Wondering whether to go back to D-school after year's break

[catchmehere44]

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Hi all!

I completed my first semester at D-school after which I had to take a year's break from school due to personal reasons. Well I have been give another year due to some extenuating circumstances. Now I am wondering if I made a mistake about going for D-school because being an international student I will be 250k in debt when I graduate. Considering that I will only make around 100k a year as a new graduate, and that my loan payments will be around 4000$ or more per month, I really don't know if it is a wise decision to continue. Right now I am already 30k in debt due to my first semester.
Being an international student will also make it very hard for me to land a job where they will sponsor my work visa. All in all, although I love dentistry, I don't think I want to live so meagerly for 20 years of my life, during which I will be repaying my loan.
Plus my loan is a private loan and the interest rate is variable and based on 3-month LIBOR +4%. So right now it is 10% and could increase at any time. And with private loans, interest accrues while you are in school (is compounded once you graduate).
I really wanted to voice out these problems. I really don't know what to think and I feel like I should have checked out all these things before enrolling. I do feel like I made a mistake. Any one have anything to say to me ?

 

[catchmehere44]

Hi,

I would really appreciate if someone in my position or who has had the experience of being a new graduate could give me some helpful points to think about. Do you think, considering all the angles to my situation, dentistry will still be doable.

Many thanks in advance.

catchmehere44

 

[DrSmiles12]

Its just money, if you love the job and can live frugally for a few years after d-school than you'll be just fine. There are plenty of doctors/dentists/and other career oriented ppl that go this far into debt but still survive.

If you are miserable in the job than don't waste the money. Find something you love doing.

 

[small]

Your situation seems interesting; I'm wondering what you would do if you didn't do dentistry. Judging by the number of foreign professionals working in the US, the VISA part doesn't seem like it should be too big of a problem. You can work in Canada, as well, which might not be so draconian in its immigration policies. As for the debt, I also plan on having over $200k to pay back after I finish dental school, but this is normal. Your interest rates are higher, but again, what else would you do?

I know there are lots of ways to make more money, but very few careers that leave you with the time to enjoy what you make. I work as a translator now making $35k a year. Life is fine, but I know I will have more time to be with my family and more money even after taxes/rent/loans than I ever would if I stuck with this. The time I will have with my family is the most important part for me, honestly.

Of course, if it's not worth it to you, I'm sure you can find something else to do. Whether you can find something better to do, though, is a tough call. Good luck, either way!

 

[catchmehere44]

Thank you so much for your responses.

My passion was to do medicine. But I was not sure that I would be able to handle the work load. So I looked for other related areas. Dentistry is after all an aspect of medicine. So I was naturally drawn to it. But I will not say that I feel that there is nothing else out there that I would like to do.

My private loan is being offered to me at a variable interest rate and it currently is 10%. It can go up any time. I was doing some calculations and also referred to a website example where they calculated that a new grad would have barely 1,500$ left over for food, clothes and savings after paying loans (1,000$ per mo and mine will be atleast 4k), taxes, mortgage/rent, insurance etc. This is if they were earning 9K a month. This is what jolted me into realizing what I am going in for.

Is there something I am missing? Is everyone able to afford to do this just because they get federal loans vs. private loans where they don't accrue interest while in school? Or is it because they will be able to run their own practices soon after they graduate. I am pretty lost. Would appreciate your input.

 

[Cymbidium]

Hi all!

I completed my first semester at D-school after which I had to take a year's break from school due to personal reasons. Well I have been give another year due to some extenuating circumstances. Now I am wondering if I made a mistake about going for D-school because being an international student I will be 250k in debt when I graduate. Considering that I will only make around 100k a year as a new graduate, and that my loan payments will be around 4000$ or more per month, I really don't know if it is a wise decision to continue. Right now I am already 30k in debt due to my first semester.
Being an international student will also make it very hard for me to land a job where they will sponsor my work visa. All in all, although I love dentistry, I don't think I want to live so meagerly for 20 years of my life, during which I will be repaying my loan.
Plus my loan is a private loan and the interest rate is variable and based on 3-month LIBOR +4%. So right now it is 10% and could increase at any time. And with private loans, interest accrues while you are in school (is compounded once you graduate).
I really wanted to voice out these problems. I really don't know what to think and I feel like I should have checked out all these things before enrolling. I do feel like I made a mistake. Any one have anything to say to me ?

Ouch!

What would you do if you didn't do dentistry? You should try to answer that question too before you give up.

Also, I'm not sure what your marital status is, but assuming that you are or will one day be married, your spouses income will help offset alot of your anxiety. For example, I'm going to NYU and it's very, very expensive. However my husband makes pretty good money right now with the potential to make LOTS as soon as this writer's strike is over. So yes, I'll be taking out hundreds of thousand's in loans for now (but I won't need to take out as much for living expenses), but if you have the foresight to think 5-10 years ahead it might curb your anxiety a little.

One other thing you could do is call the school you attend and ask the financial aid office how many of their graduates default on their loans.

 

[catchmehere44]

Many thanks for all the responses.

Here is a breakdown of life after graduation, money-wise, from http://www.dentalcompare.com/featuredarticle.asp?articleid=108.

The 2002 Survey of New Dentist Financial Issues reveals that recent graduates average $9,000 per month or $109,000 per year as an associate full-time dentist. However, it’s easy to see how that $9,000 per month disappears when you factor in the average monthly costs of living.

$ 2,700 taxes
$ 1,500 rent or mortgage payment
$ 500 utilities
$ 650 car payment and auto insurance
$ 1,000 life, disability, and malpractice insurance

Student loans take another $1,200 per month, leaving just $1,450 per month for groceries, clothing, gas for the car, health club membership and most important: savings.

In my case, the loan installment will be 4K+. So basically I am trying to commit suicide with this 250k loan, plus my situation as an international student and all that.

 

[dentheartthrob]

think of having your own clinic one day as a catalyst of having enough capital for a number of invesments that could one day be profitable. 🙂

 

[ElectraOnAzalea]

why will your loan repayment be $4,000 a month? That is extremely high how long of a time period is that over? If you stretch it over a longer time period don't the monthly repayments reduce?

 

[Tweetie pie]

See, you are in a better situation in education wise than me. I attended ist semester of D1, and ended up quiting bcz i couldn't tolerate the stress..I was just crying every single day, and wanted to get away from the school that time. School seemed to jail for me; nothing seems interesting to me..I am also in debt of 35K, only difference is I have low interest rate..See, now I am so confused what should I do for education wise..Everyone around me, my family, dentist I was shadowing-everyone is telling me how lucky i am that I got accepted to dental school; but for me,I don't think so..Atleast you are going to do whatever u love to do; for me, I don't know what I want to do and my family members are not giving me enough time to rethink..I know that money matters a lot, but if u love dentistry and dentistry is your passion, just go for it. Think you are very lucky that u r doing whatever u want..You will ab able to survive later on; just try to extend years to payoff your loan..in that way, u have to pay less money..See, there is a solution to every problem if u think; so don't leave just dentistry by thinking only abt debt..i hope it will help..

Hi all!

I completed my first semester at D-school after which I had to take a year's break from school due to personal reasons. Well I have been give another year due to some extenuating circumstances. Now I am wondering if I made a mistake about going for D-school because being an international student I will be 250k in debt when I graduate. Considering that I will only make around 100k a year as a new graduate, and that my loan payments will be around 4000$ or more per month, I really don't know if it is a wise decision to continue. Right now I am already 30k in debt due to my first semester.
Being an international student will also make it very hard for me to land a job where they will sponsor my work visa. All in all, although I love dentistry, I don't think I want to live so meagerly for 20 years of my life, during which I will be repaying my loan.
Plus my loan is a private loan and the interest rate is variable and based on 3-month LIBOR +4%. So right now it is 10% and could increase at any time. And with private loans, interest accrues while you are in school (is compounded once you graduate).
I really wanted to voice out these problems. I really don't know what to think and I feel like I should have checked out all these things before enrolling. I do feel like I made a mistake. Any one have anything to say to me ?

 

[NismoDDS]

Many thanks for all the responses.

Here is a breakdown of life after graduation, money-wise, from http://www.dentalcompare.com/featuredarticle.asp?articleid=108.

The 2002 Survey of New Dentist Financial Issues reveals that recent graduates average $9,000 per month or $109,000 per year as an associate full-time dentist. However, it’s easy to see how that $9,000 per month disappears when you factor in the average monthly costs of living.

$ 2,700 taxes
$ 1,500 rent or mortgage payment
$ 500 utilities
$ 650 car payment and auto insurance
$ 1,000 life, disability, and malpractice insurance

Student loans take another $1,200 per month, leaving just $1,450 per month for groceries, clothing, gas for the car, health club membership and most important: savings.

In my case, the loan installment will be 4K+. So basically I am trying to commit suicide with this 250k loan, plus my situation as an international student and all that.

if you're paying back $4000 back for the loans then it would take you roughly 5 yrs to pay back your full 250k.. which isnt bad at all. And eventually when you get your own private practice you will see a dramatic increase to the 109k per yr salary you are using to calculate. I know people in NYU who have upwards of 300k loans + interest, and they are managing. If things get really tight you can always rent an apartment with a friend, that'll cut the rent in half, drive a cheaper car etc. that is the worst case scenerio AND at worst it'll be for the 5 years it will take you to pay off your loans. After that you'll see that extra $4000 in your bank account then you could go buy yourself a Masarati for the last five years of torture that you went through. Oh yea and this is assuming your not going to get married in all this time. Good luck!

 

[Leine4]

Many thanks for all the responses.

Here is a breakdown of life after graduation, money-wise, from http://www.dentalcompare.com/featuredarticle.asp?articleid=108.

The 2002 Survey of New Dentist Financial Issues reveals that recent graduates average $9,000 per month or $109,000 per year as an associate full-time dentist. However, it’s easy to see how that $9,000 per month disappears when you factor in the average monthly costs of living.

$ 2,700 taxes
$ 1,500 rent or mortgage payment
$ 500 utilities
$ 650 car payment and auto insurance
$ 1,000 life, disability, and malpractice insurance

Student loans take another $1,200 per month, leaving just $1,450 per month for groceries, clothing, gas for the car, health club membership and most important: savings.

In my case, the loan installment will be 4K+. So basically I am trying to commit suicide with this 250k loan, plus my situation as an international student and all that.

Am I the only person reading this that is able to live without:
1. a $1500 rent payment
2. a $650 car payment
3. a health club membership ????

Here is my advice: live in an apartment for a few years, drive a civic, and get your butt outside and run which is free.

Sorry to sound like a meanie, but this person is ridiculous.

 

[catchmehere44]

First off, I am getting a private loan wherein interest accrues WHILE in school. Whoever calculated that I could pay 4k in 5 years and pay the loan back is dead wrong because they were using a calculator for an subsidized loan for which the government pays interest while you are in school. Even so, the payment comes to 5k/year. I am using an unsubsidized loan calculator such as the one in this website (scroll down) :http://www.accessgroup.org/calculators/loan_repay.htm

 

[catchmehere44]

Even if I do adjust the figures a bit, considering that I would earn 9k per mo at my first job:
$ 9,000
-$ 2,700 taxes
-$ 600 rent or mortgage payment
-$ 500 utilities
-$ 500 car payment and auto insurance
-$ 500 life, disability, and malpractice insurance
_________________________________________________
=$4,200 which is my monthly loan repayment

Then I can just live off of ramen noodles for the remaining 20 years. Oh wait a minute, I could just live in my car and that would save me $600! Sorry I'm just really stressed out. May be my personal problems were a blessing in disguise so I could realize that this would be my life after dental school. All of you who are getting federal loans, no need to worry, this will not affect you as your loan installment will be so much less than mine.

 

[Leine4]

I think that this problem has a simple solution...do you want to be a dentist or not? If you truly want to be a dentist, then the rest will work itself out. IMO, I think that you should seek the advice of your friends and family instead of random people on a website.

 

[ss56workhorse]

Sounds like a lot of second guessing and your heart is not in it. You should give up your seat in the school and move on.