for those of you who chose an expensive dental school , how are you going to pay for it?

[WithLove]

Public health has tons of loan repayments/loan forgiveness opportunities. Or there's the military.

I graduated with north of $500k. Wasnt picky on where I wanted to work. Found an FQHC where I am making $225k this year. Have NHSC S2S loan repayment, state loan repayment, and planning on forgiveness through PSLF. That route certainly isn't for everyone though

If you don't mind me asking, how much do you end up making after taxes?

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[pubhealthdent]

If you don't mind me asking, how much do you end up making after taxes?

Around $150k after taxes and other pre-tax deductions

 

[pookey123]

What do you think the bank is going to say when the OP walks in with $650,000+ in student loans at 7% interest? “Why sure! Here’s another $500,000 to start a practice! Can we interest you in another $400,000 for a home mortgage?”

Big Hoss

Banks WILL give you a loan for a practice OR a home, I guarantee it. Maybe difficult to get BOTH loans at the same time, but that is also possible depending on your financial situation. The key is to stay on the government repayment programs (REPAYE, PAYE, or IBR). Banks will look at your income, and what your monthly loan payments are. The large amount of student loans you will have, as ridiculous as it sounds, won't prevent you from getting more loans, UNLESS you refinance aggressively and increase your required monthly payments too much.

 

[Cold Front]

Banks WILL give you a loan for a practice OR a home, I guarantee it. Maybe difficult to get BOTH loans at the same time, but that is also possible depending on your financial situation. The key is to stay on the government repayment programs (REPAYE, PAYE, or IBR). Banks will look at your income, and what your monthly loan payments are. The large amount of student loans you will have, as ridiculous as it sounds, won't prevent you from getting more loans, UNLESS you refinance aggressively and increase your required monthly payments too much.

This post sums up what’s financially wrong with this country.


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[pookey123]

For Example: The Shared Practices podcast co-founder was smart and got the HPSP. Did 2-year AEGD, has like a year or two left in the military, but he bought 3 practices in the meantime and racked up 3 million in debt. He was happy about it, as he hired associates to run those practices while he continues to work for the military. I think he would be able to pay off those loans in 6-10 years (Not sure about that now with the virus going around). Just about any dentist with a pulse can get a 500k loan. Probably a good idea to avoid debt and to pay down your student loans first, but my point is it's possible. If interest rates stay around 0%, then refinancing might be a good idea

 

[pookey123]

TBH many of my classmates either have: terrible hand skills, are not good with people, or are tired from school and don't put in enough effort. 98% of my classmates are financially illiterate and know more about the krebs cycle (which is not very much) then they do about interest rates or practice management.

Dentists are lucky to be considered doctors by the government and military, despite not having to do a mandatory residency (podiatrists, for example, get shafted by the government and get paid similar rates as physician assistants even though they are required to do at least a 3-year residency). Lots of "safe" public service options are available to dentists to pay back loans, although private practice will always be the most lucrative avenue.

 

[Blueshirts]

98% of my classmates are financially illiterate and know more about the krebs cycle (which is not very much) then they do about interest rates or practice management.

Consider taking the initiative to show them the way of financial literacy, worst case scenario you form better relationships with people who will support you in the future, and you do yourself the service of giving people the push and confidence to own a practice thereby undermining your direct competition at DSOs.

 

[NITRAS]

For Example: The Shared Practices podcast co-founder was smart and got the HPSP. Did 2-year AEGD, has like a year or two left in the military, but he bought 3 practices in the meantime and racked up 3 million in debt. He was happy about it, as he hired associates to run those practices while he continues to work for the military. I think he would be able to pay off those loans in 6-10 years (Not sure about that now with the virus going around). Just about any dentist with a pulse can get a 500k loan. Probably a good idea to avoid debt and to pay down your student loans first, but my point is it's possible. If interest rates stay around 0%, then refinancing might be a good idea

Sounds like a great way to go bankrupt to me.

 

[Lane138]

Sounds like a great way to go bankrupt to me.

Agree. Sounds like way too much risk for me to go to sleep at night peacefully.

I believe that as long as you're okay working hard, working smart, and delaying "living the dream" for a good 5-7 years after graduation, dentistry is very much financially doable. Unfortunately, too many people once they graduate in their late 20s or early 30s and want to immediately start relaxing and buying things like big houses and cars and vacations and multiple kids that set them back financially. Sometimes their spouses make that decision for them too, so it's important to set appropriate expectations.

 

[Cold Front]

Agree. Sounds like way too much risk for me to go to sleep at night peacefully.

I believe that as long as you're okay working hard, working smart, and delaying "living the dream" for a good 5-7 years after graduation, dentistry is very much financially doable. Unfortunately, too many people once they graduate in their late 20s or early 30s and want to immediately start relaxing and buying things like big houses and cars and vacations and multiple kids that set them back financially. Sometimes their spouses make that decision for them too, so it's important to set appropriate expectations.

Instant gratification is one of the strongest human feelings - specially after 8 long years (undergrad + dental school) of student life. Only a few can overcome it.


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[chris ergot]

TBH many of my classmates either have: terrible hand skills, are not good with people, or are tired from school and don't put in enough effort. 98% of my classmates are financially illiterate and know more about the krebs cycle (which is not very much) then they do about interest rates or practice management.

Dentists are lucky to be considered doctors by the government and military, despite not having to do a mandatory residency (podiatrists, for example, get shafted by the government and get paid similar rates as physician assistants even though they are required to do at least a 3-year residency). Lots of "safe" public service options are available to dentists to pay back loans, although private practice will always be the most lucrative avenue.

Are you in dental school, or undergrade?

 

[pookey123]

Consider taking the initiative to show them the way of financial literacy, worst case scenario you form better relationships with people who will support you in the future, and you do yourself the service of giving people the push and confidence to own a practice thereby undermining your direct competition at DSOs.

I have a few friends who are really into practice management that I talk to about this stuff. That class is usually what gets people thinking about personal finance, but at my school it's only taught towards the end of third year. Usually the students who want to own their own practices are interested in financial literacy. The finance administrative people were going to do a lunch and learn series but that got canceled due to corona

 

[pookey123]

Are you in dental school, or undergrade?

dental school in Massachusetts

 

[dentalschl44]

Honestly, family. That's the only way I could justify going to a $78k/year dental school. If i had to take out loans, I would solely have applied to my middle of nowhere state dental school and kept applying til I got in. I don't think I could've stomached the debt and I'm sending out well wishes to those that will take the loans out.