A sneeze travels out of your mouth as fast as 600 mph!
Paying for Dental School
It is a fact that Dental School is expensive. Even with the knowledge that you're income after dental school will be high, you still have to get from beginning to end. Most dental students do not have the personal resource to pay for dental school, but if you believe that this is the right career path for you, there are ways to finance your dental education. Again, keep in mind that a dental education is a very rewarding investment. Below are some tips of financial preparation and how you can pay for dental school.
Step 1: Minimize Your Debt
If you have outstanding personal credit card debt, you may want to pay it off first. Try and get rid of all your consumer debt before you even begin school. And while you are in school, use cash to pay for what you need if you can. This way you avoid using your credit cards while you are in school. Finally to further minimize you debt when you get out of school, only take out the amount you need.
Step 2: Create a Budget
Write a comprehensive budget in a spreadsheet. Review it and see if there are items you can eliminate or cut down. There are always things you can cut down. Also, if you already have known financial resources for education, write those down also. It could be work, family contributions etc.
Step 3: Apply for Financial Aid
Visit the website for the Free Application for Federal Student Aid (FAFSA). Gather all the necessary documentations you will need to fill out the application. Complete the application, you can even do all of this online. Check and double check your FAFSA before submitting and once all the information is correct, then submit your application. If you ever have questions regarding your FAFSA, be aware that you can talk to your financial advisor to help you answer them.
Different Types of Financial Aid
- Gift Aid (grants and scholarships)
- Research Fellowships
- Loans
- Service Scholarships
- Work Study
- Education tax breaks
Step 4: Determine How Much Money You Need
Once you have received your FAFSA Aid, add the award in your student budget spreadsheet. Also add any other contribution from family resources or other outside scholarships. Calculate how much more money you need to borrow.
Step 5: Apply for Student Loans
After you have determined what you need, apply for Government Loans first and max out what you can. If what you are awarded is still not enough, then you can look for a private student loan lender. Do a thorough search and compare a few lenders. Look at the term of repayment and the interest rate before and after the loan will enter repayment. Calculate the total amount you will end up paying. Private loans tend to have higher interest rates and that is why they are easy to get. It is important that you only borrow what you need to avoid paying more in the long run.
Types of Government Loans
- Stafford Loan
- Parent PLUS Loan
- Graduate PLUS Loan
- Perkins Loan
Step 6: Be Frugal
Once you have a finalized budget, stick to it and if you go over, you have to spend less on the next month to even it out. Set yourself up with a system to keep track of your expenditures everyday. Subtract it from the monthly budget. You can also save money by avoiding eating take-out. Get in the habit of bringing your lunch and snacks to school. When buying books, only buy used books if you can. Finally, the college party is part of the experience, if you must party, party on the cheap. Drink at home, or carry your flask with you.