Freaking out about $$ ? :) -- How do you plan to repay?

[SugarNaCl]

I just read that the average dental student loan debt was 200K, and "that is why people go right into private practice." Maybe I'm missing something here, but private practices cost more money and you do need clients. How do you start up right after school.

How do you plan on paying off your dental school debt?

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[CSI Dentist]

can't start a practice with that much debt. U think bank will give u more money when they see how much you already owe! I plan on well first off getting accepted to school, then upon graduation work for another dentist or a chain rolleyes: ) then hopefully one of the older dentists can sell me their practice... much cheaper than starting everythign from scratch. And I hope to make some good friends in D-school that will want to share business with me.

But yeah, lets get in first! I will worry about minute details later

 

[shamrock2006]

you dont start up right after school haha.....work in a practice, get situation, build a clientele, pay off loans...then start a practice.....at least thats what every dentist i've talked to did..and they aren't suffering one bit

 

[SugarNaCl]

I agree we should worry about getting in first. And I was shocked when this female dentist wrote that most of her friends went directly into private practice. I have a husband that supposedly should be able to contribute to our $$ situation, and from the looks of it, I may still end up 180K in debt. Without him, I would probably be 250K in debt if I managed to get in. I'm starting to worry about it a lot. Anyone have info on people that went through the loan repayment programs?

I'm the type of person who has to think everything out WAY in advance where it concerns my future.

 

[Fuji]

Loans for small business are different than personal loans. You can get a loan for your practice that is in no way tied to you personally. That means if you default on the business loan they can't take away your house or your scooter (at least that's the only kind of transportation I'm going to be able to afford when this is all over).

 

[coolraz]

to reapy all the money, I will diagnose all carious regions as cracks and crown all the teet instead of fillings. I plant to repay all my student loans withing 1.5 years.

j/k

but yearh, dental school is expensive but you can pay it off. Also, if you think like you're poor for the first 5 years of practice, you will be very very rich after.

 

[AnonymousADCOM]

the dentist i work for said that upon graduation, we can be partners. we've become pretty damn chummy.

 

[GiveMeDMD]

Loans for small business are different than personal loans. You can get a loan for your practice that is in no way tied to you personally. That means if you default on the business loan they can't take away your house or your scooter (at least that's the only kind of transportation I'm going to be able to afford when this is all over).

Thats the same thing I was told by a dentist who just opened a practice. She worked for a health center for 4 years to have them repay the loans and she said if she could go back, she woulda went straight into private practice because Business Loans are completely different than Personal Loans. On top of that, she said she lost a lot of skills in areas such as implant dentistry because she was never able to do those types of procedures at the health center.

 

[1992Corolla]

Hmmmm, how to pay off the debt....Hmmmmm, how to do it...that is a good question....hmmmmmm






Dentistry.

 

[dddsmack]

I plan on practicing dentistry to pay off my loans.

 

[busdent]

I plan on getting in FIRST to practice dentistry

 

[cryptozoologist]

sugar,
is this a joke? i'm seriously laughing hard...

 

[SugarNaCl]

Hmmm... would you consider me completely oblivious if I didn't find the humor in my own post? I'm the type who at age 18 was trying to figure out how much money I should put in an IRA every week. I call it being financially conscious. I honestly want to know what people want to do. I don't want to be in debt until I'm 55... at which time, the IRA will be all I have to lean on

 

[jaypea65]

I have not seen any dentists starving or living in the streets.....Has anyone else?

 

[KOM]

Hmmm... would you consider me completely oblivious if I didn't find the humor in my own post? I'm the type who at age 18 was trying to figure out how much money I should put in an IRA every week. I call it being financially conscious. I honestly want to know what people want to do. I don't want to be in debt until I'm 55... at which time, the IRA will be all I have to lean on

I'm seriously considering the Air Force...but I have a practice I can walk into following graduation so I might abandon that idea.

I think if you live frugally the first few years when you start practicing you can begin knocking out a pretty good portion of your loan. I think a minimum of 80 grand is what you'd probably make starting out (just from job postings I've seen on the internet).

I've also set up an IRA for myself, and I might take out 10 grand to buy a house or condo while I'm in dental school. Hopefully, it will appreciate a bit and I can use some of that to pay off my loan. I think a person is allowed something like a 10 G withdrawal from your IRA, TAX FREE, if it goes towards the purchase of a new house (for a first time home buyer).

 

[dddsmack]

I'm seriously considering the Air Force...but I have a practice I can walk into following graduation so I might abandon that idea.

I think if you live frugally the first few years when you start practicing you can begin knocking out a pretty good portion of your loan. I think a minimum of 80 grand is what you'd probably make starting out (just from job postings I've seen on the internet).

I've also set up an IRA for myself, and I might take out 10 grand to buy a house or condo while I'm in dental school. Hopefully, it will appreciate a bit and I can use some of that to pay off my loan. I think a person is allowed something like a 10 G withdrawal from your IRA, TAX FREE, if it goes towards the purchase of a new house (for a first time home buyer).

I think it has to be a roth IRA, but it has been a year or two since being a banker. I am looking to cash in on some appreciation also.