UMN (IS) vs Roseman (3yr Program)

[OncePreDent]

Just kind of a fun poll to see what people would choose. These are schools that I've interviewed at and have been accepted to or waitlisted at.

Financially Speaking, everything is off the table besides the UMN and Roseman. My estimated costs are below:
Feel free to criticize anything that I put down!

Financially choosing between Roseman & UMN (my thoughts) after 4 years:
Roseman's 3-year program estimated costs:
- Roseman's Program start's in the middle of June, and you graduate practically exactly 3 years later in the middle of June.
Per year: tuition, fees, clinical, student owned kit, etc: Is roughly $108,000 per year - round it up to $110k per year x 3 years = $330k total
Housing expenses: If I am living with at least 1 other person ($1,100 per month x 36 months = $39,600 - roughly $40k total
Total estimated cost for Roseman: $370k
Total estimated revenue: (D4 year - practicing dentistry) I'm not sure what to put for this maybe an actual dentist can help but I'll put $150k (before tax). Let's assume I practice in Utah, after tax it would be around $105k
- Housing expenses: Let's say they increase to $1,500 a month x 12 = $18k
- Food & random expenses are equivalent at both UMN & Roseman
So after everything is said and done after 4 years:
- $388k in expenses
- $105k in revenue
Net loss: $284k
(not as bad as I thought it would be) obviously, there are a lot of other factors that go into this, but this is all a rough estimate.

University of Minnesota (IS) estimated costs:
- First year (no summer term): Tuition, fees, books, dental instruments, etc: $56,566.74 - $57K
- Second, third, & 4th year: Tuition, fees, etc: $74,453.33 - roughly $75k x 3 = $225k + $57K = $282k total
- Housing expenses: I don't think I will be living at home (most likely on campus at the hub or station - little more expensive but convenient at least the first 2 years but let's say all 4 years). I would plan on living with at least 1 other person (around $1,300 have to pay for parking at these apartments). So $1,300 x 48 months (I don't think I will be able to have a shorter lease, unfortunately) = $62,400 total
So after everything is said and done after 4 years:
- $344k total (could potentially save money on housing cost my D3 & D4 year)
- $0 in revenue
Net loss: $344k total

This is all very rough, but let me know what you all think of the numbers! These are two different cases 4 years from now.

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[macsak]

Just kind of a fun poll to see what people would choose. These are schools that I've interviewed at and have been accepted to or waitlisted at.

cheapest

 

[Ryxndek]

No brainer here, hope to see you in class next year!

 

[Ivy.ch]

Minnesota, easy. Im concerned why you’re even asking. Don’t think twice.

 

[OncePreDent]

cheapest

Let's do the math for the heck of it. So financially speaking everything is off the table right away besides the University of Minnesota & Roseman. Obviously, Roseman's Tuition will be more expensive, but financially what makes more sense?

Roseman's 3-year program estimated costs:
- Roseman's Program start's in the middle of June, and you graduate practically exactly 3 years later in the middle of June.
Per year: tuition, fees, clinical, student owned kit, etc: Is roughly $108,000 per year - round it up to $110k per year x 3 years = $330k total
Housing expenses: If I am living with at least 1 other person ($1,100 per month x 36 months = $39,600 - roughly $40k total
Total estimated cost for Roseman: $370k
Total estimated revenue: (D4 year - practicing dentistry) I'm not sure what to put for this maybe an actual dentist can help but I'll put $150k (before tax). Let's assume I practice in Utah, after tax it would be around $105k
- Housing expenses: Let's say they increase to $1,500 a month x 12 = $18k
- Food & random expenses are equivalent at both UMN & Roseman
So after everything is said and done after 4 years:
- $388k in expenses
- $105k in revenue
Net loss: $284k
(not as bad as I thought it would be) obviously, there are a lot of other factors that go into this, but this is all a rough estimate.

University of Minnesota (IS) estimated costs:
- First year (no summer term): Tuition, fees, books, dental instruments, etc: $56,566.74 - $57K
- Second, third, & 4th year: Tuition, fees, etc: $74,453.33 - roughly $75k x 3 = $225k + $57K = $282k total
- Housing expenses: I don't think I will be living at home (most likely on campus at the hub or station - little more expensive but convenient at least the first 2 years but let's say all 4 years). I would plan on living with at least 1 other person (around $1,300 have to pay for parking at these apartments). So $1,300 x 48 months (I don't think I will be able to have a shorter lease, unfortunately) = $62,400 total
So after everything is said and done after 4 years:
- $344k total (could potentially save money on housing cost my D3 & D4 year)
- $0 in revenue
Net loss: $344k total

This is all very rough, but let me know what you all think of the numbers! These are two different cases 4 years from now. I might add this to the main post haha

 

[Ryxndek]

Let's do the math for the heck of it. So financially speaking everything is off the table right away besides the University of Minnesota & Roseman. Obviously, Roseman's Tuition will be more expensive, but financially what makes more sense?

Roseman's 3-year program estimated costs:
- Roseman's Program start's in the middle of June, and you graduate practically exactly 3 years later in the middle of June.
Per year: tuition, fees, clinical, student owned kit, etc: Is roughly $108,000 per year - round it up to $110k per year x 3 years = $330k total
Housing expenses: If I am living with at least 1 other person ($1,100 per month x 36 months = $39,600 - roughly $40k total
Total estimated cost for Roseman: $370k
Total estimated revenue: (D4 year - practicing dentistry) I'm not sure what to put for this maybe an actual dentist can help but I'll put $150k (before tax). Let's assume I practice in Utah, after tax it would be around $105k
- Housing expenses: Let's say they increase to $1,500 a month x 12 = $18k
- Food & random expenses are equivalent at both UMN & Roseman
So after everything is said and done after 4 years:
- $388k in expenses
- $105k in revenue
Net loss: $284k
(not as bad as I thought it would be) obviously, there are a lot of other factors that go into this, but this is all a rough estimate.

University of Minnesota (IS) estimated costs:
- First year (no summer term): Tuition, fees, books, dental instruments, etc: $56,566.74 - $57K
- Second, third, & 4th year: Tuition, fees, etc: $74,453.33 - roughly $75k x 3 = $225k + $57K = $282k total
- Housing expenses: I don't think I will be living at home (most likely on campus at the hub or station - little more expensive but convenient at least the first 2 years but let's say all 4 years). I would plan on living with at least 1 other person (around $1,300 have to pay for parking at these apartments). So $1,300 x 48 months (I don't think I will be able to have a shorter lease, unfortunately) = $62,400 total
So after everything is said and done after 4 years:
- $344k total (could potentially save money on housing cost my D3 & D4 year)
- $0 in revenue
Net loss: $344k total

This is all very rough, but let me know what you all think of the numbers! These are two different cases 4 years from now. I might add this to the main post haha

This is a great analysis, but I think you also really want to consider where you'd ultimately like to practice after graduation. If you're IS for MN, UMN is the best option if you plan on working in the state afterward. The U graduates 70% of the state's dentists already, and alumni like to hire other alumni since they know what to expect from the program with a fresh graduate. They might not know what they're getting as you'll be the first cohort for a new 3-year program. And who is to say Roseman doesn't hike up the costs for years 2-3 once they have you committed to the school? (Unless they have it in formal writing that the increase will only be the typical 3-5%.) I also don't know if you'd want to practice in Utah as it's so far away from MN. Do you have family there or any type of support system?

We know the cost differentials, but there are also a lot of factors that, I'm assuming, you're also taking into consideration. And MN pays their dentists pretty well compared to other states ~$194k in MN and ~$173k in Utah just by quickly looking at Salary.com (obviously other factors play into the salary but just for quick reference). The midwest dentists seem to make more, on average, compared to southwest states. Food for thought, but glad you're taking everything into consideration. Thank you for the breakdown!

 

[OncePreDent]

This is a great analysis, but I think you also really want to consider where you'd ultimately like to practice after graduation. If you're IS for MN, UMN is the best option if you plan on working in the state afterward. The U graduates 70% of the state's dentists already, and alumni like to hire other alumni since they know what to expect from the program with a fresh graduate. They might not know what they're getting as you'll be the first cohort for a new 3-year program. And who is to say Roseman doesn't hike up the costs for years 2-3 once they have you committed to the school? (Unless they have it in formal writing that the increase will only be the typical 3-5%.) I also don't know if you'd want to practice in Utah as it's so far away from MN. Do you have family there or any type of support system?

We know the cost differentials, but there are also a lot of factors that, I'm assuming, you're also taking into consideration. And MN pays their dentists pretty well compared to other states ~$194k in MN and ~$173k in Utah just by quickly looking at Salary.com (obviously other factors play into the salary but just for quick reference). The midwest dentists seem to make more, on average, compared to southwest states. Food for thought, but glad you're taking everything into consideration. Thank you for the breakdown!

That is a very great point; I do know a few recent graduates from the University of Minnesota that practiced right away, and their first year (practicing in more semi-rural communities, Duluth, Rochester) their salaries were between $180k - $200k or % of production (usually around 30% give or take). I honestly am not sure where I want to practice; I've grown up in Minnesota my whole if and could absolutely see myself practicing here. Another benefit of going to the UofM is if I practice in Minnesota I will know most of the other dentists that I would be practicing around just from school & in the dental community. Basically every dentist that I know in Minnesota has graduated from the University of Minnesota haha. Obviously, there are a lot of factors to consider when choosing a school besides the cost of it. I think overall both programs would make a lot of sense to do.

Thanks for your input!

 

[macsak]

This is a great analysis, but I think you also really want to consider where you'd ultimately like to practice after graduation. If you're IS for MN, UMN is the best option if you plan on working in the state afterward. The U graduates 70% of the state's dentists already, and alumni like to hire other alumni since they know what to expect from the program with a fresh graduate. They might not know what they're getting as you'll be the first cohort for a new 3-year program. And who is to say Roseman doesn't hike up the costs for years 2-3 once they have you committed to the school? (Unless they have it in formal writing that the increase will only be the typical 3-5%.) I also don't know if you'd want to practice in Utah as it's so far away from MN. Do you have family there or any type of support system?

We know the cost differentials, but there are also a lot of factors that, I'm assuming, you're also taking into consideration. And MN pays their dentists pretty well compared to other states ~$194k in MN and ~$173k in Utah just by quickly looking at Salary.com (obviously other factors play into the salary but just for quick reference). The midwest dentists seem to make more, on average, compared to southwest states. Food for thought, but glad you're taking everything into consideration. Thank you for the breakdown!

this is one of the best posts i have ever read on this site...

 

[GoDental101]

I almost always say cheapest, but in this case finishing dental school a whole year early would be worth the extra money to me. I'd go with Roseman.

 

[GoDental101]

I almost always say cheapest, but in this case finishing dental school a whole year early would be worth the extra money to me. I'd go with Roseman.

Especiallly if you include interest charges which I don’t think were included in you calculations.

 

[OncePreDent]

Especiallly if you include interest charges which I don’t think were included in you calculations.

Yeah, I did not include that in the calculations; they were rough calculations