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Tuition differences

Discussion in 'Pre-Dental' started by sharktooth, Feb 7, 2001.

  1. sharktooth

    sharktooth New Member

    Feb 6, 2001
    Champaign, IL
    Okay people, we need to get down and dirty and talk about the money we are going to be laying out for school. For example, if you can go to a public university such as the UNiversity of Illinois for 120,000 for four years, or UPENN for 240,000, where do you go? My brain is beginning to fry and I just want to see what everyone else is thinking about the serious cost differences. I know that all the students say that it is possible to oay them back but imagine 240,000 with accrued interest, that is one serious nut to crack (~2000/month for 10 yrs.)
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  3. DrJeff

    DrJeff Senior Member Moderator Emeritus 10+ Year Member

    Nov 30, 2000
    Brooklyn, ct
    Here's some real life info for you. Those numbers for 4 years that you mentioned, first off, the amount after interest accrues will be closer to an addditional 50% added onto that! So that $2000 suddenly becomes almost $3000 a month. What that then translates into is that inorder to pay your monthly loans, and pay the government(taxes), the first roughly $4000 that you make each month is spoken for. Thats roughly $48000 a year before you get to think about mortgages, car payments, living expenses, etc, etc, etc. Yes, it sounds daunting, but its definately manageable. What alot of folks will do after dental school is consolidate all their loans and spread the repayment period out over a longer period of time. This will reduce monthly payment. Also, most folks will have their loans repayed before the duration of the loan, because its amazing what a little extra each month towards the principle will do to reduced the amount of interest that accrues and hence needs to be repayed.
    Here's my situation for example. When I graduated from UCONN almost 5 years ago now(I just seems like yesterday!) I had just over 65000 in loans, I then deferred for 2 years during my GPR, and my monthly repayment is just under $900 for 120 months. I've been adding an extra $200 to $300 per month which goes directly towards the principle(whereas when you start repaying, most of the monthly repayment amount goes towards the accrured interest). By doing this, I'll have the entire amount repayed about 4 years ahead of schedule.
    Really think about the private/state school situation. Both types can give you all the clinical skills/education/stepping stones towards a specialty(if thats your thing) that you need, but the state schools will ultimately allow you to keep more of what you make which can be used for other things.
  4. groundhog

    groundhog 1K Member 10+ Year Member

    Nov 1, 2000
    Another factor that gets added to this financial equation relates to your choice of marriage partner. I remember reading a study a few years back about a significant number of male dental school graduates who quickly got into financial trouble because their wives chose to live the high life at the same time the poor dudes were starting up their practices. It seemed that the real problem was rooted in the inability of the these guys to make wise choices about marriage partners. The study discovered that male dental students attracted shark like female gold diggers and the poor guys got gobbled right up - much to their later regret.
  5. DrJeff

    DrJeff Senior Member Moderator Emeritus 10+ Year Member

    Nov 30, 2000
    Brooklyn, ct
    You can avoid that trap by doing what I did. Marry someone in your dental school class, then you both realize how much debt you each have and you don't have to worry about overspending!

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