Freaking Out about Debt! It's Crazy!

[whosnisarg]

Hey guys,

In a bit of a pickle - just doing some math (and stressing myself out like crazy)... If I were to go to my in-state dental school (Rutgers), I'd still be in a pickle of $250,000 - and if the dream of specializing comes true - about $350,000 total. Now, that's minus the interest and possible loan fees.

How the hell do people take on this debt AND build/buy a practice?

P.S. My father passed away last month and my mom doesn't have an income - I work as a dental assistant part time and would make probably $4,000 annually - how are dental schools with financial aid?

I'm feeling a bit discouraged. And please - don't tell me I shouldn't be going into it for the money. I really enjoy the field but I want financial security.

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[Faux]

Most people here will be graduating with much more than that. I'd be happy with the 250k and consider your self fortunate.

 

[Pablo Sanchez]

Hey guys,

In a bit of a pickle - just doing some math (and stressing myself out like crazy)... If I were to go to my in-state dental school (Rutgers), I'd still be in a pickle of $250,000 - and if the dream of specializing comes true - about $350,000 total. Now, that's minus the interest and possible loan fees.

How the hell do people take on this debt AND build/buy a practice?

P.S. My father passed away last month and my mom doesn't have an income - I work as a dental assistant part time and would make probably $4,000 annually - how are dental schools with financial aid?

I'm feeling a bit discouraged. And please - don't tell me I shouldn't be going into it for the money. I really enjoy the field but I want financial security.

Your concerns are valid. A dental education is the most expensive education in the country. One of the things that I love about dentistry is the freedom to practice in a way that you decide that you enjoy. Whether it is as an associate, as the CEO of a corporation, or as the owner of a small private practice, that freedom comes at a premium that we all have to pay. Yes, it is a lot of money. Yes, you have the right to be scared. But the fact that you are thinking about this ahead of time, and that you are so concerned tells me that you will be just fine. You might have to make sacrifices. You might have to work 6 days each week. You might have to rent a small apartment during your first few years of work. Heaven forbid you might have to drive a used car or pack a lunch instead of ordering it to your office, but if you make sacrifices, the little things add up, and you can pay off your debt in a reasonable amount of time. You don't have to be a victim to student debt. You are clearly hard working and driven. Be creative, and show the debt who is boss.

Now that I'm done with my tangent, financial aid in dental school is not necessarily easy to come by. There are certain loans at lower interest rates available to certain individuals. Many schools offer scholarships. These scholarships are often larger at private institutions, but then again, so is the initial tuition bill.

Don't be discouraged. This is simple math that is not necessarily representative of actual costs, but say your overall debt is 400k. You live in NJ. Earnings in NJ are likely above the national average. Let's say you average an income of $165k/yr over your first 10 years out. 40% goes to taxes. That leaves $99k each year. Say you live on 49k and put 50k to your loans each year. You'd pay off your loans in 8 years.

But as I always say. I know nothing.

You rock! Good luck!

 

[Grbled]

I agree with the above, dentists have a broad world to practice in. Most people do not (and should not) open a practice directly out of school. It comes with experience. Dentistry will provide the income to pay off your education. Just look at the bright side and remember that after 10 years of post graduate living, you’ll be making enough money to be living a fantastic and fulfilled life, all while doing what you’re passionate about.

 

[whosnisarg]

Your concerns are valid. A dental education is the most expensive education in the country. One of the things that I love about dentistry is the freedom to practice in a way that you decide that you enjoy. Whether it is as an associate, as the CEO of a corporation, or as the owner of a small private practice, that freedom comes at a premium that we all have to pay. Yes, it is a lot of money. Yes, you have the right to be scared. But the fact that you are thinking about this ahead of time, and that you are so concerned tells me that you will be just fine. You might have to make sacrifices. You might have to work 6 days each week. You might have to rent a small apartment during your first few years of work. Heaven forbid you might have to drive a used car or pack a lunch instead of ordering it to your office, but if you make sacrifices, the little things add up, and you can pay off your debt in a reasonable amount of time. You don't have to be a victim to student debt. You are clearly hard working and driven. Be creative, and show the debt who is boss.

Now that I'm done with my tangent, financial aid in dental school is not necessarily easy to come by. There are certain loans at lower interest rates available to certain individuals. Many schools offer scholarships. These scholarships are often larger at private institutions, but then again, so is the initial tuition bill.

Don't be discouraged. This is simple math that is not necessarily representative of actual costs, but say your overall debt is 400k. You live in NJ. Earnings in NJ are likely above the national average. Let's say you average an income of $165k/yr over your first 10 years out. 40% goes to taxes. That leaves $99k each year. Say you live on 49k and put 50k to your loans each year. You'd pay off your loans in 8 years.

But as I always say. I know nothing.

You rock! Good luck!

This post made me feel so much better. Thank you.

 

[NITRAS]

Just as an aside, you can't fix your mother's situation. You don't have the means.

Even if you had extra money to burn, outside of extreme circumstances, it usual isn't healthy for children to support parents.