sunken into deep depression

[ohdearhopeipass]

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Hi everyone. I used to think that once I got into dental school, it would all be fine from there, smooth sailing. I got into NYU this year and was so excited to go, but now, I'm just panicking. I'm a canadian student from toronto and I know how bad living expenses are already. Now, I'm facing close to $300 000 of debt and I have no idea how I'll pay it back. I tried to read through the forums and look for how people paid back their loans, but people keep saying that going to NYU for dental school is the stupidest decision. I'm in so far and I will not back out of going to NYU, but at the same time, I'm feeling complete despair. What if I can't pay back the loans quickly? I can't do military because I'm not a citizen nor the nhsc scholarship. I used to consider specializing, but now I'm not under the delusion that i can afford it. How do you all cope with these issues? I'm seriously stressing and losing sleep every night about it and there isn't anything I feel I can do. Separately, if I do find after dent school that i want to specialize, is it a better option to work until I pay off the debt and then apply for specialization? I dont know what to do and it just feels horrible.

 

[lotexigeus]

Hi everyone. I used to think that once I got into dental school, it would all be fine from there, smooth sailing. I got into NYU this year and was so excited to go, but now, I'm just panicking. I'm a canadian student from toronto and I know how bad living expenses are already. Now, I'm facing close to $300 000 of debt and I have no idea how I'll pay it back. I tried to read through the forums and look for how people paid back their loans, but people keep saying that going to NYU for dental school is the stupidest decision. I'm in so far and I will not back out of going to NYU, but at the same time, I'm feeling complete despair. What if I can't pay back the loans quickly? I can't do military because I'm not a citizen nor the nhsc scholarship. I used to consider specializing, but now I'm not under the delusion that i can afford it. How do you all cope with these issues? I'm seriously stressing and losing sleep every night about it and there isn't anything I feel I can do. Separately, if I do find after dent school that i want to specialize, is it a better option to work until I pay off the debt and then apply for specialization? I dont know what to do and it just feels horrible.

hang in there, student loan debt is good debt. Just get a job and pay your bills. If you're going to specialize I would do it right away. 👍

 

[teh dentist]

hang in there.

I'm an out of state-er going to Temple, and I've realized how much my debt will be. I'm not worried.

Your salary will pay it off.

 

[Ostracized]

One piece of advice - don't move back to Toronto. There's not a lot of money to be made by new dentists here.

 

[mike3kgt]

hang in there, student loan debt is good debt. Just get a job and pay your bills. If you're going to specialize I would do it right away. 👍

$50-150k of student loans at 6.8% is "good debt"

$150-300k of student loans at 6.8% is "tolerable debt"

>$300k of student loans at 6.8% is "holy s*%$ debt"

It is scary these days how much money it costs to go to dental school. People always say that when you graduate, you start "making the big bucks and don't have to worry." Well... it's been said that all that student loan debt "gives you a piece of paper that gives you nothing more but the right to go work your butt off to pay it off." Don't always assume that "student loan is good debt."

 

[sbl6]

$50-150k of student loans at 6.8% is "good debt"

$150-300k of student loans at 6.8% is "tolerable debt"

>$300k of student loans at 6.8% is "holy s*%$ debt"

It is scary these days how much money it costs to go to dental school. People always say that when you graduate, you start "making the big bucks and don't have to worry." Well... it's been said that all that student loan debt "gives you a piece of paper that gives you nothing more but the right to go work your butt off to pay it off." Don't always assume that "student loan is good debt."

I was just about to post the same thing. 300,000 dollars in loans is never good debt. People always say that you can pay it off because they have already been through dental school, and at a time in which student debt loads were nowhere near the levels we see today for some of these schools.

School tuition is finally approaching that point where people are having to think about whether it is a financially sound decision to take on that kind of debt and I don't see it stopping anytime soon as long as students can get federally backed loans to cover whatever the school feels like charging.

I'm not trying to scare you, because you will make it through okay even with that large amount of debt, but it isn't gonna be all unicorns and fairies trying to pay off that monster loan.

 

[sbl6]

This might help you, it was posted on sdn awhile back if you don't already have it. Just fill in your loan amounts and you can edit payback length and all that and see what your loan payments would be so you can plan ahead.

 

[ohdearhopeipass]

thanks guys, i know 300 000+ is a ridiculous amount. Right now I'm banking on actually finding a job when I graduate. I am probably just worrying but, we dont know where the future of health care will be and that just scares me... the xl spread sheet is great btw!

 

[Motormouth]

I'm a canadian aswell at NYU. It is not the best school.... the cost of tuition and what you get doesn't justify it....but if I wanted to be a dentist then I had to do what I had to do....

Here is my insight.... if I would have known the things I know now I would have done it differently. I wish I could have met myself in the future and discussed it.....

here is my advice, apply to other private schools and see where you get accepted. The cost of living and tuition combined in the NY area is plain stupid..... and you don't get what you pay for! Plus the ****ty attitue of "NY'ers in general" really breaks you down especially since it is far too apparent even withint he institution. You wont actually know what I'm talking about unless you were to live it, and you might not even believe me..... Dont get me wrong there are some excellent characters here but then there are also many if not more that make life ****ty. Coming from a place where you are looked upon as equal, even a coleague and treated with respect and dignity is the thing I miss the most.

The curriculum is VERY heavy! nothing like in Canada, none of my friends back home (grads 3-5 years ago before entrance GPA's sky rocketed) had such a heavy work load. Here they also nickle and dime your spare time with a bunch of meaningless/poorly timed courses that really don't do much for you at the time because of where you are in your dental education. There really is no freedom as far as being a mature student and doing your work on your terms. Everything is dicatated to you. These have been the hardest things I have had to struggle with in my time here. Course work/load aside which is simply putting inthe time isn't the hardest for my, it's dealing with the "way they do things" around here..... there is an old saying that floats around NYU.... Now You Understand.... you will only konw once you are here..... Despite this I have been able to treck through it with the support of friends and family. What you really need to realize is that to be successful you need to take out of it what you believe to be meanignful. With this and hard work you will truly be at the top of your game. It got me into the top 10% of my class.

The benefit of NYU is the clinical exposure, when you graduate here you are ready to work as a dentist. don't get me wrong there are always thigns to learn but you can cWme out of here competent and confident that you can do the right things for you patients.

It is the clinical exposure that makes this place desirabel in my opinion, eventhough there are so many areas that could use improvment. If I had to do it over again I would give it some long thought but I'm sure that I would come to the same conclusion simply because of my funding arangement. If I had to get money from banks I would def reconsider though, because at the end of the day regardless of where you get your degree you are still a dds or dmd....

I really feel for people that had to take out loans from banks, I was fortunate enough to have secured the funds through friends and family.

 

[mike3kgt]

thanks guys, i know 300 000+ is a ridiculous amount. Right now I'm banking on actually finding a job when I graduate. I am probably just worrying but, we dont know where the future of health care will be and that just scares me... the xl spread sheet is great btw!

You see, you don't necessarily understand what you are saying. I am not trying to be rude but merely honest. Most dental students **NEED** a job when they graduate because of debt levels like you will have.

This is turning over dentistry as we know it and very few recent grads are going out and getting into a mentorship or buy-in and transition out over 2 years. Most fresh grads feel the pressure to get a job day 1 which leads them to the horrors of corporate/medicaid/DHMO dentistry. Very few are purchasing practices because they **NEED** high salaries day 1.

Sorry to admit it, but it's true whether you know it or not now at this point in your careeer. Just look up mrlantern's posts regarding medicaid/DHMO dentistry in NY city... I have been in corporate and in medicaid. I cannot wish this upon anyone and these companies are getting bigger and bigger because more and more fresh grads are relying upon them (and their financial guarantees) to make ends-meet. It's a sad change, and it's not new to dentistry (see early 1980s) but I have a feeling it's here to stay this time.

 

[3rdMolar]

This may seem crazy, but have you spoken to a recruiter about the HPSP?

I know you're not a citizen, but there may be a way to earn citizenship and pay for school through the military.

When my school's recruiter sent out letters looking for last minute fills for the scholarship program, every requirement hand an * by it (at the bottom of the letter "*-I have a plan for helping you with this")

It may be a long shot, but it doesn't hurt to ask.

 

[chuongnn18]

How did you manage to owe that much when this is your first year in dental school? I know NYU is way expensive, but $300k of loans are just crazy.

 

[sbl6]

How did you manage to owe that much when this is your first year in dental school? I know NYU is way expensive, but $300k of loans are just crazy.

this made me laugh, then it made my head hurt

 

[Atticus]

How did you manage to owe that much when this is your first year in dental school? I know NYU is way expensive, but $300k of loans are just crazy.

I think he is saying that when he's done, he'll be facing 300k.

 

[Demeter]

I would not be happy being in your shoes with 300,000$ student loan debt. But at the same time, I would be in despair and crying myself to sleep. You will be able to pay off your loans and make a decent living IF YOU GO WHERE YOU ARE NEEDED ONCE YOU GRADUATE.

 

[VCUDDS]

if what is said about NYU is true then you should try to get into BU, atleast they treat you fair and seemed to get a very good education for the amount of money paid!.

 

[lotexigeus]

I would not be happy being in your shoes with 300,000$ student loan debt. But at the same time, I would'nt be in despair and crying myself to sleep. You will be able to pay off your loans and make a decent living IF YOU GO WHERE YOU ARE NEEDED ONCE YOU GRADUATE.

fixed?

 

[Edentulator]

You should check with the Canadian military. There are a few people at our school who have their entire way paid, if they commit to a few years of service (at a good salary) afterwards and spent the summers on base. I don't know how this would work being a Canadian citizen at an American school, but it's worth looking into if the military interests you.

There are some pretty great jobs up north in the rural communities in Ontario if you're willing to go there after graduation. Cost of living is low and the demand for dentistry is high, unlike Toronto. You can be very busy up there and do very well financially as a general dentist in those areas--Probably better than if you limited your practice to a specialty.

 

[shloopy]

This might help you, it was posted on sdn awhile back if you don't already have it. Just fill in your loan amounts and you can edit payback length and all that and see what your loan payments would be so you can plan ahead.

sbl6, thanks for this. Can you please tell us who posted this, and/or in which thread it was first posted in the SDN forums? It appears you, or someone, have replaced the original author's numbers. I'd like to see the original $325K breakdown from UNLV.

Thanks, shloopy

 

[sbl6]

sbl6, thanks for this. Can you please tell us who posted this, and/or in which thread it was first posted in the SDN forums? It appears you, or someone, have replaced the original author's numbers. I'd like to see the original $325K breakdown from UNLV.

Thanks, shloopy

ya sorry i posted the wrong one, I'm only taking the subsidized 8500 per year so I had deleted the other numbers

 

[shloopy]

ya sorry i posted the wrong one, I'm only taking the subsidized 8500 per year so I had deleted the other numbers

No problem, thanks for posting it again. 👍

 

[teeth63a]

The US Fed. govt has a dental loan forgiveness program. I don't know if you have to be a citizen to be eligible, but the gist of it is that you work in a "public sector" job (military, federal, state, county, city), for 10 years, consolidate the loan with the federal govt, and the govt will forgive the loan.

http://forums.studentdoctor.net/showthread.php?t=706677


If this is the route you take you may want to: ammortize for 30 years (smallest payments), pay interest only for as long as you can (smaller payments) then wipe the rest of the loan after working 10 years. This may all be a moot point if you find yourself in a practice where you're making buckets of money.

You should start making some life plans right now... you may not be able to buy a house soon, or drive that nice car. At bankrate.com, typing in generic numbers...$300,000 in loans at 5% over 30 years is $1610.46/month.

 

[predent2014]

I'm in the same boat as you... I'm all set to go to Columbia in August, but I'm honestly considering withdrawing from the class of 2014, establishing residency in california or somewhere so I could get in state tuition if I apply next year (so, the class of 2016)..

I also will have around $300,000 in loans and feel like I'm forcing myself to specialize with the amount of debt I'll be taking on (plus the fact that Columbia isn't a clinically focused school) 🙁

I know withdrawing and waiting a year may seem crazy, but if you think you could get into another, cheaper school (for example san antonio, which is super cheap) if you were a resident of that state... then it really could be worth it imo... That, plus the fact that I have no intentions of staying in new york, but would love to stay in cali..

Anyone else have any feelings on something like this?😕

 

[zriceman]

I'm in the same boat as you... I'm all set to go to Columbia in August, but I'm honestly considering withdrawing from the class of 2014, establishing residency in california or somewhere so I could get in state tuition if I apply next year (so, the class of 2016)..

I also will have around $300,000 in loans and feel like I'm forcing myself to specialize with the amount of debt I'll be taking on (plus the fact that Columbia isn't a clinically focused school) 🙁

I know withdrawing and waiting a year may seem crazy, but if you think you could get into another, cheaper school (for example san antonio, which is super cheap) if you were a resident of that state... then it really could be worth it imo... That, plus the fact that I have no intentions of staying in new york, but would love to stay in cali..

Anyone else have any feelings on something like this?😕

I understand you trying to go to a less expensive school, but as a cali resident, are there any instate schools significantly less expensive than Columbia? Looking at UCSF dental school website (http://finaid.ucsf.edu/application-process/student-budget#totals), it looks like even an instate COA totals about 280k (principal only). Is there an instate school in Cali that doesnt have COA nearing 300k?

 

[SeattleRDH]

$300,000 in loans will come out to about $3000 or so a month in loan payments. But if your income starts at say $120,000 a year then you will have $7000 a month left over. Not bad.

It's going to take me 20 years before I break even from what I would have made as a dental hygienist. My dad (who finally paid off his dental school loans in his 40's) says it's delayed gratification. Just keep saying that.... Delayed Gratification.

And take a deep breath....

 

[anschutz1913]

I'm in the same boat as you... I'm all set to go to Columbia in August, but I'm honestly considering withdrawing from the class of 2014, establishing residency in california or somewhere so I could get in state tuition if I apply next year (so, the class of 2016)..

I also will have around $300,000 in loans and feel like I'm forcing myself to specialize with the amount of debt I'll be taking on (plus the fact that Columbia isn't a clinically focused school) 🙁

I know withdrawing and waiting a year may seem crazy, but if you think you could get into another, cheaper school (for example san antonio, which is super cheap) if you were a resident of that state... then it really could be worth it imo... That, plus the fact that I have no intentions of staying in new york, but would love to stay in cali..

Anyone else have any feelings on something like this?😕

I dare ya! I realized that if I only was accepted to a large private school, or out of state (non-res.) that I would just decline the offer. Because the price difference on the loan principle would essentially equate to one extra year of work to pay it off as a dentist, so in the end it would be a wash. Luckily I had a lot of choices though...

 

[omaralt]

I dare ya! I realized that if I only was accepted to a large private school, or out of state (non-res.) that I would just decline the offer. Because the price difference on the loan principle would essentially equate to one extra year of work to pay it off as a dentist, so in the end it would be a wash. Luckily I had a lot of choices though...

Ya it would be a wash if you could guarantee yourself a spot at the cheaper school the following year. Nobody can guarantee anything

 

[OralEngineer]

It's cliche, but even if you're paying down heavy loans - you will get them paid off. The important part is the day-to-day. How do you feel when you get home from work? When you arrive? Even if you managed to get into some really cheap program, nearly debt-free and then had the $ to race around in an S-class, if your 40 hrs a week are 40 hours of something you don't enjoy, then it honestly doesn't matter.

If someone gets into this field hoping that cash automatically makes it an enjoyable profession, then a huge wake up call is in the cards. The cash just might not be there.

 

[mike3kgt]

$300,000 in loans will come out to about $3000 or so a month in loan payments. But if your income starts at say $120,000 a year then you will have $7000 a month left over. Not bad.

It's going to take me 20 years before I break even from what I would have made as a dental hygienist. My dad (who finally paid off his dental school loans in his 40's) says it's delayed gratification. Just keep saying that.... Delayed Gratification.

And take a deep breath....

It would be $7000 left over IF you didn't have to pay ANY federal or state income taxes.

----------------------

If you want to go work in California with a 300k student loan debt and you start out your income at $120k year this is what the REAL breakdown would be.

(http://www.paycheckcity.com/netPayCalc/netpayCalcResult.asp)

Monthly Gross Pay
$10,000.00
Federal Withholding
$2,142.77
Social Security
$620.00
Medicare
$145.00
California
$810.60
CA SDI
$110.00

Net Pay
$6,171.63

---------------------------

Let's now calculate your repayment schedule 🙁
http://www.finaid.org/calculators/loanpayments.phtml)

10 year
Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,452.41
Number of Payments: 120


Cumulative Payments: $414,289.18
Total Interest Paid: $114,289.18

-----------------------------------------

30 year

Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 30 years
Minimum Payment: $50.00


Monthly Loan Payment: $1,955.78
Number of Payments: 360

---------------------

Now subtract $3,452.41 a month in student loan debt from the net pay. You now have to live on $2,719.22 a month for a 10 year repayment. Total true net pay after taxes and student loans (10 year) = $32,630.64.

If you choose a 30 year repayment (which I have because you can always pay MORE and have a safety net if things are tight), subtract $1,955.78 from your net and you have $4,215.85 a month for a 30 year plan. Total true net pay after taxes and student loans (30 year) = $50,590.20.

Seriously all, before you sign up with these heavy tuition schools, you MUST MUST MUST do your financial homework. SeattleRDH would probably be better off practicing hygiene than going to NYU and planning on paying off her/his loan at 10 years. And sure, $30,000-50,000 sounds like a lot right now because you're students, but that $$ goes very very fast, especially in southern California where rent alone can take away half of that net take home salary. Yes yes, and I know you can make more than $120k, but you sure as heck can make less than that during your first job. Ask me how I know 😉.

It's scary, I know personally how much this can hurt. 😱

Good luck.

 

[dmd87]

It would be $7000 left over IF you didn't have to pay ANY federal or state income taxes.

----------------------

If you want to go work in California with a 300k student loan debt and you start out your income at $120k year this is what the REAL breakdown would be.

(http://www.paycheckcity.com/netPayCalc/netpayCalcResult.asp)

Monthly Gross Pay
$10,000.00
Federal Withholding
$2,142.77
Social Security
$620.00
Medicare
$145.00
California
$810.60
CA SDI
$110.00

Net Pay
$6,171.63

---------------------------

Let's now calculate your repayment schedule 🙁
http://www.finaid.org/calculators/loanpayments.phtml)

10 year
Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,452.41
Number of Payments: 120


Cumulative Payments: $414,289.18
Total Interest Paid: $114,289.18

-----------------------------------------

30 year

Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 30 years
Minimum Payment: $50.00


Monthly Loan Payment: $1,955.78
Number of Payments: 360

---------------------

Now subtract $3,452.41 a month in student loan debt from the net pay. You now have to live on $2,719.22 a month for a 10 year repayment. Total true net pay after taxes and student loans (10 year) = $32,630.64.

If you choose a 30 year repayment (which I have because you can always pay MORE and have a safety net if things are tight), subtract $1,955.78 from your net and you have $4,215.85 a month for a 30 year plan. Total true net pay after taxes and student loans (30 year) = $50,590.20.

Seriously all, before you sign up with these heavy tuition schools, you MUST MUST MUST do your financial homework. SeattleRDH would probably be better off practicing hygiene than going to NYU and planning on paying off her/his loan at 10 years. And sure, $30,000-50,000 sounds like a lot right now because you're students, but that $$ goes very very fast, especially in southern California where rent alone can take away half of that net take home salary. Yes yes, and I know you can make more than $120k, but you sure as heck can make less than that during your first job. Ask me how I know 😉.

It's scary, I know personally how much this can hurt. 😱

Good luck.

finally someone with some sense.

 

[dmd87]

http://www.businessinsider.com/mta-salaries-2010-6

 

[xhamburgersamx]

$300,000 in loans will come out to about $3000 or so a month in loan payments. But if your income starts at say $120,000 a year then you will have $7000 a month left over. Not bad.

It's going to take me 20 years before I break even from what I would have made as a dental hygienist. My dad (who finally paid off his dental school loans in his 40's) says it's delayed gratification. Just keep saying that.... Delayed Gratification.

And take a deep breath....

Wow, hire an accountant when you start practicing

 

[THINKOFMYFUTURE]

/yawn

tl;dr.

yall r a bunch of wussies

u dont become a doctor for free

yah, so u borrowed some money big deal

ull pay it back and make big bucks to boot

y r u crying over it when u should be optimistic about d.s

get over it

 

[pawkinlot]

/yawn

tl;dr.

yall r a bunch of wussies

u dont become a doctor for free

yah, so u borrowed some money big deal

ull pay it back and make big bucks to boot

y r u crying over it when u should be optimistic about d.s

get over it

May sound harsh, but I agree. If it was impossible to pay it all off or wasn't worth the hardship, ppl wouldn't go to expensive schools even if that was the only acceptance they got.

So get excited

 

[dentalaee]

I'm in the same boat as you... I'm all set to go to Columbia in August, but I'm honestly considering withdrawing from the class of 2014, establishing residency in california or somewhere so I could get in state tuition if I apply next year (so, the class of 2016)..

I also will have around $300,000 in loans and feel like I'm forcing myself to specialize with the amount of debt I'll be taking on (plus the fact that Columbia isn't a clinically focused school) 🙁

I know withdrawing and waiting a year may seem crazy, but if you think you could get into another, cheaper school (for example san antonio, which is super cheap) if you were a resident of that state... then it really could be worth it imo... That, plus the fact that I have no intentions of staying in new york, but would love to stay in cali..

Anyone else have any feelings on something like this?😕

Cali schools are not THAT cheap. Besides, UCSF does not care about residency. Why don't you try Buffalo or Stony?

 

[zriceman]

Cali schools are not THAT cheap. Besides, UCSF does not care about residency. Why don't you try Buffalo or Stony?

whats tuition+fees @ ucla? Can't seem to find them on their website?

 

[charlestweed]

whats tuition+fees @ ucla? Can't seem to find them on their website?

http://www.registrar.ucla.edu/archive/fees/2009-10/dentfee.htm

 

[Huggies]

Why don't you go to a rural area for 5yrs, where you'll be needed and busy, work hard and live within your means. You'll be able to pay off your debt no problem. You won't be living in a million dollar house, but it sure beats having that much debt for 30yrs.
Good luck.

 

[Doc Smile]

/yawn

tl;dr.

yall r a bunch of wussies

u dont become a doctor for free

yah, so u borrowed some money big deal

ull pay it back and make big bucks to boot

y r u crying over it when u should be optimistic about d.s

get over it

pre-dental still. Once you get into d.s and see all the little things that add up, you will be singing a different tune my friend. Not all doctors make big bucks brother.

 

[teh dentist]

It would be $7000 left over IF you didn't have to pay ANY federal or state income taxes.

----------------------

If you want to go work in California with a 300k student loan debt and you start out your income at $120k year this is what the REAL breakdown would be.

(http://www.paycheckcity.com/netPayCalc/netpayCalcResult.asp)

Monthly Gross Pay
$10,000.00
Federal Withholding
$2,142.77
Social Security
$620.00
Medicare
$145.00
California
$810.60
CA SDI
$110.00

Net Pay
$6,171.63

---------------------------

Let's now calculate your repayment schedule 🙁
http://www.finaid.org/calculators/loanpayments.phtml)

10 year
Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 10 years
Minimum Payment: $50.00

Monthly Loan Payment: $3,452.41
Number of Payments: 120


Cumulative Payments: $414,289.18
Total Interest Paid: $114,289.18

-----------------------------------------

30 year

Loan Balance: $300,000.00
Adjusted Loan Balance: $300,000.00
Loan Interest Rate: 6.80%
Loan Fees: 0.00%
Loan Term: 30 years
Minimum Payment: $50.00


Monthly Loan Payment: $1,955.78
Number of Payments: 360

---------------------

Now subtract $3,452.41 a month in student loan debt from the net pay. You now have to live on $2,719.22 a month for a 10 year repayment. Total true net pay after taxes and student loans (10 year) = $32,630.64.

If you choose a 30 year repayment (which I have because you can always pay MORE and have a safety net if things are tight), subtract $1,955.78 from your net and you have $4,215.85 a month for a 30 year plan. Total true net pay after taxes and student loans (30 year) = $50,590.20.

Seriously all, before you sign up with these heavy tuition schools, you MUST MUST MUST do your financial homework. SeattleRDH would probably be better off practicing hygiene than going to NYU and planning on paying off her/his loan at 10 years. And sure, $30,000-50,000 sounds like a lot right now because you're students, but that $$ goes very very fast, especially in southern California where rent alone can take away half of that net take home salary. Yes yes, and I know you can make more than $120k, but you sure as heck can make less than that during your first job. Ask me how I know 😉.

It's scary, I know personally how much this can hurt. 😱

Good luck.

Mike, Thanks for this.