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SHOW ME THE MONEY!!!!

Discussion in 'Dental' started by Regina330, May 1, 2002.

  1. Regina330

    Regina330 Senior Member
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    I need advice from current students with loans! Here is my problem: I will be going to USC where tuition is NOT cheap. I know that the school gives you a budget and tells you what part of that will be met with federal loans and then it is up to me to go for private loans to fund the rest. I do NOT have a dependable car right now and there are a million and one things I need before school (ie: apt deposit and possibly first months rent, parking permit, furniture, computer, cross-country travel costs, etc). I know that the school does not increase your budget to include the cost of a car. So here are my questions:
    1) Can you get extra money through private loans for a car or won't educational loans cover that expense?
    2) I just recently received an outside scholarship that will send USC the money in the fall. Will my school budget be adjusted when they receive word about this scholarship? Or will it not be adjusted and I can get approved for more financial need, which will possibly cover a car cost?

    I would appreciate anyone who can shed light on my circumstance, anyone who has had a similar problem, or anyone who knows about the whole loan process? :confused:

    Thanks!!
     
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  3. JML1DDS

    JML1DDS Member
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    We had about 6 or 7 USC fourth year students apply for the Pedo. program at Baylor. Most of the students said they owed like $200k to $250k for four years of dental school. That is more than double the average. Why anyone would borrow that much to go to dental school is inconceivable to me. Although, dentists make a good living you are going to be set back a number of years by borrowing $200k. I can't believe that a dental school would expect someone to borrow such an amount. I don't want to be a gloomy gus, but whew!!!! I thought I borrowed a lot of money, but I only borrowed $100k. Check the school's stats on what percentage of students default on their loans. The FA counselor at your school should be able to help you or give you a web site to visit. I am sure that the default rate at USC is much higher than other schools. Just don't be lulled into thinking that "I'll be able to pay it back," or "the school supports us borrowing this much so we should be able to pay it back." Just remember that people DO default on their loans. Check CHECK CHECK your school's stats.
     
  4. groundhog

    groundhog 1K Member
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    I guess it comes down to personal choice and how much some one wants to be a dentist. There are ways around the debt. Some folks likely take advantage of the military scholarship and public service reimbursement programs.
     
  5. steiner19er

    steiner19er Senior Member
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    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by JML1DDS:
    <strong> Check CHECK CHECK your school's stats.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif"><a href="http://defaulteddocs.dhhs.gov/cgi-bin/ddocs_counter.pl" target="_blank">http://defaulteddocs.dhhs.gov/cgi-bin/ddocs_counter.pl</a>
     
  6. groundhog

    groundhog 1K Member
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    The default list is interesting. However, some important information is lacking. To begin with, HEAL loans are not available to most healthcare profession students because the income of one's parents is always factored into the qualification formula. We also do not know how many of those in default actually graduated from their respective schools and became licensed to practice their profession. Another factor not accounted for is the "dead beat" mentality. A magazine article appeared a few years back about some health care professionals who were living high on the hog and just refusing to pay off their student loans. Finally, it appears that the default list is spread over many years. I'm not sure this list gives us a very accurate picture of how many folks who graduate from each school each year and who get licensed to practice actually have financial difficulties because of student loan obligations (especially for medical and dental).
     
  7. markymark

    markymark Senior Member
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    so how hard is it really to pay back student loans? since i'll end up borrowing close to 200k, i was planning on living with the folks for a few more years after i graduate and using the majority of my income to pay off a big chunk of the loans. do you think this will work?
     
  8. markymark

    markymark Senior Member
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    regina,
    try to get the least amount of loans as you can. if it comes to it, try to find an apt close to campus (and make sure you get home early, to avoid walking the streets of south la), or you can try to find an apt with a roommate who you can carpool with.

    as for your scholarship money, you might want to call the financial aid office and talk to sergio. he'll help you out with that.
     

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