Ways to MAX out loans in Dental School?

[FlossBossFunnyman]

Hi All,

Looking for some help here! I want to max out student loans as much as possible to make going to school less stressful for my growing family (currently at 4 kids).

I know I can get $2500 / month living expenses and then $1250 per kid for child care per month... What would be really helpful is the additional reasons for more federal loans.

Anyone have experience with getting additional federal loans to bridge the gap?

I realize taking out more loans in school means I will owe more coming out, but going to school wont be feasible if my family life suffers.

Thanks all!

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[Boofy]

Besides taking out Grad PLUS, you'd have to pull from private lenders. Just beware the high interest rates, immediate accrual, and no forgiveness on payback. There a six month grace period for federal, private lack this for the most part. We have it budgeted for 45k/year for cost of living. Federal will go up to that point but anything after would be private. Im not sure if you would need more than this, but you may want to schedule a meeting with a financial advisor if youre thinking of taking more out. Maintaining a good fiscal spreadsheet or any way of keeping up with how to utilize loans is a great idea. I understand the want for wanting your family to be comfortable when in school, but just make sure to consider that pulling a ton of additional loans may impact the future years once practicing. Loan repayments are no joke when pulling just federal out for schools.

 

[voxveritatisetlucis]

With rates this high, there would literally be no point in pursuing dentistry. You would probably run up 600k in debt for a job that pays 200k

 

[FlossBossFunnyman]

Anything federal I’m cool with.

Planning on going to public institution with lower tuition.

So anything I can do for more federal loans will work. Trying to avoid private loans.

Is there a max of grad plus loans?

 

[voxveritatisetlucis]

Anything federal I’m cool with.

Planning on going to public institution with lower tuition.

So anything I can do for more federal loans will work. Trying to avoid private loans.

Is there a max of grad plus loans?

Yes, cost of attendance. No way to borrow more without private

 

[deleted1166024]

The max for Grad PLUS is cost of attendance plus whatever your school determines as their living expense amount.

It made sense for my wife to take more than necessary based on several circumstances. DM me if you want to talk about the implications privately.

 

[Thehighwind87]

Anything federal I’m cool with.

Planning on going to public institution with lower tuition.

So anything I can do for more federal loans will work. Trying to avoid private loans.

Is there a max of grad plus loans?

Just curious how much is the tuition? You mention you don't wanna give your family hardship but ironically after graduation it's no cakewalk. Gotta buy a 500k-1mil practice, a house 500k-1 mil, thats 1-2 mil of debt right off the bat along with student loans. Sorta ironic that you don't wanna give your family hardship but the debt alone if not managed well will be soul crushing.

 

[deleted1166024]

Just curious how much is the tuition? You mention you don't wanna give your family hardship but ironically after graduation it's no cakewalk. Gotta buy a 500k-1mil practice, a house 500k-1 mil, thats 1-2 mil of debt right off the bat along with student loans. Sorta ironic that you don't wanna give your family hardship but the debt alone if not managed well will be soul crushing.

To be fair, buying a house and practice are not requirements. And there are certainly homes to be found under $500k depending on where you live.

Income driven repayment plans should not be underestimated.

 

[Thehighwind87]

To be fair, buying a house and practice are not requirements. And there are certainly homes to be found under $500k depending on where you live.

Income driven repayment plans should not be underestimated.

I would say in general- owning a practice is the way to generate wealth. You can associate but in my opinion- if you are going to associate- you should not be in the dental field. The amount of time and effort and debt to be a dentist...you could of been a PA or NP and get paid more with benefits and debt/income ratio is better.

Yeah, you can buy a house anywhere, but I like to think that the majority of dentists or new grads are going to want to live the middle to upper middle class lifestyle. Can I buy a home for 300k in my area- sure it will be a shack next to a liquor store. But I don't think most dentists picture that when they graduate.

But I guess there is always texas etc where homes are more affordable and <500k can get you a decent neighborhood house.

 

[charlestweed]

Just curious how much is the tuition? You mention you don't wanna give your family hardship but ironically after graduation it's no cakewalk. Gotta buy a 500k-1mil practice, a house 500k-1 mil, thats 1-2 mil of debt right off the bat along with student loans. Sorta ironic that you don't wanna give your family hardship but the debt alone if not managed well will be soul crushing.

I am gonna have to agree with Thehighwind on this one. Dentistry is a great profession but in order to become a successful dentist (so you can earn good enough income to pay off debt), it requires a lot of effort and sacrifice (like working 6 days/wk...no vacation....rice and bean at the beginning of your career etc). OP, I don't think this “borrowing more money” mentality (so that your kids won’t suffer) is a good start. It shows that you are not willing to make sacrifice. I apologize if you think I criticize you. I am probably around your parents’ age and I just want offer you an honest advice. How about getting a side delivery job on the weekends to increase your income while you are in dental school? Can your spouse work full time to support the family while you are in dental school? Kids are expensive….I have 2 myself…. and they will become more and more expensive when they get older.

I had a few classmates who had kids or were pregnant while in school. But that was 20+ years ago when the whole 4-year tuition was less than $100k. Many of these classmates had spouses, who worked full time. Many of them have parents, who helped babysitting their kids.

 

[FlossBossFunnyman]

Thanks everyone for your help and advice.

Although I didn't include context, I have a strong financial background and understand the implications of taking out additional loans. I was simply asking for the ways to access additional federal loans (following applicable rules / regulations). Making the decision about whether to leverage any of those ways to access the loans is a personal decision.

Considering the amount of loans most people take for school and living, adding a extra 5-10% more over the 4 years isn't going to make a tremendous difference in the grand scheme of loan repayment due to Income Driven Repayment programs, but it will make a tremendous difference to one's family life, which I believe is more important.

That being said, I have found out there are ways to adjust the total cost of attendance (which is the maximum amount of loans one can receive through federal loan programs). Examples are reasonable childcare costs, computer, extenuating circumstances - all to be approved by the financial aid office of the school.

Wishing everyone the best of luck in your endeavors.

Also - If you are not sure how to navigate taking out loans to live a better life when in school, then google Travis / Student Loan Planner. Student loans shouldn't ruin your life. Thankfully, there are programs out there, if understood holistically, that can minimize the impact of student loans on your life. You'll work extremely hard, and shouldn't feel like you are forced to live a life of poverty to pay back your loans. Every situation is different, but for many it is best to plan for the future, live a meaningful and healthy life, and make progress on your loans over a longer time horizon leveraging programs available.

 

[Dr.TibyM]

Thanks everyone for your help and advice.

Although I didn't include context, I have a strong financial background and understand the implications of taking out additional loans. I was simply asking for the ways to access additional federal loans (following applicable rules / regulations). Making the decision about whether to leverage any of those ways to access the loans is a personal decision.

Considering the amount of loans most people take for school and living, adding a extra 5-10% more over the 4 years isn't going to make a tremendous difference in the grand scheme of loan repayment due to Income Driven Repayment programs, but it will make a tremendous difference to one's family life, which I believe is more important.

That being said, I have found out there are ways to adjust the total cost of attendance (which is the maximum amount of loans one can receive through federal loan programs). Examples are reasonable childcare costs, computer, extenuating circumstances - all to be approved by the financial aid office of the school.

Wishing everyone the best of luck in your endeavors.

Also - If you are not sure how to navigate taking out loans to live a better life when in school, then google Travis / Student Loan Planner. Student loans shouldn't ruin your life. Thankfully, there are programs out there, if understood holistically, that can minimize the impact of student loans on your life. You'll work extremely hard, and shouldn't feel like you are forced to live a life of poverty to pay back your loans. Every situation is different, but for many it is best to plan for the future, live a meaningful and healthy life, and make progress on your loans over a longer time horizon leveraging programs available.

Thank you for sharing this, I am about to start dental school with one infant and so I was looking if anyone opened this subject, much appreciated and wish you all the best in your dental school 😊