Private loans for dental school?

[lazyindy]

It looks like I will be attending NYUCD this August. I have a problem though, my family is not too well off financially and can't afford to help me with apartment deposits, broker fees, and other expenses before school starts. I know that federal loans will be disbursed in August but I also need money ASAP for this apartment I found right near the school.

I have looked into discover student loans but I'm hesitant on applying for a private loan. Does anyone have experience with private loans and think its a wise choice, given that my financial situation sucks?

thanks

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[bjpenn]

Naw I wouldn't go that far. Look into first citizens. Get a private loan if you have to - NYU alum

 

[lazyindy]

Withdraw from NYU and apply again next year.

Seriously - Can't you see that the industrial-student-loan complex preys on students like you? This is almost a crime. You're going 500k in debt for a job that starts off pays 80k AFTER taxes?

Don't take private student loans. Don't go to NYU this cycle, and don't go 500k+ in debt. NYU isn't worth it (trust me).

If you can't even pay the deposit and initial broker fees for your apartment - doesn't that tell you something about the school? Most schools will even waive the deposit if they *really* cared about you coming and you couldn't afford it. Many medical schools don't even have deposits in the first place.

This is actually pissing me off. The reason dental schools are able to get away with charging 500k (soon to be near 700k) is because there are always warm, desperate bodies willing to sell their soul to fill a spot... even if said spot is actually a chain of debt that will follow you throughout your entire life

I'm sorry if this seems kind of harsh - but I know at least 5 people as well who also only got into NYU. They all decided to withdraw. Although adcoms may see this - NYU is already on the ****-list for alot of admissions committee people (it has a pretty terrible reputation in the dental world). If you interview elsewhere next cycle - the question won't even come up (I guarantee you)

I understand your point but I have no choice. If I don't attend NYU this cycle my parents will realistically kick me out of the house then I will be in a worse situation given the fact that I have a ****ty job that pays $15/hour and have to bear the expense of application fees again. I am so close to attending NYU already and it feels criminal to back down now.

Sigh Idk im just so lost and depressed

 

[Cold Front]

I understand your point but I have no choice. If I don't attend NYU this cycle my parents will realistically kick me out of the house then I will be in a worse situation given the fact that I have a ****ty job that pays $15/hour and have to bear the expense of application fees again. I am so close to attending NYU already and it feels criminal to back down now.

Sigh Idk im just so lost and depressed

I would agree with CCN2... However, given your circumstances, I would go to NYU at the cost of not ruining your relationship with your parents and possibly becoming homeless (not literally) if you back out at this stage. Even if you reapply, there is still a chance only NYU will accept you again, but with higher tuition and everything else.

You could always apply for NHSC spot now, and get your living cost covered while in school and tuition debt paid off first 4 years in your career at a FQHC site. Who knows, going to NYU might not have been a bad decision after all, and you could be ahead of other grads from cheaper schools if you become financially responsible and savvy with dentistry.

 

[Incis0r]

You could always apply for NHSC spot now, and get your living cost covered while in school and tuition debt paid off first 4 years in your career at a FQHC site. Who knows, going to NYU might not have been a bad decision after all, and you could be ahead of other grads from cheaper schools if you become financially responsible and savvy with dentistry.

This is a good recommendation- the only issue is....those NHSC scholarships are so few and so hard to get unless you are from a severely disadvantaged background. Even military (AF and Navy) are becoming overly competitive. Army is less competitive.

If I don't attend NYU this cycle my parents will realistically kick me out of the house

Can you explain the situation to them? Ultimately, they're your parents- the only reason they're pushing you so hard into NYU right now is b/c they think that's what is best for you. If you can show them that it's actually a pretty bad situation for you, they may be willing to listen?

 

[sjk20]

Correct me if I'm wrong but can you not just get a small loan right now to cover those fees?

Would the roommates you plan on living with be willing to cover your half until the loans are distributed from the school? After all you WILL be getting that money eventually?

 

[whaleofatale]

It looks like I will be attending NYUCD this August. I have a problem though, my family is not too well off financially and can't afford to help me with apartment deposits, broker fees, and other expenses before school starts. I know that federal loans will be disbursed in August but I also need money ASAP for this apartment I found right near the school.

I have looked into discover student loans but I'm hesitant on applying for a private loan. Does anyone have experience with private loans and think its a wise choice, given that my financial situation sucks?

thanks

You cannot borrow private student loans to cover pre-matriculation expenses. These expenses will need to be paid out-of-pocket, via credit cards, or with personal loans that do not require school certification.

That said, if you cannot afford these expenses you probably should not be planning on enrolling in the fall. You may want to consider deferring your acceptance for a year and working and saving up during your time off.

 

[sjk20]

Also a future NYU student here and I've heard from multiple people that they've settled on apartments within a few weeks before orientation. Loan packages will be provided by the end of June. As for when you'd have the money by that's something you need to call the financial aid office about- (212) 998-9830. Apartments open up all the time, the only added stress you'd have is finding roommates. But theres always craigslist or the NYU housing registry (http://www.nyu.edu/life/living-at-nyu/off-campus-living/registry.html)

I would get advice about it from the school before you make the decision to drop your acceptance. You couldn't possibly be the first or last person to be caught in this situation.

 

[Hyunin1210]

I'm sorry if this seems kind of harsh - but I know at least 5 people as well who also only got into NYU. They all decided to withdraw. Although adcoms may see this - NYU is already on the ****-list for alot of admissions committee people (it has a pretty terrible reputation in the dental world). If you interview elsewhere next cycle - the question won't even come up (I guarantee you)

Every single interview I went to told me to go to NYU if that was my only acceptance. This terrible reputation is a lot of hear say and there are no credible sources to prove it. There will be great dentists and people who have great experiences in dental school or the exact opposite regardless of where they go. Apply next cycle? What if he doesn't get in? What if it is another expensive private school? State schools are not cheap either.

Are you an NYU Dental Graduate? Dental student? SDN analyst?

 

[lazyindy]

Also a future NYU student here and I've heard from multiple people that they've settled on apartments within a few weeks before orientation. Loan packages will be provided by the end of June. As for when you'd have the money by that's something you need to call the financial aid office about- (212) 998-9830. Apartments open up all the time, the only added stress you'd have is finding roommates. But theres always craigslist or the NYU housing registry (http://www.nyu.edu/life/living-at-nyu/off-campus-living/registry.html)

I would get advice about it from the school before you make the decision to drop your acceptance. You couldn't possibly be the first or last person to be caught in this situation.

Thanks a ton! I will check with the financial aid office about the disbursement.

Also looking into the air force HSPS, seems like a logical choice (if I'm chosen) given the insane debt NYU will put on me.

 

[wildzodiac]

If I were you, I would either pull back my acceptance or do the military route. I obviously don't know your financial standing, but if you have to take out the maximum needed, then you're looking at close to $450,000-$500,000. That's before your wonderful interest rate of 6.21 or 7 21% is even considered.

Have you sat down and calculated what your payments would need to be after you graduate to get out of debt? I was accepted to NYU when I applied, and just for sh*tz and giggles, I wanted to see how much my loan payment would be after I graduated. Well, without boring you too much, if I took out the maximum amount needed to cover everything I needed to get through school at NYU, and pay off the debt in 10 years, then I would have had to pay, get this, $6,3000/MONTH. That's over $75,000/year JUST in student loans. Let's say that after you graduate you do really good and start making $120,000/year right when you get out. Well shoot there is income tax, that will knock you down to roughly about 85-95k/year depending on what state you live in. Oops, can't forget about those student loans! Now you're left with 10k/year. You see the problem? For you to live a very frugal life off of 50k/year after loans, then you would have to make over $200,000/year right out of school. Again, do you see the problem? You simply can't pay back your loans after you graduate if you decided on a 10 year fixed payment plan.

You would have to pay back your loans for over 30 YEARS in order for your monthly payments to be relatively reasonable of about $2,700/month. Obviously, going this route and extending your pay period only adds to the total amount of interest accrued. For me, if I were to go to NYU, take the full amount needed to go to school there, and pay it back over 30 years, then it would have costed me, counting interest, by the time it was all said and done, just over $1,000,000. And that's just your student loans! I'm sure that someday, you might want a house, your own private practice, and a few kids that will suck you dry of money.

Needless to say, if you go to NYU and don't do the military route, then you WILL be a slave to Uncle Sam for decades.

 

[Munks]

Needless to say, if you go to NYU and don't do the military route, then you WILL be a slave to Uncle Sam for decades.

As opposed to being Uncle Sam's slave for 4/5 years .. But yeah I'd have to agree, from your brief explanation of background, NHSC or military scholarship look like they would be right up your alley to alleviate that huge stress you will have post graduation.

 

[lazyindy]

If I were you, I would either pull back my acceptance or do the military route. I obviously don't know your financial standing, but if you have to take out the maximum needed, then you're looking at close to $450,000-$500,000. That's before your wonderful interest rate of 6.21 or 7 21% is even considered.

Have you sat down and calculated what your payments would need to be after you graduate to get out of debt? I was accepted to NYU when I applied, and just for sh*tz and giggles, I wanted to see how much my loan payment would be after I graduated. Well, without boring you too much, if I took out the maximum amount needed to cover everything I needed to get through school at NYU, and pay off the debt in 10 years, then I would have had to pay, get this, $6,3000/MONTH. That's over $75,000/year JUST in student loans. Let's say that after you graduate you do really good and start making $120,000/year right when you get out. Well shoot there is income tax, that will knock you down to roughly about 85-95k/year depending on what state you live in. Oops, can't forget about those student loans! Now you're left with 10k/year. You see the problem? For you to live a very frugal life off of 50k/year after loans, then you would have to make over $200,000/year right out of school. Again, do you see the problem? You simply can't pay back your loans after you graduate if you decided on a 10 year fixed payment plan.

You would have to pay back your loans for over 30 YEARS in order for your monthly payments to be relatively reasonable of about $2,700/month. Obviously, going this route and extending your pay period only adds to the total amount of interest accrued. For me, if I were to go to NYU, take the full amount needed to go to school there, and pay it back over 30 years, then it would have costed me, counting interest, by the time it was all said and done, just over $1,000,000. And that's just your student loans! I'm sure that someday, you might want a house, your own private practice, and a few kids that will suck you dry of money.

Needless to say, if you go to NYU and don't do the military route, then you WILL be a slave to Uncle Sam for decades.

brilliant post thanks!

yes I have calculated what my monthly payments will look like after school and they are quite discouraging. Only problem is at this time I can only apply for the 3 year HSPS programs in the navy/air force/or army and I'm not guaranteed the scholarship due to the competition.

 

[allantois]

I would agree with CCN2... However, given your circumstances, I would go to NYU at the cost of not ruining your relationship with your parents and possibly becoming homeless (not literally) if you back out at this stage. Even if you reapply, there is still a chance only NYU will accept you again, but with higher tuition and everything else.

You could always apply for NHSC spot now, and get your living cost covered while in school and tuition debt paid off first 4 years in your career at a FQHC site. Who knows, going to NYU might not have been a bad decision after all, and you could be ahead of other grads from cheaper schools if you become financially responsible and savvy with dentistry.

At some point, one is better off working that $15 job over taking on all that debt. Otherwise, what's the point of making a new thread for skyrocketing costs of tuition every year - if the conclusion is to always proceed with whatever price tag the school posts.

 

[wildzodiac]

brilliant post thanks!

yes I have calculated what my monthly payments will look like after school and they are quite discouraging. Only problem is at this time I can only apply for the 3 year HSPS programs in the navy/air force/or army and I'm not guaranteed the scholarship due to the competition.

Well you weren't guaranteed a spot in dental school due to competition and that didn't stop you from applying anyways.

 

[lazyindy]

Well you weren't guaranteed a spot in dental school due to competition and that didn't stop you from applying anyways.

The scenarios are quite different. with my stats, the chances of acceptance were high. However with HSPS, the chances aren't as great. I'm still hesitant on going the military route as of now, weighing the pros and cons.

 

[sjk20]

The scenarios are quite different. with my stats, the chances of acceptance were high. However with HSPS, the chances aren't as great. I'm still hesitant on going the military route as of now, weighing the pros and cons.

My advice is to wait to talk to students and faculty while you're at NYU. I get annoyed with all this doom and gloom advice SDNers have ready for anyone that talks about going to NYU or USC. There's better insight elsewhere- from people who have more than an online loan calculator and an average salary table.

Life is definitely harder for someone who goes to a private dental school vs a state school but you have options and I wouldn't feel s**t out of luck just yet.

 

[Rainy Day Tales]

It looks like I will be attending NYUCD this August. I have a problem though, my family is not too well off financially and can't afford to help me with apartment deposits, broker fees, and other expenses before school starts. I know that federal loans will be disbursed in August but I also need money ASAP for this apartment I found right near the school.

I have looked into discover student loans but I'm hesitant on applying for a private loan. Does anyone have experience with private loans and think its a wise choice, given that my financial situation sucks?

thanks

Why don't you live with your parents ? I am going to NYU this fall too and I plan to live in queens in order to save money. Also, I don't plan to take out any student loans, but I still want to minimize the cost of dental school. Living with your parents, you can save on not only rent, but also on food, groceries, etc. There are many ways to manage money especially since you are Asian. ( I am Asian too and I think living in asian neighborhood can be a bit cheaper).

I seriously doult it would be a good idea for you to reapply next year. It would hurt you a lot if you withdraw your acceptance from dental school in the previous cycle. There is no guarantee you can get into buffalo or Stony brook next year. ( I was wait listing on Buffalo as well)

I saw you on this forum many times and that's why I seem to know a lot about you. Haha still sounds like a stalker.

 

[Cold Front]

At some point, one is better off working that $15 job over taking on all that debt. Otherwise, what's the point of making a new thread for skyrocketing costs of tuition every year - if the conclusion is to always proceed with whatever price tag the school posts.

Different topics. I think the skyrocketing cost of tuition thread you are referring to is about USC, which follows and part of the on-going larger discussion of how higher cost of tuition has no ceiling. I create such thread for awareness purposes, not necessarily to discourage anyone from their pursuit to become a dentist.

That $15 job with no debt is still far behind than a DDS/DMD with a huge debt for multitude of reasons in my opinion. However, the big difference will always come down to what one does with his/her dental degree, which can make him/her financially well off and make the current debt levels irrelevant. Or they can just do the opposite and settle for a job in a saturated area and be stuck with a high income to debt ratio with their personal finances, that won't allow them to live the lifestyle of the former option dentist. The reality is, not everyone who gets into dental school understands the differences until they find themselves in one or the other later in their career.

 

[rassulwest]

anybody here has one of those loan calculator programs they willing to share?

 

[rivarat]

Withdraw and reapply. That is the best advice you've received.

For people who are soon to apply- take a lesson. Stop applying to high cost schools. Don't put yourself in the position of having to choose a possible life of debt.

And sjk20, these applicants and we dental students are untested and unproven. We aren't even average yet. We have no metric to gauge if we have what it takes to make more than $120k or not toil our career away making some corporation rich.

Statistically, half of us are average or below already.

 

[rassulwest]

Withdraw and reapply. That is the best advice you've received.

For people who are soon to apply- take a lesson. Stop applying to high cost schools. Don't put yourself in the position of having to choose a possible life of debt.

And sjk20, these applicants and we dental students are untested and unproven. We aren't even average yet. We have no metric to gauge if we have what it takes to make more than $120k or not toil our career away making some corporation rich.

Statistically, half of us are average or below already.

what do you consider the limit for individual with no financial backing? the school(private) around the corner from my house cost 340K. my other school(state) will cost me 280K. in all honesty the private school is way better and have program that have a personal meaning to me. applying anywhere else out of state will likely cost me more than my state private school correct?

 

[dr.d00m]

Withdraw and reapply. That is the best advice you've received.

Sadly, this thread is over 7 months old and op most likely as already matticulated with NYU

 

[Dipdoc]

what do you consider the limit for individual with no financial backing? the school(private) around the corner from my house cost 340K. my other school(state) will cost me 280K. in all honesty the private school is way better and have program that have a personal meaning to me. applying anywhere else out of state will likely cost me more than my state private school correct?

The prices might even out if you decide to live at home while attending the private school. Since it is just 'around the corner' from your house.


Sent from my iPhone using SDN mobile

 

[Likkriue]

If OP lived with his parents it would've been better. But he didn't want to do that hour commute every day. But I think he will be fine, he's asking question and looking for resources. So he's not one of those blindly walking into 500k loans.