Paying/Dealing With Huge Debt, Help!

[ayed22]

I know the goal of the game is to go to the cheapest school that can, but my state does not have a state dental school, so I'm forced to go to somewhere private. Right now, all the schools I've visited have been nothing but expensive. Yeah some schools offer scholarships, but those aren't guaranteed. Yes I know I want to do dentistry, but I cant help but wonder what to do when the cheapest school I could possibly get into would be a little over $400,000 not including interest. Anyone out there have any wise words?

---

Members don't see this ad.

 

[NewDent02]

.

 

[Carlsaganlvr10]

I know the goal of the game is to go to the cheapest school that can, but my state does not have a state dental school, so I'm forced to go to somewhere private. Right now, all the schools I've visited have been nothing but expensive. Yeah some schools offer scholarships, but those aren't guaranteed. Yes I know I want to do dentistry, but I cant help but wonder what to do when the cheapest school I could possibly get into would be a little over $400,000 not including interest. Anyone out there have any wise words?

Does your state have reciprocity agreements with other schools? I'm from Arkansas, a state without a dental school, but with a special grant program funded by Arkansas to help mitigate the cost of going out of state. Perhaps your state has a similar program?

 

[ayed22]

Does your state have reciprocity agreements with other schools? I'm from Arkansas, a state without a dental school, but with a special grant program funded by Arkansas to help mitigate the cost of going out of state. Perhaps your state has a similar program?

Lol Nope! I've looked into all of that, but we do not have anything like that & after applying this cycle and getting quite a few interviews, if I were to get in this cycle, it would be quite dumb (I think) to decline my acceptance to move to another state for a year and thennn reapply as instate.

 

[Incis0r]

Lol Nope! I've looked into all of that, but we do not have anything like that & after applying this cycle and getting quite a few interviews, if I were to get in this cycle, it would be quite dumb (I think) to decline my acceptance to move to another state for a year and thennn reapply as instate.

D1 on the HPSP here. Military might be an option if you have an interest in serving.

 

[shibedeleshibe]

You can also look into schools that allow you to do a change in residency. It's possible to do this for schools like UNLV, Ohio State, and U. Maryland after your first year I believe.

 

[ayed22]

D1 on the HPSP here. Military might be an option if you have an interest in serving.

I feel horrible by saying that I have zero interest in serving. I'd probably get disowned by my family if I do as well buuuttt I'm still going to try to apply next year for the scholarship. I'm also going to apply for the NHSC scholarship but I read that funding for that might be stopped soon 🙁

You can also look into schools that allow you to do a change in residency. It's possible to do this for schools like UNLV, Ohio State, and U. Maryland after your first year I believe.

Thanks for the suggestion! Out of those schools I did apply to UNLV. Crossing my fingers and hoping to hear back from them with good news. Idk if this is true or not but I have heard that changing to a maryland resident tends to be harder than they make it seem and people end up changing after their D2 or D3 year leaving for only 1 or 2 years of in state residency thus making it somewhat not even worth it. As for Ohio, they only accept about 10 OOS students so I thought my money would be better served applying to somewhere I have a greater chance of an interview.

 

[shibedeleshibe]

I feel horrible by saying that I have zero interest in serving. I'd probably get disowned by my family if I do as well buuuttt I'm still going to try to apply next year for the scholarship. I'm also going to apply for the NHSC scholarship but I read that funding for that might be stopped soon 🙁


Thanks for the suggestion! Out of those schools I did apply to UNLV. Crossing my fingers and hoping to hear back from them. Idk if this is true or not but I have heard that changing to a maryland resident tends to be harder than they make it seem and people end up changing after their D2 or D3 year leaving for only 1 or 2 years of in state residency thus making it somewhat not even worth it. As for Ohio, they only accept about 10 OOS students so I thought my money would be better served applying to somewhere I have a greater chance of an interview.

The class of 2020 data for Ohio State Univ. says they accepted 54/60 OOS interviewees. At my interview, the vast majority of the ~30-35 interviewees were from OOS. Also from talking to UNLV dental students at my interview, all of them are able to secure a residency switch after D1 year without much hassle. Best of luck!

 

[ayed22]

The class of 2020 data for Ohio State Univ. says they accepted 54/60 OOS interviewees. At my interview, the vast majority of the ~30-35 interviewees were from OOS. Also from talking to UNLV dental students at my interview, all of them are able to secure a residency switch after D1 year without much hassle. Best of luck!

Oh wow I didn't know that. I just looked at the number that matriculated which was 10! I'll go look and see if it's not too late to still send in an app (even if it's really late in the cycle). As for UNLV, it's my only hope right now for not getting out of school with so much debt so I'm crossing my fingers for that one. Thanks for your comment and good luck to you as well!

 

[deleted696582]

I feel horrible by saying that I have zero interest in serving. I'd probably get disowned by my family if I do as well buuuttt I'm still going to try to apply next year for the scholarship.

It's a long application process. Don't waste your time applying if you have no interest in it. It would be even worse to receive the scholarship and be stuck in the military when you don't want to be. It's an amazing deal but you have to be okay with their side of it. Trust me - don't do it for the money alone.

 

[Incis0r]

It's a long application process. Don't waste your time applying if you have no interest in it. It would be even worse to receive the scholarship and be stuck in the military when you don't want to be. It's an amazing deal but you have to be okay with their side of it. Trust me - don't do it for the money alone.

100% agreed.

 

[ayed22]

It's a long application process. Don't waste your time applying if you have no interest in it. It would be even worse to receive the scholarship and be stuck in the military when you don't want to be. It's an amazing deal but you have to be okay with their side of it. Trust me - don't do it for the money alone.

100% agreed.

Hmm okay then crossing that off. lol Since you guys are already in D school, do you find it easier to get school specific scholarships now that you attend whatever schools you go to?

 

[8_man]

Hmm okay then crossing that off. lol Since you guys are already in D school, do you find it easier to get school specific scholarships now that you attend whatever schools you go to?

School-specific scholarships are far and few in between. I wouldn't bank on getting any unless you are URM or have amazing accomplishments under your belt. What state are you from, if I may ask?

 

[oralcare123]

Since your family is restricting your choices, ask if they should consider paying the interest on your loans while you are at school or your living expenses

 

[ayed22]

School-specific scholarships are far and few in between. I wouldn't bank on getting any unless you are URM or have amazing accomplishments under your belt. What state are you from, if I may ask?

.

 

[ayed22]

Since your family is restricting your choices, ask if they should consider paying the interest on your loans while you are at school or your living expenses

It's not that they're restricting my choice per say. They just wouldn't be happy with my choice, but I also personally wouldn't be happy with that life either. I know they can't afford it to pay for the interest or my living expenses. They paid for my undergrad so now everything graduate school is all on me.

 

[Incis0r]

It's not that they're restricting my choice per say. They just wouldn't be happy with my choice, but I also personally wouldn't be happy with that life either. I know they can't afford it to pay for the interest or my living expenses. They paid for my undergrad so now everything graduate school is all on me.

Idk if I'd do this for a cost of $500K to be honest.

 

[ayed22]

Idk if I'd do this for a cost of $500K to be honest.

May I ask why? If you don't feel free sharing on here you can PM me.

 

[deleted696582]

It's not that they're restricting my choice per say. They just wouldn't be happy with my choice, but I also personally wouldn't be happy with that life either. I know they can't afford it to pay for the interest or my living expenses. They paid for my undergrad so now everything graduate school is all on me.

Idk if I'd do this for a cost of $500K to be honest.

I wouldn't do this for that much either, but that's just our personal preference. I recommend spending a good deal of time reading threads about debt on here if you haven't already. You can cut costs during school as well and pay off a big debt with smart lifestyle choices once you're working, but 400k and more in debt will limit you financially. Practice purchase, family life, and personal lifestyle will all be affected until you pay your loan off, which could take a decade. Just know what you're getting into.

 

[ayed22]

I wouldn't do this for that much either, but that's just our personal preference. I recommend spending a good deal of time reading threads about debt on here if you haven't already. You can cut costs during school as well and pay off a big debt with smart lifestyle choices once you're working, but 400k and more in debt will limit you financially. Practice purchase, family life, and personal lifestyle will all be affected until you pay your loan off, which could take a decade. Just know what you're getting into.

Thank you all for your responses! I have been reading up on debt and trying to educate myself as much as possible and make smart decisions. That is why I started this forum so I can see if anyone else out there has any more advice on options and routes that can be taken. Again, thank you all for your comments.

 

[oralcare123]

It's not that they're restricting my choice per say. They just wouldn't be happy with my choice, but I also personally wouldn't be happy with that life either. I know they can't afford it to pay for the interest or my living expenses. They paid for my undergrad so now everything graduate school is all on me.

Just be prepared to work longer and harder

 

[Incis0r]

@Fets is correct - this is a highly individual decision and to give you a balanced point of view, I know some awesome people out there who will kill it in the private sector 100% no matter what debt they have. They're ambitious, they research a ton, and they're hungry for success. And they will succeed.

 

[FanOfCostco]

instead of buying two ferraris, you can only get one.

 

[ayed22]

.

 

[WaveRace]

What active steps are you guys taking to mitigate the cost while in D school? I'm going to try to only cook all my foods, go to as many lunch and learns to get free food, and if I go to a major city get a bike. If I don't go to a major city I'll take my car because it gets about 31mpg...Trying to get like 3 roommates too while in school...any other suggestions?

Living somewhere cheap is one of the best ways to save a ton of money. You want to use as little financial aid as you can. Make a budget and stick to it. Don't buy random things at the store (sweet, a $20 halloween candle!) unless it fits your budget. Using a budget helped me save a lot of money the past few years of my life (not in ds but still applicable life advice).

Online subscriptions? Find a way to save on 'em. Do a group plan for spotify, your netflix/hulu, etc. Even something like 5/month instead of 15/month adds up. That's 120/year x4 = $480 of savings! Not even taking interest into account.

If you want to travel on break, do it cheap! Air BnB, budget airlines, etc.

Be smart about the little things - they add up!

 

[oralcare123]

Don’t go crazy penny pinching, it may negatively effect your mental state and ability to study successfully.
Prepare yourself well while at school, so you don’t take years to gain speed

 

[MrDentastic]

The class of 2020 data for Ohio State Univ. says they accepted 54/60 OOS students.

Hi Juustinkim,

Is that acceptance data publically available? I’ve only seen matriculation data on dental school explorer. If not, would you happen to know the acceptance rate for in-state intervieees at OSU?

 

[ayed22]

.

 

[mariobrosdoctor]

Hi Juustinkim,

Is that acceptance data publically available? I’ve only seen matriculation data on dental school explorer. If not, would you happen to know the acceptance rate for in-state intervieees at OSU?

It's in the physical copy of the latest ADEA Guide to Dental Schools. It's all the way in the back in the Tables section. I would assume they would also put this section in the electronic version as well but I guess not?

 

[MrDentastic]

It's in the physical copy of the latest ADEA Guide to Dental Schools. It's all the way in the back in the Tables section. I would assume they would also put this section in the electronic version as well but I guess not?

Thanks!! I bought the combo as I thought each would have different information so I also have the physical guide. OSU acceptance rate for in-state interviewees for the class of 2020 is 83% for those interested.

 

[hellopeople]

I know the goal of the game is to go to the cheapest school that can, but my state does not have a state dental school, so I'm forced to go to somewhere private. Right now, all the schools I've visited have been nothing but expensive. Yeah some schools offer scholarships, but those aren't guaranteed. Yes I know I want to do dentistry, but I cant help but wonder what to do when the cheapest school I could possibly get into would be a little over $400,000 not including interest. Anyone out there have any wise words?

If you can't get in for far less than that I suggest you don't. You aren't forced into going private.
I pay all of my income beyond minimal living expenses to student loans. I will for the foreseeable future. I owe much less than $400K.

To avoid that you can do the military route, but make sure you graduate on time.
No injuries (seriously this is key), academic issues, poor clinical performance, ECT.
You'll also need to consider the cost of CE or residency. You will be very clinically weak upon graduation. This is true regardless of the school. Slight variations in experience are obliterated within the first year of practice. Never let a school sell you on "clinical experience".

That being said get the most you can put of where ever you go. There is no such thing as wasting their time or resources. You'll be paying them thousands of dollars per week.

 

[ayed22]

Okay guys, bumping this thread again! With the one scholarship offer I surprisingly got, I'd be looking at getting about $374,000 after factoring in the 6% loan interest for all 4 years and living on about 1,000/month for 12 months (my family can help a little bit with living expenses so I might be able to reduce that). I calculated this using the calculator I got from The Most Ridiculously Expensive Dental Schools Thread. What do you guys think about this amount? I'm still going to apply for the NSHC scholarship and other odd scholarships, but in case I don't get them, I'm just trying to see how "reasonable" you guys think this amount is for a private school after the fact.

 

[wengerout]

Okay guys, bumping this thread again! With the one scholarship offer I surprisingly got, I'd be looking at getting about $374,000 after factoring in the 6% loan interest for all 4 years and living on about 1,000/month for 12 months (my family can help a little bit with living expenses so I might be able to reduce that). I calculated this using the calculator I got from The Most Ridiculously Expensive Dental Schools Thread. What do you guys think about this amount? I'm still going to apply for the NSHC scholarship and other odd scholarships, but in case I don't get them, I'm just trying to see how "reasonable" you guys think this amount is for a private school after the fact.

I think that’s not bad, still apply for NSHC though.


Sent from my iPhone using SDN mobile

 

[UMDDS]

Currently applying for HPSP and was accepted into my state and private school in MI. To be honest, I will go to medical school before I accept my private school without a scholarship. I’d be looking at 400,000+ before about 6-7% interest so if you don’t refinance you’re looking at 600,000+ in total repayment before buying a practice, Home, saving for retirement, etc. not trying to scare you but it’s good to be educated on these things. This is an amazing career but the cost is extremely steep and you don’t pay that back quick unless you’re one of the quick dental success stories.

Edit: just realized you got the scholarship, congrats!!

 

[helloboys]

Have you picked up drinking yet? This might help with your sorrows.

 

[DVA1990]

Does anyone know about the Health Insurance Fees at each school? If we already have a family plan - we dont need this correct?

 

[ayed22]

Have you picked up drinking yet? This might help with your sorrows.

Haha not really! The most I do is wine once in a long while.

Does anyone know about the Health Insurance Fees at each school? If we already have a family plan - we dont need this correct?

From my interviews, they said that if you hav your own insurance you can waive out of the schools so that’s like 20K easily saved right there if you already have a plan!

 

[ayed22]

I think that’s not bad, still apply for NSHC though.


Sent from my iPhone using SDN mobile

Okay, thank you!

Currently applying for HPSP and was accepted into my state and private school in MI. To be honest, I will go to medical school before I accept my private school without a scholarship. I’d be looking at 400,000+ before about 6-7% interest so if you don’t refinance you’re looking at 600,000+ in total repayment before buying a practice, Home, saving for retirement, etc. not trying to scare you but it’s good to be educated on these things. This is an amazing career but the cost is extremely steep and you don’t pay that back quick unless you’re one of the quick dental success stories.

Edit: just realized you got the scholarship, congrats!!

Yeah that’s a crazy amount, and that’s exactly what I’m trying to avoid. Thank you!!

 

[AT89]

When are you applying? Did you apply and were accepted already? I know this might sound crazy, but why not move to the closest state with a Dental School, wait a year until you are a resident of the state, and then apply to Dental School. I mean if you haven't applied or are already accepted somewhere. I know this sounds insane. I don't know what other options to give you.

 

[Alpha Centauri]

Okay guys, bumping this thread again! With the one scholarship offer I surprisingly got, I'd be looking at getting about $374,000 after factoring in the 6% loan interest for all 4 years and living on about 1,000/month for 12 months (my family can help a little bit with living expenses so I might be able to reduce that). I calculated this using the calculator I got from The Most Ridiculously Expensive Dental Schools Thread. What do you guys think about this amount? I'm still going to apply for the NSHC scholarship and other odd scholarships, but in case I don't get them, I'm just trying to see how "reasonable" you guys think this amount is for a private school after the fact.

374 is a lot but that is post interest so not too moderately high. It isn't like you are going to cancel your acceptances and reapply hoping for cheaper schools. Be realistic, as a dentist you will never have unemployment, guaranteed 6 figures, and live a happy life given you are working a 9-5 for 4-5 days a week. You will never have to take crap from a boss and have freedom over your life. How many non medical careers have such benefits?

Even after loan payments on a 10 year payment plan (assuming 135k income), you will have around the same amount as the average American income for the entire household. You have two options: Don't settle for a laughable $135,000 income and work for an income you want, or don't be an idiot and kill yourself paying loans over 10 years when you can live a happy life and pay it off in 20.

 

[ayed22]

When are you applying? Did you apply and were accepted already? I know this might sound crazy, but why not move to the closest state with a Dental School, wait a year until you are a resident of the state, and then apply to Dental School. I mean if you haven't applied or are already accepted somewhere. I know this sounds insane. I don't know what other options to give you.

Already applied and already accepted to a couple of schools. Don't know how I'd be able to explain getting into schools and turning them down to adcoms, but that was a plan I thought of initially, but it just didn't come together with stuff going on in my life.

374 is a lot but that is post interest so not too moderately high. It isn't like you are going to cancel your acceptances and reapply hoping for cheaper schools. Be realistic, as a dentist you will never have unemployment, guaranteed 6 figures, and live a happy life given you are working a 9-5 for 4-5 days a week. You will never have to take crap from a boss and have freedom over your life. How many non medical careers have such benefits?

Even after loan payments on a 10 year payment plan (assuming 135k income), you will have around the same amount as the average American income for the entire household. You have two options: Don't settle for a laughable $135,000 income and work for an income you want, or don't be an idiot and kill yourself paying loans over 10 years when you can live a happy life and pay it off in 20.

The second paragraph is kind of motivational. I think I might make that my phone background. haha Thank you for sharing your thoughts!

 

[AT89]

If it makes you feel better, I know this person that graduate in 2014 or 2015 I am not sure. Well, 250k in debt. He paid it in 2 years, exactly 2 years, no more no less. I know 250 is less than 374, but if you think about it, and you live frugal for 3-5 years you can have a decent life, and still pay it off in less than 5 years. If you been accepted, don't decline it. Go with it... you will be okay!!!

 

[SmileItsLife]

If it makes you feel better, I know this person that graduate in 2014 or 2015 I am not sure. Well, 250k in debt. He paid it in 2 years, exactly 2 years, no more no less. I know 250 is less than 374, but if you think about it, and you live frugal for 3-5 years you can have a decent life, and still pay it off in less than 5 years. If you been accepted, don't decline it. Go with it... you will be okay!!!

How did they manage that???

 

[Its_Me_G]

If it makes you feel better, I know this person that graduate in 2014 or 2015 I am not sure. Well, 250k in debt. He paid it in 2 years, exactly 2 years, no more no less. I know 250 is less than 374, but if you think about it, and you live frugal for 3-5 years you can have a decent life, and still pay it off in less than 5 years. If you been accepted, don't decline it. Go with it... you will be okay!!!

Their salary must has had to have been over 125k after taxes if they can pay off 250k plus interest in 2 years... and that’s if they put every penny towards their loans

 

[AT89]

How did they manage that???

He had a very frugal life style, old car, and 0 luxuries, 1 bedroom apartment for him and his girlfriend. He works like 7 days a week too. He has amazing hand skills too. He does almost everything and it's not afraid to work hard for the money. I have to be honest, I think his girlfriend helped him too you know with expenses. The point is that is doable to pay it off, or at least to drop it considerably to an amount that is manageable. I think those 6 months of grace period are crucial too. The interest is not accruing yet for those that have previous school loans that are subsidize, those are the first loans to paid off.

Another story I was told, this one was from a financial aid officer at a school I interviewed. It's going to be kind of messy to explain. In summary, this guy started dating a D1, and he was a D4. He graduated, and told the financial aid officer, "i am going to have all my debt paid in 4 years before she graduates." 4 years forward, they met again during her graduation, and he tells the officer, "Guess what? I paid it off, and you know what? I am going to have hers paid off in the next 2 years?. He did, according to the financial aid officer.

All I am saying it's don't let the money or the debt crumble your dreams. Just think that you own certain amount of money, and that is your debt. Work towards managing it, and live your life.

My friend an engineer with debt, he told me the other day, "we are paying for everything that we would not afford to buy if we would not have gone to school," and he is totally right.

 

[AT89]

Their salary must has had to have been over 125k after taxes if they can pay off 250k plus interest in 2 years... and that’s if they put every penny towards their loans

I honestly think, that's what he did. His girlfriend must have paid everything else with him paying just his school debt. It's a very important detail.

 

[SmileItsLife]

He had a very frugal life style, old car, and 0 luxuries, 1 bedroom apartment for him and his girlfriend. He works like 7 days a week too. He has amazing hand skills too. He does almost everything and it's not afraid to work hard for the money. I have to be honest, I think his girlfriend helped him too you know with expenses. The point is that is doable to pay it off, or at least to drop it considerably to an amount that is manageable. I think those 6 months of grace period are crucial too. The interest is not accruing yet for those that have previous school loans that are subsidize, those are the first loans to paid off.

Another story I was told, this one was from a financial aid officer at a school I interviewed. It's going to be kind of messy to explain. In summary, this guy started dating a D1, and he was a D4. He graduated, and told the financial aid officer, "i am going to have all my debt paid in 4 years before she graduates." 4 years forward, they met again during her graduation, and he tells the officer, "Guess what? I paid it off, and you know what? I am going to have hers paid off in the next 2 years?. He did, according to the financial aid officer.

All I am saying it's don't let the money or the debt crumble your dreams. Just think that you own certain amount of money, and that is your debt. Work towards managing it, and live your life.

My friend an engineer with debt, he told me the other day, "we are paying for everything that we would not afford to buy if we would not have gone to school," and he is totally right.

Both of those stories sound really inspirational. I doubt his success can be recreated without someone helping pay for living though... why did you say to pay off undergrad debt first though?

 

[Medin2017]

Currently applying for HPSP and was accepted into my state and private school in MI. To be honest, I will go to medical school before I accept my private school without a scholarship. I’d be looking at 400,000+ before about 6-7% interest so if you don’t refinance you’re looking at 600,000+ in total repayment before buying a practice, Home, saving for retirement, etc. not trying to scare you but it’s good to be educated on these things. This is an amazing career but the cost is extremely steep and you don’t pay that back quick unless you’re one of the quick dental success stories.

Edit: just realized you got the scholarship, congrats!!

Would definitely consider medicine if I had debts at those numbers

 

[UMDDS]

Would definitely consider medicine if I had debts at those numbers

My local state school is considerably cheaper (~260k before interest) than what I mentioned above so I’ll most likely go with that. If you have the stats though and are like me and love both of those career pathways, then medicine is always a good idea to keep in your back pocket in case you’re facing a crazy situation like that. I just chose dental because I liked the entrepreneurial aspect combined with healthcare. If I do get an HPSP it all becomes a moot point anyways lol, but it’s good to analyze those things before hand and know what you’re jumping in to.

 

[Medin2017]

My local state school is considerably cheaper (~260k before interest) than what I mentioned above so I’ll most likely go with that. If you have the stats though and are like me and love both of those career pathways, then medicine is always a good idea to keep in your back pocket in case you’re facing a crazy situation like that. I just chose dental because I liked the entrepreneurial aspect combined with healthcare. If I do get an HPSP it all becomes a moot point anyways lol, but it’s good to analyze those things before hand and know what you’re jumping in to.

I honestly liked the flexibility vs med for the most part, but with all the doom and gloom it's a lot less clear which choice was better.