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)Depends on the income you will be able to generate. Some people pay it off faster, some - slower
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.If someone has 1 million dollars of Orthodontics debt, how long will that take to pay off?
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.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)