I’ve been accepted, and am looking to speak to any University of New England dental graduates about practicing post graduation. Thanks in advance!
UNE Graduates
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Did you graduate from a state school? It seems like there is a significant portion of students that are out of state or at private universities. And they are all quite expensive with a price tag about 300-400k. Do you think that all those students are making a mistake?
S
schmoob
Your loan begins accumulating interest your first day of orientation. So your loan balance will be significantly higher than your 4 year’s of cost of attendance. If you got into a cheaper school, go there. If this was your only acceptance then congratulations (sincerely) and you decide to attend you need to be mentally prepared for the size your payments. Your monthly loan payments will be higher than what a large percentage of the population earns for that same month. If you are prepared and at peace with it, then go for it.
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Yes, and I think your number is a generously low estimate. Many of my co-residents who went to big private schools have $400k+ in loans. The reality is that most general dentists are coming out of school associating and making 100-150k their first year. No one will listen, and I probably wouldn't have either when I was in your shoes, but this career is not worth a $400k+ price tag. Do the military, get NHSC scholarship, reapply and get into a state school, or find another career. Very few pre-dental students have any idea if he or she will enjoy or have the specific skill set to be successful in this career. The truth is that you're gambling that you're going to like, or be able to tolerate doing this as a career for 20-30 years. I think medicine is a safer career option because the practice of medicine can be so drastically different depending on your specialty.
I’m a bit older than the average applicant, which is why I’m doing so much research. I’m listening to everything you’re saying and taking it into account. I’m actually still waiting to hear back from the in-state schools. Part of me feels so excited about being accepted somewhere, even if it is OOS, and thinks that it’s not undoable since many people make it after all, but then part of me feels like it’s a scam and that it would be even more difficult for me since I’m about 8-9years older than the other applicants. Very scary!
I’m just waiting for the acceptance from an in-state school. *crossing my fingers* It makes sense financially to me to be in-state, and for some reason (probably for good reason) I’m freaked out about the extremely expensive price of an OOS school. I just don’t know what is better, passing up the “for sure” opportunity to go to dental school for a chance to be in state or paying a hefty price. I’m just so lost.
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I did go to an in-state school, and even that was pushing it, to be honest. I think the only way a private school is worth it is if you do HPSP. In that case, you're subsidized to go anywhere.
I will look into that. Thank you very much for your responses.
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All the more reason to be hyper-critical, which it sounds like you are. I'm 4 years older than the average applicant, went to my state school starting in '14, had no familial help and applied for every scholarship that was offered, and still graduated with $290k in debt after interest accumulation. It's also worth mentioning that I went to school in a very low COL area, lived frugally (no vacations) and split living costs with my spouse. I am specializing and signed a contract with a very large annual income, so I'm not overly concerned about the debt, but if I were a GD I would be. It's just such a racket... It's a lot of money to gamble on a very specific career. $400k+ is totally ludicrous.
You're non-trad... what's your current career?
I am currently a Toxicologist. I primarily do consulting for legal counsel and toxicology labs. I worked in the lab for a couple of years, but it's a small field and most of the labs were shut down due to insurance fraud. They money is not great, even with a Master's Degree. I grew up in the dental community and am 100% confident in my choice to pursue dentistry, however I agree with you, $400k+ is ludicrous.
It is not worth it. Personally I told myself I was going to reapply if I didn't get into a state school....but got lucky. I still think $200k is a lot of money for dental school. Just do the conservative math. You would most likely to IBR plan which requires a crippling tax bomb at the end of the payment plan which will make a lot of people suffer in 20 years. It is worth reapplying again to try and get into a state school Grad plus loan interest rates with a amortization for 15 years is deadly. Look into the finances of it - numbers don't lie - people do.
Also the maximum federal amount my year was $224k at 6.5%. I could make an argument that if you can go to school with this amount then you will be fine (on average). There are those freaks that went to $400k+ schools and paid off loans quick but few and far between.
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Its really crazy how the real world is in dentistry. Theres a huge difference between someone specializing and owing 400k and a GP owing the same amount. Unfortunately for the kids who chose private schools, the end justifies the means... until you start seeing how much you take home after bill payments, loan repayment, and life expenses every month.
I hear you. Right now I’m struggling with the idea that if I let this one opportunity pass me by, I might not get another one. Even if I do reapply to the state schools. I’m still waiting to hear back from a state school I’m interested in, but I can’t help think about what will happen if I’m denied. I have an immense amount of support from family in dentistry that says it will “all be fine”. But they also graduated 30+ years ago! And from state schools I might add. Lol I appreciate their encouragement, but I feel like they don’t understand how things are now. It’s so confusing.
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I feel you man. Theres no guarantee you'll get into a state school this coming cycle, or even next cycle. So you have to choose:
1. Attend the private school knowing you'll be in the hole about 500k. It can work, but it wont be enjoyable and it'll cripple your ability to buy a home, a car, or really anything else. You'll have to live like a student... for a long long time.
2. Pass it, making a gamble on a state school in the next cycle or two.
You must also factor in lost income from not going this coming year, and for every year you dont get in.
My brother went through the exact same thing. I advised him to pass on the private school, but everyone is different. Good luck
Listen to the people that are in it right now. You are making money right now. So you aren't losing too. much income. In addition, you can wait out another year because you have a job and strengthen your application. On the other had you will be living like you are a student 10 years after graduation if you got to a $400k school because of the amortization of the interest rates that people fail to understand. You can handle a $220k with 6.5% interest for a little while with a new grad income without reverting back to a student for 10 years.
I would say if you are fine living on $30k for the next 10 years after school to pay your loans off then yes go for it. If not I would keep on working boost your application and wait it out. Just like what Combine33 said. You are actually not losing as much income because you are making money right now debt free I assume.
I would say if you are fine living on $30k for the next 10 years after school to pay your loans off then yes go for it. If not I would keep on working boost your application and wait it out. Just like what Combine33 said. You are actually not losing as much income because you are making money right now debt free I assume.
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