Need financial help...

[Sublimize23]

Ok, so I'm looking for some advice from people who have had loans of some type before. I am finishing up my 2nd year in college. At this time next year, I'll be applying to dental schools. My parents pay for my college tuition and living expenses in full, so I have no loans and no debt right now. I have a credit card in my name and pay it in full every month, so nothing is carried over. I check my credit score a few months ago and it was 710, so pretty good. Where I attend school is totally dependent on how much it costs, and it is quite expensive. If I go to NYU, or Columbia, I am looking at $100k per year, including living expenses. If I go to VCU (where I'm at now), Maryland or Temple, I am looking at $40k per year, including living expenses. Where do I go about looking for these loans? What kind of interest rates can I expect? How long, realistically, will it take to pay off 400,000 and 160,000, respectively? I am really torn here because the New York schools are better schools than the rest. My dad is a Columbia alum so that will help my case.

 

[lone sailor]

There seems to be a boom in the student loan companies as of late. They can/will help you get money(to a certain extent) but very careful of the fine print. Your credit score is great though, so you probably won't even need a cosigner. The length of payoff time depends on how early, if any, you plan to pay off the loan. Most of the individuals I know that went to some distinguished college are still paying it back after 10 years. Like I said, if they took the extra money they're blowing, they could have paid it off by now. It also depends on how much money you will earn once you're comfortably in the field you have chosen.

 

[Sublimize23]

Thanks for the insight lone sailor. 10 years?!? eek.. Well if all goes to plan, I will be ready to work in 2014 (lol), assuming I don't want to do any more specializing. It sucks, because I know the best choice is the cheaper choice. I don't want to be in debt my whole life, because a huge student loan would definitely hold me back on other things like a downpayment for a house, but at the same time, a better education is worth it too. I can probably expect to earn between 70-85k right out school though.

 

[Lightningfr]

wow i could never imagine haveing a 100k loan thats pointless

 

[CalcVictim]

go to a cheaper school, I don't see how being a dentist from a better school will benefit you enough to rack a ridiculous debt like that. My sister went to medical school and while she got into Tufts(one of the best schools in the country) she instead went to a state school since it was 30k a year cheaper.

 

[Sublimize23]

wow i could never imagine haveing a 100k loan thats pointless

100k per year...

go to a cheaper school, I don't see how being a dentist from a better school will benefit you enough to rack a ridiculous debt like that. My sister went to medical school and while she got into Tufts(one of the best schools in the country) she instead went to a state school since it was 30k a year cheaper.

Columbia is Ivy league and they guarantee placement in a specialty program after graduation like orthodontics, oral surgery, periodontics, etc. So my options are way open with the better schools. That's the only real advantage to the more expensive schools.

 

[mustangkid05]

forget the 100k a year, go to temple, graduate and pay the 160k
160k>400k thats a difference of a lambo lol

 

[Sublimize23]

Haha. When you put it that way... I guess it will all depend on where I get in. If I have no choice but to pay top dollar.. so be it. Temple isn't my top choice but only because I've lived in the Philly area my entire life.. born and raised. so I'm more than ready for a change in scenery, hence why I'm in school in VA. I don't plan on staying in the Philly area when I'm all done with school. Where in PA are you from mustangkid?

 

[ON D BIT]

are there any grants available for you?


and to answer your other question. can you see yourself working 3 more years for free(80 x 3 = 240k) just to have a different name on your diploma?

that 240k that could go to the extra schooling is a great down payment on a very nice house. epper::beer:

 

[Sublimize23]

are there any grants available for you?


and to answer your other question. can you see yourself working 3 more years for free(80 x 3 = 240k) just to have a different name on your diploma?

that 240k that could go to the extra schooling is a great down payment on a very nice house. epper::beer:

Grants? I'm not sure.. I would have to apply. Not sure if I'd qualify for financial aid either. Great point about working 3 years for free.. Whoa that all kind of just hit me, lol. Thanks!
I appreciate all the help and advice guys!

 

[lone sailor]

You only want to go through college once. Just make sure the decision you make is one you can live with down the road. Money is nice to have, but being realistic is too. If you can afford it and want to go for 400k, right on. If you want to take the light side at 160k, cool. I think the biggest difference is the transition of payment coming out of your pocket vs. the parents pocket. With that said, SAVE as much as you can now while you don't have the loans and bills hanging over your head. I'm not trying to sound like an old conservative geezer, but you will enjoy having the financial buffer later. Seems like you have a descent head on your shoulders though, just make sure you keep it that way.

 

[Lightningfr]

what do dentist's make?

do they make 150k+ a year? otherwise i why bother

 

[Sublimize23]

You only want to go through college once. Just make sure the decision you make is one you can live with down the road. Money is nice to have, but being realistic is too. If you can afford it and want to go for 400k, right on. If you want to take the light side at 160k, cool. I think the biggest difference is the transition of payment coming out of your pocket vs. the parents pocket. With that said, SAVE as much as you can now while you don't have the loans and bills hanging over your head. I'm not trying to sound like an old conservative geezer, but you will enjoy having the financial buffer later. Seems like you have a descent head on your shoulders though, just make sure you keep it that way.

:rockon: Thanks man. I will keep saving.

what do dentist's make?

do they make 150k+ a year? otherwise i why bother

Why bother? Because I love to help people, I'm good at working with my hands, I am very detail orientated, and I love the healthcare industry. But yes, the national average income for dentists is about 165k. I'm not doing it for the money.

 

[supachargd2k5]

Well atleast you have your priorites right in wanting a good education, and if it was me i would go to the cheaper of the two scools. If the cheaper school is respectable and will save you $$$ then go for it. The education is what you make out of it so go and learn as much as you can. Good luck!

 

[Lightningfr]

http://www.payscale.com/research/US/Job=Dentist/Salary

ew you wish i just checked starting pay is less then 100k

 

[Sublimize23]

Well atleast you have your priorites right in wanting a good education, and if it was me i would go to the cheaper of the two scools. If the cheaper school is respectable and will save you $$$ then go for it. The education is what you make out of it so go and learn as much as you can. Good luck!

Thanks man! :beer:

http://www.payscale.com/research/US/Job=Dentist/Salary

ew you wish i just checked starting pay is less then 100k

Average. As in, been working for a few years. No job pays you the max when you first start. By the way, I work/have worked for a few dentists (my Dad is one too) and clinics so I have a pretty good idea what they pull in.

 

[kirks5oh]

i'm surprised you can't get stafford loans for dental school, like you can for medical school. i have all my loans via stafford loans--super low interest rate, etc. etc.

4 years of medical school, and 5 years of residency later (where i didn't pay a single penny of my loans back yet), i owe just over $150k--but will probably never pay a red cent of it---many jobs offer loan paybacks. my future employer agreed to pay $102k over 4 years

 

[Sublimize23]

What is your interest rate? Where did you attend school?

 

[sCharmr]

if i were applying to dental school, i would go to columbia/nyu etc that has a name and reputation. I personally know the difference between a reputed school and a state level school without much recognition. There is a big difference. Your opportunities are exponentially greater with a school of repute.

As a Dentist you should be able to pull >90K per year (no hard data, just a guesstimate). But that is initailly when you have your practice set you will pull more.
As one who has paid off approx half that, i can tell you it isnt much of a issue.
you should be able to pay if off in 7 years with ease, that is if you dont keep spending your earnings on crap like the latest gadgets etc. if you have a lavish lifestyle i would say 10 years. If you continue to live like a student for the next 4 years after graduating, it will be a walk in the park.

With that degree from NYU/Columbia you will have many more options/openings i.e. your knowledge/skills will be more saleable. I wouldnt worry about getting house after you graduate due to the loan balance. You will be a Medicine graduate, your loans fall into a different bracket. But i would pay off that loan first. I dont like paying interest, when i can pay off my loan. (of course there are others thanks to whom we have a mortgage meltdown and impending recession)

i higly recommend going to Columbia/NYU, study your ass off (i mean this. if you dont think you will, dont go there. seriously), get a 4.0 or atleast >3.8. And pay off that loan asap.

Take the cosigner get the lower APR.

Find a job in NYC, there will be plenty. Dont pad your loan with your living expenses. Take the sub, dont buy a car.

it sounds difficult, i know first hand it is. But after you have paid everything off, only when you reflect back will you know that it was worth every moment.
Hindsight is 20/20, but good planning and contingency planning is better.

if you have a chance to go to a NYU caliber school, dont flush it down the drain. These schools have a reputation for a reason. They are not simple money pits like folks think they are. The market would have decimated them by now if this was true.

 

[kirks5oh]

if i were applying to dental school, i would go to columbia/nyu etc that has a name and reputation. I personally know the difference between a reputed school and a state level school without much recognition. There is a big difference. Your opportunities are exponentially greater with a school of repute.

As a Dentist you should be able to pull >90K per year (no hard data, just a guesstimate). But that is initailly when you have your practice set you will pull more.
As one who has paid off approx half that, i can tell you it isnt much of a issue.


if you have a chance to go to a NYU caliber school, dont flush it down the drain. These schools have a reputation for a reason. They are not simple money pits like folks think they are. The market would have decimated them by now if this was true.

i'm not sure if this is true for dental school, but it IS NOT true for medical school. the state schools will land you just as many opportunities as the private schools. we turn down people for residency positions all the time who went to 'big-time' private medical schools.

i went to ohio state for medical school, and got the medical residency of my choice, and the job of my choice. the difference between $400k loans and $250k loans is HUGE, especially for someone who is going to make $150k per year.

and to the original poster, i'm not sure what my interest rate is with my stafford loans--something like 2-3% (i consolidated the loans--mostly stafford subsidized and unsubsidized--5 years ago when rates were at record lows). throughout my residency, i've deferred the loans--mainly because i knew my future job would pay them off.