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How long did it take you guys to pay off your loans once you graduated? I have heard mixed responses from various dentists.
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Average time its takes to pay dental school loans?
- Thread starter soccerfan01
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It really does depend on how aggressive you are. I'm seeing guys on Dental Town paying off their loans within 3 years, but they have a spouse's income to live on. Other people are still paying theirs off after 20 years, making minimum payments. The latter group is the same group that live in beautiful homes in expensive areas of town, driving European cars, and just living beyond their means in general. My goal is 5-7 years. I want enough saved up to purchase/start a practice before I turn 30.
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This would depend on how much you borrow and how aggressive you are paying it back.
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My plan is to tackle it within 7 years. 8th year I'd begin getting a practice (either buying in or starting up). 10th year would be for a house. So point being, I will be homeless for 10 years, working for someone else for 8 years, and be a penny-pincher for 7 years. Sounds like I have not changed at all hahah... But at least I'd get a longer name tag now... It's a step up for me 😛
I'm not trying to criticize your plan, but why do you plan on working as an associate for 8 years? If you would prefer not dealing with the stress of practice ownership, I totally get that. However, you'll be surprised how much you can learn about management, insurance, etc. in just 2-3 years. I guess what I am saying is if 2-3 years into your career you realize that you have the ability to own a practice, don't put it off. Yes, it will be some more debt for a short while, but your income will probably double (at least), and you'll be able to tackle those loans much faster.
Good luck!
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This gives me hope
I never noticed that! I chose it because it shows the mandibular condyle displaced, if you look closely it isn't in the fossa, it is locked anteriorly.
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500k in 10 years hopefully? LOL
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Great comments, How long do dentist want an associate to stay an associate though? I doubt that they would be happy to have someone stay and not buy in for 8 years. Anybody in the real world know if I am right or wrong?
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Lol, pay back? I doubt anyone these days are planning on paying back anything. IBR, PAYE, PHS minimum payment (barely covering principal let alone interest) then let loan forgiveness take care of the rest. Student loan payments are best thought of as extra taxes for many. Though as it stands now you will be taxed on amount forgiven.
The bailout program through tax payers (discussion) has started within the government circles.
http://www.forbes.com/sites/ryanell...al-tax-on-middle-class-families/#c6daedc2561d
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what the fu.......
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Public service loan forgiveness should officially start forgiving debt in 2017 so we will soon see what happens.
It is a system where the government has failed to regulate higher education properly to do the duties expected of a not for profit and have presented a solution of tax payer bailout in the form of loan forgiveness instead of tuition reform or student loan interest rate reform. However when they passed these loan forgiveness programs people made decisions based on the current law so it isn't fair to take those programs away either.
Those dentists who do get loan forgiveness through ibr or pslf will have paid back $300,000 to $565,000 by the time they get forgiveness in loan payments assuming an average salary of $150k with the tax bubble on top so basically it just simulates the fed loans giving a fair interest rate from the beginning.
It is a system where the government has failed to regulate higher education properly to do the duties expected of a not for profit and have presented a solution of tax payer bailout in the form of loan forgiveness instead of tuition reform or student loan interest rate reform. However when they passed these loan forgiveness programs people made decisions based on the current law so it isn't fair to take those programs away either.
Those dentists who do get loan forgiveness through ibr or pslf will have paid back $300,000 to $565,000 by the time they get forgiveness in loan payments assuming an average salary of $150k with the tax bubble on top so basically it just simulates the fed loans giving a fair interest rate from the beginning.
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D
deleted547631
"Join the military!"
Isn't that the solution to every dental student's financial woes?
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