Tuition !!! ....

[iheartz]

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Im looking at tuition for some schools and they are crazy high😱. like UPenn's is roughly around 83K a year. Do dental schools have higher tuition because graduates make around 100K after graduation? how did you guys deal with the tuition? i feel like 300k in debt would have me by the nuggets for a long time after graduation

 

[Cold Front]

Im looking at tuition for some schools and they are crazy high😱. like UPenn's is roughly around 83K a year. Do dental schools have higher tuition because graduates make around 100K after graduation? how did you guys deal with the tuition? i feel like 300k in debt would have me by the nuggets for a long time after graduation

Most expensive programs in the country (first year total costs - including living expenses):
1. NYU = $98k/yr
2. USC = $95k/yr
3. BU = $90k/yr
4. UPenn = $83k/yr
5. Tufts = $79k/yr
6. UOP = $73k/yr (Tuition alone, 3 yr program)
7. Case = $76k/yr
8. Columbia = $72k/yr
9. Nova = $63k/yr
10. Harvard = $61k/yr

 

[iheartz]

Most expensive programs in the country (first year total costs - including living expenses):
1. NYU = $98k/yr
2. USC = $95k/yr
3. BU = $90k/yr
4. UPenn = $83k/yr
5. Tufts = $79k/yr
6. UOP = $73k/yr (Tuition alone, 3 yr program)
7. Case = $76k/yr
8. Columbia = $72k/yr
9. Nova = $63k/yr
10. Harvard = $61k/yr

man... those numbers are ridiculously high are they not? am i missing something here? i guess its because grads come out after 4 yrs and start making decent money as opposed to the med field where you have to do residency

 

[cookand]

That's just the way it is with private institutions. State schools can be quite cheaper if your state has one.

 

[loved]

Note, those numbers are "including living expenses."

You can add Temple out-of-state at 74k/per (first year Cost of Attendance) to that list. In-state is cheaper.

I don't know why it's so high. Just like I don't know why some the tuition at some law schools are so high. All I know is.. I needed to really commit to the profession b/c of my love for it, and not b/c of the money, b/c I'm not going to have money for most of my career! I'm going to be digging myself out of a hole!

 

[iheartz]

are there any dentists thatd like to chime in on this issue? are you guys still chipping away at your debt?

 

[Rube]

...i feel like 300k in debt would have me by the nuggets for a long time after graduation

400,000 in debt @6% for 30 years is $2398/mo.

200,000 is around 1200/mo. Most students will be 175-200k in debt.

 

[thethethe]

i heard the equipment they lend you and the chair you use to practice cost a lot of money. medical school cost much less, at most 70k a year

 

[Daurang]

are there any dentists thatd like to chime in on this issue? are you guys still chipping away at your debt?

It took me 5 years to pay off my $200K school loan. I was paying about $1200/month but still owed $200K at the end of the year due to acrueing interests. Frustrated at the slow progress in reducing the loan amount, I wrote a couple $50K checks over time to completely pay it off.

 

[loved]

i heard the equipment they lend you and the chair you use to practice cost a lot of money. medical school cost much less, at most 70k a year

Indeed. Instruments alone were 8k this year, for first years (mandatory, tacked onto the tuition).

 

[Cold Front]

It took me 5 years to pay off my $200K school loan. I was paying about $1200/month but still owed $200K at the end of the year due to acrueing interests. Frustrated at the slow progress in reducing the loan amount, I wrote a couple $50K checks over time to completely pay it off.

Just curious, how many hours (per week) did you work during those 5 years to write those big checks?

 

[Daurang]

The first 6 months, I worked 30hrs. week as an associate. Then I did 70hrs. week for a year when I opened my practice. My office hours then were "EVERYDAY" of the week, including Independence Day, Labor Day, Thanksgiving, Christmas (8 walkins!), etc. A year later, 60hrs week. A year later, 50hrs week. A year later, 40hrs week. A year later, 30 hrs week and stayed that way since. As I decreased my hours over the years, my net profit also increased proportionally.

 

[Dentyte]

You bring up a really good point... Starting your office is the way to go but requires more work than dental school! I built my practice from scratch in Jan 2004. I can't believe how many dentists out there actually believe that once you graduate that the hard work is over. My friend, it has only begun! Starting my practice was just as hard as dental school! (Univ of Louisville 2001) It really has paid off. As an associate I made about $70k/yr. My 1st year out on my own I grossed $315k. Four years out and I am grossing over $715k this yr. Not too bad with overhead at 57%. I work about 28-32 hrs/week (Never open on Fridays, Saturdays, or Sundays!!)
Just have los juevos and do it!

 

[HuyetKiem]

You bring up a really good point... Starting your office is the way to go but requires more work than dental school! I built my practice from scratch in Jan 2004. I can't believe how many dentists out there actually believe that once you graduate that the hard work is over. My friend, it has only begun! Starting my practice was just as hard as dental school! (Univ of Louisville 2001) It really has paid off. :

Starting a practice is way harder than dental school 😀😀 I took over a large office with 8 chairs, 2 full time and 1 part time associates and 12 staffs right after dental school 3 months ago. Lots of headaches in the first month during transition period . I had to let 2 staffs and a part time associate dentist go due to different philosophy and hired 2 new dental assistants. Things have gotten better after 3 months. My production is consistently around 40-45k every 2 weeks working 10 hr/day, 5 and half day/week. Each of my associate produces around 30K every 2wk working 4-5 days/wk. I'm planning to pay off my student loan , 265K, in 2 years. Cross my fingers 🙄🙄

 

[Cold Front]

My production is consistently around 40-45k every 2 weeks working 10 hr/day, 5 and half day/week. Each of my associate produces around 30K every 2wk working 4-5 days/wk. I'm planning to pay off my student loan , 265K, in 2 years. Cross my fingers 🙄🙄

That means, you are averaging $4k/day. Nothing against you, but is that even possible for a new graduate, with no GPR/AEGD experience? what kind of cases are you doing?

congrats on your newly found success. 👍

 

[Dino_D]

Still paying mine off, all private loans too (bleh). 15 year note and half way there I guess.

Started around $2400-2500/mo but I paid off one of the loans several years ago so now it's around $2000/mo. I'm thinking about paying more of it off but trying to balance it with everything else like retirement, mortgage, etc.

Luckily I have a good associate position now. Produced around $840k last year, 35 hr week, 30% prod and no lab fees. Having said that, it's been slow the last couple of months. 🙁

 

[HuyetKiem]

That means, you are averaging $4k/day. Nothing against you, but is that even possible for a new graduate, with no GPR/AEGD experience? what kind of cases are you doing?

congrats on your newly found success. 👍

my services include interceptive and comprehensive ortho treatment, surgical extraction, all endo, pedo including pulp SSC, prostho (not that many) and all other basic dental procedures. All implant and other perio surgery are referred out. Last week and this week have been kidda slow due to Ike. We open only half day every day this week. My office was ok but my house suffered some damages to the roof and wooden fences.

 

[Yellow Snow]

Most expensive programs in the country (first year total costs - including living expenses):
1. NYU = $98k/yr
2. USC = $95k/yr
3. BU = $90k/yr
4. UPenn = $83k/yr
5. Tufts = $79k/yr
6. UOP = $73k/yr (Tuition alone, 3 yr program)
7. Case = $76k/yr
8. Columbia = $72k/yr
9. Nova = $63k/yr
10. Harvard = $61k/yr

I'm pretty sure the 1st year budget for NYU is $93,745.

 

[iheartz]

I'm pretty sure the 1st year budget for NYU is $93,745.

eh... 93k or 98k... not much of a big difference when you look at the big picture.... 🙁

Im gonna look at going to MCG ( the only dental school in GA...) its soooooo much cheaper! granted, i should research the quality of education that is offered there... but how can i pass up such a cheap education

 

[Imanee]

I know tuition is high for some schools, but I think it is all worth it. At the end, we'll be dentist. We will be able to pay it off.😛

 

[Elipar]

Undergrad clinics are money-losers, moreso now than ever before. State (and federal?) funding is decreasing due to budget shortfalls. Inflation is rising faster than fees charged to patients. Throw all of this together and you've got amazingly high tuition rates.

 

[KOM]

Undergrad clinics are money-losers, moreso now than ever before. State (and federal?) funding is decreasing due to budget shortfalls. Inflation is rising faster than fees charged to patients. Throw all of this together and you've got amazingly high tuition rates.

Inflation rates are going to skyrocket even moreso after the federal bailout of the financial companies.

 

[capisce?]

My advice would be to go to the cheapest possible school. Big names like Harvard and Penn will not do much for you in the long run. There will be those who argue that but the reality is that if you are interested in specializing and do well anywhere you go, then you will get into a program after graduation. I can say this because I interviewed and sat in on the ranking of applicants at my residency. In fact, most people I have met actually did much less clinical dentistry and more didactic work at the ivies. In the end, everyone evens out in private practice but there isn't much value in paying 100k more for tuition at one school vs another.

In my case, I took a year off to get in-state status so that I could pay cheaper tuition. With living costs I graduated with 140k in debt. My interest rate is not really applicable to others because it's 2.8% right now and in 4 years of straight loan payments it will be 0.7%. I was able to consolidate at a really good time.

Go to the cheaper school and you will be much better in the long run. Don't kid yourself...300k is an incredible hole to be starting from. Regarding production since others brought it up...it depends on the situation. Two months out in private practice for pedo I'm producing about 5-6k a day and am working 4 days a week. That's without hygiene or films included so if I were owner it would be more around 8-9k/day production.

 

[DrReo]

My advice would be to go to the cheapest possible school. Big names like Harvard and Penn will not do much for you in the long run. There will be those who argue that but the reality is that if you are interested in specializing and do well anywhere you go, then you will get into a program after graduation. I can say this because I interviewed and sat in on the ranking of applicants at my residency. In fact, most people I have met actually did much less clinical dentistry and more didactic work at the ivies. In the end, everyone evens out in private practice but there isn't much value in paying 100k more for tuition at one school vs another.

In my case, I took a year off to get in-state status so that I could pay cheaper tuition. With living costs I graduated with 140k in debt. My interest rate is not really applicable to others because it's 2.8% right now and in 4 years of straight loan payments it will be 0.7%. I was able to consolidate at a really good time.

Go to the cheaper school and you will be much better in the long run. Don't kid yourself...300k is an incredible hole to be starting from. Regarding production since others brought it up...it depends on the situation. Two months out in private practice for pedo I'm producing about 5-6k a day and am working 4 days a week. That's without hygiene or films included so if I were owner it would be more around 8-9k/day production.

With competition as fierce as it is these days, would you do it again? Also, did you know that you wanted to do pedo when you entered dental school?

 

[cdmOMR]

Careful, not all state schools are cheap... Im an in state and ive dropped over $60k on my first year (including summer semester and living expenses)

 

[Waitlisted2009]

.

 

[T DAT]

Why pay your student loan off? This is a tax right off each year. I took a year off inbetween D school and Grad school. I payed $622 in school loan interest while I was working to gain in state residency. This directly decreases your value of your taxable income. It was great. If we get out and our student loans are at a decent intrest rate. Pay the minimum and use the interest as a write off each year. Its like a house its an investment not a cost like a car, although those people who bought with subprime lending are in the hole more than some dental students.

 

[ArmyDDS2013]

Why pay your student loan off? This is a tax right off each year. I took a year off inbetween D school and Grad school. I payed $622 in school loan interest while I was working to gain in state residency. This directly decreases your value of your taxable income. It was great. If we get out and our student loans are at a decent intrest rate. Pay the minimum and use the interest as a write off each year. Its like a house its an investment not a cost like a car, although those people who bought with subprime lending are in the hole more than some dental students.

You can only write off $2500 max per year... That' snot going to make a difference if you are earning 100k gross

For me, I'm doing the military route to pay off 100% of my debt in 4 years. While working in the military, hopefully I can save enough to purchase a practice straight out of the army. It'll be extremely difficult to be back in the civilian sector but I don't have to worry about debt at all and it will be nice not having to work 40+ hours a week.

 

[DCRedskinsRule]

Careful, not all state schools are cheap... Im an in state and ive dropped over $60k on my first year (including summer semester and living expenses)

Agreed. State schools in state are of course going to be cheaper, but out of state can be beyond ridiculous. Maryland's 1st year cost was $79,000 for an out state student!😱

Personal side story...my MD interview was after my TX interviews so obviously, hearing the $79,000 figure boggled my mind compared to the $45,000 in TX....so during lunch I naively said to one of the guys who was interviewing with me, "Man! Did you hear the cost for out of state? I was shocked!" His response, "Me too, I can't believe it's THAT CHEAP." At which point I literally dropped my fork, almost spit out my food and stared at him much like this 😕 before I asked "you're joking right?" And his response was "No, I just got back from my NYU interview. MD is $20k cheaper."

Texas dental schools FTW! 👍

 

[DrReo]

Texas dental schools FTW! 👍

Too bad Texas dental schools love mainly Texas residents.

 

[War Eagle]

eh... 93k or 98k... not much of a big difference when you look at the big picture.... 🙁

Im gonna look at going to MCG ( the only dental school in GA...) its soooooo much cheaper! granted, i should research the quality of education that is offered there... but how can i pass up such a cheap education

Are you a GA resident? If not, you may want to first research how many out-of-staters they accept each year. That may save you some time in researching the other factors.