The cutbacks are really affecting folks in the 4-6th years of LRP. I don't hope to reach that. From what I've seen, there are quite a few places with 15+ FQHC scores, especially where I'm hoping to practice. I understand the funding issues, so I'm not putting all my eggs in this basket AT ALL, but it's something I'm actively considering. And the NHSC loan repayment is not taxed...whoever told you that is simply wrong.
Yup, I'm up to date on all of these issues, and I'm a townie member as well 😀 I don't plan on relying on it, but as it stands, even with cutbacks, 2-3 years of LRP would put be at $0 debt. Now, this can also be done (perhaps more reliably( in an associateship as well, but I'm just keeping all my options open. Who knows what happens in 2015?
and http://nhsc.hrsa.gov/currentmembers/loanrepaymentrecipients/continuation/index.html (notice the lower funding, if the money is there at all)
and here is a good thread besides some political bickering towards the end: http://www.dentaltown.com/MessageBoard/thread.aspx?s=2&f=152&t=212573&pg=2
And you are probably right about the tax free LRP, I may be getting my programs mixed up.
Oh, I will be for certain. It's just a few months away, and I'm not sure how likely I am to get it. It's a real longshot for anybody, and funding issues will probably make it even less likely. I'm the kind of guy who wants to pay off his debt entirely within 3-5yrs of walking so I can buy a practice without having a huge note already over my head. With some continued frugality, that will be possible.
My dental education will cost about 1/4 of that from say, BU or USC. I have a wife to provide our living expenses, so I'll be paying off much less than most folks. My guess is the maximum a single person would be able to pay off each year is around 50k, living very frugally. So for USC, that would be more like 10 years. Married folks can add a pretty decent sum to that if their spouses work. If I went to a $400,000 school, I'd do a military scholarship. No way otherwise.
I'd try and get the military to pay for it. Otherwise I'd plan on entering a loan repayment program for about 5 years, apply for the NHSC scholarship, or shoot for the 10 year public service forgiveness plan. For me, 10 years is the number. I'm already 25. I'd like to be student loan free and in my practice by 35.
I would do military, NHSC, work hard and live frugal, or teach for a decade and use teacher's IBR. In that order of preference.
Fair enough. As long as we're happy...
I do too, but I want to get my education loans down to a very manageable spot before I do. I imagine after 2-3 years I'll really be wanting to start. I'm pretty fickle. Some days I think I'll associate for 2 years, pay down about half my loans and buy a practice, others I think about starting fresh with no debt. I won't know for sure till I'm a D3/D4 I imagine. Anyhow, my debt load will not be extreme, so I should have lots of options. It's 4-5 years from now, so who really knows? 😉
You can calculate all this yourself but $90,000.00 difference is prob gonna be $180,000.00 after 10 years...$300,000.00 is going to be a lot more money than it already is at that interest rate...how is $300,000.00 not scarying you?
if everything goes as planned, you'll need to hear back from hpsp before your deposit's time runs out
You can pay off 210 in 4-5 years living cheap.
I will certainly be trying to do this regardless but I spoke with financial aid and they said their firgures were usually spot on for the majority of students since col is pretty low in lousiville.
Sure, but a 30 year note on a $300,000 practice grossing $500k, you taking home $200k is much more palatable. Folks who are persistent and a little lucky really hit their stride 5-15 years out of school. I have talked to a few fairly recent grads who have paid off their school and practice within 15 years.
I agree. He seems to be on top of this stuff. I'm kinda clueless myself. Or I'll just pick his brain in dental school.
Haha, sure. I had to think about all this stuff before deciding to change careers. It's difficult to accept that "wanting" to do something isn't always enough. It really does have to make financial sense. If you're not already on there, dentaltown.com. You get to watch seasoned dentists dole out free advice. Advice that we are years away from understanding, but, you get to see how a succesful dentist thinks. We are all "in", and we don't know jack$h-eye-T!
Oh my...
haha. yea..Nothing against UTHSC, I just really am not too enamored with Memphis. The school is great though.
what is the definition of "underserved" here? What if you had your own practice in a bigger place, but also worked in another dentist's practice in an underserved area, would that count?
