How do people afford this!?!?!?

[silverd]

Hey everyone,

Just putting some numbers together and I am realizing that Dental school is very very very expensive! I understand that dentists have the ability to pay their debt back in a timely manner once they are working, but how do they afford to get through school!?

 

I am calculating that based on UWO tuition costs, $650 rent, $200 groceries, and $200 living, based on a 5% interest rate on a line of credit, that over the four years, the total expenses would be $223,000.00 dollars!

 

Based on getting a $150,000.00 LOC, and working for only two or three months in the summers, how are students suppose to come up with the difference?

My guesses are OSAP, or external sources such as parents.

 

Any current students have insight on this? Are there granst given form the schools as well? Am I missing something? Thanks!

[ryan1580]

more than one LOC

[hangma]

OSAP is $12,600 per year and you have to pay back only $7,000 (you keep $5,600). However, this is only if you are eligible for OSAP.

[mdDave]

could be worse. Try going to an American school :/

[ryan1580]

i plan on robbing a bank myself if i'm accepted. you can use this post as evidence for motive

[SkyBlue]

OSAP is $12,600 per year and you have to pay back only $7,000 (you keep $5,600). However, this is only if you are eligible for OSAP.

 

do you really get to keep $5, 600?? Because that's more than some scholarships. It's a pretty sweet amount to not have to pay back.

 

 

i plan on robbing a bank myself if i'm accepted. you can use this post as evidence for motive

 

LOL nice one

[silverd]

Do the university give bursaries on top of those from OSAP? I've heard of this at other Universities

[Adversary]

Some schools offer scholarships/bursaries, but I do not believe any are enough to tie you over. Essentially, you need either another LOC, financial help from parents/family, or your own money saved up for a rainy day.

[bbqfish]

join the army... they'll pay for ur tuition and give u salary on top of that. (ya, u get paid to study)....

[brooksp2]

i know that TD (and most other banks) will only give you $150,000 with a letter of acceptance from a dental or med school, however royal bank does loans on a case by case basis. I know friends who are heading to the states and have been given over 400,000 with a co-signer with good credit. you can always get the money, because they know that eventually you will be able to pay it all back.

[Phm]

Some schools offer scholarships/bursaries, but I do not believe any are enough to tie you over. Essentially, you need either another LOC, financial help from parents/family, or your own money saved up for a rainy day.

 

Were you able to get dental LOC from more than 1 bank? Or do you mean get the one dental $150000 LOC at prime then ask for a smaller general purpose LOC at a higher rate?