USC cost of attendance is 130K for the 1st year

[allantois]

$400k isn't too hard to pay off with a $120k salary (after taxes).

Assuming you live on $40-50k, you'd have $70kish to add towards your loan repayment per year. You can pay that off in 7 years @ 6%. This is also assuming your salary stays at $120k for 7 years. Now, of course you became a dentist, you don't want to live on $40-50k/yr. But making that sacrifice for 5 - 7 years is worth it imo.

You might want to recheck your ridiculous math:

Sticker price of 400k will be higher because interest starts to accrue as soon as the loan is disbursed

With a salary of 120k, you will be left with ~85k at best (in TX) to ~75k at worst (in CA)

An interest payment alone off the 500k+ that you will accumulate with interest and annual tuition increases, will be ~35k/year

You won't pay that debt off, period. Even USC admit it when they advertise IBR repayment plans (which would have you see your debt balloon to over a million before it is "forgiven", except that it's not - since a tax bomb on that will be HUGE)

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[1070752]

You might want to recheck your ridiculous math:

Sticker price of 400k will be higher because interest starts to accrue as soon as the loan is disbursed

With a salary of 120k, you will be left with ~85k at best (in TX) to ~75k at worst (in CA)

An interest payment alone off the 500k+ that you will accumulate with interest and annual tuition increases, will be ~35k/year

You won't pay that debt off, period. Even USC admit it when they advertise IBR repayment plans (which would have you see your debt balloon to over a million before it is "forgiven", except that it's not - since a tax bomb on that will be HUGE)

First of all, I don't know where you're going to get a $400k lump sum loan.

Second, I said $120k after taxes.

Third, at ~$400k with 6%, you'll be at $490k, lets assume $515k.

My point still stands.

 

[allantois]

 

[Hyunin1210]

$400k isn't too hard to pay off with a $120k salary (after taxes).

Assuming you live on $40-50k, you'd have $70kish to add towards your loan repayment per year. You can pay that off in 7 years @ 6%. This is also assuming your salary stays at $120k for 7 years. Now, of course you became a dentist, you don't want to live on $40-50k/yr. But making that sacrifice for 5 - 7 years is worth it imo.

After taxes that is definitely okay, but how many jobs will pay you 120k after taxes right out of school or residency? Not many unless you are specialist. I was talking about before taxes hahah. So that leaves you with a lot less. I definitely would not mind living off 40-50k a year as a dentist.

 

[ktran17]

A lot of you are assuming 120k is your taxable income, this is your gross income. More often than not, that is not the case. Your taxable income will be a lot different due to deductions. 401k, mortgage, kids, standard or itemized deductions etc. How you're taxed is unique for every individual. Keep that in mind.

 

[Hyunin1210]

You won't pay that debt off, period. Even USC admit it when they advertise IBR repayment plans (which would have you see your debt balloon to over a million before it is "forgiven", except that it's not - since a tax bomb on that will be HUGE)

There is a way to avoid the debt to balloon over a million. The PAYE loan repayment calculator that I used assumes an annual 4% (I think) increase in salary which means an increase in payment amount. The amount forgiven doesn't reach those crazy numbers if you follow that set up. There is no penalty for paying more than you are supposed to so one can increase the amount they pay every year. In the end, you end up paying a bit more in total than the 10 year plan but much less than the other extended plans. The PAYE plan frees up a lot of money to use to start a practice, save up for retirement, and of course invest to save up for the tax bomb. That is how I think the best way to deal with PAYE if one chooses to use it through the whole 20 years. Of course, if one ends up having a successful practice while on PAYE, he or she can go straight to repaying it normally. Your thoughts or any corrections?

 

[Joey333]

Live home for a couple years with very minimal expenses and throw most of your salary into your loan. Sounds like the fastest way possible haha.

...for real though it is.

 

[Hyunin1210]

Live home for a couple years with very minimal expenses and throw most of your salary into your loan. Sounds like the fastest way possible haha.

...for real though it is.

Do you plan on getting married and having kids? hahaha it definitely is the quickest way to kill the debt if you don't mind living with your parents for a while

 

[Joey333]

Do you plan on getting married and having kids? hahaha it definitely is the quickest way to kill the debt if you don't mind living with your parents for a while

Hahah yeah I do, I'll graduate when I'm 25, get a house and get married around 28 I imagine. Cut my debt quite significantly in 2-3 years, then buy a house etc. Just delayed gratification that's all. I'm young haha!

 

[musicplease]

You might want to recheck your ridiculous math:

Sticker price of 400k will be higher because interest starts to accrue as soon as the loan is disbursed

With a salary of 120k, you will be left with ~85k at best (in TX) to ~75k at worst (in CA)

An interest payment alone off the 500k+ that you will accumulate with interest and annual tuition increases, will be ~35k/year

You won't pay that debt off, period. Even USC admit it when they advertise IBR repayment plans (which would have you see your debt balloon to over a million before it is "forgiven", except that it's not - since a tax bomb on that will be HUGE)

USC confirms during the interview that you will never be able to pay the debt that USC dental school will give you.
Its crazy that there are schools out there that KNOW that their price is not ever manageable and still charge so much knowing that there are people
out there so desperate for a DDS and would only go here if they can't get in anywhere else and are too lazy to reapply.

 

[helpmepleasedentists]

is it still a horrible idea to attend USC if I will be commuting? I think the price will be around 400K if I commute.
meaning if I have an out of state acceptance at a 400K school vs USC for 400K commuting.

 

[frozenicecreamDMD]

380k is the fixed price for USC but you still have to buy dental supplies, dental kit (above 10k), parking permit (outrageously expensive), gas, and commute time. so the price will be around 410-420k when all is said and done for commuting.

you can make a trip to USC dental school specific thread and see how those people jump on you for sharing this info that everyone knows but too excited to realize its importance.

 

[frozenicecreamDMD]

is it still a horrible idea to attend USC if I will be commuting? I think the price will be around 400K if I commute.
meaning if I have an out of state acceptance at a 400K school vs USC for 400K commuting.

you should still attend the OOS acceptance if 400K means "EVERYTHING" included.

USC doesn't includes everything.

 

[frozenicecreamDMD]

USC confirms during the interview that you will never be able to pay the debt that USC dental school will give you.
Its crazy that there are schools out there that KNOW that their price is not ever manageable and still charge so much knowing that there are people
out there so desperate for a DDS and would only go here if they can't get in anywhere else and are too lazy to reapply.

they should fire that financial aid representative. people just want their DDS man. Come on.

 

[helpmepleasedentists]

i didn't know that.... thank you for that information.

 

[frozenicecreamDMD]

i didn't know that.... thank you for that information.

you're welcome.

when you visited the school, are you surprised it has all possible dental specialties? (perio, ortho, AGED, OMFS, pedo) and also dental hygiene? tell me how you pay 200k for a dental hygiene degree is not my cup of tea to explain

this school is clearly made out to get the dough without caring about the student's best interests. heck, people prefer NYU over USC now and even NYU is cheaper than USC.

 

[Weakfart]

There is a way to avoid the debt to balloon over a million.

Die.

 

[Hyunin1210]

Die.

That's one way to increase my net worth as a debtist

 

[musicplease]

you're welcome.

when you visited the school, are you surprised it has all possible dental specialties? (perio, ortho, AGED, OMFS, pedo) and also dental hygiene? tell me how you pay 200k for a dental hygiene degree is not my cup of tea to explain

this school is clearly made out to get the dough without caring about the student's best interests. heck, people prefer NYU over USC now and even NYU is cheaper than USC.

you pay for the most expensive school in the world, and you don't even get lectures, probably why people would rather go to NYU.

 

[frozenicecreamDMD]

you pay for the most expensive school in the world, and you don't even get lectures, probably why people would rather go to NYU.

to be honest I still see why people still go to USC if they are from the west and that is their only school because housing rent in NYU is scary and taking into the housing price, the two schools will come out even.

you can make a trip to USC specific thread and see how they react when someone said the same thing you just said. these people are in big denial.

 

[Dent5291]

There is a way to avoid the debt to balloon over a million. The PAYE loan repayment calculator that I used assumes an annual 4% (I think) increase in salary which means an increase in payment amount. The amount forgiven doesn't reach those crazy numbers if you follow that set up. There is no penalty for paying more than you are supposed to so one can increase the amount they pay every year. In the end, you end up paying a bit more in total than the 10 year plan but much less than the other extended plans. The PAYE plan frees up a lot of money to use to start a practice, save up for retirement, and of course invest to save up for the tax bomb. That is how I think the best way to deal with PAYE if one chooses to use it through the whole 20 years. Of course, if one ends up having a successful practice while on PAYE, he or she can go straight to repaying it normally. Your thoughts or any corrections?

It's true that you pay a bit more in total than the 10 year plan but you also have to consider the value of holding on to that money for 20 years as well. You can earn enough interest that you come out well ahead compared to the 10 year plan not to mention the benefits of having that additional cash flow earlier on to open a practice.

 

[Incis0r]

you can make a trip to USC specific thread and see how they react when someone said the same thing you just said. these people are in big denial.

Student loan debt is a serious issue that needs to be considered.

 

[Confused321]

Field trip time! So I went and checked the thread out....yep, you're right. Major denial. Oh well- they've been warned. Even the USC Financial Aid Officer told them that the level of debt they need to take out is insane. Still, they march onwards to a life of debt.

...... this is actually their reasoning for still wanting to attend USC.

You're right, USC is expensive. But that 500k won't be for me since I live 15 mins away from USC so I'll be saving on living expenses. I'd consider it but won't drop it in a heartbeat. Between USC's laidback atmosphere vs UNLV's gunner central and people like you, USC's excellent alumni base and all the other prestige that comes with being a USC alum, family and friends around the area. Don't forget about the Cali weather and beaches, the eye candies at USC campus itself ZOMG. Quality over quantity for me. Fun over prunes. PBL over traditional. I mean UNLV does have strip clubs and casinos I guess which are fun. I go to Vegas with my friends a lot for the clubs and I think it's pretty distracting and tempting having those places close by, you know especially when you can use cash acquired by student loans to "double up" in the casinos lol. By the way, I don't see you bombarding other schools with similar costs such as the MWU's. Seems like you got a personal beef with USC though just saying lol.

Don't go to USC they said, it's expensive they said...don't consider all other factors only expenses they said.

 

[tarheel616]

.

 

[musicplease]

to be honest I still see why people still go to USC if they are from the west and that is their only school because housing rent in NYU is scary and taking into the housing price, the two schools will come out even.

you can make a trip to USC specific thread and see how they react when someone said the same thing you just said. these people are in big denial.

NYU has a good reputation and will train you very well, USC's reputation in dentistry does not match its price for attendance.
i know I've seen it, there comes a point where its no longer worth it to be a dentist, and USC tuition reaches that point.

 

[frozenicecreamDMD]

...... this is actually their reasoning for still wanting to attend USC.

you can also discuss about members that get banned from saying what has been said in this thread

 

[darklordzz]

DarkLordzzz strikes.

 

[yihaej12]

Just adding another school onto the list of ridiculous tuition.

UW's out of state is 530k......LOL

Its no longer just USC being the crazy one. Over time, I feel like 400k+ will just be the new norm.

 

[Incis0r]

Just adding another school onto the list of ridiculous tuition.

UW's out of state is 530k......LOL

Its no longer just USC being the crazy one. Over time, I feel like 400k+ will just be the new norm.

I feel for you. You are going there as OOS for all 4 yrs?

 

[musicplease]

Just adding another school onto the list of ridiculous tuition.

UW's out of state is 530k......LOL

Its no longer just USC being the crazy one. Over time, I feel like 400k+ will just be the new norm.

since UW is a public school... isn't it possible to get in state after 1 or 2 years?

 

[hellofuturedentists]

Just adding another school onto the list of ridiculous tuition.

UW's out of state is 530k......LOL

Its no longer just USC being the crazy one. Over time, I feel like 400k+ will just be the new norm.

You really got the short end of the stick on that one. Hopefully, if you move back home, Hawaii isn't too saturated and you can pay it off. I feel for ya. Good luck!

since UW is a public school... isn't it possible to get in state after 1 or 2 years?

Only a few schools do that. Can add a couple more to the list if you do something extreme, like marry an in-state resident.

 

[yihaej12]

I feel for you. You are going there as OOS for all 4 yrs?

yep. At this point I'm trying not to think of the debt until D4 comes around haha. But i honestly don't know what I can do unless i do PAYE or apply for NHSC scholarship. I know there are loan repayment programs for working at underserved sites, but I don't think it'll be worth it since most only repay like 20-30k of loans a year and thats not gonna make a dent in my over half a million dollar loan. hahaha

Ill mostly do PAYE (with the assumption it'll still be around) and prepare myself for the inevitable disaster that is the tax bomb. haha

 

[yihaej12]

You really got the short end of the stick on that one. Hopefully, if you move back home, Hawaii isn't too saturated and you can pay it off. I feel for ya. Good luck!


Only a few schools do that. Can add a couple more to the list if you do something extreme, like marry an in-state resident.

Hawaii actually has the highest number of dentists per capita. FML.

but the dentist I shadowed said that Hawaii residents have one of the highest numbers of dental insured adults and that Hawaii adults see the dentist per year more than whatever the national average is...so idk.

We'll see. Maybe I will end up marrying a WA resident and stay. hahaha

 

[frozenicecreamDMD]

i thought UW lets you change to in state just by going to school there for one year? pretty much like UConn, buffalo, stony brook, and UNLV?

am i wrong?

 

[hellofuturedentists]

Hawaii actually has the highest number of dentists per capita. FML.

but the dentist I shadowed said that Hawaii residents have one of the highest numbers of dental insured adults and that Hawaii adults see the dentist per year more than whatever the national average is...so idk.

We'll see. Maybe I will end up marrying a WA resident and stay. hahaha

Ya lol that doesn't surprise me. Who wouldn't want to live in Hawaii?
But maybe those 2 things will even themselves out. Or maybe you will find a nice rich WA-resident to marry you <3
Good luck

 

[i D M D]

I just leave this here:

http://www.finaid.org/calculators/loanpayments.phtml

 

[musicplease]

I just leave this here:

http://www.finaid.org/calculators/loanpayments.phtml

if this is correct..... USC will cost you almost $6,000 in monthly debt payments for the next 10 years.

 

[musicplease]

Hawaii actually has the highest number of dentists per capita. FML.

but the dentist I shadowed said that Hawaii residents have one of the highest numbers of dental insured adults and that Hawaii adults see the dentist per year more than whatever the national average is...so idk.

We'll see. Maybe I will end up marrying a WA resident and stay. hahaha

you had a strong GPA and DAT score as well if you got into UW dental, I'm surprised you didn't get accepted anywhere else?

 

[cacajuate]

if this is correct..... USC will cost you almost $6,000 in monthly debt payments for the next 10 years.

Exactly right. Don't go to USC.

 

[Incis0r]

Hawaii actually has the highest number of dentists per capita. FML.

but the dentist I shadowed said that Hawaii residents have one of the highest numbers of dental insured adults and that Hawaii adults see the dentist per year more than whatever the national average is...so idk.

Yeah it sounds like you really did get, as @hellofuturedentists put it, the short end of the stick- first with the high OOS tuition, and then second, you have to trade away Hawaii's paradise weather for Washington's overcast.

GL yihaej12. I do wish they had a dental school in Hawaii though- that'd be great!

 

[hellofuturedentists]

Yeah it sounds like you really did get, as @hellofuturedentists put it, the short end of the stick- first with the high OOS tuition, and then second, you have to trade away Hawaii's paradise weather for Washington's overcast.

GL yihaej12. I do wish they had a dental school in Hawaii though- that'd be great!

Lol I can tell you right now, a Hawaiian dental school would be harder to get into OOS than UNC

 

[Incis0r]

Lol I can tell you right now, a Hawaiian dental school would be harder to get into OOS than UNC

I believe you- when I had started looking at dental schools, "Hawaii Dental School" was the first thing I googled. Not kidding.

 

[musicplease]

Yeah it sounds like you really did get, as @hellofuturedentists put it, the short end of the stick- first with the high OOS tuition, and then second, you have to trade away Hawaii's paradise weather for Washington's overcast.

GL yihaej12. I do wish they had a dental school in Hawaii though- that'd be great!

well at least she will be getting a quality education at UW rather than PBL and no lectures from USC.
i wonder what other state schools are 500K+ for nonresidents and also doesn't grant in state.

 

[frozenicecreamDMD]

well at least she will be getting a quality education at UW rather than PBL and no lectures from USC.
i wonder what other state schools are 500K+ for nonresidents and also doesn't grant in state.

a lot of OOS schools don't grant in state and cost near 400k or over that for non residents.

just a few public schools do grant in state after 1 year.

 

[musicplease]

Something interesting to look at, the 130K on their website is actually for the class of 2019, the class of 2020 is actually looking at 135K for the 1st year alone.

If we compare tuition increases with starting salary for the last 10 years, the picture becomes very scary.
Below is the USC cost of attendance for the last decade, with projection of next couple of years. Tuition went up about $50,000 in 12 years, that's about 60%. USC general dentist graduates in 2004 starting salary is the same as today's new graduate starting salary, almost 0% change. Some may argue that 2nd, 3rd, 4th, and 5th year salaries will go up dramatically, but that's not true for all graduates, specially when you factor in taxes (which goes up with higher income), and the cost of inflation (which went up 28% in the last decade).

 

[musicplease]

Exactly right. Don't go to USC.

and thats assuming you are able to get a stable 150K paying job in California right after graduating.

 

[Confused321]

Something interesting to look at, the 130K on their website is actually for the class of 2019, the class of 2020 is actually looking at 135K for the 1st year alone.

I still really don't understand why it costs so much for USC, so many other dental schools run much better than USC does with significantly less cost to their students.

 

[frozenicecreamDMD]

well it costs 200k in tuition alone for undergrad at USC (tell me how one can pay that back with just a BS degree) whereas cal state for 4 years cost less than USC for one year, UC tuition for 4 year is just a bit more than USC tuition for one year.

 

[musicplease]

well it costs 200k in tuition alone for undergrad at USC (tell me how one can pay that back with just a BS degree) whereas cal state for 4 years cost less than USC for one year, UC tuition for 4 year is just a bit more than USC tuition for one year.

well most students that attend USC for undergrad I assume have rich families, while most that go for dental school probably don't.
but the reason USC can charge so much is, simple because they can, and because its so easy to take out loans and a DDS is a valuable degree.

 

[jokersmiles]

Yea....Kids need to stop going to USC.

don't worry, the trojan family connections will carry their career.