So costly!

[Mr.E]

---

Members don't see this ad.

Why are some of these dental schools so expensive? Some range within 50K per/yr. in tuition alone. 😱 In addition to living expenses, lab equip, books and other necessities how is one able to find financial aid? I may be wrong but I thought the cap on finacial aid for dental/medical student is 185K subsidized and unsubsidized, assuming we receive no help from family.

 

[ShawnOne]

Those schools you are looking at are probably private. And yes, they are expensive!

Regarding the 185k max, that's the federal stafford aggregate. that's also where private loans come in...

 

[aphistis]

Why are some of these dental schools so expensive? Some range within 50K per/yr. in tuition alone. 😱 In addition to living expenses, lab equip, books and other necessities how is one able to find financial aid? I may be wrong but I thought the cap on finacial aid for dental/medical student is 185K subsidized and unsubsidized, assuming we receive no help from family.

Why is any education program expensive? It's a multifactorial question, but it's not going to get any cheaper. Remember, it's an investment in your future, and it'll pay enormous dividends once you get out.

 

[sidewalkman]

There was an article in my local paper today about anxiety and going to the dentist. Penn offers their students "lectures on hypnosis, anxiety signals, and body language," among other things. With Temple, "behavior issues are incorporated generally into the curriculum."

Guess which school is more expensive? 😀

 

[ItsGavinC]

Why is any education program expensive? It's a multifactorial question, but it's not going to get any cheaper. Remember, it's an investment in your future, and it'll pay enormous dividends once you get out.

Further, student loans are essentially free money right now. And, when it comes time to repay them you should consolidate and lock in at the lowest rates possible. Then, find an investment that is 2-3% higher than the interest rate you pay on your loans, pay the minimum on your loans and put the excess money towards that investment. In an average market year you'll come out over $400,000 ahead after 30 years versus paying off your loans quickly in 10 years.

The moral of the story: if rates are low then don't pay off your loan quickly. String it out over 30 years and pay only the minimum. Invest the money that you would have put towards the loan and let it earn some additionaly money for you.

 

[ItsGavinC]

Here's an example for people who have $225,000 in student loan debt, which isn't an unreasonable amount given some of our situations.

"The question is what would happen if I were to invest that chunk of change (ie 225,000 of cash) into investments for 30 years. For ease of calculation I'm combining all those years of living cheap into 1 year. Makes the numbers easier to work with.

Average Return Scenario:

I invest $225,000 at the historical average (11%) over 30 years. That account would be worth $5,150,766. Subtract what I'd pay for the loan (225 +109 = 334) and I come out $4,816,000 ahead.

Bad Return Scenario:

Underperform the market (rate of return = 8%). Total worth over 30 years = $2,264,098. After paying for the loan: $1,930,098

Pathetic Return Scenario:

I do really bad and have a return average of 5%. Total worth over 30 years = $972,436. After paying for the loan: $638,436

Better Return Scenario:

Assuming 14% return (not unreasonable), total is worth $11,463,785. After loan: $10,825,349"

 

[AFVET]

Here's an example for people who have $225,000 in student loan debt, which isn't an unreasonable amount given some of our situations.

"The question is what would happen if I were to invest that chunk of change (ie 225,000 of cash) into investments for 30 years. For ease of calculation I'm combining all those years of living cheap into 1 year. Makes the numbers easier to work with.

Average Return Scenario:

I invest $225,000 at the historical average (11%) over 30 years. That account would be worth $5,150,766. Subtract what I'd pay for the loan (225 +109 = 334) and I come out $4,816,000 ahead.

Bad Return Scenario:

Underperform the market (rate of return = 8%). Total worth over 30 years = $2,264,098. After paying for the loan: $1,930,098

Pathetic Return Scenario:

I do really bad and have a return average of 5%. Total worth over 30 years = $972,436. After paying for the loan: $638,436

Better Return Scenario:

Assuming 14% return (not unreasonable), total is worth $11,463,785. After loan: $10,825,349"

Now the question becomes, why not skip dental school and invest the money. I could sit on my butt for the next 30 years and wait for my ship to come in!!!

 

[aphistis]

Now the question becomes, why not skip dental school and invest the money. I could sit on my butt for the next 30 years and wait for my ship to come in!!!

Because you need admission to school in order to qualify for the loans. 😉

 

[AFVET]

Because you need admission to school in order to qualify for the loans. 😉

I always forget the little details...dang.