Should I only apply to a few schools?

[Ollivander]

There's a reason behind me asking this. I am an Alabama resident. UAB is currently one of the top 10 cheapest dental schools for in-state residents. Would it be a wiser option applying to only a handful of schools (7 or 8) instead of more (16 or 17) and lessening my chances of being accepted overall, BUT having it in mind that I will do a SMP if I don't get into UAB (or the other 7 or 8 schools) the first time around? My parents and I are currently weighing the decision. For instance; one of the schools that is included in the 16 or 17 I'm considering applying to is Roseman. If I was granted acceptance into Roseman and took it, I'd be 400-450K in debt by the time I graduate compared to less than 200K at UAB. However, if I were to take a year, do a SMP for 25-35K, and reapplied to let's say 15 schools the second time around after completion of a SMP, I'd only have to pay back 25-35K in addition to the 200K for UAB (if I was granted acceptance there). I'm just looking for advice and would appreciate anyone that is willing to weigh in. I thank you in advance.

Last year 114 in-state residents applied to UAB. 68 got interviews and 49 of those 68 were accepted.

49/62 of those students accepted by UAB were in-state residents. That's roughly 79% in-state students.

For reference my oGPA is slightly above a 3.3, and my sGPA is slightly above a 3.1. I have yet to take my DAT. I will be taking it in either June or July.

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[customx]

Get a 21+ on the DAT and you should be able to get some interviews. If you don't get in this year, go for the SMP and reapply to UAB. Some people will say to just go to any school you get accepted to, but if you're young, then waiting 1 year is worth it if it can save you $200k + interest (all assuming you get into UAB) after the SMP. Just be aware there are no guarantees throughout this entire process. It's been nearly a year since I started getting my LORs ready, writing my personal statement, etc. and I have 2 acceptances, 3 waitlists and countless rejections to show for it. Be patient, work hard, and best of luck

 

[ajj70]

There are other considerations though. If you get into a school and your overall cost ends up being about 200K more and you wait a year to go to another school, you lose out on future earning potential down the road along with the time value of your investment dollars along the way. I know it doesn't seem like much but the upfront cost might be worth it. For example, if you were to take $100,000 today, put it into an investment earning 5% (very conservative) over 40 years, that translates into $703,998.87. Take that $200,000 looan, amortize that out over 30 years at 6%, $431,676.38 is what you would pay. So, you have sacrificed a year's salary that could potentially cost you about $300,000. Even without the investment losses, in 30 years, you will be making $200,000 or so...you knock off one year of earning and there is the difference in the cost of the schools. All of these numbers are without paying for your SMP too.

Not to mention, you might not get in during the second go round....

 

[cacajuate]

There are other considerations though. If you get into a school and your overall cost ends up being about 200K more and you wait a year to go to another school, you lose out on future earning potential down the road along with the time value of your investment dollars along the way. I know it doesn't seem like much but the upfront cost might be worth it. For example, if you were to take $100,000 today, put it into an investment earning 5% (very conservative) over 40 years, that translates into $703,998.87. Take that $200,000 looan, amortize that out over 30 years at 6%, $431,676.38 is what you would pay. So, you have sacrificed a year's salary that could potentially cost you about $300,000. Even without the investment losses, in 30 years, you will be making $200,000 or so...you knock off one year of earning and there is the difference in the cost of the schools. All of these numbers are without paying for your SMP too.

Not to mention, you might not get in during the second go round....

Your argument is flawed. There is no way he will make enough to invest $100k first year out. Especially paying off a $450k loan.

If you don't get into UAB, do a masters and try again. 6-7 schools is more than enough to apply to.

 

[ajj70]

Your argument is flawed. There is no way he will make enough to invest $100k first year out. Especially paying off a $450k loan.

If you don't get into UAB, do a masters and try again. 6-7 schools is more than enough to apply to.

It was just an example. Even taking $20,000/year that deposit value is more than what the interest/payments on that loan would be....keeping in mind that the excess is what you are considering, not the full 450K. Just taking one year off of the $20,000 will cost him $300,000 in the future, not to mention the lost year of income earnings of $200,000 or so. So, to save $250,000 in 2017, he would give up about $500,000 in 2055....minimum and not factoring in future dollar value of earnings....

 

[customx]

Saving $150-200k on a school will allow you to pay off student loans in probably 5-7 years if you are aggressive. If you're young, waiting a year would be in your best interest.

 

[Chga]

Don't leave it to chance, go all out. You don't know what's going to happen next year.

 

[dds2b219]

Saving money is great but you're losing 1-2 years of earning a dental salary by doing a masters. There are plenty of schools who offer in state after 1 year, you cannot bank on getting in to your state school with or without a masters... It's a crap shoot. Apply broadly and you'll be thankful later.

 

[midman19]

If this was a process that the students had more control of, I would say you could wait a year. However, you have pretty much no control over what happens and therefore you should apply to 14 or 15 schools and then choose the cheapest one you get into. If that is still too much, you can apply for an HPSP scholarship through one of the military branches. Once you get in the middle of the process you'll realize that waiting a year is the last thing you want to do...

 

[ajj70]

Saving $150-200k on a school will allow you to pay off student loans in probably 5-7 years if you are aggressive. If you're young, waiting a year would be in your best interest.

You can still be aggressive and pay off your 450K loans too. You are just being short sighted and need to look at the overall picture. The upfront costs are only a very, very small part of the picture. Sure, if you can get into a school and only graduate with 200K, great, but 450K in loans is better than no loans and not getting into any schools. Also, he could take advantage of some of the loan forgiveness programs out there to cut that 450K way down as well. Not to mention that paying off the loans early only supports my stance that you are better off entering the dental field as early as possible for the best long term income/investment dollars. Paying off loans in 5-7 years will only further enhance your overall earnings.

 

[customx]

You can still be aggressive and pay off your 450K loans too. You are just being short sighted and need to look at the overall picture. The upfront costs are only a very, very small part of the picture. Sure, if you can get into a school and only graduate with 200K, great, but 450K in loans is better than no loans and not getting into any schools. Also, he could take advantage of some of the loan forgiveness programs out there to cut that 450K way down as well. Not to mention that paying off the loans early only supports my stance that you are better off entering the dental field as early as possible for the best long term income/investment dollars. Paying off loans in 5-7 years will only further enhance your overall earnings.

I'm not being short sighted at all. I already had this debate with myself, and the main reason I decided not to reapply even though I've been admitted to a couple schools is my age. Were I 10 years younger I would reapply. Yes, you give up 1 year of income, which after taxes is probably close to $90k. Payments on a $400-450k loan will be about $3.5-4k a month, every month for 15+ years.
You said it yourself, nothing is guaranteed. Getting a HPSP or NHSC scholarship isn't guaranteed either. It's just one year, but the lasting effects will be felt for his or her entire life. Should he or she gain acceptance to UAB, it will be easier to afford a home, purchase a practice, and afford other necessities. And just because one starts their dental career later by a year doesn't mean they are giving up their income 30 years down the road.

 

[synthiac]

If you are going to apply this year, since your GPA is a little on the lower side I would recommend on applying to maybe 10 schools...My GPA was around 3.5 and I applied to 6 schools but I felt like I was cutting it close since I got 1 acceptance and 2 other interviews. Another thing to do is try to apply as early as possible...If your DAT scores are 22 or above, I don't see why you couldn't get it in the first try.

 

[Dent_Dent]

I agree with synthiac, apply EARLY is the key and apply broad. Investing more now is totally worth it.

 

[Ollivander]

Is it worth applying places like Roseman, Case Western, ASDOH, and Maryland that would run $100K per year versus doing a masters? It just really seems like doing a SMP (at Iowa State for $23K in tuition and books) then going to UAB (200K total) and not having to worry about living expenses at UAB would be the smartest route money wise. But if I go through a SMP and don't get into UAB then I'm stuck with 20-30K of debt from the SMP and choosing one of the pricier schools.

 

[Joecardo]

Input from TitleTown. I'm a KY resident at The University of Alabama, since I'm OOS it's not saying much but I got an interview and eventually a decline from UAB. My fraternity brother is an Alabama resident from Birmingham with a 3.75/21AA and still hasn't gotten an acceptance. He went your first route and didn't apply to many schools.

Keep in mind that UAB sends out acceptances up until in some cases a week before classes begin. He's still hanging onto the wait list but if he doesn't get in it may be too late to apply for a SMP. I didn't get denied from UAB until late February.

My stats are a little lower than his overall 3.5/science 3.4, 21AA and I applied to 6 schools: UAB, Louisville, UK, Ohio State, Florida, and MUSC. I interviewed everywhere but Ohio State and Florida and haven't been accepted so I'll be reapplying.

Worrying about a gap year and how to maximize everything you do to increase your chances the next time around has been pretty stressful. I'd apply to 10+ schools, being wait listed sucks and every email you get with "Updates at so and so school" after they wait list you takes its tole.

 

[jaa2031]

The stat is not right to reflect your chance to get in. Based on my math, more people should had an interview at UAB because school started interview since late August to April. So, 200+ come to interivew. Also, it is more competitive to get into the program because average GPA who accepted to UAB is 3.6. My best advice is apply early as possible and do extremely well on dat. My recommendation would be get 22+ on your dat. Also, don't get discourage by not accepting to your instate school. Some of the dental schools offer scholarship and changes your residency after first year of dental school to pay in state school tuition.
Hope this help!!
http://forums.studentdoctor.net/threads/schools-and-changing-residency-the-list.1113135/
http://forums.studentdoctor.net/threads/in-state-tuition-for-oos-students.829873/
http://forums.studentdoctor.net/threads/dental-school-scholarships.699369/
http://forums.studentdoctor.net/threads/scholarship-for-dental-school.873933/
http://forums.studentdoctor.net/threads/scholarships-in-dental-school.1054726/