Recent graduates from expensive private schools like NYU?

[dental555]

I've just interviewed at NYU as well as my state school. I really loved NYU and the city, and am applying for a Navy scholarship but just started so I feel like I'm kind of late. If I don't get the Navy scholarship or acceptance in to my state school, but do get in to NYU, I'm a bit worried about the cost. As I see it, over 4 years with cost of living and tuition together, I could likely rack up $400,000 in debt. Over 25 years or so at an aggregate interest of about 7%, this seems like it would be about $3200 per month or more. I'm not sure what the average dentist makes out of school, but is this affordable? If its tough, but affordable, I understand, but if I'm going to put the work in at dental school I don't want to be struggling real hard to pay my bills for 5-10 years out of school. Not like I plan to buy a Mercedes either right out of school, but the last thing I want to worry about it money.

I see this discussed all the time on the predent forum, but I feel like its mostly speculation. Any recent graduates of NYU or schools of a similar price that have an input? How hard is it to pay your debt? Is it a constant stress? Any comments at all are appreciated, but I'd really like to hear from someone who is actually going through it right now.

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[tingting]

I'm a recent graduate. I did HPSP so I'm all set, but I am familiar with what others are going through. I'll tell you straight up it is not worth it at that price. I was reading JADA last week and there are advertisements from dental chains offering $75-95k salary. Do that math and factor in taxes and retirement contributions, it just does not work! You guys need to realize it is a different market than 10 years ago.

Sadly, you will probably ignore me because this is not what you want to hear.

 

[Mackchops]

It's a LOT of debt. Think hard about it. Like, REALLY REALLY hard. Make sure you want to do dentistry and make sure you're ok with living meagerly for awhile -- I am living VERY frugally right now. Granted, I'm in residency, but even when I'm out I'll be pinching pennies for at least a few years. If you say that money is the last thing you want to worry about, I would NOT recommend making a 400k commitment. Great school, but you need to understand the sacrifices you'll have to make to pay it off...

 

[Ostracized]

I just can't see it being worthwhile. Unless you make well above average income after graduation, you'll likely be paying up to 40-50% of your after-tax income towards this debt. I mean, wow, when all is said and done your job will have cost you $1,000,000!

 

[dental555]

To be honest, that's kind of what I expected to hear. I really hope I can get the HPSP, how competitive is it? I'd assume very, but it seems many are discouraged by the idea of the military. I also just began the app process so I'm kind of late, but hopefully if I'm really on top of everything I can get it in at a reasonable time. I hope I didn't screw myself by starting this late. If I don't get in to state school, and don't get in to HPSP, I'm going to have a very hard decision to make.

 

[hellopeople]

To be honest, that's kind of what I expected to hear. I really hope I can get the HPSP, how competitive is it? I'd assume very, but it seems many are discouraged by the idea of the military. I also just began the app process so I'm kind of late, but hopefully if I'm really on top of everything I can get it in at a reasonable time. I hope I didn't screw myself by starting this late. If I don't get in to state school, and don't get in to HPSP, I'm going to have a very hard decision to make.

When I applied (to multiple branches) last year, the only branch that seemed competitive was the Air Force, and that is only if you fail to apply early. But unlike the Air Force, the Navy has quite a few scholarships available each year. If you're grades are decent (by dental school standards) and your DAT isn't too shabby you should be OK. You should apply right away though.

If you can't get a four-year scholarship, you could try for the 3-year scholarship. Alternatively you could apply with the Army, which has even more scholarships and fills their four-year slots a bit later than the Navy.

I was accepted to a few schools, including NYU. Although I liked NYU, I still picked a different school. Even with the 4-year HPSP, the cost of living in NYC was prohibitive because the HPSP stipend is only $2122 per month (and a bit higher for 6 weeks out of the year).


Good luck buddy.

 

[jay47]

I've just interviewed at NYU as well as my state school. I really loved NYU and the city, and am applying for a Navy scholarship but just started so I feel like I'm kind of late. If I don't get the Navy scholarship or acceptance in to my state school, but do get in to NYU, I'm a bit worried about the cost. As I see it, over 4 years with cost of living and tuition together, I could likely rack up $400,000 in debt. Over 25 years or so at an aggregate interest of about 7%, this seems like it would be about $3200 per month or more. I'm not sure what the average dentist makes out of school, but is this affordable? If its tough, but affordable, I understand, but if I'm going to put the work in at dental school I don't want to be struggling real hard to pay my bills for 5-10 years out of school. Not like I plan to buy a Mercedes either right out of school, but the last thing I want to worry about it money.

I see this discussed all the time on the predent forum, but I feel like its mostly speculation. Any recent graduates of NYU or schools of a similar price that have an input? How hard is it to pay your debt? Is it a constant stress? Any comments at all are appreciated, but I'd really like to hear from someone who is actually going through it right now.

How about a nice discussion from about 50 different dentists practicing on the subject?

Seriously, every applicant should read this series of posts- and if you don't have a Dental Town account, then get one- it WILL be worth it.

http://www.towniecentral.com/MessageBoard/thread.aspx?s=2&f=136&t=193522&pg=1

But the short answer is NO- do not go into debt for a half million dollars (yes, interest will make it that much by the time you graduate). Plus, what if tuition and cost of living goes up even more? Then you'll be SOOL.

 

[dental555]

When I applied (to multiple branches) last year, the only branch that seemed competitive was the Air Force, and that is only if you fail to apply early. But unlike the Air Force, the Navy has quite a few scholarships available each year. If you're grades are decent (by dental school standards) and your DAT isn't too shabby you should be OK. You should apply right away though.

If you can't get a four-year scholarship, you could try for the 3-year scholarship. Alternatively you could apply with the Army, which has even more scholarships and fills their four-year slots a bit later than the Navy.

I was accepted to a few schools, including NYU. Although I liked NYU, I still picked a different school. Even with the 4-year HPSP, the cost of living in NYC was prohibitive because the HPSP stipend is only $2122 per month (and a bit higher for 6 weeks out of the year).


Good luck buddy.

Thanks. I just contacted an Army recruiter so I think I'll give that a shot as well. Do you know how much later they filled their slots? I just met with a Navy recruiter today and he said we can get through everything on our side in a good time, but there is one form that takes a minimum of three months for them to begin considering my application or something like that, so I feel like I'm in a pretty late position if that is the case.