Originally posted by JonR
Even if the monthly payments are based upon 4% interest (super super low), they would be about $4000 PER MONTH!! That is ONLY your dental loans...NOT a house, car, or anything else. To put it in perspective, nearly all people take out a THIRTY year loan to pay for a $250,000 house!!!
JonR:
With all due respect. If I have a 30 year loan and paying $4,000 a month that means i'm paying 48,000 dollars a year x 30 = $1,440,000. Do you really expect me to believe that I will be oweing $1,440,000?? My parents house was around $250,000 and we have at 30 year loan and are paying a little over $1,000 a month.
C'mon quit scaring everyone with your exaggerated numbers.
Also let me tell you a little more about PENN's loan program. PENN will be paying our interest for the four years that we will be in school. So our 250,000 debt will remain 250,000 when we come out. The interest will not start compounding until we graduate. If you go to a school that will cost you 180,000 (pretty comparable to other private schools like Temple, NOVA, etc. with interest that will be at least 250,000 if not more.
If it was impossible to do they would think twice about charging you that. PENN, like other schools, is all about its reputation, if all of their alumni go into default with their loans then no one would go there. A school has to prove that their alumni could be successful and pay off their loans. In fact their alumni's are donating more back to the school than any other school. Check their donations list.
PENN just built a new 70,000 square foot clinical center. Also, they have 6 private clinics (where the 3rd year students practice) They don't show you those in the tour.
The best way to do it is to take a 30 year loan so your payments are around 1,300 a month and pay more so you can eliminate it in 6-8 years.
$4,000 a month for 30 years.gimme a break!!!!
DesiDentist