How are people paying for their tuition?

Discussion in 'Dental Residents and Practicing Dentists' started by youraverageasia, Aug 14, 2015.

  1. youraverageasia

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    I wanted to post on this forum because you guys actually have to deal with the debt. About how long is it going to take for you guys to pay it off? (this is for people not doing the military scholarship)
     
  2. Wax n Relax

    Wax n Relax Triple Cocktail & Dreams
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    In the great words of Randy Moss.... Straight Cash Homie.
     
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  3. AVB2104

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    15 yrs
     
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  4. oralcare123

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    Depends on the income you will be able to generate. Some people pay it off faster, some - slower
     
  5. youraverageasia

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    Is it as bad as people make it out to be? Will I still be able to spend the money I make, or will I have to live frugally until all of its paid off (which I heard can take 10 - 15 years)
     
  6. oralcare123

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    I can give you one example of a friend. Foreign trained dentist - good hand skills, obviously did not need to learn anything after school - 6 days a week, corporate office 150K plus credit cards - about 2 years to pay off, no frugality. You will have to be frugal, because it is hard to have good speed right after school, but you will get there in a couple of months. also your debt will be higher. Just postpone buying a house and getting married - this is a hard one
     
  7. Silent Cool

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    If someone has 1 million dollars of Orthodontics debt, how long will that take to pay off?
     
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  8. cbizzle7994

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    God I hope you are joking about having a million dollars in ortho debt. But with the escalation of both dental school and ortho program tuitions, I guess it is getting to the point where it is theoretically possible to accumulate that kind of debt. Assuming you are taking out federal loans, you're looking at paying roughly $60k in interest annually before even touching your principle. All of which needs to be paid with post-tax money. Then if you don't want to be an associate, factor in the cost of buying a practice or building your own. And if you build your own, factor in the first few years where you are still trying to grow the practice. While I'm sure you will eventually be able to pay it back, I see a lot of sleepless nights and Ramen-filled dinners in your future.
     
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  10. beannaithe

    beannaithe Bionerd
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    I'm five years out. Started with $250k in debt, 6.5% interest. Did a residency and had a rough couple of years starting out (low paying jobs, got stiffed at one place) and I've paid off about $150k or so (don't forget about interest!), still have $120k to go. I should be done with that in the next 3 years. But I live frugally.
     
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  11. oralcare123

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    Guess you should think about it before accumulating that much. Maybe working for a few years before going back to school? Sugar daddy?
     

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