paying it all off......?

[shootin4par]

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Hi Everyone,

As i begin my journey to dental school this fall I, like many of my classmates, are looking at the numbers and realizing that the finanicals are quite scary. I will be attending a private school and know that no matter what I do I will be taking out loans. My question is for those of you who have gone through this: With the amount it costs to go through dental school, how long does it take to repay the loans? I'm sure that my nerves are within the normal limit, but natural seeing the annual budget definitely is sticker shock. I'm sure there are a lot of others who have feeling this and it would be SUCH a relief to hear from those of you have gone through this already. THANKS!

 

[shootin4par]

Can someone please shed some light on this? I'm sure several of you have been through it, and it would be such a help to many of us about to start the process............TIA

 

[augustdds]

I graduated 6 years ago. I am on the ten year plan. Although some days I just want to pay it off due to the pain in the backside it is, it does not make much financial sense. I took out a total of 86k. If you are in private school i am sure that it will be twice that. I have since refinanced my loan and now its at 3.9% which you just can't get a loan that cheap.

I have 38k left and my payments are about $500/month, so yours will probably be about $1000 over ten years. You can stretch it out twenty or thirty years and you may want to w/out a prepay penalty.

You can write off the interest only if you make less than 80k after school, which means unless you are a resident and do not defer your loans, you don't get a write off. If you really want to write it off, you can do a home equity line of credit, but you wont get those at less than 4% so you are better off paying the tax man.


Although right now in school, $500or $1000 may seem like a huge monthly payment. But once you start working and getting a check, its really not that bad. It is THE best return on any investment you will ever make.

Hope this helps, go to www.dentaltown.com, there are whole sections on this.




August