Fun post: What would you do if you had no student loans? And go...

[charli1234]

Just for fun: Magically, you were given enough money to pay for school. What would you do once you graduate?

---

Members don't see this ad.

 

[LaughingGas]

Buy few properties, a lot of donations and pro-bono work. Make a low-income clinic that could be run by itself. And scholarships.

 

[Incis0r]

Buy few properties, a lot of donations and pro-bono work. Make a low-income clinic that could be run by itself. And scholarships.

We should partner up and make an organization. I'd love to join you for all of these things.

 

[Queen Beach]

Make $

 

[Jalcalde]

If you did a military HPSP scholarship... then you have your school paid for "unmagically"

 

[stoopidmonkeycatdog]

If you did a military HPSP scholarship... then you have your school paid for "unmagically"

Aren't you still paying for your loans? Just instead of monthly payments it's years of your service

 

[deleted696582]

Just for fun: Magically, you were given enough money to pay for school. What would you do once you graduate?

I would magically live on an aircraft carrier.

 

[schmoob]

Aren't you still paying for your loans? Just instead of monthly payments it's years of your service

You still get paid a comfortable amount.

I would magically live on an aircraft carrier.

Part-time; only when you're underway. Otherwise I'm sure you'll have a nice pad off base.

 

[CanaDMD]

Buy few properties, a lot of donations and pro-bono work. Make a low-income clinic that could be run by itself. And scholarships.

I don't think you realize what this post means

School with student loans = net worth of -250-500k
School paid off = net worth of 0$

Not 10M$

 

[stoopidmonkeycatdog]

You still get paid a comfortable amount.

You do, but at about less than half what you would be earning in practice.

If I remember correctly you get paid around 70K

A new grad can reasonably make 150k

With the bonuses and stuff through the military, at the end of the day you might be meeting 90k of I remember correctly again.

So 60k difference between the two, you're "losing" out on 240k if not more due to pay raises over 4 years.

I think HPSP, but the financial benefits aren't clear-cut.

 

[schmoob]

You do, but at about less than half what you would be earning in practice.

If I remember correctly you get paid around 70K

A new grad can reasonably make 150k

With the bonuses and stuff through the military, at the end of the day you might be meeting 90k of I remember correctly again.

So 60k difference between the two, you're "losing" out on 240k if not more due to pay raises over 4 years.

I think HPSP, but the financial benefits aren't clear-cut.

How much does an HPSP grad start their career in the black vs. Red when considering scholarship, stipend, and bonus. Then, no health insurance cost, no malpractice expense, no student loans to service, different tax liabilities, etc. That 150K is much closer to the 70K than people realize. It's more complicated than simply gross income.

 

[stoopidmonkeycatdog]

How much does an HPSP grad start their career in the black vs. Red when considering scholarship, stipend, and bonus. Then, no health insurance cost, no malpractice expense, no student loans to service, different tax liabilities, etc. That 150K is much closer to the 70K than people realize. It's more complicated than simply gross income.

Well that's kind of what I'm saying though

I'm definitely not one of those people who looks at hpsp and scoffs like "why are they wasting their time," it can definitely be beneficial, but I think they're pretty similar in terms of breaking even for the most part, with the exception being the extremely expensive dental schools.

I think the main benefits to hpsp are feeling like you've served your country, honing your skills, and being stressfree about the debt.

But the amount you save by doing hpsp is pretty similar to the amount you could pay if you wanted too in regular practice, and you would have a similar amount leftover at the end of the day.

Neither is superior, they're just different paths

 

[Incis0r]

But the amount you save by doing hpsp is pretty similar to the amount you could pay if you wanted too in regular practice, and you would have a similar amount leftover at the end of the day.

Neither is superior, they're just different paths

It depends on your cost of education. Cheaper schools = it becomes easier to beat the HPSP.
There is something to be said for the peace of mind of not having to worry about having to make that loan payment every month, however.

 

[stoopidmonkeycatdog]

It depends on your cost of education. Cheaper schools = it becomes easier to beat the HPSP.
There is something to be said for the peace of mind of not having to worry about having to make that loan payment every month, however.

If you read my post I actually mentioned both of those things. It's definitely more cost effective to do hpsp when you're going to a pricey institution, and bring stressfree about loans are probably the biggest benefit.

 

[Incis0r]

Just for fun: Magically, you were given enough money to pay for school. What would you do once you graduate?

My dream is to build a small home near a nice mountain with lots of sunlight, nature, and hiking.

 

[DrJeff]

The concept of money and what a dentist actually makes, after taxes, is seemingly completely lost in this thread.

Raising a family, which presumably most at some point want to do, isn't cheap.

99% of dentists aren't make millions annually. Taxes aren't going away (if we're lucky enough they may go down a few percentage points)

For most dentists who've been out a while, and have even paid off their loans already, we're talking a lifestyle where you're managing, if not already paid off your debt (education, practice, house, etc), hopefully saving a bunch of money for retirement and/or kids education, and have enough of a fluid savings that when some unplanned expenses arise (such as in the same month your washing machine, stove and refrigerator all die and need replacement - that was 3 months ago in my house!) you get it taken care of without having to worry about if it will effect your families month to month financial situation. Also, it's not a huge deal to take your family on vacation (aside from getting over the fact that you're not in the office during vacation time making money)

Unless one comes from a family with a HUGE say trust fund, and/or has been practicing for decades and is fully financially set, in this day and age, the reality is that one can't run a free clinic. To do a few pro bono cases here and there, well that's another story......

Life is expensive

 

[Pulpectomy]

Save for a home, retirement, and emergency fund.


Sent from my iPhone using SDN mobile

 

[Jalcalde]

Well that's kind of what I'm saying though

I'm definitely not one of those people who looks at hpsp and scoffs like "why are they wasting their time," it can definitely be beneficial, but I think they're pretty similar in terms of breaking even for the most part, with the exception being the extremely expensive dental schools.

I think the main benefits to hpsp are feeling like you've served your country, honing your skills, and being stressfree about the debt.

But the amount you save by doing hpsp is pretty similar to the amount you could pay if you wanted too in regular practice, and you would have a similar amount leftover at the end of the day.

Neither is superior, they're just different paths

What you also have to keep in mind is quality of life. In the army you don't have to spend the next 4-5 years living like you work at McDonalds to pay off the debt ASAP. So you are correct that it does usually end up being about even in the long run, but as far as quality of life and ability to spend/enjoy it the army is a much better gig. But I'm also biased as I was in the army before dental school for years.

 

[stoopidmonkeycatdog]

What you also have to keep in mind is quality of life. In the army you don't have to spend the next 4-5 years living like you work at McDonalds to pay off the debt ASAP. So you are correct that it does usually end up being about even in the long run, but as far as quality of life and ability to spend/enjoy it the army is a much better gig. But I'm also biased as I was in the army before dental school for years.

Well if im not in the army I can choose whether or not to pay off the debt ASAP.

I can choose where I live.

I can choose what kind of patients and cases I want to take.

I can choose how often I want to work.

I feel as if those choices make the quality of life much better outside of the military.

 

[deleted632307]

Well if im not in the army I can choose whether or not to pay off the debt ASAP.

I can choose where I live.

I can choose what kind of patients and cases I want to take.

I can choose how often I want to work.

I feel as if those choices make the quality of life much better outside of the military.

I agree with the gist of what you're saying. I disagree that you'll be making 150K starting, though (it's possible, but 120K seems more likely in TX).

 

[stoopidmonkeycatdog]

I agree with the gist of what you're saying. I disagree that you'll be making 150K starting, though (it's possible, but 120K seems more likely in TX).

Agreed that 150 might be high, that being said I have known people getting 180 first year out in this area, though those are probably exceptions.

 

[WheatLom]

.

 

[DC206R]

My dream is to build a small home near a nice mountain with lots of sunlight, nature, and hiking.
The home will have a room that has a dental chair as well.

I'll practice dentistry 4 days a week (free of charge for those who can't afford it), otherwise I'll charge low rates....just enough to pay for the utilities, supplies, and equipment. The rest of the time, I will spend cooking, reading, volunteering in the community, hiking/biking, etc.

I plan to get this in place by age 40. In today's dollars, the cost to fund such a lifestyle would be around $24,000/yr.

That is the dream.

 

[Jalcalde]

Well if im not in the army I can choose whether or not to pay off the debt ASAP.

I can choose where I live.

I can choose what kind of patients and cases I want to take.

I can choose how often I want to work.

I feel as if those choices make the quality of life much better outside of the military.

Yes you can choose where you want to live...while also keeping in mind the debt that you have and the costs of where you want to live. You really can't choose how often you want to work.. how are you going to pay off your debt working 3 days a week? You can choose what kind of cases you want to take in the military as well.. not really the patients but they are all soldiers...all in generally decent health, and don't have to worry about cost of treatment and they all have to take the treatment you say they need. I'm not saying you don't have more freedom not doing the scholarship....but you also are free from debt. Just a different perspective.

 

[stoopidmonkeycatdog]

Yes you can choose where you want to live...while also keeping in mind the debt that you have and the costs of where you want to live. You really can't choose how often you want to work.. how are you going to pay off your debt working 3 days a week? You can choose what kind of cases you want to take in the military as well.. not really the patients but they are all soldiers...all in generally decent health, and don't have to worry about cost of treatment and they all have to take the treatment you say they need. I'm not saying you don't have more freedom not doing the scholarship....but you also are free from debt. Just a different perspective.

And I think that's all it comes down to at the end of the day, it's all about perspective on what you gain vs what you lose. Like I said above, I don't think the scholarship is a bad thing, it could be great, but it depends on our perspective.

 

[Greyangel6]

Well if im not in the army I can choose whether or not to pay off the debt ASAP.

I can choose where I live.

I can choose what kind of patients and cases I want to take.

I can choose how often I want to work.

I feel as if those choices make the quality of life much better outside of the military.

I'm not saying all these things above are false. But you have to consider the times when you need the procedure than your patients do (especially when you're busy being carefree and your bills are coming up), that's when you start getting into the danger zone of possible sloppy work.

 

[Big Time Hoosier]

Well if im not in the army I can choose whether or not to pay off the debt ASAP.

I can choose where I live.

I can choose what kind of patients and cases I want to take.

I can choose how often I want to work.

I feel as if those choices make the quality of life much better outside of the military.

Paying back your loans in any reasonable amount of time is absolutely going to tell you where you are going to live, what kind of patients and cases you're going to take, and how much you work.

You are nowhere near as free as you might think. You were bought and paid for by the U.S. Dept. of Education.

Big Hoss

 

[Big Time Hoosier]

If I remember correctly you get paid around 70K

I made over $100,000 at my first duty station. And, a huge chunk of that wasn't even taxable.

Big Hoss