Crushing Debt

[kdrp]

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So, I'm going to be starting at OHSU this August and after crunching the numbers, I'll be in at around 480k debt (after including interest while I'm in school). It seems borderline insane to take on that debt load. Am I ever going to be able to pay this beast off? I'm having a lot of doubts about going through with all of and worst of all, this is the only school I got accepted to so if I decline this offer I'm SOL. Should I bite the bullet and go for it anyways or should I get out of this while I still can? I've already applied for 3 year HPSP programs (Navy + Army) but I hear those are few and far between so I'm going to assume I won't receive either one.

 

[ILLchief]

welcome to reality.

there are many threads on here that discuss this dilemma. if it was me and I was looking at $480K+ of debt, I would strongly consider choosing a different path. but this choice is up to you depending on how passionate you are about becoming a dentist...

 

[customx]

That is a huge amount of debt to carry. Would you be able to to do a SMP for a year, raise your GPA, take the DAT again, do research, or something else to boost your application and reapply to a state school? I know you may not want to wait a year or two, but if you can save 100-200k by doing so, it may be worth it.

 

[sgv]

I wouldn't do this job starting with $480,000 in debt. I'd even consider medicine than do this. I don't know if MD is an option for you but it's substantially cheaper than dental school. The huge incentive in dentistry is the lifestyle. That amount of debt would limit the most important plus side of dentistry which makes up for all of the crap that we have to go through. HPSP or it's a no go for me to be honest.

Unless you honestly can't see yourself doing anything else but general dentistry and would enjoy this profession even if you were paid less than a plumber then go ahead and pay off this debt through your 40's and maybe beyond. There are many people in the same position as yourself in dental school who will graduate with that amount of debt. But just because a bunch of people are doing it doesn't mean it's right for you. You need to think about. Talk to some dentists about this debt. How much money do you need to keep you happy with this job? Everyone's going to be a little different about this magic number.

I can't express how formidable that number is with just a few words on some silly forum. But it is certainly scary and risky.

 

[kdrp]

That is a huge amount of debt to carry. Would you be able to to do a SMP for a year, raise your GPA, take the DAT again, do research, or something else to boost your application and reapply to a state school? I know you may not want to wait a year or two, but if you can save 100-200k by doing so, it may be worth it.

Unfortunately, I live in a state w/ no state school so I'll never have that option. Most schools have a similar price tag to OHSU. In fact, even if I got accepted to every school I interviewed at, they would still come out to 400k+.

I wouldn't do this job starting with $480,000 in debt. I'd even consider medicine than do this. I don't know if MD is an option for you but it's substantially cheaper than dental school. The huge incentive in dentistry is the lifestyle. That amount of debt would limit the most important plus side of dentistry which makes up for all of the crap that we have to go through. HPSP or it's a no go for me to be honest.

Whats really deterring me from going to medicine is that I would have to take a year off, buff up my EC's, take the MCAT, shadow MD's, get new LORs (I'm not in school anymore, I graduated in December so I'm not sure how I'm going to pull that one off), interviews, etc.. etc.. Unfortunately for the HPSP I won't know if I got it until I'm already IN school.

 

[customx]

Do you live in a WICHE state?

 

[kdrp]

Do you live in a WICHE state?

Yes. I already applied and got rejected.

 

[customx]

Reapply? Your stats look good, that's just a huge amount of debt. Only you can decide what to do.

 

[BabyShades]

Yes. I already applied and got rejected. My stats were 3.7 cGPA / 3.8 sGPA and a 21aa/ts.

I think your stats is really good. How many schools did you apply to and how many interviews?

 

[BabyShades]

I wouldn't do this job starting with $480,000 in debt. I'd even consider medicine than do this. I don't know if MD is an option for you but it's substantially cheaper than dental school. The huge incentive in dentistry is the lifestyle. That amount of debt would limit the most important plus side of dentistry which makes up for all of the crap that we have to go through. HPSP or it's a no go for me to be honest.

Unless you honestly can't see yourself doing anything else but general dentistry and would enjoy this profession even if you were paid less than a plumber then go ahead and pay off this debt through your 40's and maybe beyond. There are many people in the same position as yourself in dental school who will graduate with that amount of debt. But just because a bunch of people are doing it doesn't mean it's right for you. You need to think about. Talk to some dentists about this debt. How much money do you need to keep you happy with this job? Everyone's going to be a little different about this magic number.

I can't express how formidable that number is with just a few words on some silly forum. But it is certainly scary and risky.

Oh nice! What school do you go to? And your expected debt ? If it is easier, we can PM.

 

[kdrp]

I think your stats is really good. How many schools did you apply to and how many interviews?

I applied to 15 schools and interviewed at 7 (only went to 5). Like I said, of the 7 schools nearly every single one would be over 400k after interest is applied while in school.

 

[Illfavor]

You're going to be on IBR or some other plan just so you can make like $50,000 a year off the $125,000 salary. Will you be able to eat? Sure. Will you have a nice house, car, be able to afford multiple kids? Probably not. Like you said, it's crushing debt. Move out to the boonies and you can make your $250,000 and live considerably better.

 

[StumpMT]

I've heard of some schools offering in-state tuition after the first year. Is OHSU one of them?

 

[shyfox9p]

Why OHSU?!?! Was that your only acceptance?

 

[Imrizzle]

Look into NHSC loan repayment programs? It can probably accelerate that pay back if you work for them a couple of years? I am eyeing these if I end up at an expensive out of state school.
http://nhsc.hrsa.gov/loanrepayment/

Good luck!

 

[Silent Cool]

So, I'm going to be starting at OHSU this August and after crunching the numbers, I'll be in at around 480k debt (after including interest while I'm in school). It seems borderline insane to take on that debt load. Am I ever going to be able to pay this beast off? I'm having a lot of doubts about going through with all of and worst of all, this is the only school I got accepted to so if I decline this offer I'm SOL. Should I bite the bullet and go for it anyways or should I get out of this while I still can? I've already applied for 3 year HPSP programs (Navy + Army) but I hear those are few and far between so I'm going to assume I won't receive either one.

Two words:

Oral Surgery.

 

[kdrp]

You're going to be on IBR or some other plan just so you can make like $50,000 a year off the $125,000 salary. Will you be able to eat? Sure. Will you have a nice house, car, be able to afford multiple kids? Probably not. Like you said, it's crushing debt. Move out to the boonies and you can make your $250,000 and live considerably better.

IBR is a financial trap when dealing with large sums of money. The tax on the ballooned version of the loan is going to be nearly the sum of loan but due at one time.

I've heard of some schools offering in-state tuition after the first year. Is OHSU one of them?

I wish.

Why OHSU?!?! Was that your only acceptance?

What do you mean? Nearly every option is over 400k (post 4 years of interest) for a state w/o a state school and I wasn't lucky enough to get into the couple of schools that offer instate / cheaper tuition. Unless you get accepted into the wiche program.

Two words:

Oral Surgery.

Wouldn't that leave me in even more debt? I know they have a large salary but the interest would balloon to a pretty epic amount of money if I stay in school for another 4-6 years(~615k / 800k respectively according to my math).

 

[Dentalogist]

try to serve in the army

 

[Silent Cool]

IBR is a financial trap when deal with large sums of money. The tax on the ballooned version of the loan is going to be nearly the sum of loan but due at one time.



I wish.



What do you mean? Nearly every option is over 400k (post 4 years of interest) for a state w/o a state school and I wasn't lucky enough to get into the couple of schools that offer instate / cheaper tuition. Unless you get accepted into the wiche program.



Wouldn't that leave me in even more debt? I know they have a large salary but the interest would balloon to a pretty epic amount of money if I stay in school for another 4-6 years(~615k / 800k respectively according to my math).

Yeah it would balloon, but it might be worth it for a four year program.

 

[Illfavor]

IBR is a financial trap when deal with large sums of money. The tax on the ballooned version of the loan is going to be nearly the sum of loan but due at one time.

Sure it is, so do some other plan. Anyways, your ability to pay off your debt is going to be determined by your motivation and willingness to work hard. Dentists can make as much money as they want.

 

[kdrp]

Sure it is, so do some other plan. Anyways, your ability to pay off your debt is going to be determined by your motivation and willingness to work hard. Dentists can make as much money as they want.

I hope you're right.