crippling debt

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ggj

human considering dental
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hey dents & post-dents -
i am graduating with about $400,000 in debt (currently a D1).
i'm just wondering if anyone is in my situation & how to handle such a huge tab. it's going to take several several years to pay off.. starting to wonder if dentsitry was a good idea :(

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Several years? Try most your life lol….work hard, be ethical, save, and don't spend on stupid stuff but enjoy what you can afford. The money will come
 
is it even possible to live a life with 400k?! ya know what i'm saying?!
 
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It's possible. But if you elect to pursue general dentistry you will have to make some sacrifices and understand that your first years out will have to be spent living like a student.

You will be paying this debt off for decades.
 
Live tight in school, budget accordingly. Roommate, old car with no debt, cheaper apartment, lots of nights in, cooking at home, etc.

My husband and I are paying off my debt quickly, living off his salary only (small house) and old cars. Most of my salary goes towards savings/debt. We still live like students. If we can't pay off the credit card at the end of the month, we don't buy it. Be happy with what you have. The thinking of 'I deserve that because I'm a doctor' is a very, very dangerous way of thinking.

You'll be paying off the loans for a very, very long time. Think of your student debt as a mortgage. $400k for 30years is ~$2.5k/month. Painful, but doable. You'll be able to live comfortably on a doctor's salary, but just don't expect the Mercedes, stay-at-home spouse, big house and condo at the beach.
 
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Yes, it's important to be thrifty. Don't always buy what you want but what you need. You'll learn as you get older that shopping, cars and other material things are not important. Yes, it's nice to enjoy things, but there comes a time when we all have to put things into perspective and be wise. I would also suggest getting a job under a Loan Repayment program. I did this for a few years and it helps to get that huge balance down for sure. A few years of sacrifice, but it can be done. Look at it as a big investment and not so much a debt. In the end, you'll have a degree and then get your license and you can choose where you want to go from that point. One great thing about dentistry is that you have the freedom to choose how much or how less you want to work. Manage your money well, live within your means, don't try to keep up with the Joneses. So much to say on this subject, but remember, the money will come, don't focus on the debt and remember to enjoy life. Travel, spend time with friends and family and remember that everything is obtained with a a cost and with sacrifice when it's something worthwhile. With dentistry, you'll change a lot of lives. There's your value.
 
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Dentist hospital jobs rarely exist, if and any they are usually Pedo, OMFS positions or a mobile or offset clinic delegated by the hospital.
Apply for Nhsc Scholarship, but expect to work at an underserved location for the years you were awarded money
Military Scholarship is similar, because you work for the same years you borrowed and an additional year (Not too sure)
NHSC federal Loan repayment, Indian health, state loan repayment and Joining military post graduation gives you up to $50k a year depending on which one you join,each one has different amounts and they all have different policies.Note some are tax free, some have taxes removed making the money less that expected.
Sign up for Sofi Click here http://friends.sofi.com/3bmbL (refferal link) .Sign up with Drbank http://www.drbank.com/student_loan_information.html.to borrow private loans at a lower interest rate than federal is giving now, or to refiance federal loans to private loans at lower interest rates
Find someone to borrow you money at a lower interest rate
Work part time while in school (Not advisable)
I might have missed something, but usually this is the path most people are taking to supress their financial depression.But i can assure you that you sure wont be enjoying the luxury of being a dentist post graduation with heavy debt.
 
I would also suggest getting a job under a Loan Repayment program. I did this for a few years and it helps to get that huge balance down for sure. A few years of sacrifice, but it can be done. Look at it as a big investment and not so much a debt..

can i ask what program you pursued after graduation? i've heard some programs only cover $50k a year (my school is about $60k a year just straight tuition). also, i imagine it helps because you build speed and experience after graduation...
 
can i ask what program you pursued after graduation? i've heard some programs only cover $50k a year (my school is about $60k a year just straight tuition). also, i imagine it helps because you build speed and experience after graduation...
Go to the website for the National Health Service Corps. The Indian Health Service, VA Hospitals, state clinics and facilities offer Loan Repayment as well. Any little bit helps. As long as you're getting something, still look into it. The amounts do increase over time with our ever changing world, so don't worry about that. I have friends who completed all of their Loan Repayment, and it was worth it in the end.
 
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BTW, there are a lot of hospital jobs for dentists out there. I used to work for a hospital in NY and there opportunities.
 
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hey dents & post-dents -
i am graduating with about $400,000 in debt (currently a D1).
i'm just wondering if anyone is in my situation & how to handle such a huge tab. it's going to take several several years to pay off.. starting to wonder if dentsitry was a good idea :(

If that is your estimate as a D1, it will be higher than that. I think that my tuition doubled between my D1 & D4 years. You'll be working for a corporation or the government for a while.
 
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