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The Falling Dollar And Us Schools

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In the last month alone, US dental school have become 7% more expensive to Canadians due to the falling dollar.  I keep hearing on the news that economists are predicting further decreases to the 75¢ range.

 

This would mean that Canadian-friendly US dental schools that cost $375K-to-$450K will actually cost $500K-to-$600K.

 

Although I'm certain that Canadians will still attend US schools at these prices, I'm wondering how they can justify it.  I was balking at US dental school prices in 2013 when our dollar was at/near par.  Now it's become completely absurd!

 

So who's going to schools in the US or planning to next year?  What are your thoughts?

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I was thinking about this recently. I got an interview at 1 school in the US this year and it'll cost me $350k USD for all 4 years which comes out to $450k CAD. And on top of that, it'll cost another $300k+ to start my own practice depending on where I live. If it's in Toronto, that can go up as high as $700k...putting me at $750k to $1.1mill in debt. So seriously speaking, I think it's important for anyone in this predicament to look at their own stats and see if it's feasible to get into a school in Canada. If it isn't, then I think it's better to go to the US if dentistry is really what you want to do. 

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Meanwhile, in Qc, my entire MD will cost me 20k. Yes, 20k. 

I just find it ridiculous that American schools charge all that much.

 

I just don't think it's worth it for 500k of debts + interests. 

You're lucky to be a resident of QC. Even the rest of us Canadians don't get that deal. Most schools charge around 20k per year. 

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The only way I can see it being feasible at this point in time is if one receives a significant scholarship from a US schools (half tuition).

The schools I applied to this year offered little to no scholarship :(

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Some schools do offer full scholarships (e.g. Yale, Harvard), but you have to be a stellar applicant to have a shot as an Int'l appilcant, in which case you would easily be accepted into a Canadian school anyways but it's financially more sensible to just go to that U.S.school. 

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I always planned on applying to US schools because I figured 200-300K would be rough, but manageable. I'm not going to apply now, there's no much risk I'm not comfortable with. I'll apply 2 or 3 years in a row in Canada and starts a different career path/degree in the meantime

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Some schools do offer full scholarships (e.g. Yale, Harvard), but you have to be a stellar applicant to have a shot as an Int'l appilcant, in which case you would easily be accepted into a Canadian school anyways but it's financially more sensible to just go to that U.S.school. 

I don't think Yale has a dental school :(. I heard UPenn offers half tuition though, and I've heard of Case Western offering significant scholarships to Canadians before too.

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I was thinking about this recently. I got an interview at 1 school in the US this year and it'll cost me $350k USD for all 4 years which comes out to $450k CAD. And on top of that, it'll cost another $300k+ to start my own practice depending on where I live. If it's in Toronto, that can go up as high as $700k...putting me at $750k to $1.1mill in debt. So seriously speaking, I think it's important for anyone in this predicament to look at their own stats and see if it's feasible to get into a school in Canada. If it isn't, then I think it's better to go to the US if dentistry is really what you want to do. 

I agree, going off by figures, I wouldn't pursue US dentistry unless looking at teeth is my absolute number one passion.

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In the last month alone, US dental school have become 7% more expensive to Canadians due to the falling dollar.  I keep hearing on the news that economists are predicting further decreases to the 75¢ range.

 

This would mean that Canadian-friendly US dental schools that cost $375K-to-$450K will actually cost $500K-to-$600K.

 

Although I'm certain that Canadians will still attend US schools at these prices, I'm wondering how they can justify it.  I was balking at US dental school prices in 2013 when our dollar was at/near par.  Now it's become completely absurd!

 

So who's going to schools in the US or planning to next year?  What are your thoughts?

I actually believe it's closer to 24% percent more expensive because 1 US= 1.24cad atm ( at the time that I checked). Plus you have to taken into account living expenses is also higher now so...... A 350-400k degree would easily turn to 500k-600k which is A LOT of money nevertheless...........it just means you spend more years paying that tuition off and with some people it's just not worth that time anymore

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NYU dentistry is about 125K US a year at the moment.  That is 500K US a year - without the planned 4-5% yearly tuition increases they plan.  With the dollar at 80 cents - it would be around 625K Canadian.  And that's with a low conservative living expense calculation.  While the Canadian dollar will likely go up - that's brutal pricing. 

 

Dentistry is truly becoming a profession for the rich - at least in the USA.  Canada isn't a ton better either - UBC tuition is brutal!

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putting all this into perspective, it almost makes good sense to reconsider US-Can reciprocal agreement, not only because of the fact that dentists are more than readily available but because putting out a dentist into a private market with close to a $1 mill debt is going to erode the profession very quickly...

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Meanwhile, in Qc, my entire MD will cost me 20k. Yes, 20k. 

I just find it ridiculous that American schools charge all that much.

 

I just don't think it's worth it for 500k of debts + interests. 

 

I disagree. At the end of the day, you are choosing a life-long profession. Although the debt may seem overwhelming right now, it won't mean much 20-30 years down the road. What matter then are your clinical experiences and patient relations. If you think dentistry is truly what you want, then don't get stopped by this debt on the way  :)

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I beg to differ..i think it is already becoming challenging to regulate the dental marketplace and with new ODA numbers not showing any improvement but rather continuing decline in incomes, the effect is trickling down through the entire dental industry...wages of hygienists are expected to further drop due to decline in dental practice incomes...in this sort of a supply driven market, I fear that there is an increasing risk of greater investment into induction of demand from the dentists (e.g. free whitening, recall exams, shady practices e.t.c) , especially if their margins are being cut down...this is just how the private market functions....this is slowly eroding the profession and so although increased debt may seem as an individual problem, it is more so a collective issue as there are a lot more US grads entering into the Canadian marketplace than those from within Canada. I cant see how its ok for US debt to guide clinical decisions in Canada as that is what may very well end up happening.

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NYU dentistry is about 125K US a year at the moment.  That is 500K US a year - without the planned 4-5% yearly tuition increases they plan.  With the dollar at 80 cents - it would be around 625K Canadian.  And that's with a low conservative living expense calculation.  While the Canadian dollar will likely go up - that's brutal pricing. 

 

Dentistry is truly becoming a profession for the rich - at least in the USA.  Canada isn't a ton better either - UBC tuition is brutal!

NYU is 70k a year, not 125k. And Dentistry isn't a profession for the "rich", most dentists make 100k-200k a year. That's hardly rich, it's more of a comfortable profession.

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I guess the big factor here is if you can get US loans and when you have to actually pay this back. The dollar moves around all the time - eventually the interest will stabilize as well - and by eventually I mean within the span of the time it would take you to get your US degree. Although I will say despite rationally knowing the reasons behind the dollars movement lately it was still satisfying to see the effect it had on US stock holdings (I mean when the can dollar was at record highs to the US and canada's economy wasn't so hot buying US stocks seemed logical).

 

The people that really nailed by this aren't new applicants - it is the ones that are graduating right now and hoping to make headway in the next little bit.

 

Endless debates of course on what is "rich" - anything over the 200K make is personally putting that family is the 1% category every one is pointing a finger at :) Actually have an earning spouse (hardly unusual) would just markedly move you forward from there.

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Don't Canadian LOCs for dentistry and medicine max out of 250k CAN? If the total cost is approaching 600k students will somehow have to generate another 350k USD from other sources. How is that even feasible???

 

these are not the usually can LOCs. They are LOCs requiring normally a cosigner, can have a higher amount, and can have a less favourable interest rate. Really it is the cosigner that would be carrying this.

Edited by rmorelan

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NYU is 70k a year, not 125k. And Dentistry isn't a profession for the "rich", most dentists make 100k-200k a year. That's hardly rich, it's more of a comfortable profession.

Well...NYU is 70K a year - if you don't eat, buy dental equipment, have housing, or get insurance.   You really aren't the brightest - but let me be clear with you.  It costs about 125K US a year to go to NYU.  That is 500K over 4 years - and is, at the moment, 625K CAN.  

 

And when I meant dentistry is becoming a profession for the rich - I meant that the only people that will be able to get into it will be rich people (at least those striving for private schools in the USA).  And in regards to most dentists making 100-200K a year - if one owns their own practice and works outside Toronto - it is ALOT more than that.  Often well over a million in many cases.  A lot of dentists (women in particular), often marry other high earning professionals, and choose to associate as it's easy on lifestyle.  That lowers the average significantly.  But full time working dentists with decent reputations 5 years out - they do very well at the moment.  Could change in the future of course.

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Well...NYU is 70K a year - if you don't eat, buy dental equipment, have housing, or get insurance.   You really aren't the brightest - but let me be clear with you.  It costs about 125K US a year to go to NYU.  That is 500K over 4 years - and is, at the moment, 625K CAN.  

 

And when I meant dentistry is becoming a profession for the rich - I meant that the only people that will be able to get into it will be rich people (at least those striving for private schools in the USA).  And in regards to most dentists making 100-200K a year - if one owns their own practice and works outside Toronto - it is ALOT more than that.  Often well over a million in many cases.  A lot of dentists (women in particular), often marry other high earning professionals, and choose to associate as it's easy on lifestyle.  That lowers the average significantly.  But full time working dentists with decent reputations 5 years out - they do very well at the moment.  Could change in the future of course.

 

Frankly you don't know how to speak with anyone on this forum. I've seen your posts, and I'm not surprised why you haven't gotten past the interview stage despite high stats. Instead of insulting others over minor mistakes, why not try correcting them? And it's not 125k, it's 110k but thank you for correcting me. And the Room & Board costs are slightly lower, you can find cheaper alternatives than what they mentioned. :

http://dental.nyu.edu/academicprograms/dds-program/tuition.html

 

Last thing, I wouldn't be surprised if someone reported you to a few med school admission committees for the comments you have made on this forum. They actively check the forums, but obviously a genius of your calibre would know this ;)

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Frankly you don't know how to speak with anyone on this forum. I've seen your posts, and I'm not surprised why you haven't gotten past the interview stage despite high stats. Instead of insulting others over minor mistakes, why not try correcting them? And it's not 125k, it's 110k but thank you for correcting me. And the Room & Board costs are slightly lower, you can find cheaper alternatives than what they mentioned. :

http://dental.nyu.edu/academicprograms/dds-program/tuition.html

 

Last thing, I wouldn't be surprised if someone reported you to a few med school admission committees for the comments you have made on this forum. They actively check the forums, but obviously a genius of your calibre would know this ;)

1st year is cheaper than the last 3 years (which are 118 each).  My 125K a year estimate is based on the planned 5% tuition increases per year, as well as a 2-3% annual cost of living increase. 

 

Unless my name is formally outed, even with suspicion, no medical school committee would pick me out.  And even then - I have done nothing illegal.  Medical school committees have thousands of applicants, and most Ontario medical schools have a pretty anonymized system in evaluating applicants.  So no - I'm not afraid of comments being reported to admission committees.  I have several family members in medicine - and it's pretty clear that the admission process does not care about online posts on a premed forum (unless there is something illegal being blurted). 

 

I've never been interviewed before.  So far I do have one interview at MAC, and will almost certainly have one at Western.  The other schools - who knows - but we will find out won't we.

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