Hi everyone,
Im a 3rd year dental student starting to consider my options upon graduation. I am planning on working with my dad at his private practice, but his practice is fairly small and he pretty much works part time since he is close to retiring. He is planning on handing the practice over to me when I graduate and working with me for a year or 2 before retiring. However, the practice is not big enough at this point to be my only source of income (id have to find a 2nd job elsewhere as an associate as I build this one up a little). Because of my large debt load (dental school is crazy expensive), I am debating if joining the army reserves, along with working as a private practitioner, is a feasible option due to the following:
PROS:
40k loan forgiveness per year of army reserve duty up to 250k total
Still have the opportunity to own a private practice and build it up
relatively small time commitment of 1 weekend per month and 2 weeks per year for the army reserve (along with possibility of deployment)
low cost health insurance and other benefits
75k bonus (25k per year for 3 years)
CONS:
possibility of deployment for 3 months seems logistically difficult as a future practice owner (if not impossible)
6 year commitment
low base pay (but the other benefits and loan repayment are great)
The loan forgives aspect is the main reason I am considering joining, since 40k per year of debt repayment would be a huge burden lifted off my shoulders. But how do those who own private practices manage them while they are away on the 90 day deployment/the 2 week service period? For those with first hand experience, if you have any insight or feedback id love to hear it. Thanks!
Im a 3rd year dental student starting to consider my options upon graduation. I am planning on working with my dad at his private practice, but his practice is fairly small and he pretty much works part time since he is close to retiring. He is planning on handing the practice over to me when I graduate and working with me for a year or 2 before retiring. However, the practice is not big enough at this point to be my only source of income (id have to find a 2nd job elsewhere as an associate as I build this one up a little). Because of my large debt load (dental school is crazy expensive), I am debating if joining the army reserves, along with working as a private practitioner, is a feasible option due to the following:
PROS:
40k loan forgiveness per year of army reserve duty up to 250k total
Still have the opportunity to own a private practice and build it up
relatively small time commitment of 1 weekend per month and 2 weeks per year for the army reserve (along with possibility of deployment)
low cost health insurance and other benefits
75k bonus (25k per year for 3 years)
CONS:
possibility of deployment for 3 months seems logistically difficult as a future practice owner (if not impossible)
6 year commitment
low base pay (but the other benefits and loan repayment are great)
The loan forgives aspect is the main reason I am considering joining, since 40k per year of debt repayment would be a huge burden lifted off my shoulders. But how do those who own private practices manage them while they are away on the 90 day deployment/the 2 week service period? For those with first hand experience, if you have any insight or feedback id love to hear it. Thanks!
