USC First YR Cost of Attendance $149k 2019-2020

[Cold Front]

I post the USC first year cost of attendance every year, and the new 2019-2020 academic year numbers are another record for the school. All numbers are based on both first year direct (tuition and fees) and indirect costs (budget for living, room and board, etc).

2012: $114k (4% increase)
2013: $123k (8%)
2014: $127k (3%)
2015: $130k (2%)
2016: $134k (3%)
2017: $137k (2%)
2018: $140k (2%)
2019: $149k (6%)
2020: ? (6%?)

*Loan origination fees (1-4%) and compounding interests (7-8%) are not included.
*USC Dental will update the 2019-2020 numbers on their website in September/October 2019.

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[2TH MVR]

It's almost criminal.

 

[Cold Front]

It's almost criminal.

I noticed when there are talks about fixing student loans in government circles, tuitions goes up much higher. It’s almost as if schools are trying to make a final push before the door closes on them. Historically, schools raised cost by 2-3%, now it’s closer to 5%.

Pre-dents are too busy discussing acing the DAT and applying to schools. They should be discussing the student loans/debt and stagnant potential income. Unfortunately, those who are applying the next cycle (next month) are already caught up in this high cost scheme. Prospective students are always told first - “Congrats! You are accepted to the program”, and few months later when students makes life changing plans, schools send out another letter - “Oh btw, Here is your bill!, and it’s much higher than you thought!”. The bigger reality sets in when 4th year dental students have their financial aid exit interviews... and they are told “half of their paychecks will go toward student loan repayment”, or opt for “IBR” and forever be a slave to student loans.

 

[2TH MVR]

26 years ago when I was interviewing for dental schools .... USC ADCOM people actually CAME to our university in Arizona to interview the prospective dental students. They came to US. Back then I didn't have the resources like SDN to guide me. I just applied to the DS's that my advisor recommended. USC was one of them. I was accepted to USC and a really cheap midwestern DS. Even back then .... I laughed at how expensive USC was. Going to the cheaper DS was a no brainer. USC was almost TWICE what the cheaper school's tuition was.

It is criminal what USC charges, but when they fill their classes every year .... the problem is not THEM. It's the STUDENTS who pay for their expensive product.

 

[Cthuluhoop]

So with interest you're looking at $600k+, and there are kids lined up hoping to get in there. Absolutely insane that anyone who is funding their education on loans would even consider attending

 

[Dochopeful13]

So with interest you're looking at $600k+, and there are kids lined up hoping to get in there. Absolutely insane that anyone who is funding their education on loans would even consider attending

If someone specialized in OMFS would it be worth it to take on that large of a debt or is that not even worth it??

 

[Big Time Hoosier]

If someone specialized in OMFS would it be worth it to take on that large of a debt or is that not even worth it??

Are you guaranteed to make it into OMFS? No. What is guaranteed is that with $600,000 in student loans you'll be paying $55,000/year for TWENTY YEARS. And since you young people always forget about taxes, I know they're a grown up thing, you'll need to earn $70,000/year - give or take - just to service your student loans. Imagine having to earn more than the median US household income just to cover your educational debt. So...do you think it's worth it?

Big Hoss

 

[Thiscrazyputa]

the problem is not THEM. It's the STUDENTS who pay for their expensive product.

Sad part is not many people know how to calculate this sort of stuff even though this is relatively simple to what most professionals have to learn... Cause they don't know the true realities they don't truely comprehend what they are getting themselves into... Some think they can pay it off easily by thinking I will earn better than most and $200k+/year... 600k student debt, so 5 years to pay it off...things like that ezpz

Most probably don't even know how an amortization schedule or how taxes actually work.


Graduated Doc's can't calculate student loans correctly albiet his calculations are in the right ballpark. But in his case, it doesn't matter much cause his debt to income ratio is much less than a typical new graduate dentist.



Problem is both with both the schools who can get away with this deceptive practice and the students who don't know any better.

 

[Bionicjawboy]

How do you even pay that back on a general dentist salary

 

[Big Time Hoosier]

How do you even pay that back on a general dentist salary

You fake your death and flee the country.

Big Hoss

 

[Cthuluhoop]

It is criminal what USC charges, but when they fill their classes every year .... the problem is not THEM. It's the STUDENTS who pay for their expensive product.

I do fully agree with you, that it is students fault for continuing to go even with increasing tuition.
However, we are so blinded by the "dream" of being a dentist and the idea that is sold to us. The majority of us also have no back-up plan so the majority don't really have alternative career choices, as a Biology degree gets you absolutely nowhere and if you realize that it's too expensive too late, then you feel forced into it.
In my pre-dental club we had numerous schools come talk to us, one of them being an out of state public university that would cost us $500k, a $550k private school, etc. Not a single one talked to us about debt.

At an interview last fall, the financial aid presentation began with the speaker showing us giant houses, foreign cars and boats that his colleagues owned and he said we could own these as well one day. At 21-22 you should be mature and smart enough to do these calculations and understand the implication that this debt will have on your future life, but it's almost becoming a scam how these dental schools speak to pre-dental students

 

[Cold Front]

So with interest you're looking at $600k+

Let’s see what the total debt looks at USC class of 2023 plus their 6 months grace period. Let’s use 7% as a conservative number - student loans interests are expected to rise to about 8% next month. Let’s also apply the cost increases year to year, and call it 4%.

Year 1 loans: $147k plus 7% (first year) = $157k, another 7% (second year) = $168k, another 7% (third year) = $180k, another 7% (4th year) = $193k, plus 7% (6 months grace period) = $199k.

Year 2 loans: $140k (today) plus 4% cost increase for next year (2020) plus 7% (second year) = $156k, plus 7% (third year) = $167k, plus 7% (third year) = $178k, plus 7% (4th year) = $191k, plus 7% (6 months grace period) = $198k

Year 3 loans: $137k (today) plus two 4% increases for 3rd year cost at year 2021 for plus 7% (third year) = $159k, plus 7% (4th year) = $170k, plus 7% (6 months grace period) = $176k

Year 4 loans: $104k (today) plus three 4% increases for 4th year costs at year 2022, plus 7% = $125k, plus 7% (6 months grace period) = $130k

Let’s add loan balances for each year = about $700k

The interest payment for $700k debt at 7% is about $50k a year, or about $4k a month post tax, or about $5,500 a month/$65k a year pre tax.

These numbers are only for the first year incoming student only (class of 2023). All subsequent classes debt will go up at least $50k+ in total debt for “each class”. So class of 2024 will at least be looking at $750k total debt, class of 2025 at $800k, and so on.

Post grad debt and undergrad debt not included.

 

[Svart Aske]

Blows my mind that in the recent college admissions scandal, there were people willing drop hundreds of K's to bribe their way get into USC.

USC may as well openly declare that an additional $200K would guarantee your kid a spot in their class.

 

[serendipity30]

speaking of COA, the total cost of 4 years of study in NYU is higher than the cost of USC.

and 350+ students decide to go there every year. Any reason why you are so into USC, not NYU?

 

[Big Time Hoosier]

Let’s see what the total debt looks at USC class of 2023 plus their 6 months grace period. Let’s use 7% as a conservative number - student loans interests are expected to rise to about 8% next month. Let’s also apply the cost increases year to year, and call it 4%.

Year 1 loans: $147k plus 7% (first year) = $157k, another 7% (second year) = $168k, another 7% (third year) = $180k, another 7% (4th year) = $193k, plus 7% (6 months grace period) = $199k.

Year 2 loans: $140k (today) plus 4% cost increase for next year (2020) plus 7% (second year) = $156k, plus 7% (third year) = $167k, plus 7% (third year) = $178k, plus 7% (4th year) = $191k, plus 7% (6 months grace period) = $198k

Year 3 loans: $137k (today) plus two 4% increases for 3rd year cost at year 2021 for plus 7% (third year) = $159k, plus 7% (4th year) = $170k, plus 7% (6 months grace period) = $176k

Year 4 loans: $104k (today) plus three 4% increases for 4th year costs at year 2022, plus 7% = $125k, plus 7% (6 months grace period) = $130k

Let’s add loan balances for each year = about $700k

The interest payment for $700k debt at 7% is about $50k a year, or about $4k a month post tax, or about $5,500 a month/$65k a year pre tax.

These numbers are only for the first year incoming student only (class of 2023). All subsequent classes debt will go up at least $50k+ in total debt for “each class”. So class of 2024 will at least be looking at $750k total debt, class of 2025 at $800k, and so on.

Post grad debt and undergrad debt not included.

At what point do you think USC's tuition will start to impact their admissions? If $600,000 isn't scaring away applicants, what number will?

Big Hoss

 

[Beckwith Wiedemann]

If someone specialized in OMFS would it be worth it to take on that large of a debt or is that not even worth it??

Nope, even if you do match into OMFS you'll prob owe at least 1 million after residency, especially with a 6-yr integrated MD-OMFS.

If you're really gunning for OMFS I still recommend going as cheap as possible, most programs prohibit moonlighting and very few have cheap MD tuition, so you're likely to tackle on another 200k in debt.

 

[2TH MVR]

At what point do you think USC's tuition will start to impact their admissions? If $600,000 isn't scaring away applicants, what number will?

Big Hoss

I wonder what % of the USC students have wealthy parents and what % take out loans.

 

[lwergod]

I wonder what % of the USC students have wealthy parents and what % take out loans.

it would be a good bet that a good majority of them have their parents paying their tuition. No sane person would willingly take on that much debt.

 

[thestylishgeek]

i feel like there will always be a steady supply of predents coming from families wealthy enough to support a USC/NYU dental school tuition. Sure, the majority of us see it as prohibitively expensive and stupid to take out that much in loans, but money isn't a problem for a lot of folks

 

[Svart Aske]

it would be a good bet that a good majority of them have their parents paying their tuition. No sane person would willingly take on that much debt.

You overestimate the financial intelligence and foresight of most dental students.

 

[Cold Front]

Blows my mind that in the recent college admissions scandal, there were people willing drop hundreds of K's to bribe their way get into USC.

You would think. But I think the college scandal was an undergrad incident, and not graduate or professional. I wouldn’t rule out if USC admission are letting people into dental and medical schools through an unconventional admission process - since private schools are self regulated and no one really knows how each person gets in for sure. They can choose to admit anyone they want. Nonetheless, USC still has a lot of dental applicants every year to cherry pick and keep their classes full.

 

[Cold Front]

speaking of COA, the total cost of 4 years of study in NYU is higher than the cost of USC.

and 350+ students decide to go there every year. Any reason why you are so into USC, not NYU?

At one point 8-10 years ago, USC was the most expensive school in the nation. So I started tracking their COA and noticed it was insanely above the inflation rate, which remained close to 0% a year 5-7 years ago, and recently close to 2%. So when I realized when USC was leading the pack of high COA private schools - I literally thought this would be unprecedented and started sharing the data on these forums every year when USC published their COA.

I’m sure NYU and Midwestern are up there with USC, and probably would not be surprised if they now have higher COA than USC - but I haven’t tracked their numbers recently. If NYU is higher, than that’s even more alarming.

 

[Cold Front]

At what point do you think USC's tuition will start to impact their admissions? If $600,000 isn't scaring away applicants, what number will?

Big Hoss

I really don’t know, but I think after the overhaul of Dodd-Frank Act by the Trump administration changed changed provisions that had some impact on private student loans - which would allow a defaulted borrower to resume making consistent payments to their loan, helping he or she get out of default. I’m not sure if that’s a factor that made private student loans more appealing to students and schools hoping that being a wider market of available student loans.

I know the Director of Student Loan Watchdog resigned few months ago. In his resignation letter, he said Congress have used his agency to serve the wishes of the most powerful financial companies in America. That speaks volumes! He empowered students, young people, and their families to make more informed financial decisions about saving and paying for college, accessing safer and more affordable financial products, and repaying student loan debt.

 

[Thiscrazyputa]

i feel like there will always be a steady supply of predents coming from families wealthy enough to support a USC/NYU dental school tuition. Sure, the majority of us see it as prohibitively expensive and stupid to take out that much in loans, but money isn't a problem for a lot of folks

When it becomes too expensive for us americans, they can always look internationally. Look at NYU... large portion of their students are international. When it becomes hard to fill a 4 year class, schools can just turn to international 2-3 year programs. There are a lot of internationally trained dentists who would take a spot in a heart beat.

 

[Big Time Hoosier]

You overestimate the financial intelligence and foresight of most dental students.

Yeah, not too many people seem worried over on this thread.

*** The Official USC School of Dentistry Class of 2023 Interview/Acceptance Thread ***

Last year's thread: ***The Official USC Class of 2022 Interview/Acceptance Thread*** Hey everyone! I applied here last cycle and was accepted. While I will not be attending, I'm still available to answer any questions. Unfortunately I can't think of anyone who's attending :( hopefully they...

forums.studentdoctor.net

Big Hoss

 

[Thiscrazyputa]

Yeah, not too many people seem worried over on this thread.

*** The Official USC School of Dentistry Class of 2023 Interview/Acceptance Thread ***

Last year's thread: ***The Official USC Class of 2022 Interview/Acceptance Thread*** Hey everyone! I applied here last cycle and was accepted. While I will not be attending, I'm still available to answer any questions. Unfortunately I can't think of anyone who's attending :( hopefully they...

forums.studentdoctor.net

Big Hoss

Mabye they are all expecting the gov. to bail them out like with the corps in 08 or they are living in denial 😉

 

[2TH MVR]

I just thought of something. Predents don't care about the DS debt because all they see and hear is all you successful, outlier dentist contributors on SDN. Lol. I'm going to be a rich dentist. I can pay any large debt. When you're somewhat successful .... You post a lot and offer opinions. If you're stuck in debt repayment hell .... You're probably not going to be here offering financial advice.
So I blame all you successful dentists. Haha.😀

 

[Cold Front]

I just thought of something. Predents don't care about the DS debt because all they see and hear is all you successful, outlier dentist contributors on SDN. Lol. I'm going to be a rich dentist. I can pay any large debt. When you're somewhat successful .... You post a lot and offer opinions. If you're stuck in debt repayment hell .... You're probably not going to be here offering financial advice.
So I blame all you successful dentists. Haha.😀

Comparing class of 2023 to Class of 2010 (me) and Class of 1993 (you) is almost day and night. Almost everything changes in cost every 10-20 years. In 2010, it was a great time to open a practice because of the Great Recession - rents were very low (landlord gave me $80k tenant improvement allowance), insurances were not harassing dentists as much, I had far less student loans - approximately 70% less than class of 2023. I realized the opportunity I had very early on and decided to capitalized on it. I’m over the hump now after hard work and constant planning, but I don’t think that would be enough if I graduated today with the debts new docs are carrying these days. So yes, we share our fortunate experiences from a different time and generation(s) with future docs, but we are also sounding the alarm and warning pre-dents that dentists out there had a different financial path to theirs. It’s a message that future docs can choose to ignore, but live one day to regret it. They can’t say we heard and have seen the signs, but despite all information, they made the final decision. So older docs can coalesce around that iMessage together and be part of helping folks who are not informed or guided to avoid the serious consequences of going to expensive dental schools.

 

[Thiscrazyputa]

I just thought of something. Predents don't care about the DS debt because all they see and hear is all you successful, outlier dentist contributors on SDN. Lol. I'm going to be a rich dentist. I can pay any large debt. When you're somewhat successful .... You post a lot and offer opinions. If you're stuck in debt repayment hell .... You're probably not going to be here offering financial advice.
So I blame all you successful dentists. Haha.😀

The ones who are successful are always going to have the biggest mouths.

But then again, people should be able to put 2 and 2 together if it’s just a handful of people boasting about their success out of 150k+ working dentists. People will believe what they want to believe. The rest is fake news 😛

 

[redhotchiligochu]

I post the USC first year cost of attendance every year, and the new 2019-2020 academic year numbers are another record for the school. All numbers are based on both first year direct (tuition and fees) and indirect costs (budget for living, room and board, etc).

2012: $114k (4% increase)
2013: $123k (8%)
2014: $127k (3%)
2015: $130k (2%)
2016: $134k (3%)
2017: $137k (2%)
2018: $140k (2%)
2019: $147k (5%)
2020: ? (4-5%)

*Loan origination fees (1-4%) and compounding interests (7-8%) are not included.
*USC Dental will update the 2019-2020 numbers on their website in August.

Holy s**tb*lls, so glad I declined my offer to USC...



Before some SDN users (circa 2016-2017) rail me for attending an “expensive” school, albeit only ~$20-$30k cheaper per year than USC (total COA), at least the dental school that I’m attending only raises their tuition by 2-3% a year and they never go over budget by more than $1k per year, according to my loan disbursements and loan balances on my FAFSA account. Although my school’s got a culture problem, which is a topic for another thread....

Along with the fact that my not-so-insignificant brokerage account has gained ~40% since my first day of school of Summer 2017, making my overall net worth, uh, less negative? 🙄

Edit: spelling

 

[321931]

Comparing class of 2023 to Class of 2010 (me) and Class of 1993 (you) is almost day and night. Almost everything changes in cost every 10-20 years. In 2010, it was a great time to open a practice because of the Great Recession - rents were very low (landlord gave me $80k tenant improvement allowance), insurances were not harassing dentists as much, I had far less student loans - approximately 70% less than class of 2023. I realized the opportunity I had very early on and decided to capitalized on it. I’m over the hump now after hard work and constant planning, but I don’t think that would be enough if I graduated today with the debts new docs are carrying these days. So yes, we share our fortunate experiences from a different time and generation(s) with future docs, but we are also sounding the alarm and warning pre-dents that dentists out there had a different financial path to theirs. It’s a message that future docs can choose to ignore, but live one day to regret it. They can’t say we heard and have seen the signs, but despite all information, they made the final decision. So older docs can coalesce around that iMessage together and be part of helping folks who are not informed or guided to avoid the serious consequences of going to expensive dental schools.

Beautifully said. Man I wish I had tenant allowance. I think everyone should have an exit plan and or financial plan. I see way to many financial noobs that say IBR 30 years I’ll figure it out and or pay the tax.

Bros. A lot can change in 30 years.

Should plan ahead at most 10 years.

 

[serendipity30]

Holy s**tb*lls, so glad I declined my offer to USC...



Before some SDN users (circa 2016-2017) rail me for attending an “expensive” school, albeit only ~$20-$30k cheaper per year than USC (total COA), at least the dental school that I’m attending only raises their tuition by 2-3% a year and they never go over budget by more than $1k per year, according to my loan disbursements and loan balances on my FAFSA account. Although my school’s got a culture problem, which is a topic for another thread....

Along with the fact that my not-so-insignificant brokerage account has gained ~40% since my first day of school of Summer 2017, making my overall net worth, uh, less negative? 🙄

Edit: spelling

lol I like your user name. go chu lol

I like to know more about a culture problem though or at least send me a link.

 

[Likkriue]

If someone specialized in OMFS would it be worth it to take on that large of a debt or is that not even worth it??

Lol omfs don’t make near that kind of money to pay that off comfortably especially when that compound interest is hammering you for 4-6 years.

(Also gl getting into omfs from usc)

 

[321931]

When I graduated at 2014 I remember a lot of people’s plan to invest, do ibr, payoff the tax in 30 years when it’s forgiven. Back in 14 there was this notion that the market would give back 7% returns just through investing mutual funds. Therefore through investing you end up paying the loan off through compounded interest.

5 years later and we have had a great bull market but economists are revising their returns way down from 7% and say that’s an anomaly and to not expect that going forwards. Some doom and gloom sayers say that we will have a deep recession. Collapse of the dollar that kind of thing. Who knows.

All I know is that basing investments like your education on the the past and not looking forward is mistake. Dentistry has been good for me. It’s a good gig- I cannot complain and I do recommend the field if you enjoy it. I think it’s way better then MD. But to be a prudent investor- be wise and think ahead. Not crazy 30 years but rather 5-10 years. Honestly I think universal healthcare will play a larger role and will decimate dental and md salaries. With consumers having less spending power, they will go with the cheaper options (aka universal care) even if there is a two payer system that allows for private care. But that’s just my opinion.

 

[Cold Front]

Not sure if anyone noticed or follows, but the push for dental therapists has been getting stronger and stronger as COA at dental schools went up.

When I graduated in 2010, there was only 1 state with dental therapists - Alaska! The concept of mid-level providers originated from New Zealand, and with no dental school in Alaska and no dentists wanting to move there, dental therapists became the logical alternative for the state.

Fast forward 9 years, in 2019, we now have 9 states (Alaska, Arizona, Maine, Michigan, Minnesota, New Mexico, Oregon, Vermont, Washington) with dental therapists. The dental associations of each of those 9 states fought and lobbied against the creations of dental therapists relentlessly and eventually lost. We will probably see 2 more states passing dental therapists later this year, Massachusetts and Wisconsin having the best chances at this point. This trend only means one thing, therapists will be a big part of the future of dentistry - and the evolution of dentistry will be adding a new dimension.

 

[Thiscrazyputa]

Why do they allow for a relatively easy licensing pathway for foreign-trained dentists and thus let dental schools save that many spots for them (20 FTDs every year at my school)?

Dentistry is already becoming saturated and this is just making things a lot worse. Dentistry could become the new pharmacy except with 3x the debt.

This reflects in the quality of the foreign-trained students, most of them come from countries where dentistry is not much different from a trade. Dishonesty, cheating, stealing or being disrespectful is common among many of them.

In certain parts of the world, you can simply pay your way into dental school or pay your way to pass classes.
All that aside, communication is also lacking for some... just taking 1 exam isn't a good indicator of fully grasping the English language.


Nothing is going to change unless the masses speak up?

 

[2TH MVR]

Beautifully said. Man I wish I had tenant allowance. I think everyone should have an exit plan and or financial plan. I see way to many financial noobs that say IBR 30 years I’ll figure it out and or pay the tax.

Bros. A lot can change in 30 years.

Should plan ahead at most 10 years.

I've always had a professional lease person do my negotiating. Costs maybe $2000. But worth it. He also designed the lease for the new ortho that purchased my practice, but also leases the real estate that I own. Tenant allowance is usually always provided at the initial stages of your lease. With strong negotiation you could receive 2-3 months of free rent less CAMs and/or tenant allowance. The tenant allowance actually helps the owner in improving his/her office.
So when it comes down to renewing your lease ....get a professional lease negotiator. The lease guy will research what the available lease rates are in your area. Negotiate for free rent for a few months or maybe some tenant allowance to improve the office. Again ... the TA benefits the owner and offsets your rent. Yeah ... the rent will always escalate annually. Retail leases are the worse.

Another thing. Rainee .... I believe you are single? No kids? Right? If so .... it is EASY for you to be mobile and make financial decisions on the fly. When you have a wife, kids, pets, mortgage, possible practice payment, 529 college plan, life ins, dog got bit by rattlesnake and needed $2000 worth of anti-venum (this happened over the weekend), wife had serious health problems, oldest daughter getting married in 8-12 months, youngest daughter going off to college (yes ... I pay for all their college expenses), etc. etc. etc. ...... all of a sudden .... you are somewhat trapped in your current direction and it is not as easy to make life altering changes. Gotta pay the bills.

The point I am making is that life becomes more convoluted as you have more family responsibility. Enjoy your freedom while you still have it brother.

 

[AppalachianDentalBoy]

I post the USC first year cost of attendance every year, and the new 2019-2020 academic year numbers are another record for the school. All numbers are based on both first year direct (tuition and fees) and indirect costs (budget for living, room and board, etc).

2012: $114k (4% increase)
2013: $123k (8%)
2014: $127k (3%)
2015: $130k (2%)
2016: $134k (3%)
2017: $137k (2%)
2018: $140k (2%)
2019: $147k (5%)
2020: ? (4-5%)

*Loan origination fees (1-4%) and compounding interests (7-8%) are not included.
*USC Dental will update the 2019-2020 numbers on their website in August.

Wow. Lesson for future applicants: Don't apply to schools with COA above $350,000. If you only get into your "safety school" you will be on the hook for $500,000+ which will follow you forever.

(Also gl getting into omfs from usc)

I get annoyed by how every pre dent student thinks they are going to become a hotshot oral surgeon or orthodontist. I really hope people who can't get into their state schools don't think they're suddenly going to change their bad habits in D school and specialize out of an expensive private school that produces mostly GPs. All I can say is good luck.

Personally I have to admit that these doom and gloom threads make me consider specializing.

 

[Cold Front]

Personally I have to admit that these doom and gloom threads make me consider specializing.

COA for specialty schools are rising as well, particularly Endo, Ortho, Pros and any other fields that do not pay residency. For instance, Endo at USC is $130k each year, and goes up 4% year to year with compounding interest. At this rate, maybe in 8-10 years, USC will charge close to $200k a year to be a specialist.

The question is, if you get hit with huge student loans to be come a general dentist, is it worth getting hit with additional $250-300k more loans to specialize? Does the ROI make sense at that point? If not, will it be less competitive to get into speciality schools in the future?

 

[Cold Front]

I really dislike the fact that the ADA is doing absolutely nothing to protect our profession.

The ADA is complicit. They are busy accrediting the same schools that exploit students and the broken system.

 

[allantois]

Gotta pay for the lawsuits against the school somehow

 

[Cold Front]

Mabye they are all expecting the gov. to bail them out like with the corps in 08 or they are living in denial 😉

There will be no bail out until the problem starts the affect the economy significantly - not to say it hasn’t already.

A study by Fed economists from January found that a $1,000 increase in student debt reduces homeownership rates by about 2%.

https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf

 

[Cold Front]

So a $300,000 increase in student debt reduces homeownership by 600%. Fed economists math skills on fleek

That was based on student loans for undergrad, as graduate loans debt represent less than 5% of all student loans.

 

[beannaithe]

That's the craziest thing I've seen all day. Tuition is getting out of control. I graduated in 2010 and when I did my loans, I made a really tight budget to live on in school and took out less than half the living expenses. The advice I got from the financial coordinator? "Take out all the loans, you'll make enough to pay it back in no time."

Penn is another school with insane tuition prices. I turned down an admission in 2006 because $86k was a tough bill to swallow. It's up to $120k now. That's a 39% hike in 13 years.

And don't forget about all the fees they tack on. My favorite one from dental school was the "articulator leasing fee." I paid $1k over 4 years to rent an articulator that retails for $650. And all the equipment that you buy (at greater than market value prices) that you use once or never. I have literal boxes in my basement that I don't know what to do with, but can't bring myself to pitch (except for the expired stuff). How much money do you think schools make off inflating equipment prices and forcing you to rent equipment at crazy-high rates?

Yeah, the system is broken.

 

[Cold Front]

It's up to $120k now.

Will go up again in couple of months by 5% to $126k or so. It’s an open season for these private schools... NYU, BU, Tufts, Pitts, USC, Midwestern, and few others... all edging closer to $150k/yr in couple of years.