Dental school loans

Started by sp1997
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sp1997

sp1997

Full Member
5+ Year Member
I hope this is the right forum to ask this. I’m an incoming D1 student with 15k in loans from undergrad and probably will end up with 270k at the end of dental school (without interest). I’ve been stressing about the amount for some time now. I don’t think I’ll have the time or energy to work especially my first two years in dental school so I can’t make any interest or principal payments. I know I’ll have to pay interest on interest so I don’t know how much that’s going to accumulate to. But I just want some assurance from current healthcare student or professionals that it’s ok to not make payments and still be able to pay it off once I graduate. Also, is it better to pay off debt ASAP or to stretch it over 10-20years since not all debt is bad and I can investment whatever I save after small loan repayments
 
First of all congrats on getting into dental school. I'm not a dentist but most professional students don't work during their preclinical years. You should focus on your studies. The very little you could be making might be better used towards studying. The best thing you can do financially is live cheaply and take as little loans as possible. Most people make no payments during school. The key is to live cheaply after you graduate and focus on paying off debt. Federal student loans have terrible interest rates don't count on beating the market with returns. Pay your loans ASAP.
 
sp1997 said:
I hope this is the right forum to ask this. I’m an incoming D1 student with 15k in loans from undergrad and probably will end up with 270k at the end of dental school (without interest). I’ve been stressing about the amount for some time now. I don’t think I’ll have the time or energy to work especially my first two years in dental school so I can’t make any interest or principal payments. I know I’ll have to pay interest on interest so I don’t know how much that’s going to accumulate to. But I just want some assurance from current healthcare student or professionals that it’s ok to not make payments and still be able to pay it off once I graduate. Also, is it better to pay off debt ASAP or to stretch it over 10-20years since not all debt is bad and I can investment whatever I save after small loan repayments
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2018 Dental grad here. I along with maybe 15 other people in my class did work study throughout dental school. Pay wasn't great and it wouldn't make a dent in anything, but it allows me to take out less loans and gave me some guilt-free fun money. No one in my class worked outside of work study while in school and TBH I can't imagine attempting to.

As for the debt, you'll be fine. I graduated just shy of $500k including interest. Dentist salaries are on the rise, so as long as you can live under your means for a few years after dental school and pay your loans aggressively, you will be able to manage the debt load. The amount you would make working an odd job in dental school wouldn't put enough of a dent in you loans to make it worth the added stress
 
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