Being Frugal

Now that we are approaching the end of the first term, it is apparent that for some, not having an adequate sum of money to carry over until the next financial aid disbursement is a reality. I was almost caught in the above situation if it wasn't for a timely intervention. I consider myself to be tight fisted with money. Hence, receiving my first FA disbursement seemed manageable; the first thing I did was to place myself on a strict budget and lived within my means. Nevertheless, despite my frugality, I still found myself 'dipping' into my resources to make up for expenses such as paying more to get my hair done, engaging in a Starbucks moments, indulging in several retail therapies, and the least expected, parking and speeding tickets.
What this has taught me is despite how much I plan there are still unaccounted expenses that I encountered. Now, as I anticipate my new FA disbursement, I am ever more cognizant of the fact that the cost of living differs from the city where I previously resided to the one in which I currently reside. I am also more cognizant of the unanticipated expenses that can pose problems for me if I am not careful. In my planning and budgeting, more emphasis is now being placed on being frugal, and at the same time trying to avoid having to unnecessarily and wastefully spend what I do not have. The worst thing that can happen to any of us is to run out of money before our next disbursement comes around.
As professional students, managing our finances is a necessary skill that we must be good at. As future dentists, medical doctors, or the likes, managing the finances of our practice will not be something that we want to learn on the job, hence the time to do so is now. I'm learning from my mistakes, how about you?

Tuition: A real kick in the rump

Got a little something that would be sure to give me a real kick in the rump if ever I decide to slack off.

This is my tuition and fee schedule for my first year of Dental School. As you can see, the total cost for ONE year is $43,462.00 and that does not include living expenses, which would amount to some figure I have issues saying out loud. 
I have strategically posted this flyer right above my desk where I study. Whenever I need to be reminded of the reason I absolutely cannot afford to let the ball drop, this would sure do the trick, don't you think?
It's my motivation, and will later become my satisfaction when I become Dr. Patrice S., DDS.

Please support my cause "Aid for Minority Dental Students" by donating whatever you can afford to help students like myself combat the alarming cost of Dental School.  

How to Fund Your Dental School Career

Dental School is very expensive to attend. However, you shouldn't let the cost defer you from your dream of becoming a dental professional. It is true that some schools may cost well over $300,000 over four years! It is scary figure, but, it is a worthwhile investment, as the average dental professional makes well over $100,000 per annum. So how exactly can one go about paying all that money? There are several ways:

1. Scholarships - There are very few scholarships out there. However, it is important to search for scholarships to help to defer the cost of dental school. You may check the ADA website for some scholarships. Also, check your designated schools for scholarship listings.
i. Health Professions Scholarship Program - These are scholarships offered through the Navy, Army and Air Force where full tuition coverage plus a monthly stipend is awarded, in addition to summer military training. In return, you owe the respective branch 1 year for each year the scholarship was granted. Example: If you got the scholarship for the whole four years of dental school, then you owe the respective branch four years of service.
ii. National Health Service Corps - This organization offers scholarships for those who are eligible. They offer up to the full cost of attendance plus a monthly stipend. In return the awardee is required to serve an underprivileged neighborhood/area (example: federal prison) 1 year for each year the scholarship is awarded.

2. Federal Student Aid -  All dental students will be considered for Federal Student Aid, or FAFSA. Free Applications are usually given to students from their designated schools. The FAFsa information is used to calculate the Expected Family Contribution (EFC). From this, the Cost of Attendance (COA) will be subtracted to determine financial need.

3. Loans  
i. Federal Stafford loans: Students are automatically considered for Stafford loans as a result of filing FAFSA. There are two types of Stafford loans, Subsidized and unsubsidized. Subsidized means the federal government pays the interest on the loan until you graduate, and for a grace period of several months after graduation. Unsubsidized means that you are responsible for paying the interests immediately upon taking out the loan; however, you may opt to defer payment of the interest until after you graduate, in which case the interest is simply added to your principal. The interest on these loans are low, currently fixed at 6.80%.
ii. Health Professions Student Loan (HPSL) - The HPSL is another option available to dental students. It has a fixed interest rate of 5% and the interests are subsidized. repayment of this loan begins 12 months after graduation with a maximum of 10 years to repay. The award is based on parental income.
iii. The Perkins Loan - This loan is need-based and has a fixed interest rate of 5%. Interests are subsidizedand repayment usually begins 9 months after graduation.
iv.  Graduate PLUS loan - This loan does not have a limit on how much one may borrow - you may borrow uo to the full cost of attendance, Interest rates are 7.90%
 v. Other Loans - The Educational Resource Institute (TERI)is a non profit group that provides up to $225,000 in loans to dental school students. There are some banks, including Citibank, who offer similar loans. Citibank will loan a dental student up to $220,000 for school itself, and up to $12,000 additional toward a residency after graduation. Many state governments, too, offer dental school student loans. Check with your state Department of Education or the dental school.

 4. Loan Forgiveness - There are several programs that offer forgiveness of your loans. Some, like the National Health Service Corps Loan Repayment Program (NHSC-LRP) pay health care professionals funds in additional to salary in exchange for work in designated need areas.

So, don't let the cost of attending dental school hold you back from pursuing your dream and/or goal of becoming a dental professional. There are many funding options that one can take advantage of.