After Dental School

[Rigby306]

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Has anyone done the Real breakdown of cost/Student loans/start up costs vs. Actual income once we get out of dental school? I have heard a lot of people go in as associates with an established office. However I would like to know if people are breaking even with the tremendous debt load of DS. This is not exactaly like pharmacy where you can go work at Walgreens. I would like to hear some input. Thanx

 

[BoxerRumble]

Has anyone done the Real breakdown of cost/Student loans/start up costs vs. Actual income once we get out of dental school? I have heard a lot of people go in as associates with an established office. However I would like to know if people are breaking even with the tremendous debt load of DS. This is not exactaly like pharmacy where you can go work at Walgreens. I would like to hear some input. Thanx

Hmm, that is a preetty good question, but I think some of the information you want are pretty private so I'm not sure asking an estasblished dentist is the best idea. They might not want to share that kind of information. I'm sure it's nothing to worry about though since many dentist who graduate become well off. I think the most important thing to worry about is, if you are in dental school, to learn as much as you can and be an excellent dentist. Everything after that will fall nicely in place.

 

[MTD52]

Hmm, that is a preetty good question, but I think some of the information you want are pretty private so I'm not sure asking an estasblished dentist is the best idea. They might not want to share that kind of information. I'm sure it's nothing to worry about though since many dentist who graduate become well off. I think the most important thing to worry about is, if you are in dental school, to learn as much as you can and be an excellent dentist. Everything after that will fall nicely in place.

I agree somewhat. I don't think it's gonna be all unicorns and rainbows like that though 😀. In any case, you should be fine. The average starting salary is pretty high if I'm not mistaken. How long it takes to pay off will depend on the way you choose to live your life when you get out. I'd be very interested in a more educated/experienced answer also though

 

[Eggs n Coffee]

Hmm, that is a preetty good question, but I think some of the information you want are pretty private so I'm not sure asking an estasblished dentist is the best idea. They might not want to share that kind of information. I'm sure it's nothing to worry about though since many dentist who graduate become well off. I think the most important thing to worry about is, if you are in dental school, to learn as much as you can and be an excellent dentist. Everything after that will fall nicely in place.

It's silly to dismiss ~250-300k loans (more for a lot of people now) just like that. You can't compare yourself to most dentists currently working, because the amount of loans they graduated with were significantly less. When you include the cost of buying a practice too, you're going to be investing a lot of big bucks to be a dentist. Is it worth it? I have no idea...

 

[BoxerRumble]

It's silly to dismiss ~250-300k loans (more for a lot of people now) just like that. You can't compare yourself to most dentists currently working, because the amount of loans they graduated with were significantly less. When you include the cost of buying a practice too, you're going to be investing a lot of big bucks to be a dentist. Is it worth it? I have no idea...

Actually, this thread would be good I think in the Dental forums instead of pre-dental as I'm sure there are some students and dentists over there.

 

[Rigby306]

I am just saying income is relative. It doesn't matter what you make, it matters what disposable income is left over.

 

[T00TH D0C]

==

 

[doc toothache]

and imagine when the student loan payment ends in 10 years...

Not to worry, you will find plenty of takers what with ballet/karate lessons and food and vet bills for Fido.

 

[FreeFallin]

here u go guys. I graduated in May. I am ~ 275,000 + in debt. My income is $150,000.00 a year. My monthly student loan bill ( which i am paying more then the minimum) is $3,000. I earn $12,500/around $7,800 after taxes each month.
7800
- 3,000(student loan)
- 1,400 ( morgage on 250,000 house)
- 100 ( health insurance)
- 200( disability insurance)
- 135 ( directtv hddvr)
- 80 ( gas & electric)
- 10 (trash)
- 80 ( lawn service)
- 500 ( credit cards)

which leaves me roughly 2000 each month. I try to save around 1000.00 each month for my emergency and retirement fund. I live very comfortably. I still buy guitars, 55 inch tvs, vacations...etc

and imagine when the student loan payment ends in 10 years...


ps....i work 4 days a week

Thank you for this great info!! 10 years sounds about right.

 

[MTD52]

Not to worry, you will find plenty of takers what with ballet/karate lessons and food and vet bills for Fido.

haha 😀

TOOTH DOC, mind telling us where you live? Those seem like fairly low bills compared to my area.

 

[Marker008]

- 1,400 ( morgage on 250,000 house)

Either I need to specialize....or I need to move to a cheaper place when I get out of school...wow.

 

[CanadianDental]

here u go guys. I graduated in May. I am ~ 275,000 + in debt. My income is $150,000.00 a year. My monthly student loan bill ( which i am paying more then the minimum) is $3,000. I earn $12,500/around $7,800 after taxes each month.
7800
- 3,000(student loan)
- 1,400 ( morgage on 250,000 house)
- 100 ( health insurance)
- 200( disability insurance)
- 135 ( directtv hddvr)
- 80 ( gas & electric)
- 10 (trash)
- 80 ( lawn service)
- 500 ( credit cards)

which leaves me roughly 2000 each month. I try to save around 1000.00 each month for my emergency and retirement fund. I live very comfortably. I still buy guitars, 55 inch tvs, vacations...etc

and imagine when the student loan payment ends in 10 years...


ps....i work 4 days a week

Wow thanks for sharing this with us. This IMO, shows that going into dentistry is DEFINITELY worth it, if you are a new graduate, work 4 days per week, can throw in 3000 into repaying your debts, paying for a nice house, insurences, bills, AND still have money left over to buy vacations, guitars, etc.

That is very comfortable, and this kind of lifestyle for a new graduate is unheard of in any other profession!!

No wonder DS is so hard to get into!

 

[Eggs n Coffee]

Wow thanks for sharing this with us. This IMO, shows that going into dentistry is DEFINITELY worth it, if you are a new graduate, work 4 days per week, can throw in 3000 into repaying your debts, paying for a nice house, insurences, bills, AND still have money left over to buy vacations, guitars, etc.

That is very comfortable, and this kind of lifestyle for a new graduate is unheard of in any other profession!!

No wonder DS is so hard to get into!

Most dentists don't earn 150k a year straight out of school.

I know bls says the average income for general dentists is 130k (ADA says it's 170k or around there).

For associate dentists, I know the range is actually more like 80-120k/year.

But I'm not 100% sure on all these figures. I'd love more input..

 

[2014orbust]

In my parents practice they pay associate general dentists about 150-175k and specialists about 200-250k depending on specialty.... they have a pretty large practice though and its in So. Cal & Nevada

 

[sketo43]

Tooth Doc, thank you for the analysis of your income and expenses - it is very helpful. However, students entering dental school now will likely end up with much more than 275k in debt if they go to a private school. I would expect over 400k in debt from most private schools, which will add another 1k-2k per month onto your monthly payment. In this case, there's nothing left, and the only option is the 30 year repayment schedule.

 

[iwannabadentist]

Tooth Doc, thank you for the analysis of your income and expenses - it is very helpful. However, students entering dental school now will likely end up with much more than 275k in debt if they go to a private school. I would expect over 400k in debt from most private schools, which will add another 1k-2k per month onto your monthly payment. In this case, there's nothing left, and the only option is the 30 year repayment schedule.

you also have to consider that assuming you go to school starting next fall, it will be almost 5 more years before you start practicing if you decide to go directly into private practice after school. by that time, steady increase in income levels combined with inflation - which is bound to happen at the rate the feds are printing money - ur absolute salary as a dentist will be higher than what tooth doc outlined. i haven't done any definite calculations yet but once i have more time i will do this but this is i think its still better to pay off ur debt in 10 years and have minimal savings than to pay it off in 30 years and have a steady savings account.

 

[bhar03]

here u go guys. I graduated in May. I am ~ 275,000 + in debt. My income is $150,000.00 a year. My monthly student loan bill ( which i am paying more then the minimum) is $3,000. I earn $12,500/around $7,800 after taxes each month.
7800
- 3,000(student loan)
- 1,400 ( morgage on 250,000 house)
- 100 ( health insurance)
- 200( disability insurance)
- 135 ( directtv hddvr)
- 80 ( gas & electric)
- 10 (trash)
- 80 ( lawn service)
- 500 ( credit cards)

which leaves me roughly 2000 each month. I try to save around 1000.00 each month for my emergency and retirement fund. I live very comfortably. I still buy guitars, 55 inch tvs, vacations...etc

and imagine when the student loan payment ends in 10 years...


ps....i work 4 days a week

Hey, just wondering what kind of interest rate you got on your loans. And did you refinance after you got out of dental school? Any other info on the whole dental school loan part of your life would be greatly appreciated as well.