Going to Dental School Will Almost Surely Wreck Your Finances

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Big Time Hoosier said:
Could you have done that with $750,000+ in student loans at a 9+% interest rate? That’s what some people entering dental school this fall are looking at. For them to do what you did, their monthly loan payment is over $18,500. They’d have to earn $265,000/year just for their student loan payments.

These anecdotes from people making above average money with below average debt are giving a false hope.

Big Hoss
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Oh I’m aware. I’m not speaking on anyone else’s experience. I’m speaking on MY OWN personal experience. when I was a pre dental student people were saying similar things to me. I’m saying I’m glad I stayed the course and didn’t quit because of things I heard on this thread.

Everyone’s situation is different no matter what school they go to.
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JacquesVallee said:
You have to look at averages, not anecdotes. This isn't "fear mongering". It's total practical advice for the average dental student. Your average person would not be able to reasonably pay off 315k of student loan debt in four years without sacrificing lifestyle or even with sacrificing lifestyle honestly. All of those dentists who are scraping by, many of whom I know, aren't posting on here.

Moreover, 315k is almost unheard of today outside of Texas. Think closer to 375k-400k for state schools now. For your average dental student that will, as a wise man once said, "almost surely wreck your finances".
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Almost a decade ago on these same forums when I was applying, people said I would be struggling despite going to a Texas school as an in state student. In retrospect for my situation personally, I would consider it a gross over exaggeration of what my financial situation would be upon graduation.

I also know colleagues that are “struggling” but that can be for a variety of reasons. Some due in part to student loans but also life circumstances or poor financial decisions. It’s the combinations of all these things that matter. Student loans are just part of the picture.

I’m not special. I’m not a super GP. Didn’t graduate top of my class or anything. I’m just a Joe Schmoe general dentist. So in my eyes anyone with similar situation as me could do it. I don’t see why they couldn’t.
 
Advance said:
Almost a decade ago on these same forums when I was applying, people said I would be struggling despite going to a Texas school as an in state student. In retrospect for my situation personally, I would consider it a gross over exaggeration of what my financial situation would be upon graduation.

I also know colleagues that are “struggling” but that can be for a variety of reasons. Some due in part to student loans but also life circumstances or poor financial decisions. It’s the combinations of all these things that matter. Student loans are just part of the picture.

I’m not special. I’m not a super GP. Didn’t graduate top of my class or anything. I’m just a Joe Schmoe general dentist. So in my eyes anyone with similar situation as me could do it. I don’t see why they couldn’t.
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What you call "fear mongering" I call sound advice. Travis gave really good advice here.
Student Loan Planner said:
At A&M they'll be a path forward. It won't be a fantastic path for most there, but at least a decent one will exist if you play your cards right, live frugally, go for practice ownership, practice in a place with good dental economics, etc. For folks at Tufts, NYU, Pacific and most other private and high cost public schools, the median student is going to be totally screwed
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I agree with him completely. 315k may or may not totally screw you, but 315k is way more than I'd be comfortable leaving with given the average starting salary for dentist is 120-130k.
 
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JacquesVallee said:
What you call "fear mongering" I call sound advice. Travis gave really good advice here.

I agree with him completely. 315k may or may not totally screw you, but 315k is way more than I'd be comfortable leaving with given the average starting salary for dentist is 120-130k.
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Many people back then also shared your same opinion. “You’re screwed but not as screwed as those in 400k debt.”

In my humble opinion even if I had 400k of debt it wouldn’t have changed my situation too much. I would have just paid it off a little later.

It wasn’t just this thread, there were many. This one was just the most popular. In totality yes I would call it fear mongering looking back. Nothing wrong with being cautious. Choose the cheapest school, don’t apply to any school that you would feel uncomfortable committing to financially,and have a plan of action and stick to it.

Would I apply to a school that would put me in the hole 700k? No. Not without some kind of assistance. Not disagreeing with what’s said here. I just think people should also know there are dentists that make it. It’s not all doom and gloom.

Maybe I’m special, I’m a top 1% dentist who’s incredibly financially savvy. I really don’t think that’s the case though.
 
Advance said:
Wow. Its been a while since I've been on here lol. Super glad I didn't give into the fear mongering. ended up with 315k of student loans and paid them back in less than 4 years without sacrificing lifestyle.
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What was the progression of your salary over those 4 years? Did you live at home or receive some sort of assistance? working spouse covering most of the bills?
 
Student Loan Planner said:
Oh look! One guy who ran his own orthodontist practice in a place far from any major metro area, worked insane hours including weekends as an associate at other practices, who already had home equity to take out a loan, had a high enough income to qualify for lower interest rates, AND who graduated years ago with backward looking tuition rates that no one can obtain presently was able to repay $380k in 2 years, that means I can too! He also rented out his home to boot.

I'm not saying that no one will be able to repay their debt ever. I'm saying that 90% of people will be unable to. Pointing to a top 1% type dentist does not mean anything for the average result.

Yes I have a student loan consulting practice, but I've also spoken with dozens and dozens of dentists and seen real numbers for debt to income, which is not true for most of the users on the forum here, which brings some legitimacy to what I'm saying. I also understand how the federal aid system works and have calculated future projections for total cost of attendance that is being deliberately obscured so that people will continue to apply to dental school in droves. Also no predental student is someone I'll make any money on, so hopefully folks see I'm trying to help you.
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It seems that people here do not like you. But, I appreciate the logical information your giving out. It completely makes sense what your saying, I hope people aren't blind. Many dental students are very sensitive to this topic, I have no clue why. Infact, if I bring it up to friends who are pre-dents it's like the unspoken topic for no apparent reason.
 
Big Time Hoosier said:
These anecdotes from people making above average money with below average debt are giving a false hope.

Big Hoss
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So true. It's easy to validate oneself if you are doing great financially on a public forum. How many people come no here to post when they are neck deep in debt? Working an endless, souless job at a corporate mill. Not many. If any.
 
A lot of people want to believe that they are above average, but aren't willing to work hard to be above average and make above average money. I don't understand what motivates people to be slow and unprofitable. The debt isn't so much the problem but the incomes that people settle for.

Important lesson is that if you're going to take on more debt, you need a plan to make more money. At 120k, I might as well have done something else.
 
TanMan said:
A lot of people want to believe that they are above average, but aren't willing to work hard to be above average and make above average money. I don't understand what motivates people to be slow and unprofitable. The debt isn't so much the problem but the incomes that people settle for.

Important lesson is that if you're going to take on more debt, you need a plan to make more money. At 120k, I might as well have done something else.
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These kids want to be called doctor, but they don't want to actually work. They want this 3-day work week fantasy. They can "work" so to speak and complete academic achievements. Laboring is another thing all together.
 
I dared to venture over to the USC school specific thread to evangelize. The responses I got tell me there is no hope for them. Even had what was clearly a USC school administrator who’d created a throw away account come to shield them from the harsh reality I had come to share.

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I hope they end up $800,000 in debt and then regret it for the rest of their days. And, I will forever live rent free in their heads.

Big Hoss
 
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Big Time Hoosier said:
I dared to venture over to the USC school specific thread to evangelize. The responses I got tell me there is no hope for them. Even had what was clearly a USC school administrator who’d created a throw away account come to shield them from the harsh reality I had come to share.

View attachment 402812

I hope they end up $800,000 in debt and then regret it for the rest of their days. And, I will forever live rent free in their heads.

Big Hoss
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yeah, i love how they used the Royal "we"...
 
Big Time Hoosier said:
I dared to venture over to the USC school specific thread to evangelize. The responses I got tell me there is no hope for them. Even had what was clearly a USC school administrator who’d created a throw away account come to shield them from the harsh reality I had come to share.

View attachment 402812

I hope they end up $800,000 in debt and then regret it for the rest of their days. And, I will forever live rent free in their heads.

Big Hoss
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The funniest part was this fake account not only asked us to stop posting but to also delete our posts warning the pre dents of costs.
 
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It is free or near free to become a dentist anywhere outside of the US.. it is just absurd looking at the American industrial education complex..
 
allantois said:
It is free or near free to become a dentist anywhere outside of the US.. it is just absurd looking at the American industrial education complex..
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1746111580693.gif


I’m pretty sure this is from the Dean’s speech at the groundbreaking ceremony of the new Workman School of Dental Medicine at Highpoint University.

Big Hoss
 
Big Time Hoosier said:
I dared to venture over to the USC school specific thread to evangelize. The responses I got tell me there is no hope for them. Even had what was clearly a USC school administrator who’d created a throw away account come to shield them from the harsh reality I had come to share.

View attachment 402812

I hope they end up $800,000 in debt and then regret it for the rest of their days. And, I will forever live rent free in their heads.

Big Hoss
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hello my names said:
Does anyone know when they are going to send another round of acceptance?
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I think this turned out to be an applicant lolol
 
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