How much debt would u be in after dental school?

[DIRTIE]

Does anyone know or heard what our options will be for those of us graduating and wanting to consolidate in the next few months?

---

Members don't see this ad.

 

[Quattro DMD]

Thanks for your advice. My concern is that for the FinAid loan repayment calculator, it tells me that you need to make at least $312,000/year in order to be able to repay the loan. It says you can make $208,000/year but you will have financial difficulty. I just don't know what to do because I really do not want to join the army/navy/air force.

Isn't that assuming you're only using 10-15% of your gross income to pay back your loans? It's doable to contribute more, you just may have to put off living like a rock star. (but then again I'm not married w/ kids, nor do I have a mortgage).

 

[tineDMD]

Ok I guess that is doable, I will just live frugally for a few years after d-school. I am not married nor do I want to be pregnant while working 60 hrs+ my first few years of work. Thanks for your advice!

 

[Dental Mom]

I will have about $400,000 after undergrad, my masters, and dental school. Anyone with the same amount of debt worried about how they are going to pay it off after they graduate?

Find a dentist that will pay you a percentage of your work and not by salary. The dentist that I shadow pays his 3 full time dentists 40% of what ever work they do.....the owner has had the clinic for 35 years! I will sure work for him when I'm done!

 

[Rube]

This assumes that a private school, four year undergrad education will be over $400,000, maybe more.

Education regardless of the cost will inflate regardless of stagnating incomes.

Happy New Year.

Time to break out of the old mindset... a 4 year private school education is decreasing in value. It is not what it once was.. the whole go off to college and get drunk for 4 years and get a liberal arts degree is pathetic. Now you have distance learning and for profit schools like U phoenix and Strayer growing and they are way more efficient because they don't open bloated women's studies departments, and hire layers of administration.

My children are going to 2 year colleges and then xfer to 4 year STATE schools. I will save $ and give them a check for down payment on a condo when they graduate. Then they can go to professional school if they want. That's where its actually worth spending money.

 

[Lesley]

Time to break out of the old mindset... a 4 year private school education is decreasing in value. It is not what it once was.. the whole go off to college and get drunk for 4 years and get a liberal arts degree is pathetic. Now you have distance learning and for profit schools like U phoenix and Strayer growing and they are way more efficient because they don't open bloated women's studies departments, and hire layers of administration.

My children are going to 2 year colleges and then xfer to 4 year STATE schools. I will save $ and give them a check for down payment on a condo when they graduate. Then they can go to professional school if they want. That's where its actually worth spending money.

Well, I said the cost of education will inflate over time. That I believe. What you are questioning is, "Is it worth it?" It depends on the school, the major and the student. Those are all very big variables. If you have a student that goes to a private school, as you suggest, parties, doesn't do well and gets a liberal arts degree, the cost of education would be very high compared to the end result. I do think for someone is thinking of a degree in dentistry, a private education would not be more valuable than a public one. Suggesting community college for two years and then completing the next two years at public university is a viable alternative, but keep in mind not all credits from CC transfer to four year institutions and often transfer students spend three years beyond their two at CC to complete requirements. Dental schools may also look less favorably on credits that were obtained at CC. For a student that is unsure of what they want to do, CC is a great idea. Going to private university, especially a very top tier one, for some students, in some majors can be very beneficial and have a long lasting and profound difference in their futures, their careers and their incomes. As always, when it comes to spending money, you have to weigh everything. There is no one solution for everyone.

 

[Frizzle]

I will have about $400,000 after undergrad, my masters, and dental school. Anyone with the same amount of debt worried about how they are going to pay it off after they graduate?

YES. Especially for people who only got accepted to private schools.

My girlfriend and I have been dating for almost 3 years, and both go to Nova (im dental, shes med). I have been crunching numbers lately... If we got married, our debt upon graduating, both with undergrad and dent/med school, is gonna be about $700,000.

I feel like the only possible way we would be able to pay this off would be to go rural health (or IHS) or military to get help with payments. Kinda sucks having such limited options, but what are you gonna do.

Not sure what a good consolidation rate is going to be in 3 years when we're out (i would eat a live puppy for 3%)...

Any recent grads want to comment on what consolidation rate/terms you've gotten recently??

 

[xhamburgersamx]

YES. Especially for people who only got accepted to private schools.

My girlfriend and I have been dating for almost 3 years, and both go to Nova (im dental, shes med). I have been crunching numbers lately... If we got married, our debt upon graduating, both with undergrad and dent/med school, is gonna be about $700,000.

I feel like the only possible way we would be able to pay this off would be to go rural health (or IHS) or military to get help with payments. Kinda sucks having such limited options, but what are you gonna do.

Not sure what a good consolidation rate is going to be in 3 years when we're out (i would eat a live puppy for 3%)...

Any recent grads want to comment on what consolidation rate/terms you've gotten recently??

Hopefully your girl-friend future wife is in a good specialty and makes a lot of money to help pay your loan back.

 

[NyCzPeter]

Well as long as my parents hold up their end of the deal...

I'll be DEBT FREE WOOOTTTT!

Note - Please don't hurt me

 

[Aceofspades]

Debt smiles at all of us, all a man can do is smile back.

 

[youngmc27]

SC is so expensive that I will probably be close to 450 and with a family it is a hard pill to swallow but I am still doing what I have wnated to my whole life which makes it worth it to me.

 

[DrReo]

Are you guys worried about paying these large sums of debt off???

 

[lotexigeus]

Are you guys worried about paying these large sums of debt off???

yeah

 

[robg]

Does anyone have info on the rural area NIH program works. I would love nothing more than being a dentist in a rural area. Does anyone have a link.

 

[DeAngelo]

So where does this myth of Dentists being rich come from exactly?? Truth be told, sounds like you're all going to be barely scrapping by past the debt for the majority portion of your lives....

 

[robhmnt]

Well as long as my parents hold up their end of the deal...

I'll be DEBT FREE WOOOTTTT!

Note - Please don't hurt me

I am very jealous. Wish my dad could pay for my education too. Or maybe he does, but I just don't tell others. Ooops, I just said it (But there was no other way around it, you made me say it).

 

[JaySea]

How much debt would u be in after dental school? How much debt did you go in with?

I will have 110K of debt graduating from Ohio State Dental School. However I will have had 90% of my last year of dental school paid for via the Post 9/11 GI Bill. I also will be an O3E with 9 years of active duty time (I'll only need 11 years to get a retirement package) and I've been getting paid 60K a year as an E7 while in school for the entire 4 years (HSCP navy) plus the first 3 years I used up all of my Chp 30 GI Bill benefits, which gave me an extra $1500 a month... therefore making my salary of my first 3 years ~ 74K a year. So, I could've been more diligent and paid more into my debt; however I'm married with two 1 year old babies (boy and girl twins). All-in-all, I'll be 41 years old when I get out of the navy with a full pension and I'll probably only work 3 days a week as an associate since I'll still pull in well over 6 figures when you add in my pension. I could stress myself out, get a divorce, numb myself of all the stress with medications, by beeing greedy via opening my own practice and letting it own me; however I think 3 days a week sounds a lot better because no overhead, employee in-fighting, front desk personel embezzeling from me, etc...

 

[ArchDDS]

I already have a little over 100K from undergrad and I haven't even entered dental school! Worst yet is that I want to live in New York and either go to NYU or Columbia which might not be such a smart idea because my debt is going to quadruple!

 

[Masseter]

Dental school is way cheaper in Canada.

Here in montreal it's

around 5000$ tuitions/year
8000$/year in instruments.
1000$/year in books, extra, etc.

I'm aiming for a debt under 80 000$ since I pay for most of the thing and my appartment.

I'm not complaining.

 

[xhamburgersamx]

I already have a little over 100K from undergrad and I haven't even entered dental school! Worst yet is that I want to live in New York and either go to NYU or Columbia which might not be such a smart idea because my debt is going to quadruple!

lol pwned, u're looking at over 500k after NYU. $3-4K payments per month in loan repayment for 25 years...good luck

 

[jay47]

Time to break out of the old mindset... a 4 year private school education is decreasing in value. It is not what it once was.. the whole go off to college and get drunk for 4 years and get a liberal arts degree is pathetic. Now you have distance learning and for profit schools like U phoenix and Strayer growing and they are way more efficient because they don't open bloated women's studies departments, and hire layers of administration.

My children are going to 2 year colleges and then xfer to 4 year STATE schools. I will save $ and give them a check for down payment on a condo when they graduate. Then they can go to professional school if they want. That's where its actually worth spending money.

I think everyone in High School, and early college should seriously consider taking these words of wisdom! The cost of tuition has not reached its maximimum yet, but student loans are getting completely out of control. It's kind of like land in Cali, where you can buy a complete DUMP on about 1/4 of an acre for like $300,000: WAY overpriced. Going to a private university that costs three times as much does NOT give anyone that much more leverage in job negotiating or starting salary (or even maximum attainable salary at that) when compared to a public university.

I am going to a Texas school, with the cheapest tuition in the nation, and I will have around $125,000 in debt when I graduate. I think that is a manageable amount, especially after you crunch your numbers. Let's just go ahead and do that right now......(remember, this is Texas, so I don't know what cost of living (COL) are in other states....

 

[ToldYouSo]

I'll be in 450-500k. It's like paying for a house, except you don't have one X)

 

[jay47]

Okay...
Income: Let's be reasonable and say that over the next 5 years I can average around $100,000 a year, living in a rural area like I plan to. After taxes, I will take home about $79,000 (http://www.moneychimp.com/features/tax_brackets.htm) as a single male. I am already married though, so this is a hypothetical situation.

That works out to around $79,000/12= $6,500 a month.

How much in loans will I have? Let's estimate high: $130,000 and that I want to pay it off in 10 years...Using (http://www.mortgagecalculator.org/) I put in interest at 6.8%, my monthly payment will be $1,600 dollars (total interest paid will be ~28% of the total) situation A.

Let's suppose I want to pay it off in 5 years...monthly payments will be $2,500 (total interest paid about ~15% of the total, half of the previous), situation B.

So, in situation A, I will be left with about $4,900 a month to spend on whatever I would like, and in B I would be left with $4,000 left.

Well, I need a place to live, so that's about $200,000 here in Texas....and I want to pay it off in 10 years. Monthly payments would be about $2,500, leaving me with $2,400 in A, and $1,500 in B.

I have to eat, pay bills, drive and have fun, so let's throw in $200 in gas a month, $500 in car/home/life/practice insurance a month, and I eat out 10 times a week, $400 a month. That totals $1,100 a month in other expenses, leaving me with $1400 in A and $400 in B.

Okay, I want to save $300 a month, so that leaves me with $1,100 in A and $100 in B.

So, in situation A, less discretionary spending goes to loans, and in B, more goes to loans. However, I think the best strategy is to use a hybrid strategy where you make your payments front loaded; that is, pay as much as you can in the beginning of your loan so that interest accrued on the LARGER amount will not be added to principle. That way, when you have more than half of the loan paid off, you can lower your monthly payments to something like...say...buying a practice! or a car! (did not factor that into this because I plan on keeping the civic for many years to come, hopefully!)

Now, for you lucky bastards with 3% interest....your loan accrues interest at less than half the rate as ours, and therefore you can much more easily take your own time paying it off. But interest rates are killer, and I don't think a lot of dental students understand that....

 

[jay47]

lol pwned, u're looking at over 500k after NYU. $3-4K payments per month in loan repayment for 25 years...good luck

$3,259 a month for 30 years at 6.8%, with 57% OF THE TOTAL AMOUNT PAID BEING INTEREST!!!!!!!!!

http://www.mortgagecalculator.org/

If you borrow that much money and take 30 years to pay it off, you wil have paid $673,000 in INTEREST ALONE. I hope that dentists in NY and the northeast can make that much more money than we can in Tx, or you will never get it repaid....

 

[xhamburgersamx]

THe best advice I can give anyone with 250K+ in loans after d-school is to work your ass off and try to repay the most you can in the first few years of practice. For the younger graduates, try living at home /w your parents and not buying the BMW 5 series until maybe 2-3 years after you graduate.

The key is to find a balance with your loan repayback and income generation. A good balance would be somewhere between 10-15% of total income going into loans - this would leave you able to save, afford a home, and other lifestyle needs.

 

[xhamburgersamx]

$3,259 a month for 30 years at 6.8%, with 57% OF THE TOTAL AMOUNT PAID BEING INTEREST!!!!!!!!!

http://www.mortgagecalculator.org/

If you borrow that much money and take 30 years to pay it off, you wil have paid $673,000 in INTEREST ALONE. I hope that dentists in NY and the northeast can make that much more money than we can in Tx, or you will never get it repaid....

lol that's the price to pay if you go private and take out the max loans. Is it worth it? YES but life would be tough for at least a few years.

 

[ArchDDS]

lol pwned, u're looking at over 500k after NYU. $3-4K payments per month in loan repayment for 25 years...good luck

Lol, I know, it's not set in stone though, I haven't even been accepted in either one. It might be a dumb idea to go there but I want the experience in living in NYC so much, don't know what to do because it's so expensive, not sure if it's worth it

 

[ArchDDS]

I'll be in 450-500k. It's like paying for a house, except you don't have one X)

Lmao, that's exactly the way I see it!

 

[jay47]

lol that's the price to pay if you go private and take out the max loans. Is it worth it? YES but life would be tough for at least a few years.

Throwing away ~$600,000 (that is not what you pay, that is the INTEREST ALONE YOU PAY, because you pay more in interest than in principle) because you went to the much more expensive private school is completely NOT worth it to me. Maybe the experience of living in NY could be worth it I suppose, but the stress and problems of having that debt for essentially the rest of your working career does not make sense.

I don't understand how these schools can charge this much and get away with it. Can someone explain? Seriously, don't they accept like 150 students? And with each one paying $400,000......that's $60 MILLION dollars in tuition alone...Assuming that just half of that money went to 100 faculty members means that each one makes $300,000 for teaching??....

To each his own, but I will choose to go the more frugal route. Good luck!

 

[robhmnt]

Throwing away ~$600,000 (that is not what you pay, that is the INTEREST ALONE YOU PAY, because you pay more in interest than in principle) because you went to the much more expensive private school is completely NOT worth it to me. Maybe the experience of living in NY could be worth it I suppose, but the stress and problems of having that debt for essentially the rest of your working career does not make sense.

I don't understand how these schools can charge this much and get away with it. Can someone explain? Seriously, don't they accept like 150 students? And with each one paying $400,000......that's $60 MILLION dollars in tuition alone...Assuming that just half of that money went to 100 faculty members means that each one makes $300,000 for teaching??....

To each his own, but I will choose to go the more frugal route. Good luck!

What experience are you talking about? Living in a freaking cold rainy weather that switches to a smelly hot and humid one, while you breathe the polluted air and pay $10 for passing a bridge to get to the one bedroom apartment that you pay $2000 for its rent?

 

[gryffindor]

Lol, I know, it's not set in stone though, I haven't even been accepted in either one. It might be a dumb idea to go there but I want the experience in living in NYC so much, don't know what to do because it's so expensive, not sure if it's worth it

NYC only has 2 dental schools, but it has an excessive number of GPRs. Come to NYC after dental school and get paid to do a GPR there. Stay and work for a few years if you want to enjoy living there some more. I assure you the experience is living there is much more enjoyable when you don't have to worry about studying for an exam and aren't taking out crazy loans just to pay for your apartment.

 

[jay47]

NYC only has 2 dental schools, but it has an excessive number of GPRs. Come to NYC after dental school and get paid to do a GPR there. Stay and work for a few years if you want to enjoy living there some more. I assure you the experience is living there is much more enjoyable when you don't have to worry about studying for an exam and aren't taking out crazy loans just to pay for your apartment.

That is a very interesting proposition that, given I wasn't married, I might even think about. Great idea!

 

[drusier]

I graduated with about 240K total from UF. Dental was 40K/yr. 10-20K from undergrad and 20K (now 40K) in a private BoA loan.

I graduated in May 2009 and have been working at a community health clinic. I am a state of Florida employee and work for the Dept. of Health. I make 120K/yr salary, 11K/yr in 401K, great benefits (probably "worth" 10K/yr). and just got word my NHSC loan repayment contract went into effect Aug 10 and I should be getting the money dispursed Nov 10th. Basically I agree to work for 2 yrs and I get 50K lump sum. The 50K is TAX FREE so I add another 30-35K to my salary each year. I figure I'm around 160-180K depending on how you look at it. We live off my fiance's salary (~35K) so I hope to have these loans repaid in 3 yrs. Times are a changin'

 

[ArchDDS]

NYC only has 2 dental schools, but it has an excessive number of GPRs. Come to NYC after dental school and get paid to do a GPR there. Stay and work for a few years if you want to enjoy living there some more. I assure you the experience is living there is much more enjoyable when you don't have to worry about studying for an exam and aren't taking out crazy loans just to pay for your apartment.

Yeah, not a bad idea after all. I'm applying to 6 places which are BU, NOVA, STONY BROOK, UF, NYU, AND COLUMBIA...but I truly desire studying in NYC although I do get where you're coming from...I understand, like what's the point of being there if you're going to be a bookworm, right?

 

[jay47]

I graduated with about 240K total from UF. Dental was 40K/yr. 10-20K from undergrad and 20K (now 40K) in a private BoA loan.

I graduated in May 2009 and have been working at a community health clinic. I am a state of Florida employee and work for the Dept. of Health. I make 120K/yr salary, 11K/yr in 401K, great benefits (probably "worth" 10K/yr). and just got word my NHSC loan repayment contract went into effect Aug 10 and I should be getting the money dispursed Nov 10th. Basically I agree to work for 2 yrs and I get 50K lump sum. The 50K is TAX FREE so I add another 30-35K to my salary each year. I figure I'm around 160-180K depending on how you look at it. We live off my fiance's salary (~35K) so I hope to have these loans repaid in 3 yrs. Times are a changin'

Nice, after you quit living off of your fiancee's salary, you won't even know what to do with the money, lol. I need to check into these sorts of deals in my area to see what sort of programs are available in Texas, especially in smaller rural areas where I may practice.

 

[bucknut2009]

Looking at about 300,000 total at Maryland. Pretty shocking but I will be making so much money cuz I'll be working in a rural area so it won't even matter.

 

[small]

I'll be looking at 350k at the end of the day, but it's worth it: enjoyable work, independence, and still able to live a more comfortable life than I've ever known even after taxes and loan payments. Guess how that debt looks just depends on where you are coming from.

 

[lazer82]

well if i get into the school im hoping for... looking at total debt of 225-250k

i plan on finding a hot retail pharmacist wife and pay that bad boy off in like 4 or 5 years

 

[robhmnt]

well if i get into the school im hoping for... looking at total debt of 225-250k

i plan on finding a hot retail pharmacist wife and pay that bad boy off in like 4 or 5 years

In your case, paying that bad boy off would be after paying for a big mortgage, tons of jewelry, and several trips to Hawaii, unless you go with a not very good looking pharmacist.

 

[AlexMorph]

In your case, paying that bad boy off would be after paying for a big mortgage, tons of jewelry, and several trips to Hawaii, unless you go with a not very good looking pharmacist.

ya! uggos ftw!

 

[imafuturedoctor]

im 19 and im starting college
my goal is to become a orthodontist
im taking 5500 a year for loans
and i want to know what will i have as a debt after i become a orthodontist?
i live in the midwest, eventually moving to texas, if someone could tell me i would be happy


thanks

 

[mike3kgt]

im 19 and im starting college
my goal is to become a orthodontist
im taking 5500 a year for loans
and i want to know what will i have as a debt after i become a orthodontist?
i live in the midwest, eventually moving to texas, if someone could tell me i would be happy


thanks

$5,550 x 4 years (undergrad) = 22,200

$60k x 4 years (dental school) = 240,000

40k x 3 years (ortho) = 120,000

Leaning how to properly arrange sentences and 15 years of grammar coaching = priceless

 

[dl9006]

Okay...
Income: Let's be reasonable and say that over the next 5 years I can average around $100,000 a year, living in a rural area like I plan to. After taxes, I will take home about $79,000 (http://www.moneychimp.com/features/tax_brackets.htm) as a single male. I am already married though, so this is a hypothetical situation.

That works out to around $79,000/12= $6,500 a month.

How much in loans will I have? Let's estimate high: $130,000 and that I want to pay it off in 10 years...Using (http://www.mortgagecalculator.org/) I put in interest at 6.8%, my monthly payment will be $1,600 dollars (total interest paid will be ~28% of the total) situation A.

Let's suppose I want to pay it off in 5 years...monthly payments will be $2,500 (total interest paid about ~15% of the total, half of the previous), situation B.

So, in situation A, I will be left with about $4,900 a month to spend on whatever I would like, and in B I would be left with $4,000 left.

Well, I need a place to live, so that's about $200,000 here in Texas....and I want to pay it off in 10 years. Monthly payments would be about $2,500, leaving me with $2,400 in A, and $1,500 in B.

I have to eat, pay bills, drive and have fun, so let's throw in $200 in gas a month, $500 in car/home/life/practice insurance a month, and I eat out 10 times a week, $400 a month. That totals $1,100 a month in other expenses, leaving me with $1400 in A and $400 in B.

Okay, I want to save $300 a month, so that leaves me with $1,100 in A and $100 in B.

So, in situation A, less discretionary spending goes to loans, and in B, more goes to loans. However, I think the best strategy is to use a hybrid strategy where you make your payments front loaded; that is, pay as much as you can in the beginning of your loan so that interest accrued on the LARGER amount will not be added to principle. That way, when you have more than half of the loan paid off, you can lower your monthly payments to something like...say...buying a practice! or a car! (did not factor that into this because I plan on keeping the civic for many years to come, hopefully!)

Now, for you lucky bastards with 3% interest....your loan accrues interest at less than half the rate as ours, and therefore you can much more easily take your own time paying it off. But interest rates are killer, and I don't think a lot of dental students understand that....

thank you for the detailed breakdown. gave me a clearer picture of my financial situation
much appreciated.

 

[Lurchdubious]

$5,550 x 4 years (undergrad) = 22,200

$60k x 4 years (dental school) = 240,000

40k x 3 years (ortho) = 120,000

LeaRning how to properly arrange sentences and 15 years of grammar coaching = priceless

Sweet IRONY! lol.

(I know you said nothing about spelling, but still...)

 

[Soon2BeKing]

Hey all new here. I want to become a Dentist. I am going to start off at J Serg. Reynolds in there associates in science here in Richmond Va. They credits are $108 each. I then want to Transfer to VCU when ever possible and hopefully I can get into VCU Program in 3 years. What is the best way to avoid owing a quarter million bucks?
Do it sounds like I have a Plan Im a Virginian Resident.

 

[Lurchdubious]

Hey all new here. I want to become a Dentist. I am going to start off at J Serg. Reynolds in there associates in science here in Richmond Va. They credits are $108 each. I then want to Transfer to VCU when ever possible and hopefully I can get into VCU Program in 3 years. What is the best way to avoid owing a quarter million bucks?
Do it sounds like I have a Plan Im a Virginian Resident.

Since you're a Virginia resident, you'll already be in good shape for VCU. My OOS tuition is double In-state. However, tuition rates are increasing everywhere, including VCU. If your plan works out, you'll be a little under $250K.

 

[Soon2BeKing]

Since you're a Virginia resident, you'll already be in good shape for VCU. My OOS tuition is double In-state. However, tuition rates are increasing everywhere, including VCU. If your plan works out, you'll be a little under $250K.

sounds like the Military would be a good desion aswell

 

[Lurchdubious]

sounds like the Military would be a good desion aswell

Yeah that crossed my mind as well for the reply, but I didn't wanna be "That guy."

lol.

 

[jay47]

$5,550 x 4 years (undergrad) = 22,200

$60k x 4 years (dental school) = 240,000

40k x 3 years (ortho) = 120,000

Leaning how to properly arrange sentences and 15 years of grammar coaching = priceless

He'll have to go to more school to learn how to do that properly, lol. They don't teach much spelling and grammar at dental school.

 

[KinKs]

To answer the original question - I will leave school in 2012 with at least $160,000 in debt. This figure includes undergraduate debt.