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Let's say a dental student graduates with $200,000 loan total, how long will it take that dentist to pay it all of assuming that he/she makes $90-$100K to start off....5 years? 10 years? 20 years?
Originally posted by CopticOrthodox
Let's say a dental student graduates with $200,000 loan total, how long will it take that dentist to pay it all of assuming that he/she makes $90-$100K to start off....5 years? 10 years? 20 years?
Originally posted by grettlin2
If you borrow 200k, my dentist said you can pay off around 3 years. If you don't mind to live in apartment for another three years.
Originally posted by babinski bob
actually, it may just be best to consolidate your loans and pay it off over 30 years. If you can considolidate it at low interest (3-6%), it's almost a given that you'll make more money investing in the stock market (which averages 9-12%/year) or real estate which is often higher. Plus, if you decide to pay your loans off immediately, that means you're putting less money into your retirement account during the early years and which is critical to building a nice nest to retire on. We all know how compounded interest works and it would be to your advantage to pay off that 200K loan over 30 years. Additionally, you'll actually be able to live a normal, comfortable life after graduating as opposed to living like a student for several more years.
Assume student loans at 5%
Pay off over 8y 2532/mo
Pay off over 30y 1073/mo
Just think, you could invest an extra 18K a year in stocks, real estate, etc... which is going to give you a MUCH MUCH better return compared to the extra money you're forking over in favor of a longer payment period.
Originally posted by Brocnizer2007
Get your MBA, learn how money works and that debt will vanish. Not easily, but it will.
Bringing this thread back from the dead...
Let's say I plan on being in $500,000 in debt from NYUCD and about 20K from undergrad...
How long would it take me to pay it off, considering I'd be living with my parents (have no living expenses) for about 5 years after I graduate and do my residency?
Bringing this thread back from the dead...
Let's say I plan on being in $500,000 in debt from NYUCD and about 20K from undergrad...
How long would it take me to pay it off, considering I'd be living with my parents (have no living expenses) for about 5 years after I graduate and do my residency?
That's unfortunately not an option at this point...try to get into a cheaper school.
If I pay it off 90K a year at a time, is it feasible to be done in 5-6 years?Depends on how much you are making. In NYC, you are looking at high taxes. Even if you make 150K, I'm guessing it will take you ~10 years, because you should be saving some money for retirement, and you need to pay for malpractice, disability, health, etc...
try 30 years lol.If I pay it off 90K a year at a time, is it feasible to be done in 5-6 years?
no way, def. can't be more than 20 if you're making all the right moves lol.try 30 years lol.
Yeah, I think moving to some city where cost-of-living is low would be ideal for me. I looked at Spokane, Wash and Tyler, TX... all of them pay very well for dentists but the crime rates are high. :/Um...you're going to be worse off financially if you pay off your loans right away. In reality you want to put away to retirement as much as you can. The compounding interest will way outpace your loan debt. 5 years out of school is when you can command a bigger salary, and pay massive amounts towards loans. Moving to a state with a lower tax burden is also ideal if you're willing to leave for a few years and come back. The difference in taxes paid between Wyoming and California could be 30K for an equivalent position. If you spent 10k on flights to the beach per year, you'd still end up ahead.
Yeah, I think moving to some city where cost-of-living is low would be ideal for me. I looked at Spokane, Wash and Tyler, TX... all of them pay very well for dentists but the crime rates are high. :/
Haha nice, Tyler, TX or Odessa, TX? Both of those cities have very high dental wages. Yeah, so in your opinion, it's a relatively safe city to reside in post getting your DDS?I live in one of those... (guess...) and there seems to be a dentist on every corner, but you're right the compensation here is one of the highest in the state. You're also correct about cost of living, it's nice. Crime is only a problem in certain areas, just like any city.
You should try visiting dental town DDS and ask if dental education is worth 500k haha. You will be surprised what almost every single dentist days....no way, def. can't be more than 20 if you're making all the right moves lol.
I absolutely agree, I don't think it's worth 500K either! But given my situation and affinity for NYC, I'm gonna have to take this huge hit. I hope to have it paid within 10 if I'm being honest... lol it's gonna be a pain in the ass for a long time I guess.You should try visiting dental town DDS and ask if dental education is worth 500k haha. You will be surprised what almost every single dentist days....
500,000 over 20 years your looking at around $4000 a month for 20 years lol. That is ridiculous.
Tyler. I've never heard of Tyler or the surrounding area being considered dangerous. There are parts that are more run down and prone to crime than others, but no different than any other city. There are also large areas that are super swanky and crime is almost unheard of. So yea, completely fine area to live.Haha nice, Tyler, TX or Odessa, TX? Both of those cities have very high dental wages. Yeah, so in your opinion, it's a relatively safe city to reside in post getting your DDS?
Tyler. I've never heard of Tyler or the surrounding area being considered dangerous. There are parts that are more run down and prone to crime than others, but no different than any other city. There are also large areas that are super swanky and crime is almost unheard of. So yea, completely fine area to live.
Wait, no, it's super dangerous, there are no jobs, and the pay is terrible!!! We don't need any more dentists here!
Ahhh, good to hear! Def. would consider a move there for a few years, after earning a DDS.Tyler. I've never heard of Tyler or the surrounding area being considered dangerous. There are parts that are more run down and prone to crime than others, but no different than any other city. There are also large areas that are super swanky and crime is almost unheard of. So yea, completely fine area to live.
Wait, no, it's super dangerous, there are no jobs, and the pay is terrible!!! We don't need any more dentists here!