Loan Forgiveness/Signing Bonus

[zkd23]

I am trying to weigh all of my options. By the time I am done with dental school I will have about 330K in debt.

I am trying to figure out how to pay for it or whether I should join the military.

I heard that there are dental corporations which will offer a signing bonus upwards to $100K. Does anyone know anything about that?

What about loan forgiveness programs?

Any and all information you have is great!

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[pietrodds]

I wouldn't bank on the corps... they might dangle a carrot like that but they know damn well that no associate lasts for 6 months so they probably require 5 years to get the loan repayment. At 330K, I'd be looking at the military. The indian health service and VA hospitals have some loan repayment as well but I believe only the military with pay something in that range.

 

[KOM]

330K...military or reapply.

 

[JamieMac]

330K...military or reapply.

Reapply? Did I miss something?

 

[SydB]

Reapply? Did I miss something?

I think he means go to a different school that won't give 330k of debt

 

[browncrack]

Why not get a job? Your 1 post history and indicator that you are already a dental student suggests that at best you'll have three years paid for by the military. It looks like four options; corporate dentistry, associateship, buy a practice, start a practice, public health, or military. Where do you go to dental school that results in 330K in debt?

 

[stdmufin27]

Why not get a job? Your 1 post history and indicator that you are already a dental student suggests that at best you'll have three years paid for by the military. It looks like four options; corporate dentistry, associateship, buy a practice, start a practice, public health, or military. Where do you go to dental school that results in 330K in debt?

Isn't that 6 options?

 

[dds85]

I am starting dental school in August and will leave with the same amount of debt, 330k including undergraduate, graduate and dental school.

I thought I was the only one who has that much money to pay off. I almost decided to change my mind and work with the master's degree I
have.

What are the loans other people have to pay off?

 

[burnthestatus]

270-280k

 

[airsimon]

I'll probably be close to $300,000 when I'm done as well. It's a pretty penny, but if you live cheap and don't get that BMW right after you graduate, working private practice I'm sure you could have most if not all of them paid off in 5 years.

 

[li1p0ptart]

why Not Get A Job? Your 1 Post History And Indicator That You Are Already A Dental Student Suggests That At Best You'll Have Three Years Paid For By The Military. It Looks Like Four Options; Corporate Dentistry, Associateship, Buy A Practice, Start A Practice, Public Health, Or Military. Where Do You Go To Dental School That Results In 330k In Debt?

Usc

 

[dentheartthrob]

Usc

wow

 

[stdmufin27]

I'm looking at 380k(!) w/ my own undergrad, my wife's undergrad, my 1 year of grad school, dental school and the additional $20k I think I'll need to take out for my family when in d-school (friggin liv. exp. are the same for everyone?).

As you can tell I think about the stupid number all the time. But I also am planning on working 6 days/week the first couple years out/living with my family to pay the debt down to a reasonable level.

 

[MnBr63]

I'm going to be in a similar range of debt when I graduate. I was really looking in to working for the Indian Health Services...but thats also because I've wanted to work with a reservation. The loan repayment options look pretty good, but I'd really like to hear someone else's opinion on it or from someone with experience.

I've heard not to go into the military unless you are certain that it is the lifestyle that you want so I don't really find that an option.

 

[MONKEYBOY]

A friend of mine works at a chain dental clinic and started at $150,000 plus benefits and productivity bonuses.

What is the big issue with just working to pay off loans? IHS, military, sound great. But, why do you have to be so creative? I seems that working and being reasonable (even having a nice car) should do the job.

 

[SoCalDent]

A friend of mine works at a chain dental clinic and started at $150,000 plus benefits and productivity bonuses.

What is the big issue with just working to pay off loans? IHS, military, sound great. But, why do you have to be so creative? I seems that working and being reasonable (even having a nice car) should do the job.

Thank you!! Why are you guys so set on going military or "reaplying"? People graduate from these schools every year and are not starving.
Just go to friggin' work and be confident in yourself and you'll be able to pay the thing off.

 

[DrSmiles12]

Thank you!! Why are you guys so set on going military or "reaplying"? People graduate from these schools every year and are not starving.
Just go to friggin' work and be confident in yourself and you'll be able to pay the thing off.

I have considered the military a lot, in fact at one point I had an app going with the AF. Lately I have thought about it again... I am on the fence a lot about it because you can get a lot of good CE in the military and a lot of practice while you are new, but I think I want the freedom to do whatever I want and go wherever I want!!

 

[DrSmiles12]

Another thing is that its just money... As a dentist you will have a lot of potential and oportunity to pay it back!

 

[lemoncurry]

the IHS thing looks very interesting to me. It's not military, but it gets just about all the benefits of military service. Plus, the idea of serving on a reservation means you can end up in some really neat places like Alaska, or eastern AZ, or Oregon or even northern CA. It's not a full ride like military service, but if you go to the right place, you can get the loan repayment plan, and possibly some more on top of that (if i understand correctly).

 

[polskasila]

I'm 30k deep after undergrad and looking at another 340k for d-school. i am also considering specializing if things work out. im not intimidated by this number and def plan to work it off on my own.

i read somewhere, think on sdn, about a person who did the military thing and ended up regretting it big time. they put him in combat and he was wounded with some permanent damage; read it a while ago so not sure which branch of military or other details. if you think that doctorate is going to keep you safe think again; thats exactly what he thought.

 

[Cold Front]

I'm 30k deep after undergrad and looking at another 340k for d-school. i am also considering specializing if things work out. im not intimidated by this number and def plan to work it off on my own.

Well, 30K undergrad + 340k dental school debt + 100K debt (if you don't specialize in OS) = $470K... with interest, it should easily reach half a million dollars!

You will be looking about $3,300 a month to pay that back over 30 years... it would have been nicer if that sum would be going to retirement funds, and you retire as a millionaire (4-5 million dollars!)

You should consider re-applying if you can and have a shot of going to a cheaper school.

 

[stdmufin27]

Well, 30K undergrad + 340k dental school debt + 100K debt (if you don't specialize in OS) = $470K... with interest, it should easily reach half a million dollars!

You will be looking about $3,300 a month to pay that back over 30 years... it would have been nicer if that sum would be going to retirement funds, and you retire as a millionaire (4-5 million dollars!)

You should consider re-applying if you can and have a shot of going to a cheaper school.

Or just pay the loans off alot faster than 30 years
Seriously, I'm not in school yet but I do know that this kind of debt isn't going to stop you from living well throughout retirement.