PAying Back Loans- how do you do it?

[*Tooth*fairy*]

Hello

Before i apply, I have a serious question about payong back student loans. I plan to apply to canadian-friendly private schools (BU, Tufts, etc) however I have concerns about repaying loans after 4 years of this borrowing.

Taking like the most $$ schools (BU or NYU):

I have figured, with tuition, living, etc etc etc, that the average student who's education is funded by loans will have a debt of ~ $350,000 by the time they graduate (and I would have to convert this back to canadian too!) so lets say ~ $450 000 Canadian realistically speaking, and who knows how the US/CAD rates will change in 5 years; it could be so much more.

Now when I am finished d-school and ready to work, I am going to be an associate at first of course, salary $200,000-$300,000 CAN. But being realistic again: What about a house? I am not going to live with my parents until I am 35 , so

House (a small one)-- mortgage= $300,000 or apartment= RENT!
car
clothes
food
KIDS
a LIFE!

How can anyone pay off half a million dollars of debt!!!! (with interest.....OMG!) plus a mortgage (and the real estate market is going crazy right now; projected only to increase like crazy in the next 5 years) plus everything else that requires you to live????


I know I am ranting, but before applying, I have been thinking about this realistically, and sometimes the truth is something scary but I have to face it.

I see NO WAY I can pay off this massive debt in less than 10 years!

SO I'LL be 38 by the time I can actually be comfortable---it doesn't seem worth it!

I mean, part of the "dream of becoming a dentist" is havening money, lets admit it. What is the point then of becoming a dentist just to have to work my a$$ off and still owe people money!!! I know how that feels and it is not a good feeling.


OK so here is my question LOL 1)To anyone who has been through this and graduated, please tell me if my projections are accurate!!! How are you managing, specifically a Canadian who has their DDS from a US school and moved back to Canada. How hard is it really to pay off these loans and live well? How long does it take?

2) Is there any hope of getting into a State School or just any private school with really low tuition?????

Is my view too negative??? I just think it is easy for us to say, oh yeah, I'll take all this debt I want to be a dentist , but not realizing the serious impact of having this debt on the rest of our life....I just see it as impossible to pay back all this money with interest interest interest in a reasonable amount of time;
I know I am rambling but I am really really bothered at the thought of having a debt like this on my shoulders.

Please any comments/criticism is welcome please!!!!!!

Jenn

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[DB#1]

Take it easy there, its not as bad as you think it is. I am not a d-school graduate, but I will be in Dental school in States this fall, so I have thought this through really well.
First, it will not cost you $350Gs US to attend BU or Tufts, BU will probably cost $270 US ($340 CDN) and Tufts will probably be $80 thousands less ($260 CDN).
Second, if dentistry is what you want to do, then I don't see why not go into dental school, it will be a pain to pay, but this is the game of life, you play it right and you have fun.
Third, I forgot what I was gonna say
Fourth, lets not forget US private schools are giving us the chance to become good dentists, so good we are able to come back to Canada and practice it here, unlike other health professions. So, lets be thankfull.

 

[*Tooth*fairy*]

Take it easy there, its not as bad as you think it is. I am not a d-school graduate, but I will be in Dental school in States this fall, so I have thought this through really well.
First, it will not cost you $350Gs US to attend BU or Tufts, BU will probably cost $270 US ($340 CDN) and Tufts will probably be $80 thousands less ($260 CDN).
Second, if dentistry is what you want to do, then I don't see why not go into dental school, it will be a pain to pay, but this is the game of life, you play it right and you have fun.
Third, I forgot what I was gonna say
Fourth, lets not forget US private schools are giving us the chance to become good dentists, so good we are able to come back to Canada and practice it here, unlike other health professions. So, lets be thankfull.

Yes you make some good points, but have you really thought about how it will be to pay it back?

Well they are giving us a chance yes, but as long as they get thier $$$ from you they really don't care how hard of a time you have to pay it back.

I know the BU tuition is $270 tot; but you have to pay rent ($1200/month) and eat food there too, and many other misc. expenses = ~$350K

When I project a payment plan, I see 10 years; I don't like it any more than you do. I know we all want to see 3-5 years to pay it back, but please, that is highly unfeasable, unless you plan to work 8-8 M-F and live in your car...or with your parents. Talk to a finacial planner if you don't believe me.

I mean, even the bare minimum for BU, $270 K is A LOT of money! Don't you think?


Thank you for your advices on Tufts then, I will be applying to Tufts, because honestly, $80K makes a BIG difference.


Do you know of any other priv schools with lower tuition that accept canadians?

 

[mvs04]

This is how I ran it down if you're going to be borrowing to finance your education and life:

Debt:

DDS degree: 300k - NYU prices, including living expenses
House: 500k - For a house (at least in my area in CA, but nice ruond #)
Car: 50k - cheaper cars out there, but 50 is nice round number
Total: 850k (using numbers all near higher end of the spectrum)

not too bad really... 8, 9 years of working, probably much less esp. if you practice in an area that would be that expensive to begin with... mortgage interest, educational loan interests aren't really that high, they're what, 5% a year? so... you'll be fine.

 

[*Tooth*fairy*]

This is how I ran it down if you're going to be borrowing to finance your education and life:

Debt:

DDS degree: 300k - NYU prices, including living expenses
House: 500k - For a house (at least in my area in CA, but nice ruond #)
Car: 50k - cheaper cars out there, but 50 is nice round number
Total: 850k (using numbers all near higher end of the spectrum)

not too bad really... 8, 9 years of working, probably much less esp. if you practice in an area that would be that expensive to begin with... mortgage interest, educational loan interests aren't really that high so... you'll be fine.

remember dentists in Canada make less than our American counterparts,
and here we will have 40% tax bracket as well, or is it more even? Even $400K becomes $250K to pay off 850K of debt that is just increasing of interest? Man I really hope I can pull a 3.8 this year so maybe I can get into a state school or even a canadian school! I speak from experience of family member in dentistry as well, who did their schooling here and had $100K of debt. It isn't as easy to pay off as we think! It took about 3 years to pay off.

 

[mvs04]

remember dentists in Canada make less than our American counterparts,
and here we will have 40% tax bracket as well, or is it more even? Even $400K becomes $250K to pay off 850K of debt that is just increasing of interest? Man I really hope I can pull a 3.8 this year so maybe I can get into a state school or even a canadian school! I speak from experience of family member in dentistry as well, who did their schooling here and had $100K of debt. It isn't as easy to pay off as we think! It took about 3 years to pay off.

well, just relocate to the US then! Though by when you graduate Jeb Bush will be in office and we'd be at war with Syria ...

 

[Dr.BadVibes]

Some clarifications.....

Tooth Fairy brings up an excellent point and IM glad he is realistically looking to this......going to an expensive private school aint gonna be easy, and I like Mvs's breakdown, but he doesnt account for bills, gas, eating per year, going out, insurance........seems like a little, but add that stuff up and it adds to that total you gave quite a bit.

Also, mvs, you have add massive interest on that, which really really adds up over the years.

ANother thing.....where are you guys getting that Tufts is that cheap??? are you insane??? Tufts tuition ALONE is getting to 50K per year.....then you gotta buy instruments....then you gotta eat, and then you gotta live in one of the most expensive cities on the continent!!!! Tufts is just as high as BU and NYU....not cheaper at all!! maybe around 80K per year!! try and convert that to Canadian!!!!

Another thing Tooth Fairy....that 200-300K CDN salary you are talking about as an associate....HAHHAHA, maybe in Monopoly money....but in the real world, if you think you are gonna make that right out of school as an associate, then you got some big suprises ahead of you.

Ive said it before and Ive said it again....if you are Canadian and gonna attend NYU, BU or a really expensive dental school and have no parental backup, think twice about the profession unless you are really really hardcore about dentistry.

 

[*Tooth*fairy*]

Some clarifications.....

Tooth Fairy brings up an excellent point and IM glad he is realistically looking to this......going to an expensive private school aint gonna be easy, and I like Mvs's breakdown, but he doesnt account for bills, gas, eating per year, going out, insurance........seems like a little, but add that stuff up and it adds to that total you gave quite a bit.

Also, mvs, you have add massive interest on that, which really really adds up over the years.

ANother thing.....where are you guys getting that Tufts is that cheap??? are you insane??? Tufts tuition ALONE is getting to 50K per year.....then you gotta buy instruments....then you gotta eat, and then you gotta live in one of the most expensive cities on the continent!!!! Tufts is just as high as BU and NYU....not cheaper at all!! maybe around 80K per year!! try and convert that to Canadian!!!!

Another thing Tooth Fairy....that 200-300K CDN salary you are talking about as an associate....HAHHAHA, maybe in Monopoly money....but in the real world, if you think you are gonna make that right out of school as an associate, then you got some big suprises ahead of you.

Ive said it before and Ive said it again....if you are Canadian and gonna attend NYU, BU or a really expensive dental school and have no parental backup, think twice about the profession unless you are really really hardcore about dentistry.

Dude you're mean...but I like you


BTW, I'm a SHE ...cmon my name is toothfairy!


About the 300K---I think you might be right about it being less.
See so if an associate makes <200K, it is true that I really will have to work 8-8 monday-sat just to keep head above water----this is all if I only get into those expensive private schools. This is sad but true.


I know people say to me oh well, to open my own practice and make a killing. But again, like come on! My uncle has his own practice, and first he had to take a $200K loan to open it--- all of the building expenses a $20K machine here and there, construction, soooo much it took almost two years to get it up and running, and he's also business-savy. More debt and more debt!

So a note to all of us, let's take summer classes and get that GPA up!
One summer of hell is worth it not to have a debt-ridden life!

is it true Case is cheaper?

 

[DB#1]

Some clarifications.....

ANother thing.....where are you guys getting that Tufts is that cheap??? are you insane??? Tufts tuition ALONE is getting to 50K per year.....then you gotta buy instruments....then you gotta eat, and then you gotta live in one of the most expensive cities on the continent!!!! Tufts is just as high as BU and NYU....not cheaper at all!! maybe around 80K per year!! try and convert that to Canadian!!!!

Ive said it before and Ive said it again....if you are Canadian and gonna attend NYU, BU or a really expensive dental school and have no parental backup, think twice about the profession unless you are really really hardcore about dentistry.

Hey BV, I don't know why you hate the Boston schools so much, you think that their tuition is so high
Here are the facts:
Temple's Tuition - $38,376 Tuition rates
Tufts Tuition - $40,800 Tuition rates
BU's Tuition - $42,570 Tuition rates

When I went to Philly, nothing was free, food was actually more expensive than Boston. For example, I had 6 philly cheese steak sandwiches for an average price of $7 and they all tasted bad (I kept trying different shops to find a good one, I never did, they make it better here in Toronto). On the other hand, I went to the Cheese Cake Factory in Boston (a very nice restaurant) and had the best Pizza there for $6).
Rent is comparable, I think, how much is your place? in Boston 1 BD can go for $1200 per month.
Unless you are gonna drive arround and park you car everywhere in Boston, living is not really a lot more expensive than Philly (where you run the risk of you car window being smashed ever week ).
So, BV if you still think Temple is a lot cheaper than the Boston schools, let me know how, because I need to know.

 

[Dr.BadVibes]

Dude you're mean...but I like you


BTW, I'm a SHE ...cmon my name is toothfairy!


About the 300K---I think you might be right about it being less.
See so if an associate makes <200K, it is true that I really will have to work 8-8 monday-sat just to keep head above water----this is all if I only get into those expensive private schools. This is sad but true.


I know people say to me oh well, to open my own practice and make a killing. But again, like come on! My uncle has his own practice, and first he had to take a $200K loan to open it--- all of the building expenses a $20K machine here and there, construction, soooo much it took almost two years to get it up and running, and he's also business-savy. More debt and more debt!

So a note to all of us, let's take summer classes and get that GPA up!
One summer of hell is worth it not to have a debt-ridden life!

is it true Case is cheaper?

another good point....opening up a practice takes a lot of money and then you gotta build up a solid patient pool which takes even more time!!!

Also, as an associate, plan to make only about 80K per year....way lower than your 300K figure that you quoted above

Another thing....dont get all bent up on Canadian schools.....unless its a really cheap school like McGill, schools like UofT and UBC might be a bit cheaper, but their education is really bad compared to some quality US schools....you have to realize that dental education in Canada doesnt compare with dental education in the US.....if you dont believe me, just compare two schools yourself.....

P.S. I believe Case recent raised their tuition a lot, but I dont know the exact figure....but Cleveland is cheap to live in....

 

[DB#1]

Yes you make some good points, but have you really thought about how it will be to pay it back?

Well they are giving us a chance yes, but as long as they get thier $$$ from you they really don't care how hard of a time you have to pay it back.

I know the BU tuition is $270 tot; but you have to pay rent ($1200/month) and eat food there too, and many other misc. expenses = ~$350K

When I project a payment plan, I see 10 years; I don't like it any more than you do. I know we all want to see 3-5 years to pay it back, but please, that is highly unfeasable, unless you plan to work 8-8 M-F and live in your car...or with your parents. Talk to a finacial planner if you don't believe me.

I mean, even the bare minimum for BU, $270 K is A LOT of money! Don't you think?


Thank you for your advices on Tufts then, I will be applying to Tufts, because honestly, $80K makes a BIG difference.


Do you know of any other priv schools with lower tuition that accept canadians?

BU's tuition is approximatly $200k US plus living it will come up to $280k BU rates.

I have thought about it, long and hard, even though interests might play big role in this, but, tell me if you can find a investment that will pay back the amount of money you put in it within 3 years (stocks, real state???). Not only that, dentistry is virtually a risk free investment. Moreover, you will be doing something that you have always dreamt about.

I know you are girl, but for me as a guy, going to an expensive dental school is like getting married. When you get married, you are forced to buy a house ($300K) and it might take some people the rest of their sad lives to pay it. How long will it take you to pay your tuition and do what you love to do?

I did talk to my financial advisor, unfortunatly I know more than her about the time value of money and potential risks. I have a minor University degree in Commerce.

 

[Dr.BadVibes]

Hey BV, I don't know why you hate the Boston schools so much, you think that their tuition is so high
Here are the facts:
Temple's Tuition - $38,376 Tuition rates
Tufts Tuition - $40,800 Tuition rates
BU's Tuition - $42,570 Tuition rates

When I went to Philly, nothing was free, food was actually more expensive than Boston. For example, I had 6 philly cheese steak sandwiches for an average price of $7 and they all tasted bad (I kept trying different shops to find a good one, I never did, they make it better here in Toronto). On the other hand, I went to the Cheese Cake Factory in Boston (a very nice restaurant) and had the best Pizza there for $6).
Rent is comparable, I think, how much is your place? in Boston 1 BD can go for $1200 per month.
Unless you are gonna drive arround and park you car everywhere in Boston, living is not really a lot more expensive than Philly (where you run the risk of you car window being smashed ever week ).
So, BV if you still think Temple is a lot cheaper than the Boston schools, let me know how, because I need to know.

hey DB....when I say that Boston schools are so expensive, I not only talk about tuition, I talk about cost of education.....

well actually my situation is quite different....I got a US greencard so I get US gov't loans....plus my parents are helping me out with maybe 20% of everything.

Also, in Philly I dont pay rent cause I bought a condo for 50K (try and do that in Boston!!), and IM a philly resident now. Im on target to come out of dental school with 140-150K in loans.

Also, living in Philly is definitely more cheaper.....my family has lived in Boston for 10 years and now Ive lived in Philly for 1 year, so I can make an adequate comparison, unless your gonna be eating cheesesteaks everyday in Philly

As far as rent goes....you can get a one bedroom in Philly for about $800-900 per month....and dont compare boston apts with Philly apts cause its apples and oranges.....Philly apts in areas such as Roxborough/East Falls are way bigger and much nicer than Boston apts, fairly new, comes with pool, gym, etc. So the standard of living is much much higher. The apts you talk about for $1200/month in Boston are either very far away from the school or really crappy....

Also, If you roommate with someone in Philly (which is totally doable since the apts are fairly big for 2 people), you can get rent for like $400-500/month and the same kinda of place I mentioned above.

And I dont want to get into comparing the educations of the two schools, cause you can read that in other threads, but your a man that talks a lot about returning on their investments....if you are gonna be paying all that money to goto school, shouldnt you be going to the school that is gonna give you the best education????

Another thing....about getting my window smashed in....I park a fairly nice car in the ghetto for the past year and nothing has happened to me.....just because there are a lot of Black people around, doesnt mean they are out to smash people's cars

 

[Dr.BadVibes]

BU's tuition is approximatly $200k US plus living it will come up to $280k BU rates.

For a dude that has a minor in Commerce, Im suprised that you downplay figures so much

so you think you are gonna live in Boston for 20K per year??? how do you get that number....lets break it down:

Rent: $1500/month (1br) = $18K/year
Food: $150/month = $2000K/year
Internet/Tv: $50/month = $600/year
Instruments = $5500/year
Transportation = $500/year

Total = about 27K/year

And thats not including misc costs such as going out, buying clothes, flying back home for holidays and such, having fun, etc. etc.

 

[Dr.BadVibes]

On top of all of this, I assume all of this money will be borrowed on CanHelp's high interest rate program???

 

[*Tooth*fairy*]

BU's tuition is approximatly $200k US plus living it will come up to $280k BU rates.

I have thought about it, long and hard, even though interests might play big role in this, but, tell me if you can find a investment that will pay back the amount of money you put in it within 3 years (stocks, real state???). Not only that, dentistry is virtually a risk free investment. Moreover, you will be doing something that you have always dreamt about.

I know you are girl, but for me as a guy, going to an expensive dental school is like getting married. When you get married, you are forced to buy a house ($300K) and it might take some people the rest of their sad lives to pay it. How long will it take you to pay your tuition and do what you love to do?

I did talk to my financial advisior, unfortunatly I know more than her about the time value of money and potential risks. I have a minor University degree in Commerce.

Yes I agree that expensive dental school is like getting married for many of us: We have all these great expectatoins based on what we heard from everyone else, and then once you get there, you find out it is a lot harder than you thought, for example, believing you can pay off all your loans in three years!

I don't intend to sound rude, however I think you should listen to your financial advisor even if she is telling you something you don't want to hear. I have a dream of being a dentist to, but part of that dream is, well, being rich!

However I admire your optimism and wish I could share it; I am presently trying to figure out a solid plan (on paper) to pay back loans should I be accepted into an expensive private school and no other this coming cycle, and I cannot see any feasable way to live the dream of "having money"

I used to work for a bank myself and was interested in becoming a loans officer, I had some training in that area, perhaps this is what contributes to my biased attitude towards paying back massive loans.

I really wish you luck and hope you can succeed

 

[ncalcate]

Hey BV, I don't know why you hate the Boston schools so much, you think that their tuition is so high
Here are the facts:
Temple's Tuition - $38,376 Tuition rates
Tufts Tuition - $40,800 Tuition rates
BU's Tuition - $42,570 Tuition rates

The living expenses allowance that Tufts gives you is an absolute joke. There is no way in hell anyone could live within a commutable distance of the Dental school and live on only $19K a year. I lived in and around Boston for 25 years (before I moved to someplace cheaper for school) so I know this from my own experience.

Unless you want to be absolutely miserable, living on Ramen soup and commuting 1 hour each way per day on a crowded train or bus, you should plan on at least $25K in living expenses per year. And even that doesn't leave you a lot of money for fun.

The OP is correct. Not factoring in interest on loans, a Tufts education will cost you a minimum of $300K American dollars.

While I don't know Philly that well, I can tell with a fair amount of confidence that you should be able to live closer to Temple for a cheaper rent and get a better/bigger apartment than you would at Tufts or BU. This is simply because of the outrageous cost of housing in Boston.

 

[DB#1]

For a dude that has a minor in Commerce, Im suprised that you downplay figures so much

so you think you are gonna live in Boston for 20K per year??? how do you get that number....lets break it down:

Rent: $1500/month (1br) = $18K/year
Food: $150/month = $2000K/year
Internet/Tv: $50/month = $600/year
Instruments = $5500/year
Transportation = $500/year

Total = about 27K/year

And thats not including misc costs such as going out, buying clothes, flying back home for holidays and such, having fun, etc. etc.

I did not down play the numbers, if you actually used the link that I provided you and went to the tuition and fees, you would be able to break it down this way:

Rent $1000-$1200 = $14,000/year (here is the link to Harrison Courts, a 5-10 minutes walk from the school, see the rates and how nice they are Harrison Court )
Food $200 = $2,400/year
Internet is included in our "High Tuition"
Instrument is included in the education price (along with other factors to bring to cost from 42K to 50K, and they are only for the first two years)
Transportation: $500
Total is $17,000 on top of the 50K per year. Unless you're buying round shots at the bar every weekend $3,000 per year should be plenty to buy clothes and have fun.

 

[DB#1]

Yes I agree that expensive dental school is like getting married for many of us: We have all these great expectatoins based on what we heard from everyone else, and then once you get there, you find out it is a lot harder than you thought, for example, believing you can pay off all your loans in three years!

I don't intend to sound rude, however I think you should listen to your financial advisor even if she is telling you something you don't want to hear. I have a dream of being a dentist to, but part of that dream is, well, being rich!

However I admire your optimism and wish I could share it; I am presently trying to figure out a solid plan (on paper) to pay back loans should I be accepted into an expensive private school and no other this coming cycle, and I cannot see any feasable way to live the dream of "having money"

I used to work for a bank myself and was interested in becoming a loans officer, I had some training in that area, perhaps this is what contributes to my biased attitude towards paying back massive loans.

I really wish you luck and hope you can succeed

I didn't say that you can pay back the money in three years, I was saying if you invest in any project, one of the measures you use is payback time (the time it takes for that project to pay back for itself from the income that it brings in).

I like to listen to my financial advisor, she said nothing about attending dental school, she was offering me investment at 10%. Then I asked if this was guranteed, cuz if it was, I would have taked the loan that she is giving me (at 4.35%) and invested into her project and make 6.65% in per year.

Anyways, I like to live my life in the fast lane, the way I look at it is this, I would hate to get a job that pays me 70-80K now, for no extra education $$$. And 20 years down the road I would be kicking my self and telling my kids how I could have went to dental school, but I was too scared to take on that risk. I feel that I am equiped with enough knowledge to take d-school and this loan, even if I needed 20 years to pay it off, I would still be living comfortably, doing what I love to do.

 

[Smooth Operater]

I am in the same situation as the OP if going to eastern state school is my last resort which is the worst case scenario. Although my parents agree to support me with 150k, I project that I wll be 200k in debt after my dental eduction. I constantly wonder how long I will be able to pay it off with that kind of debt. This thread just reminded me to take bunch of bird courses and bust my butt in them in the next 2 years so I can get in Canadian schools with competitive GPA!

I have really high hope on UBC's dental education. UBC is bulding a new oral health building right now. I would say it will be one of most beautiful buildings next to our new life science center.

If dentisty wasn't a "calling", I wouldn't even consider it b/c of such of high education expense.

How much does it cost to attend private med schools in US? Maybe I should pursue med and become a family physician (my next career choice if I suffer injuries that prevent me to pursue dentistry i.e injuried my hand )

I also suggest the OP to address this issue to practicing dentist at dentaltown. They may give you more accurate/realistic comments since many of them have been paying their debts.

 

[Dr.BadVibes]

I did not down play the numbers, if you actually used the link that I provided you and went to the tuition and fees, you would be able to break it down this way:

Rent $1000-$1200 = $14,000/year (here is the link to Harrison Courts, a 5-10 minutes walk from the school, see the rates and how nice they are Harrison Court )
Food $200 = $2,400/year
Internet is included in our "High Tuition"
Instrument is included in the education price (along with other factors to bring to cost from 42K to 50K, and they are only for the first two years)
Transportation: $500
Total is $17,000 on top of the 50K per year. Unless you're buying round shots at the bar every weekend $3,000 per year should be plenty to buy clothes and have fun.

First of all, I went to that link of Harrison Court, and are you talking about getting a basic studio for $1300/month??? That is only 580 square feet!! And those pics that they show you are not basic studios by the way...its the one with alcoves....

or are you talking about the roommate thing.....hmmmm, sharing a 750 square foot apartment with someone else as a professional student for 4 years??? are u serious?

My question to DB is this....if Harrison Court is so wonderful, why dont all BU students live there for the 4 years??? Is it because its simply impossible to get in cause compared to other Boston apts, its great....or is there more to the story of that place???

Also, you do reazlie that none of these places have amenities (or they havent listed them)

Like I said, my family lived in Boston for 10 YEARS and ncaclcate lived in Boston for 25 years and we both say that if you plan on living in Boston on 17K per year, dude, good luck cause your in for a suprise!!!

Oh yah.....shall we add in health insurance as well cause as a foreign student on a visa, it is required that you take up expensive American health insurance to keep your visa!

Honestly, suck it up and realize you will be spending a minimum of 300K for the next 4 years.....with high interest and crappy repayment options on that!

And you do also realize that you cant open up a practice in the US without a greencard....so you have to either pay back that loan working as an associate in the US, while that high interest continues to add up, or you have to take that loan back to Canada and try and setup shop earning CANADIAN dollars with CANADIAN taxes paying back AMERICAN money (dont bank on the exchange rate being as good as it is now!!)

Good Luck Db! gonna need it!

 

[ItsGavinC]

Here's what you do if interest rates stay low. Consolidate your debt into 30 year payments and make the minimum payments while investing the excess that you would have used to pay off the student loans if you'd been on a 10-year payment plan.

As long as you can find an investment that gives you better interest than the interest on your student loans you'll be making money in that scheme.

For example (this is all hypothetical): monthly payment on 10-year repayment would be $2,000. Monthly payment on a 30-year repayment would be $500.

Pay that $500 each month on the 30-year repayment and invest the excess (2,000-500 = 1,500) $1,500 into something that has higher earning power than the interest on the consolidated loan.

That shouldn't be too difficult, but who knows where interest rates will be when you all graduate from school.

I got this idea from some emergency medicine docs in the EM forum who have (supposedly) earned about $150,000 thus far by doing the 30-year repayment plan.

 

[ISU_Steve]

Personally....and I don't mean to knock those who are planning to immediately open their own practice, but my goal is to be an associate for a few years with already practicing dentist so that I don't have to accrue further debt attempting to go it on my own in an independent practice. Perhaps this is something that more of you should consider if you are truly that concerned about paying back your loans.

One thing I do strongly suggest you NOT do is join the military. I served in the Air Force as a respiratory therapist and saw first hand how badly the doctors and dentists were treated.

 

[ISU_Steve]

Here's what you do if interest rates stay low. Consolidate your debt into 30 year payments and make the minimum payments while investing the excess that you would have used to pay off the student loans if you'd been on a 10-year payment plan.

As long as you can find an investment that gives you better interest than the interest on your student loans you'll be making money in that scheme.

For example (this is all hypothetical): monthly payment on 10-year repayment would be $2,000. Monthly payment on a 30-year repayment would be $500.

Pay that $500 each month on the 30-year repayment and invest the excess (2,000-500 = 1,500) $1,500 into something that has higher earning power than the interest on the consolidated loan.

That shouldn't be too difficult, but who knows where interest rates will be when you all graduate from school.

I got this idea from some emergency medicine docs in the EM forum who have (supposedly) earned about $150,000 thus far by doing the 30-year repayment plan.

Cool idea Gavin.

 

[organichemistry]

wow... reading this thread makes me realize how fortunate i will be if i am accepted to my state school (~$100,000 over 4 years, living expenses included). plus, i'll have $25k in the bank when i get there so ill only be borrowing, hopefully, about $80,000. heck... i can pay that off in 2 years if i can find a job making ~90-100k out of school!

 

[Dr. Steve Brule]

wow... reading this thread makes me realize how fortunate i will be if i am accepted to my state school (~$100,000 over 4 years, living expenses included). plus, i'll have $25k in the bank when i get there so ill only be borrowing, hopefully, about $80,000. heck... i can pay that off in 2 years if i can find a job making ~90-100k out of school!

haha yeah seriously..basically my poor study habits and wrong priorities in undergrad are going to end up costing me an extra $200k! i've actually been thinking about if it would be possible for me to transfer to MCG after 1 or 2 years at NYU, that way i could still save at least $100k, i don't know if that's even possible though

 

[DB#1]

First of all, I went to that link of Harrison Court, and are you talking about getting a basic studio for $1300/month??? That is only 580 square feet!! And those pics that they show you are not basic studios by the way...its the one with alcoves....

or are you talking about the roommate thing.....hmmmm, sharing a 750 square foot apartment with someone else as a professional student for 4 years??? are u serious?

My question to DB is this....if Harrison Court is so wonderful, why dont all BU students live there for the 4 years??? Is it because its simply impossible to get in cause compared to other Boston apts, its great....or is there more to the story of that place???

Also, you do reazlie that none of these places have amenities (or they havent listed them)

Like I said, my family lived in Boston for 10 YEARS and ncaclcate lived in Boston for 25 years and we both say that if you plan on living in Boston on 17K per year, dude, good luck cause your in for a suprise!!!

Oh yah.....shall we add in health insurance as well cause as a foreign student on a visa, it is required that you take up expensive American health insurance to keep your visa!

Honestly, suck it up and realize you will be spending a minimum of 300K for the next 4 years.....with high interest and crappy repayment options on that!

And you do also realize that you cant open up a practice in the US without a greencard....so you have to either pay back that loan working as an associate in the US, while that high interest continues to add up, or you have to take that loan back to Canada and try and setup shop earning CANADIAN dollars with CANADIAN taxes paying back AMERICAN money (dont bank on the exchange rate being as good as it is now!!)

Good Luck Db! gonna need it!

You can get the studio with alcove for $1,300, that looks like pretty spacious to me. If I want to do the roomate thing, we would get 2BD with 2 Bathrooms for $2,500 and I belive that is 1,200 square feet.
There are tons of apartments within walking distance to BU between $1000-$1300, believe me, I was looking yesterday, they do include hot water and aminities.
BTW, how big is your 50K apartment in Philly, and how long does it take you to get to school every day?
Add the gas on top of an apartment like yours to rent and you will be damn close to $1,200.
Health insurance is included in the BU educational fees, that was also one of factors along with instrument and many other fees that brought the cost from 42k to 50K per year.

And finally, I don't need luck, I got a loan from Royal Bank for $100 at prime rate interests and my parents will take care of the rest. So, I will end my education dept free (exept some love for my parents) ready to get rid my Audi TT to get an A8, thank you.
All I was trying to do is encourage someone to achieve their dream, if toothfairy ends up working in a bank cashing my fat checks, I will not feel sorry for her.
You guys have been a great help for the rest of the pre-dents that are trying to become dentists .

 

[*Tooth*fairy*]

You can get the studio with alcove for $1,300, that looks like pretty spacious to me. If I want to do the roomate thing, we would get 2BD with 2 Bathrooms for $2,500 and I belive that is 1,200 square feet.
There are tons of apartments within walking distance to BU between $1000-$1300, believe me, I was looking yesterday, they do include hot water and aminities.
BTW, how big is your 50K apartment in Philly, and how long does it take you to get to school every day?
Add the gas on top of an apartment like yours to rent and you will be damn close to $1,200.
Health insurance is included in the BU educational fees, that was also one of factors along with instrument and many other fees that brought the cost from 42k to 50K per year.

And finally, I don't need luck, I got a loan from Royal Bank for $100 at prime rate interests and my parents will take care of the rest. So, I will end my education dept free (exept some love for my parents) ready to get rid my Audi TT to get an A8, thank you.
All I was trying to do is encourage someone to achieve their dream, if toothfairy ends up working in a bank cashing my fat checks, I will not feel sorry for her.
You guys have been a great help for the rest of the pre-dents that are trying to become dentists .

Cashing your checks? Ha ha you wish! My grades are too good to work at a bank, and I have all the prereqs to apply to pharm, med etc so I wont ever be cashing any of your cheques, sorry!

 

[Dr.BadVibes]

You still didnt answer my question....you make Harrison Court seem so good....so tell me why every BU student doesnt live there????

And these apts you talk about....are they beside the school??? Last time I remember from my Boston days is that the area around the school is quite sketchy....some place I would definitely not wanna live in.

You wanted to know about my apt. Its about 850 sq.ft, and usually it takes 10 mins to drive to school....Gas costs me around $40/month.

And how are you helping people...by telling people to live off noodles for 4 years?? To live in a craptastic box in a sketchy area????

why not paint them a realistic picture??? If you want to live comfortably in Boston, you are gonna pay 25K a year....end of story.

Basically Im gonna finish my contribution to this thread by saying one thing. Not all of us can have our parents pay for everything like DB so he can go around and tell people about his Audi (which totally just showcased the type of person he is)....so its easier for him to say go and study at a school like BU.

For Canadians where private schools are their only option, BU and NYU should be your absolute last resorts. There are lots of other schools out there, where living expenses are much lower, and in a great city. Furthermore, the education at BU is complete crap for the money you pay....if you are gonna shell out all this cash, why not goto a school that is gonna make your money worth it??

Off the top of my head, schools that fit this criteria include Temple, NOva, Case (there are many more)...these are great alternatives for Canadians.....great cities, reasonable living expenses and most importantly, a great dental education. Better yet, try to get into a great state school and then you're laughing!

You have to remember that the ole saying, "you get what you pay for" DOES NOT apply to Dental schools.....Just because a dental school is cheap doesnt mean its bad, and just because a dental school is expensive doesnt mean its good....BU is a prime example of this.

 

[*Tooth*fairy*]

You still didnt answer my question....you make Harrison Court seem so good....so tell me why every BU student doesnt live there????

And these apts you talk about....are they beside the school??? Last time I remember from my Boston days is that the area around the school is quite sketchy....some place I would definitely not wanna live in.

You wanted to know about my apt. Its about 850 sq.ft, and usually it takes 10 mins to drive to school....Gas costs me around $40/month.

And how are you helping people...by telling people to live off noodles for 4 years?? To live in a craptastic box in a sketchy area????

why not paint them a realistic picture??? If you want to live comfortably in Boston, you are gonna pay 25K a year....end of story.

Basically Im gonna finish my contribution to this thread by saying one thing. Not all of us can have our parents pay for everything like DB so he can go around and tell people about his Audi (which totally just showcased the type of person he is)....so its easier for him to say go and study at a school like BU.

For Canadians where private schools are their only option, BU and NYU should be your absolute last resorts. There are lots of other schools out there, where living expenses are much lower, and in a great city. Furthermore, the education at BU is complete crap for the money you pay....if you are gonna shell out all this cash, why not goto a school that is gonna make your money worth it??

Off the top of my head, schools that fit this criteria include Temple, NOva, Case (there are many more)...these are great alternatives for Canadians.....great cities, reasonable living expenses and most importantly, a great dental education. Better yet, try to get into a great state school and then you're laughing!

You have to remember that the ole saying, "you get what you pay for" DOES NOT apply to Dental schools.....Just because a dental school is cheap doesnt mean its bad, and just because a dental school is expensive doesnt mean its good....BU is a prime example of this.

The BU clinic was actually really great when I toured it, you must tour it to see what I mean!

 

[Dr.BadVibes]

The BU clinic was actually really great when I toured it, you must tour it to see what I mean!

I have.

So it has a nice clinic...so what??? Dont judge a book by its cover

 

[ISU_Steve]

What's that saying Dr. Bad Vibes? Put enough effort into it and you can make a turd shine, but it's still a turd. I'll agree Boston does have a very nice lab, but it doesn't hide the fact that I have heard from numerous, reputable sources that there are problems with the quality of the education.

 

[bryan45876]

I have.

So it has a nice clinic...so what??? Dont judge a book by its cover

Have you checked your private messages recently? I sent you one about a week ago.

-Bryan

 

[*Tooth*fairy*]

I have.

So it has a nice clinic...so what??? Dont judge a book by its cover

This thread wasn't for Boston in particular, I'm sure it is a really good school they were nice and seemed sophisticated I actually really liked everything about it! If someone has the money to go then for sure it's and awesome city if you're rich. But if you have to fund all of your edu in NY or Boston by loans, like I would have to, I think that's the worst decision I could make! 2006 cycle here I come!

 

[mvs04]

look, so say you end up being a million in debt (including tuition, house, car, food/living/interest) and this is a pretty generous upward limit guesstimate, and you make 100k a year as a dentist.... that's still only 10 years before you're debt free... what's the big problem?

 

[EyeAmCommi]

When you guys enter d-school as a freshman, they might offer you a deal to work at an underserved area. Take this deal, they will pay you $100,000 to do it.

 

[ISU_Steve]

As long as it's not a ghetto or an Indian reservation, I'll serve an underserved area.

 

[msf41]

look, so say you end up being a million in debt (including tuition, house, car, food/living/interest) and this is a pretty generous upward limit guesstimate, and you make 100k a year as a dentist.... that's still only 10 years before you're debt free... what's the big problem?

Your math is the problem

If you only earn $100,000/yr, the only way you are going to pay $100k to your student loans is if you are living with your parents, your mom is cooking your meals, and you are still driving the family car.

 

[DB#1]

You still didnt answer my question....you make Harrison Court seem so good....so tell me why every BU student doesnt live there????

And these apts you talk about....are they beside the school??? Last time I remember from my Boston days is that the area around the school is quite sketchy....some place I would definitely not wanna live in.

You wanted to know about my apt. Its about 850 sq.ft, and usually it takes 10 mins to drive to school....Gas costs me around $40/month.

And how are you helping people...by telling people to live off noodles for 4 years?? To live in a craptastic box in a sketchy area????

why not paint them a realistic picture??? If you want to live comfortably in Boston, you are gonna pay 25K a year....end of story.

Basically Im gonna finish my contribution to this thread by saying one thing. Not all of us can have our parents pay for everything like DB so he can go around and tell people about his Audi (which totally just showcased the type of person he is)....so its easier for him to say go and study at a school like BU.

For Canadians where private schools are their only option, BU and NYU should be your absolute last resorts. There are lots of other schools out there, where living expenses are much lower, and in a great city. Furthermore, the education at BU is complete crap for the money you pay....if you are gonna shell out all this cash, why not goto a school that is gonna make your money worth it??

Off the top of my head, schools that fit this criteria include Temple, NOva, Case (there are many more)...these are great alternatives for Canadians.....great cities, reasonable living expenses and most importantly, a great dental education. Better yet, try to get into a great state school and then you're laughing!

You have to remember that the ole saying, "you get what you pay for" DOES NOT apply to Dental schools.....Just because a dental school is cheap doesnt mean its bad, and just because a dental school is expensive doesnt mean its good....BU is a prime example of this.

BU students do live at the Harrison Court apartments, plus there are few other apartments on Washington and Mass Ave (2 Blocks away from the school). BTW, they are all BU affliates, so I doubt that the BU medical campus would affliate themselves with a sketchy, crackhore apartments, don't you think?

And do you ever re-read your post, now you are saying that North Philly is a better area than Boston, are you kidding me?
And you are back at that education cost thing, Temple does not cost you a whole lot cheaper than BU, see my previous post. You cannot compare the in-state tuition rate for Temple to a private school in Boston, use the out-of state tuition rate.
And how do you know BU was so crappy, do you have any board scores to prove it, do you have clinical passing rates stats, please share, me and the rest of us want to know.

I do love my car, and I earned it, I worked for my parents since I was 13. I will crush you and run you over with my TT any day buddy, so don't let me get started, cuz you don't know me.

 

[DB#1]

Cashing your checks? Ha ha you wish! My grades are too good to work at a bank, and I have all the prereqs to apply to pharm, med etc so I wont ever be cashing any of your cheques, sorry!

That's ok, go ahead apply for something else I thought dentistry was your passion, like the rest of us here. Over the past 3 years I have helped so many people to become predents and chase their dream of becoming a dentist.
If you look at the big picture you will be able to tell that not all BU and NYU students (about 400 every year) have rich parents, and the suicide rates for BU and NYU graduates dentists is probably not higher than cheaper schools rate . What I am trying to say is, this is definatly doable, inccuring this amount of loan and apying it off does not seem to be a mojor problem or schools like that would have closed down a long time ago.

 

[aceking]

BU students do live at the Harrison Court apartments, plus there are few other apartments on Washington and Mass Ave (2 Blocks away from the school). BTW, they are all BU affliates, so I doubt that the BU medical campus would affliate themselves with a sketchy, crackhore apartments, don't you think?

And do you ever re-read your post, now you are saying that North Philly is a better area than Boston, are you kidding me?
And you are back at that education cost thing, Temple does not cost you a whole lot cheaper than BU, see my previous post. You cannot compare the in-state tuition rate for Temple to a private school in Boston, use the out-of state tuition rate.
And how do you know BU was so crappy, do you have any board scores to prove it, do you have clinical passing rates stats, please share, me and the rest of us want to know.

I do love my car, and I earned it, I worked for my parents since I was 13. I will crush you and run you over with my TT any day buddy, so don't let me get started, cuz you don't know me.

DB#1 is so funny..... tough kindergarden years?? my TTTTTTTTTTTT haha

u made my day

 

[DB#1]

DB#1 is so funny..... tough kindergarden years?? my TTTTTTTTTTTT haha

u made my day

actually tough life, I am a fighter, wanna see me in tournaments? let me know.

 

[Dr.BadVibes]

BU students do live at the Harrison Court apartments, plus there are few other apartments on Washington and Mass Ave (2 Blocks away from the school). BTW, they are all BU affliates, so I doubt that the BU medical campus would affliate themselves with a sketchy, crackhore apartments, don't you think?

And do you ever re-read your post, now you are saying that North Philly is a better area than Boston, are you kidding me?
And you are back at that education cost thing, Temple does not cost you a whole lot cheaper than BU, see my previous post. You cannot compare the in-state tuition rate for Temple to a private school in Boston, use the out-of state tuition rate.
And how do you know BU was so crappy, do you have any board scores to prove it, do you have clinical passing rates stats, please share, me and the rest of us want to know.

I do love my car, and I earned it, I worked for my parents since I was 13. I will crush you and run you over with my TT any day buddy, so don't let me get started, cuz you don't know me.

Ok so if BU students live in Harrison Court and housing is not a concern for BU students, why are there always BU housing threads created on these forums??? Instead it shouldnt even be an issue if places like Harrison Court exist. So (a) its either impossible to get in or (b) not as good as you think it is. Understand my logic yet??

And when did I say that North Philly was a better area than Boston??? I dont remember saying this at all.

Sure you could live in the ghetto around Temple for liek $200/month.....but you completely compromise on safety, so no one ever does it. On the other hand, BU is also in a ghetto area, but YOU ARE advocating living in it to save money.....thats where the problem lies with your argument.

And about BU being bad, I dont mean in the way of board scores cause I always think that anyone at any school can do well on the boards if they put in the time to studying...

I was more talking in the lines of clinical education at BU......it blows. Sure I havent gone through the program myself, but when I went to the school myself, this was told to me by seniors....I talked to a grad at BU doing a GPR at Temple and from BU students on these forums....same thing was told to me by all. Fighting for chairs, not enough patients, blah blah blah.

Here is my take on the 3 Boston dental schools:

Harvard has the kids who are gonna cure oral cancer
Tufts has the kids who are clinically competent
BU has the kids who couldnt get into anywhere else, so they have to buy their way in....

If I were a religous man, I would pray and thank God every night that I got into other schools than BU....

 

[Dr.BadVibes]

Here is a quote from a BU student regarding housing:

The school is in the South End. The South End is an okay place to live but I wouldn't go walking around there late at night.
http://forums.studentdoctor.net/showthread.php?t=188364&highlight=Boston+housing

Once again, I want to say that Im not here to bash BU....my primary intention of this thread was not to listen to DB and think you will live in Boston for 17K per year comfortably......

 

[shopaholic]

Consolidating your loans are the only way to go. Pick the 30 year option because you'll need to take out even more loans for your house, car, practice, etc. I'd also look in to companies like Graduate Leverage. They're a group that collectively bargins for graduating seniors of professional schools. They're based out of Harvard. I'm using them. For example, I owe 160,000. I'm getting 2.875% fixed for 30 years. That's the standard right now. However they bargained that the rate will drop to ~1.65% after 20 electron monthly payments. The loans can't ever be sold and the fixed Perkins loans @5% will also be dropped to 2.875 and then to 1.65%. The actual fixed payment will lower after 20 months to ensure that you'll pay off the loan in 30 years instead of making the same payment and then paying it off in 23 years. Hope this helps.

 

[superman]

BU students do live at the Harrison Court apartments, plus there are few other apartments on Washington and Mass Ave (2 Blocks away from the school). BTW, they are all BU affliates, so I doubt that the BU medical campus would affliate themselves with a sketchy, crackhore apartments, don't you think?

And do you ever re-read your post, now you are saying that North Philly is a better area than Boston, are you kidding me?
And you are back at that education cost thing, Temple does not cost you a whole lot cheaper than BU, see my previous post. You cannot compare the in-state tuition rate for Temple to a private school in Boston, use the out-of state tuition rate.
And how do you know BU was so crappy, do you have any board scores to prove it, do you have clinical passing rates stats, please share, me and the rest of us want to know.

I do love my car, and I earned it, I worked for my parents since I was 13. I will crush you and run you over with my TT any day buddy, so don't let me get started, cuz you don't know me.

Temple is STILL a lot cheaper than BU. Significantly cheaper out-of-state tuiton, way cheaper living costs, no need to buy an overpriced laptop from the school....

You're gonna crush someone and run 'em over with your TT? What a gangsta....

 

[superman]

actually tough life, I am a fighter, wanna see me in tournaments? let me know.

Tough life, ay? What hood are you from in Canada that's so rough? Or, are you just saying you took some karate classes?

 

[mvs04]

are some of you that unconfident in your money making abilities in the future to make this into such a big deal?? What's the most you'd save over a cheaper school? 100k? Eh what's 100k in the course of a life time... I didn't even bother finding out how much tuition was at my interviews (and no, my parents aren't paying for everything so dont' flame me)....

 

[DB#1]

Temple is STILL a lot cheaper than BU. Significantly cheaper out-of-state tuiton, way cheaper living costs, no need to buy an overpriced laptop from the school....

I will repeat this again, not taking into account living, the tuition situation is like this:
Temple Out of state tuition - $38,300
BU anyone tuition - $42,300
How is that signifcantly cheaper??? go back and take stats in University.

 

[DB#1]

Tough life, ay? What hood are you from in Canada that's so rough? Or, are you just saying you took some karate classes?

Listen SUPERFAG, I wasn't born in Canada...
I have fought lots of people, and competed in many "rough sports" across the border (rugby, football and mixed martial arts), Americans are not a lot tougher than Canadians, don't underestimate the "nice" people of Canada, eh.

 

[mvs04]

Let the testerone-fueled virtual chest thumping begin!