Dental School Cost

[up40loves]

Hello,

My younger brother is considering dental school. However, the total cost of dental school would be 450K including living expenses. Is dental school really worth the cost? It seems like you could pay it off in 10-15 years if you lived very cheaply....But is it worth it to live for 10-15 years with almost no income? What do you think?

Thanks!

---

Members don't see this ad.

 

[periopocket]

Shall I be bold enough to say....probably not?!

Hello,

My younger brother is considering dental school. However, the total cost of dental school would be 450K including living expenses. Is dental school really worth the cost? It seems like you could pay it off in 10-15 years if you lived very cheaply....But is it worth it to live for 10-15 years with almost no income? What do you think?

Thanks!

 

[CanaDMD]

Hello,

My younger brother is considering dental school. However, the total cost of dental school would be 450K including living expenses. Is dental school really worth the cost? It seems like you could pay it off in 10-15 years if you lived very cheaply....But is it worth it to live for 10-15 years with almost no income? What do you think?

Thanks!

depends on your brother's situation, tell us more about what he's accomplished up until now, what his other options are, etc

If he has other viable options, prob no.

If this is his only option, what choice does he have?

PS: by options I don't only mean dental schools!

 

[FanOfCostco]

if his number 1 reason for wanting to be a dentist is money, don't do it.

 

[Screwtape]

Yeah probably not.

 

[up40loves]

Yes, he said he is purely interested in dentistry for financial reasons.

if his number 1 reason for wanting to be a dentist is money, don't do it.

 

[TthDec]

Different opinion than the others. If your brother is willing to live like a resident (sub 50k/yr) for a few years and is serious about paying down that debt, it can be absolutely worth it. If he expects to be a baller right out of the gate, then absolutely not worth it.

Lets face it, there aren't that many jobs that guarantee this type of income and forgo the massive debt attached to it. If there was, no one would be applying to Dental / Med school as its not exactly smooth sailing once you get in. Its gonna take a lot of blood, sweat, and tears to get through either one.

 

[up40loves]

I agree, but 10-15 years is more than just a few years. If you take out 450K out in loans, you have to pay back 5K per month, which works out to paying at least 60K a year for a minimum of 10 years......Then after 10 years, if you want to buy a practice, it would be another 500K or another 60 year per year to pay back for another 10 years....IDK if it's worth it to go 1 million in debt and what's the guarantee you will have a really successful dental practice?

Different opinion than the others. If your brother is willing to live like a resident (sub 50k/yr) for a few years and is serious about paying down that debt, it can be absolutely worth it. If he expects to be a baller right out of the gate, then absolutely not worth it.

Lets face it, there aren't that many jobs that guarantee this type of income and forgo the massive debt attached to it. If there was, no one would be applying to Dental / Med school as its not exactly smooth sailing once you get in. Its gonna take a lot of blood, sweat, and tears to get through either one.

 

[up40loves]

Also I don't think you can compare medical school----medical school is cheaper than dental school. Also Physicians earn more and they don't need to buy a practice. I have many Physician relatives who make 200-300K+ working for a hospital or clinic. Dentists technically don't need to buy a practice but you don't make as much money as an associate---plus dentists will eventually want their associate to buy in to the practice (which costs even more money). I would say Medical School is definitely worth it, not sure dental school is though....There is way more debt involved compared to medical school....Although i guess if your parent owns a dental practice, you are pretty much all set

 

[kidsaremypassion]

I think the difference is in the income potential. Also, when an associate buys into the practice, their income typically increases, as they now have equity in the practice. When the dentist retires, he/she can sell their percentage in the practice, and likely put it towards retirement, etc. So a dentist doesn't necessarily just lose 400k automatically...
However, 450k in student loans, starting out is seriously high. I don't think medical school would be worth 450k either, as there is no guarantee that you will match into a lucrative specialty that's worth that amount of debt.That to me, is the kicker. There is a certain level of educational/student debt that the path of healthcare stops being "worth it" financially.
Its not impossible to make that 200 to 300k in income as a DDS. But the debt has to make sense.

 

[up40loves]

What level of debt makes dental school worth it? What would you consider the max you should take out? I am assuming 300K or so?

 

[kidsaremypassion]

Personally, I wouldn't go above 250k, but thats just my comfort level. That level of debt allows you to comfortably pay off your debt while honing your skills as a Dr. and deciding where to practice permanently.

Medicine is potentially slightly safer but depending on the specialty, your income will likely plateau or stay within a certain range. In dentistry, there is slightly more risk, but the business aspect allows for certain additional rewards. Most physicians in primary care will stay within a certain income range because they are largely employees of hospitals. Most physicians do not have their own practices, less risk, safer financially, but also means their income will likely hover around a certain range. Most dentists aim to own or obtain partnerships in a practice, which can be the difference between staying in the 120k range vs. the 300k range.
Specializing in dental or med changes the game entirely. One now has to weigh the potential increased income with the interest accumulating on debt during residency.
However, there are so many unknowns as a first year dental or med student that its just safer to minimize your debt from the get go.

 

[up40loves]

Personally, I wouldn't go above 250k, but thats just my comfort level. That level of debt allows you to comfortably pay off your debt while honing your skills as a Dr. and deciding where to practice permanently.

Medicine is potentially slightly safer but depending on the specialty, your income will likely plateau or stay within a certain range. In dentistry, there is slightly more risk, but the business aspect allows for certain additional rewards. Most physicians in primary care will stay within a certain income range because they are largely employees of hospitals. Most physicians do not have their own practices, less risk, safer financially, but also means their income will likely hover around a certain range. Most dentists aim to own or obtain partnerships in a practice, which can be the difference between staying in the 120k range vs. the 300k range.
Specializing in dental or med changes the game entirely. One now has to weigh the potential increased income with the interest accumulating on debt during residency.
However, there are so many unknowns as a first year dental or med student that its just safer to minimize your debt from the get go.

What would you do instead of Dentistry if you had to take out 450K in loans?

Also according to this chart, the average GP dentist who owns their own practice makes around 200K, not 300K. Where did you get 300K? It says 300K average is for specialists....

200K is really great salary but I agree that 200K salary with 1 million in debt is not that great.......

http://www.ada.org/~/media/ADA/Science and Research/HPI/Files/HPIBrief_0213_1.pdf?la=en

 

[kidsaremypassion]

Does your brother have no cheaper options? Such as instate?
The average for GPs is also largely location dependent. There are those making just as much as specialists, and some making much less than specialists. Its not really a "set" number like it tends to be in medicine. But if his ultimate goal is GP, at 450k and the interest that will largely accumulate on that during training, that income to debt ratio just becomes untenable.
If my educational debt alone was going to bring me to 450k without a home, or practice, I would consider other career paths-engineering, NP, etc. I'm a firm proponent of the idea that the debt has to make sense.

 

[up40loves]

Does your brother have no cheaper options? Such as instate?
The average for GPs is also largely location dependent. There are those making just as much as specialists, and some making much less than specialists. Its not really a "set" number like it tends to be in medicine. But if his ultimate goal is GP, at 450k and the interest that will largely accumulate on that during training, that income to debt ratio just becomes untenable.
If my educational debt alone was going to bring me to 450k without a home, or practice, I would consider other career paths-engineering, NP, etc. I'm a firm proponent of the idea that the debt has to make sense.

He lives in a state that does not have a state/public dental school and it's extremely tough to get into a state school as an out-of-state resident. The expensive dental schools like NYU, BU, Tufts etc are also much easier to get into. There are a lot of Physician Assistant programs that are only 30K a year.

 

[socalpredent]

Occasionally come onto the forums and glance at the topics; this was pretty interesting because I've had this same discussion with a few of my classmates as well. Like someone said above, it's location dependent; if your brother is open to living in the midwest, Texas or other less saturated states, it can be quite lucrative, and 450k is definitely doable while still not having to live like a student. If he wants to be in states like CA, NY or other saturated areas, I'm not sure that it's quite as justifiable. A few of my classmates moved to Texas, Louisiana, etc right after graduation, and some were making 300k to start. I'm from CA, went to dental school here, and owe about 50k in loans due to scholarships and help from the family, and even then there have been times where I considered moving out of state because the prospects are better.

 

[Screwtape]

Occasionally come onto the forums and glance at the topics; this was pretty interesting because I've had this same discussion with a few of my classmates as well. Like someone said above, it's location dependent; if your brother is open to living in the midwest, Texas or other less saturated states, it can be quite lucrative, and 450k is definitely doable while still not having to live like a student. If he wants to be in states like CA, NY or other saturated areas, I'm not sure that it's quite as justifiable. A few of my classmates moved to Texas, Louisiana, etc right after graduation, and some were making 300k to start. I'm from CA, went to dental school here, and owe about 50k in loans due to scholarships and help from the family, and even then there have been times where I considered moving out of state because the prospects are better.

D4 here. I always see these $300k super rural positions talked about around here. But currently have had no luck finding these myself. Maybe $250k in Alaska. I just find it hard to believe any place would guarantee that or a new grad would be able to produce enough to take that home as a green grad. Any thoughts ?