Tuition getting nuts!

[joooj86]

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My tuition at school is going out of hand, im at a state supported school and im going to be paying 50000 this year"tuition only" with living expenses ill be around 60-65K. Also, all postgrad programs are not stipend anymore(except for pedo-which i dont have interest in). I am slightly shifting into an idea where if i want to specialize i might be starving pretty much. With all the loans i will be accumulating, regardless of how much i am interested in a certain specialty its coming to be not worth it in terms of leading a successful financial life. Am i mistaken? everyone is saying my way out from this financial dilemma is specialty which i dont see how! National avgs for a gd or a perio/prosth is very close not that big of a difference. By the time i graduate with all the interest piling i could see how its worth it at age 50 but for the first ten years of my dental career it is a disaster. What do you guys think??

 

[stdmufin27]

I was under the impression that there were stipend based programs out there still. How do you know that none are available now?

 

[Aceofspades]

Yes, tuition and living expenses is nuts. I just posted in another thread some info about Stafford loans. Some people erroneously calculate the interest rate of their loans at 6.8% but it will be higher. Stafford loans max out after $138,500, so any amount over this will have to come from private lenders at higher interest rates. If you tuition + living expenses comes out to 65k per year, the total cost will be 260k. Of that, $121,500 will come from private loans with higher interest rates such as 8.5%. Throw in a 4% loan fee and your 10 year monthly payment will be $3,229.46.

 

[joooj86]

I was under the impression that there were stipend based programs out there still. How do you know that none are available now?

there are available stipend programs but in general there are more that are not stipend. Also, im being realistic that i have the best chances in getting in at my current school.

 

[charlestweed]

My tuition at school is going out of hand, im at a state supported school and im going to be paying 50000 this year"tuition only" with living expenses ill be around 60-65K. Also, all postgrad programs are not stipend anymore(except for pedo-which i dont have interest in). I am slightly shifting into an idea where if i want to specialize i might be starving pretty much. With all the loans i will be accumulating, regardless of how much i am interested in a certain specialty its coming to be not worth it in terms of leading a successful financial life. Am i mistaken? everyone is saying my way out from this financial dilemma is specialty which i dont see how! National avgs for a gd or a perio/prosth is very close not that big of a difference. By the time i graduate with all the interest piling i could see how its worth it at age 50 but for the first ten years of my dental career it is a disaster. What do you guys think??

Yeah, it must be very difficult for you to think about specializing after borrowing so much money for your DDS/DMD education. I know you don’t like pedo….but it is a high paying and highly demanding specialty (better than prosth, perio and even ortho). You can pay off all your loans faster. Most of my ortho, pedo, and OMFS friends are done paying their student loans. I have not seen one pedo who is unhappy with his/her job. You can only enjoy life when you finish paying all your student loans.

 

[Columbia07]

Yes, tuition and living expenses is nuts. I just posted in another thread some info about Stafford loans. Some people erroneously calculate the interest rate of their loans at 6.8% but it will be higher. Stafford loans max out after $138,500, so any amount over this will have to come from private lenders at higher interest rates. If you tuition + living expenses comes out to 65k per year, the total cost will be 260k. Of that, $121,500 will come from private loans with higher interest rates such as 8.5%. Throw in a 4% loan fee and your 10 year monthly payment will be $3,229.46.

You don't have to take out private loans. I go to one of the more expensive private schools and I'm only using Stafford and Grad Plus, and these two are covering everything. You can avoid private loans.

 

[blankguy]

I have to laugh at people when they complain about tuition for dental school getting out of hand. Yes, some schools are very expensive these days when you compare them to other schools like ours in Texas. But, if you look at how much earning potential you have in dentistry these days compared to a decade or two ago, you are in no worse situation (after getting yourself established either in an associate position or your own practice). With the increase in average earnings, you can pay for the increase in monthly payments for the student loans. Or the other thing you can do is aplly for a military scholarship or do a tuition repayment program like PHS or IHS. You wouldn't have to worry about your tuition in those cases!

Right on!

The proper question that should be asked is the earning potential being outstripped by the increasing cost of dental education? I believe the answer is no.👍

 

[jeejeejiji]

I have to laugh at people when they complain about tuition for dental school getting out of hand. Yes, some schools are very expensive these days when you compare them to other schools like ours in Texas. But, if you look at how much earning potential you have in dentistry these days compared to a decade or two ago, you are in no worse situation (after getting yourself established either in an associate position or your own practice). With the increase in average earnings, you can pay for the increase in monthly payments for the student loans. Or the other thing you can do is aplly for a military scholarship or do a tuition repayment program like PHS or IHS. You wouldn't have to worry about your tuition in those cases!

Agree.. I don't think that tuition rates are too high compared to the earning potentials of dentists especially for state schools.