teachers make more money than that --- except they have fantastic benefits. Associate dentists are usually stuck buying their own insurance. So take out another $4,000 if you want health insurance.

People say it's a $350,000 investment. Yeah, people invested a lot of money in Enron too. I think NYU is screwing their students by charging that much.

I would look at other options if you have any. If NYU is your only choice I would seriously consider the military scholarships.

At least that's my opinion.

 

[Jungie51]

You ought to be freaked out. You should be peeing yourself right now.

$350000 is a TON of money to borrow. If you spread it out over 10 years you are looking at $4000 a month payments. Let's say you get a good associateship and are knocking down $100k/yr.

100,000
-23,000 state and federal taxes
-48,000 student loans
_______
$29,000

$29,000. Can you live on that?. Taxes may be a little more or less depending on your situation, but my figures are pretty close.

Are you going to be buying a big, shiny ring for your fiancee with $29,000? Putting a big down payment on a nice house? Getting that Mercedes you've been dreaming about? O.K. Maybe a Kia? How about saving for retirement? Saving to buy your own practice?

Teachers make more money than that --- except they have fantastic benefits. Associate dentists are usually stuck buying their own insurance. So take out another $4,000 if you want health insurance.

People say it's a $350,000 investment. Yeah, people invested a lot of money in Enron too. I think NYU is screwing their students by charging that much.

I would look at other options if you have any. If NYU is your only choice I would seriously consider the military scholarships.

At least that's my opinion.

Perfect reply!!! I totally agree with you.

 

[steve0036]

Okay, so is it true most NYU students are somewhat rich (parents are dentists/doctors, parents have $$, or you have $$ to inherit)?

I mean, it seemed it was hard to find an average, middle class student like myself at my NYU interview. Am I applying to the wrong school?

What do you NYU students feel about the loan of 350,000 at the end of 4 years? Will someone help you pay it or will you do it yourself?

I'm getting freaked out after reading those posts on dentaltown about dentists with 250K+ debt and really struggling.

Any input (especially by NYU students) would be deeply appreciated. 👍

yeah they are as rich as Bill Gates

 

[DrJeff]

You ought to be freaked out. You should be peeing yourself right now.

$350000 is a TON of money to borrow. If you spread it out over 10 years you are looking at $4000 a month payments. Let's say you get a good associateship and are knocking down $100k/yr.

100,000
-23,000 state and federal taxes
-48,000 student loans
_______
$29,000

$29,000. Can you live on that?. Taxes may be a little more or less depending on your situation, but my figures are pretty close.

Are you going to be buying a big, shiny ring for your fiancee with $29,000? Putting a big down payment on a nice house? Getting that Mercedes you've been dreaming about? O.K. Maybe a Kia? How about saving for retirement? Saving to buy your own practice?

Teachers make more money than that --- except they have fantastic benefits. Associate dentists are usually stuck buying their own insurance. So take out another $4,000 if you want health insurance.

People say it's a $350,000 investment. Yeah, people invested a lot of money in Enron too. I think NYU is screwing their students by charging that much.

I would look at other options if you have any. If NYU is your only choice I would seriously consider the military scholarships.

At least that's my opinion.

here's how you do it. First off as soon as you're done with d-school, and have that pile of debt, you consolidate your loans to a 30 year plan. This gets your payments down quite a bit. Then, as your getting going in practice the 1st few years (it generally takes 2 or so years to build a solid patient base that has the comfort in you to do the more profitable comprehensive cases), you'll start making more $$. Splurge a little on yourself, but in reality, from a financial standpoint, don't buy the mansion or the $70k car until your student loan debt load is down. You'll be suprised how with a good work effort combined with the dental pay and some financial discipline that you'll get that 30 year student loan paid off in less than 10, thus allowing the "average" aged new dentist to have a bit of extra $$ by their mid 30's to get the big house and the nice car, and still have planty of $$ for their family, retirement, etc.

The biggest pitfall financially that many new dentists fall into is seeing that they make 6 figures a year (before debt payments) initially and living/spending like they make 6 figures a year(initially) when in reality for the first year or 2 your realized take home pay (after debt payments) is made may be more like someone making 50k a year. Yes, you'll be able to make your loan payments, but financial discipline is needed.

Even today, with my d-school loans finally paid off (it took just 7 years and 4 months to do it), I end up putting almost all of the money that monthly went to my d-school loans to a combination of my retirement savings and my kids college funds. Could I instead be driving the BMW X-5 or Hummer H-2 instead of my Chevy Tahoe(I'm a SUV kind of guy - helps with the 2 kids and 2 dogs), yes, but it's more important to me to get to my desired retirement "nest egg" number and my kids college fund "nest egg" number sooner than later. You will make a very good living as a dentist, but you'll also need to show some financial restraint or else you could figure out a way to go into bankruptcy while being in the top 1% of all american wage earners 😱

 

[12YearOldKid]

Let's all remember that Dr. Jeff's wife is an orthodontist. He's a "kept man". 😉 😀


Just kidding. It's good to hear from someone who has been there and overcome. My debt is pretty paltry compared to the quarter million dollar figures you are all talking about, but I still hate the though of owing so much.

 

[ncalcate]

Let's all remember that Dr. Jeff's wife is an orthodontist. He's a "kept man". 😉 😀

I think DrJeff also went to UConn, whose tuition I'm sure was a LOT less than NYU back when he graduated. DrJeff, if you don't mind us prying, how much debt did you have when you finished up?

 

[hockeydentist]

here's how you do it. First off as soon as you're done with d-school, and have that pile of debt, you consolidate your loans to a 30 year plan. This gets your payments down quite a bit. Then, as your getting going in practice the 1st few years (it generally takes 2 or so years to build a solid patient base that has the comfort in you to do the more profitable comprehensive cases), you'll start making more $$. Splurge a little on yourself, but in reality, from a financial standpoint, don't buy the mansion or the $70k car until your student loan debt load is down. You'll be suprised how with a good work effort combined with the dental pay and some financial discipline that you'll get that 30 year student loan paid off in less than 10, thus allowing the "average" aged new dentist to have a bit of extra $$ by their mid 30's to get the big house and the nice car, and still have planty of $$ for their family, retirement, etc.

The biggest pitfall financially that many new dentists fall into is seeing that they make 6 figures a year (before debt payments) initially and living/spending like they make 6 figures a year(initially) when in reality for the first year or 2 your realized take home pay (after debt payments) is made may be more like someone making 50k a year. Yes, you'll be able to make your loan payments, but financial discipline is needed.

Even today, with my d-school loans finally paid off (it took just 7 years and 4 months to do it), I end up putting almost all of the money that monthly went to my d-school loans to a combination of my retirement savings and my kids college funds. Could I instead be driving the BMW X-5 or Hummer H-2 instead of my Chevy Tahoe(I'm a SUV kind of guy - helps with the 2 kids and 2 dogs), yes, but it's more important to me to get to my desired retirement "nest egg" number and my kids college fund "nest egg" number sooner than later. You will make a very good living as a dentist, but you'll also need to show some financial restraint or else you could figure out a way to go into bankruptcy while being in the top 1% of all american wage earners 😱

Great advice Dr. jeff

And whats wrong with a Chevy Tahoe??????? It's a nice car .........

 

[DrJeff]

I think DrJeff also went to UConn, whose tuition I'm sure was a LOT less than NYU back when he graduated. DrJeff, if you don't mind us prying, how much debt did you have when you finished up?

Between me and my wife and our undergrad, dental school, and then her residency tuition (3 year ortho program = only a $10,000 stipend, plus you have to pay for the masters credits) we had just under $200,000k in loan debt.

That's nothing though, now with our mortgage, car payments, and practice buy in amounts(okay the practice buy-in debt is on paper only since it's done via deferred income rather than an actual loan) we owe about $850,000k 😱 However our accountant assures us that on paper we have a nice sized positive net worth 🙄 😀 😉

 

[DrJeff]

Great advice Dr. jeff

And whats wrong with a Chevy Tahoe??????? It's a nice car .........

Nothing at all, after a little over 4 years and about 100k miles, just about time for a new one. I'm liking the new '07 body styles/features. I might though switch to the GMC Yukon this time since one of my patients owns the GMC dealership in the town where I practice. And it's establishing relationships with certain patients who have jobs/businesses in your local community that can be of great help in your everyday life, and I will say that many small business owners do participate in the old "you scratch my back and I'll scratch yours" theory of business 👍

 

[hockeydentist]

Nothing at all, after a little over 4 years and about 100k miles, just about time for a new one. I'm liking the new '07 body styles/features. I might though switch to the GMC Yukon this time since one of my patients owns the GMC dealership in the town where I practice. And it's establishing relationships with certain patients who have jobs/businesses in your local community that can be of great help in your everyday life, and I will say that many small business owners do participate in the old "you scratch my back and I'll scratch yours" theory of business 👍

Thats what I am talking about, get some spinners put on and kick ass dvd system and your good to go...

 

[Dental916]

here's how you do it. First off as soon as you're done with d-school, and have that pile of debt, you consolidate your loans to a 30 year plan. This gets your payments down quite a bit. Then, as your getting going in practice the 1st few years (it generally takes 2 or so years to build a solid patient base that has the comfort in you to do the more profitable comprehensive cases), you'll start making more $$. Splurge a little on yourself, but in reality, from a financial standpoint, don't buy the mansion or the $70k car until your student loan debt load is down. You'll be suprised how with a good work effort combined with the dental pay and some financial discipline that you'll get that 30 year student loan paid off in less than 10, thus allowing the "average" aged new dentist to have a bit of extra $$ by their mid 30's to get the big house and the nice car, and still have planty of $$ for their family, retirement, etc.

The biggest pitfall financially that many new dentists fall into is seeing that they make 6 figures a year (before debt payments) initially and living/spending like they make 6 figures a year(initially) when in reality for the first year or 2 your realized take home pay (after debt payments) is made may be more like someone making 50k a year. Yes, you'll be able to make your loan payments, but financial discipline is needed.

Even today, with my d-school loans finally paid off (it took just 7 years and 4 months to do it), I end up putting almost all of the money that monthly went to my d-school loans to a combination of my retirement savings and my kids college funds. Could I instead be driving the BMW X-5 or Hummer H-2 instead of my Chevy Tahoe(I'm a SUV kind of guy - helps with the 2 kids and 2 dogs), yes, but it's more important to me to get to my desired retirement "nest egg" number and my kids college fund "nest egg" number sooner than later. You will make a very good living as a dentist, but you'll also need to show some financial restraint or else you could figure out a way to go into bankruptcy while being in the top 1% of all american wage earners 😱

Such a great post. The guy you quoted is worrried just a little bit too much. I am an average middle class joe going to NYU and so are most of the students. Debt will be high, but like the thousands of NYU graduates before me, I'm sure we will all make it or I better hit the lottery .

 

[jenjenmeow]

Is it me or is BU just as expensive

http://www.bumc.bu.edu/Dept/Content.aspx?DepartmentID=160&PageID=11308

 

[phremius]

the people who worry about this are just worriers in general, and they will worry about whatever amount they're in debt for.

It's called 30 year loan consolidation, relatively mild financial self-restraint, and being smart w/ your money; you'll be golden.

But then again, I worked in college and have never considered money as anything "hard" to make... people keep telling me tha tmaking money is hard, but that's not at all the case from what I've gone through.

If the debt is going to be a serious burden for you, just don't go to NYU. If you're ok with it, then go, it's a great place to be! I'm having a blast.