Don't do it. It's a debt trap!

[dl9006]

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i find it funny that people keep comparing dentists to investor bankers or accountants.

yea bankers make much more than the average dentist but how many people can become one? people seem to think anyone can get these jobs. lmao.. it's like me saying i'm going to become the test driver for Ferrari.

the competition for those jobs are cut-throat and much harder than getting into dental school. i have an extremely smart friend with great social skills who interviewed at a big firm and went through 3 rounds of intense interview and ended up not getting the job. dental school interviews are a joke compared to the interviews in the business world.

i have a family member who is an accountant at a big 4 firm but starting wage is nowhere near a dentist's salary. accountants work extremely long hours(with no overtime pay in this case) and you never know when you're going to get laid off.


for the average joe like me, becoming a dentist will be far more lucrative than becoming a business major.

 

[JessSimpson]

How long do u guys think it would take to pay back 475K? assuming that would be total amount I would owe after undergrad/dental school?

 

[peanutb123]

5-15yrs depending on your potential income.

 

[dentalWorks]

How long do u guys think it would take to pay back 475K? assuming that would be total amount I would owe after undergrad/dental school?

depends on how much you will make.

If 120k / 150k / 200k / 250k / 300k+

But 475k and assuming you'll have a 5-6% interest, it will take you a long time to pay that off. 10-20 years (again, depending on income)

People such as yourself would HIGHLY benefit from NHSC scolarship.... 3 year or 4 year option is amazing... they'll pay for either 3 or 4 years of your DS and you have to pay back those 3 or 4 years into an underserved area after you graduate.

 

[mr24]

Sooo glad i read this!! i just turned down my acceptance and got the ceo job at staples. pays 1,000,000 a year. man that was easy!

 

[Sunshine12]

Wow, I live in Canada...do you know of a scholarship like NHSC that we (canucks ) can apply for?

 

[CANgnome]

well, us Canadians don't have such high interest rates, at RBC it is only prime, so about 3%

 

[pbure]

well, us Canadians don't have such high interest rates, at RBC it is only prime, so about 3%

Yup. But max of 200K. Whats everyone doing for the last 2 years? (providing you're unable to transfer back after 2nd year)

 

[Kelong]

It will be a good idea to get some form of life/disability insurance on the lighter side.

 

[Sunshine12]

well, us Canadians don't have such high interest rates, at RBC it is only prime, so about 3%

i c, thanks - i didnt know RBC was so low

 

[Sunshine12]

Yup. But max of 200K. Whats everyone doing for the last 2 years? (providing you're unable to transfer back after 2nd year)

From what I've heard, its almost impossible to transfer back to Canada 🙁

 

[Guppiess]

From what I've heard, its almost impossible to transfer back to Canada 🙁

sad isn't it.

 

[Dentalguy1]

Does anyone know how much you get paid after you graduate if you do the NHSC scholarship? Im sure it isn't much but is it about the same as the Military?

 

[Bonanzio]

Does anyone know how much you get paid after you graduate if you do the NHSC scholarship? Im sure it isn't much but is it about the same as the Military?

About $70K a year from what I heard a while back, but this figure might have been outdated.

 

[DentalDiva RDH]

Sooo glad i read this!! i just turned down my acceptance and got the ceo job at staples. pays 1,000,000 a year. man that was easy!

lmao
👍

 

[pbure]

From what I've heard, its almost impossible to transfer back to Canada 🙁

Really what did you hear exactly? I spoke to the 3 dental schools in Quebec and it's definitely possible. Just depends if they have the space or not

 

[Sunshine12]

Really what did you hear exactly? I spoke to the 3 dental schools in Quebec and it's definitely possible. Just depends if they have the space or not

umm, I can't remember exactly but it might have been from a couple friends (i live in toronto so this applies to u of t and western more than anywhere) and i think i read on saskatchewan's website

with that said, i never really checked out quebec or any french speaking schools (my little sister in elementary school knows more french than i can remember )

did you hear differently?

 

[Sunshine12]

here's the link
http://www.usask.ca/dentistry/admissions/categories.php?heading=menuAdmissions#4

i'm really not certain about other schools though..

 

[pbure]

here's the link
http://www.usask.ca/dentistry/admissions/categories.php?heading=menuAdmissions#4

i'm really not certain about other schools though..

ill look into dalhousie and perhaps ubc..but ya i know at mcgill its possible. its called the advanced standing program. just depends on whether there is space or not

 

[Pennywisdom]

 

[Msmouth]

Bah...why would you let the facts get in the way of a good story? ><

My boss (dentist) in NJ has a goal of 160K per month! We have a 2nd dentist working with us (employee), making 300K year. We don't always make our goal but we get close or go over.

The practice has 6 operatories and double hygiene daily.

Granted overhead eats up his 1.5 -2million/year business, but I'm sure he's doing just fine.

If you think about the average hygiene pay........then a dentist should make far more. I believe some of you are underestimating salaries. Perhaps in the beginning you won't make a ton but if you play your cards right and get into the right practice you will be very comfy.

There are loan repayment programs that can help too. At least that's my plan

 

[dentalWorks]

My boss (dentist) in NJ has a goal of 160K per month! We have a 2nd dentist working with us (employee), making 300K year. We don't always make our goal but we get close or go over.

The practice has 6 operatories and double hygiene daily.

Granted overhead eats up his 1.5 -2million/year business, but I'm sure he's doing just fine.

If you think about the average hygiene pay........then a dentist should make far more. I believe some of you are underestimating salaries. Perhaps in the beginning you won't make a ton but if you play your cards right and get into the right practice you will be very comfy.

There are loan repayment programs that can help too. At least that's my plan

wow.... I've only met 1 dentist who was able to pull such figures.... I believe he also has 1 associate working with him and 6 operatories.... Thing is, this guy was in his early 40s

 

[Msmouth]

wow.... I've only met 1 dentist who was able to pull such figures.... I believe he also has 1 associate working with him and 6 operatories.... Thing is, this guy was in his early 40s

My best friend works for another dentist in Jersey (general) and his monthly goal is 89K. He has 1 hygienist each day and 2 every Saturday.

I certainly don't know what other offices make since I don't work for them regularly. I'm guessing this office down the road pulls in a boatload.....It's a huge office, the head dentist (owner) does sedation dentistry. He has 2 dentists and 1 orthodontist working for him and on any given day he has 3 hygienists working at once. I would guess he grosses 3 mil but I can't imagine what he really makes, perhaps much much more.

 

[7 Iron]

How long do u guys think it would take to pay back 475K? assuming that would be total amount I would owe after undergrad/dental school?

LOL... hope you win the lottery or something if you really are going to have that much in loans. That is just absurd.

 

[Derk]

Yup. But max of 200K. Whats everyone doing for the last 2 years? (providing you're unable to transfer back after 2nd year)

Ya, this is the line of credit offered to health professional students. Usually you start off at $150k, but you can request more when you need it. RBC will usually increase your limit if you need it, my account manager has only seen RBC reject an increase request when the client wanted more than $500k.

If you are going to be going to school in the USA though, you will require a co-signer because they can not as easily track the money.

Also, during your 4 year pre-doctoral program + 1 year grace period, you will only be paying off the interest each month. However, after the grace period, you will be put onto a regular line of credit % and on a re-payment plan.

Hope that helps clarify things! I think other major Canadian banks also offer a similar line of credit for health professional students as well, but I am not sure!

 

[iluvdentistry]

Aw shoot, I'm really crossing my fingers for that Army HPSP $ now!

 

[peerless218]

I understand everyone wants to be financially compensated for putting in their years in school, but money shouldn't be the only factor. Everyone is so focused on money, rightly so, but there are other aspects of dentistry that beat most corporate jobs out there. When I graduate dental school, I will not only be able to provide healthcare (awesome), I will have autonomy and not have to succumb to the evil that is corporate america. Yea you might hit 6 figure salary 6 years after your under grad degree, but prepare for a pink slip every time the economy has a hick-up. Again, starting over from scratch, trying to find ends meet, while having family and kids to support. Having to become a corporate wh*** working weekends like my sister, because she's scared to loose her job! I don't care if I had to take out a million, I would still do it. I would rather pay back butt loads of loans, than work for some corporate sweat shop. And yea I know a CPA very closely, sure he makes six figures, but she also works 80 hrs a week. Add that up and its probably a little over minimum wage (haha)

That is still my current state of thoughts. however, a family relative kept on telling me once you have that financial burden of running a business, having a family, raising kids, wants other things in life....that may no longer be the # 1 priority.

 

[toothhornet88]

My best friend just got a job as an accountant at Pwc in Sacramento, Ca region: he is making 50k before taxes and 42k after. He said that it would take about 5-10 years to reach the 100k mark. He also said the chances of getting hired at a big 4 firm are so slim that its crazy. Big 4 firms hire about 4-6 people per year per city they have the company at...there are thousands of potential applicants. He also told me to get to the 150k mark is extremely hard and if you are NOT in the big 4 firm...dont even think about it! So here is the actual truth from someone that works at PwC. Dentistry wins 🙂

 

[lemontea]

My best friend just got a job as an accountant at Pwc in Sacramento, Ca region: he is making 50k before taxes and 42k after. He said that it would take about 5-10 years to reach the 100k mark. He also said the chances of getting hired at a big 4 firm are so slim that its crazy. Big 4 firms hire about 4-6 people per year per city they have the company at...there are thousands of potential applicants. He also told me to get to the 150k mark is extremely hard and if you are NOT in the big 4 firm...dont even think about it! So here is the actual truth from someone that works at PwC. Dentistry wins 🙂

Hmm..not so sure i agree. You have to consider total compensation and not just base salaries. Entry level jobs might make 50-60k, but after 5 years, its pretty common to make around 80k and after 10 years its common to make 100k. This isn't limited to the B4, but you can make this working for small acounting firms, or corporate financial offices. B4 gives you good experience for the first 3-5 years but most pple leave for another firm for better pay. You also have to consider the fact that when working for corporations you get signing bonuses, regular bonuses, stock grants, ESPP, 401k matches, higher eduaction stipends (i've seen companies give 10K /year) etc. All that combined can easily bring your income above 150k after 10 years of working.

 

[dentalWorks]

Hmm..not so sure i agree. You have to consider total compensation and not just base salaries. Entry level jobs might make 50-60k, but after 5 years, its pretty common to make around 80k and after 10 years its common to make 100k. This isn't limited to the B4, but you can make this working for small acounting firms, or corporate financial offices. B4 gives you good experience for the first 3-5 years but most pple leave for another firm for better pay. You also have to consider the fact that when working for corporations you get signing bonuses, regular bonuses, stock grants, ESPP, 401k matches, higher eduaction stipends (i've seen companies give 10K /year) etc. All that combined can easily bring your income above 150k after 10 years of working.

yep, even bonuses when you get laid off... don't forget to include that

 

[nap5035]

My best friend just got a job as an accountant at Pwc in Sacramento, Ca region: he is making 50k before taxes and 42k after. He said that it would take about 5-10 years to reach the 100k mark. He also said the chances of getting hired at a big 4 firm are so slim that its crazy. Big 4 firms hire about 4-6 people per year per city they have the company at...there are thousands of potential applicants. He also told me to get to the 150k mark is extremely hard and if you are NOT in the big 4 firm...dont even think about it! So here is the actual truth from someone that works at PwC. Dentistry wins 🙂

while I agree that every year, the 4,500 dental students that are accepted are pretty much guaranteed that in 4 years, they'll be making ~100k. however, your accounting numbers are way off.

my graduating class in 2010 had 320 accountants. 90 of them went off to big 4 firms, and my school is a 20 twenty business school. These companies are huge and spend millions on superdays and campus recruiting, and they hire hundreds of graduates each year. There is no way they would do that for 4-6 people a year.

While I agree dentistry may be the safer, more guaranteed route to financial/job security, your numbers make getting a job at the big 4 an equivalent difficulty to matching OMFS specialties, which it is not.

 

[yangwang]

My best friend just got a job as an accountant at Pwc in Sacramento, Ca region: he is making 50k before taxes and 42k after. He said that it would take about 5-10 years to reach the 100k mark. He also said the chances of getting hired at a big 4 firm are so slim that its crazy. Big 4 firms hire about 4-6 people per year per city they have the company at...there are thousands of potential applicants. He also told me to get to the 150k mark is extremely hard and if you are NOT in the big 4 firm...dont even think about it! So here is the actual truth from someone that works at PwC. Dentistry wins 🙂

Tell your friend to move out of CA. I am in the northeast, and the big 4 is easy to get into because they have slavedriving working regimes. My friend at Toillete and Douche work 60hrs/week, he graduated from a 30-60ranked school, makes over 70k. My other friends in accounting work for other firms and they also do really well (80k+ after 1 year), they graduated from tier 2-3 schools.