For Practicing Dentists who Attended Private School

[Alpha Centauri]

For those dentists who I assume are fresh out of school and having a debt of 400k+, how do you feel now that you have graduated and are in the workforce? Do you regret your choice, or is the debt load going to just mean additional time working to pay it off over the years compared to your colleagues at a state school. Do you regret your decision to attend a private school, or are you happy to have become a dentist from this?

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[dentalpulp]

Would really like some responses to this! I will be attending a private school

 

[LogOff]

Went to UOP but in the Navy so don't have the debt issue. I will say from my experience so far with other grads I would not reccomend going to a more expensive school because when you get out the real world experience quickly overshadows anything you had in school. Just go to the cheapest place that will give you a degree, extra debt is just not worth it.
Now I did absolutely love UOP and would highly reccomend it, but it wasn't so much better that going 400k in debt would be worth it if you had a cheaper option, in my opinion.

 

[Big Time Hoosier]

This has been discussed ad nauseam on these forums. Go to the cheapest school you get into. End of discussion. To pay that $400,000 to $500,000 off in 10 years, you'll have to come up with $55,000 to $65,000 annually (post-tax). There's absolutely no way that's not gonna suck.

Big Hoss

 

[Needoptions10]

I am 14 years into paying down my student loan that was incurred just for dental school. Got a full ride for undergrad so no loans there. I graduated young..so i am 40 yrs old w a fairly successful private practice. But paying down those loans meant not much saved for retirement. Kids are starting college soon and with not much in the bank I am in full panic mode. Thinking back, I have paid close to 300,000 over the last 14 yrs in school loans. If I had this money for college and/or retirement, I would be in MUCH better shape. Going to private school does not give u any advantage over state schools, esp. If you are thinking of going into private practice. Maybe in the past, dentists could've done well even if they start out in the hole w these big numbers. But in the current healthcare climate, I am doubtful. If u have no other option but go to a private school, then def look at loan Repayment options immediately upon graduating. Do not be lax w this because your whole future is at stake. Even if it means starting your career 3 or 4 yrs later because you have to serve in the military or a public health clinic, in my opinion it is worth it to have a life where your money is finally your own. And I knew this when I was younger but didn't act on it. I dont care if it $25, 50 100..but start funding a retirement plan as soon as you get your first paycheck. You will never get these years of interest back..and its5easy to say you'll do it later...and then later comes 14 yrs later.

 

[dentalpulp]

I am 14 years into paying down my student loan that was incurred just for dental school. Got a full ride for undergrad so no loans there. I graduated young..so i am 40 yrs old w a fairly successful private practice. But paying down those loans meant not much saved for retirement. Kids are starting college soon and with not much in the bank I am in full panic mode. Thinking back, I have paid close to 300,000 over the last 14 yrs in school loans. If I had this money for college and/or retirement, I would be in MUCH better shape. Going to private school does not give u any advantage over state schools, esp. If you are thinking of going into private practice. Maybe in the past, dentists could've done well even if they start out in the hole w these big numbers. But in the current healthcare climate, I am doubtful. If u have no other option but go to a private school, then def look at loan Repayment options immediately upon graduating. Do not be lax w this because your whole future is at stake. Even if it means starting your career 3 or 4 yrs later because you have to serve in the military or a public health clinic, in my opinion it is worth it to have a life where your money is finally your own. And I knew this when I was younger but didn't act on it. I dont care if it $25, 50 100..but start funding a retirement plan as soon as you get your first paycheck. You will never get these years of interest back..and its5easy to say you'll do it later...and then later comes 14 yrs later.

did you try to lower your adjusted gross income with 401K, HSA, roth IRA? would that have helped you in hindsight?

 

[Cello]

I am 14 years into paying down my student loan that was incurred just for dental school. Got a full ride for undergrad so no loans there. I graduated young..so i am 40 yrs old w a fairly successful private practice. But paying down those loans meant not much saved for retirement. Kids are starting college soon and with not much in the bank I am in full panic mode. Thinking back, I have paid close to 300,000 over the last 14 yrs in school loans. If I had this money for college and/or retirement, I would be in MUCH better shape. Going to private school does not give u any advantage over state schools, esp. If you are thinking of going into private practice. Maybe in the past, dentists could've done well even if they start out in the hole w these big numbers. But in the current healthcare climate, I am doubtful. If u have no other option but go to a private school, then def look at loan Repayment options immediately upon graduating. Do not be lax w this because your whole future is at stake. Even if it means starting your career 3 or 4 yrs later because you have to serve in the military or a public health clinic, in my opinion it is worth it to have a life where your money is finally your own. And I knew this when I was younger but didn't act on it. I dont care if it $25, 50 100..but start funding a retirement plan as soon as you get your first paycheck. You will never get these years of interest back..and its5easy to say you'll do it later...and then later comes 14 yrs later.

Just wondering, where did your money go? Did you purchase an expensive home or something? If you have a fairly successful practice then I would think that you are making somewhere around $200,000. Shouldn't that income make it fairly easy to repay $300,000 in student loans over 14 years, live decently, and save for retirement?

 

[Munks]

Just wondering, where did your money go? Did you purchase an expensive home or something? If you have a fairly successful practice then I would think that you are making somewhere around $200,000. Shouldn't that income make it fairly easy to repay $300,000 in student loans over 14 years, live decently, and save for retirement?

Remember, what makes student loans such a barrier is that it is the FIRST loan you will take, not the only one. You also have to think about the extra $$$,000 of a practice loan, which can range anywhere from 100,000 to 1,000,000 (more or less) depending on location, building vs existing, dental equipment, etc.

Not to mention a house, car, credit cards (depending on frugality), etc.. but then we're not talking as much dental .

Still, interested in his response.

 

[DDS9994]

Just wondering, where did your money go? Did you purchase an expensive home or something? If you have a fairly successful practice then I would think that you are making somewhere around $200,000. Shouldn't that income make it fairly easy to repay $300,000 in student loans over 14 years, live decently, and save for retirement?

I know its hard to fathom, if your arent out in the real world making an income yet, but a dollar isnt really a dollar out here. That 200k is more like 130K after Uncle Sam takes his cut, and then everyone else want a piece of the action, not only do you have 300k in loans, then may need to ake out loan for practice, maybe 400k, married? wife wants a decent house maybe 250 to 300k, as you can see we are already at close to cool million. We havent even gone into eveyday expenses, CE, cars, vacations, malpractice, etc. It really doesnt take much to get off track, even at a six figure income, have to be very careful about getting docitis. As he said it is very important from day one to start saving for retirement.

 

[Cello]

I know its hard to fathom, if your arent out in the real world making an income yet, but a dollar isnt really a dollar out here. That 200k is more like 130K after Uncle Sam takes his cut, and then everyone else want a piece of the action, not only do you have 300k in loans, then may need to ake out loan for practice, maybe 400k, married? wife wants a decent house maybe 250 to 300k, as you can see we are already at close to cool million. We havent even gone into eveyday expenses, CE, cars, vacations, malpractice, etc. It really doesnt take much to get off track, even at a six figure income, have to be very careful about getting docitis. As he said it is very important from day one to start saving for retirement.

I made a decent salary as a computer programmer and my fiancee makes a good income. Not everyone who posts here is a traditional pre-dental student. I am still hoping to understand how the poster ended up in their situation.

 

[DDS9994]

I made a decent salary as a computer programmer and my fiancee makes a good income. Not everyone who posts here is a traditional pre-dental student. I am still hoping to understand how the poster ended up in their situation.

Neither was I, I worked for 6 years in another industry before dental, I was shedding light on how quick it goes when it comes to practicing and owning your own business on top of large school loans, practice loans, etc

 

[WingZeroM3]

I went to a private school.
Loan is at 350k.
You have 20 years to pay it off and rest is written off with IBR
I qualify for PSLF because I am a a nonprofit hospital. Salary is 185k +full benefits+pension.retirement.
Loans will be forgiven in 3 years. No regrets. Good lifestyle. Easy.

 

[pikaboo]

Wait what do you mean the loan will be forgiven in 3 years ?


•_• hi •_•

 

[Cranjis McBasketball]

I went to a private school.
Loan is at 350k.
You have 20 years to pay it off and rest is written off with IBR
I qualify for PSLF because I am a a nonprofit hospital. Salary is 185k +full benefits+pension.retirement.
Loans will be forgiven in 3 years. No regrets. Good lifestyle. Easy.

They're basically paying 285k AND THEN adding full benefits, pension and retirement to be a hospital employed dentist..?

 

[WingZeroM3]

They're basically paying 285k AND THEN adding full benefits, pension and retirement to be a hospital employed dentist..?

Correct!!!!

Look at Public Student Loan Forgiveness.
Alot of community health center qualify. Hospital such as UCLA,USC,..local community hospital...qualify.

 

[WingZeroM3]

Wait what do you mean the loan will be forgiven in 3 years ?


•_• hi •_•

Yup. Amen!