How long to pay off $$$$

[DVA1990]

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Hi guys! I was lucky to have been accepted to dental school - and now I am trying to figure out all the debt that comes with it. All the schools I'm considering are so expensive. How long does it generally take to pay off 250k or 350k in loans? And do you think that amount of loans limits your potential to specialize?? I would appreciate any advice you have!

 

[Lau Sang]

I would like to know about the specializing part too. Does specializing at 350-400k in debt make it easier or harder to pay it off and still live a life?
Unfortunately, there's probably not many people with first hand experience of this, since those who are already well on their way paying loans after specializing probably did not have as high tuition as we do now.

 

[WolfsBane]

I would like to know about the specializing part too. Does specializing at 350-400k in debt make it easier or harder to pay it off and still live a life?
Unfortunately, there's probably not many people with first hand experience of this, since those who are already well on their way paying loans after specializing probably did not have as high tuition as we do now.

You are accruing interest on that while in residency and also unless its OMFS you are probably paying tuition on residency... Thats alot of debt.... Just think about it.

 

[Lau Sang]

You are accruing interest on that while in residency and also unless its OMFS you are probably paying tuition on residency... Thats alot of debt.... Just think about it.

Yeah but then the question is does the increased income offset that? If you make 125k as a general dentist, take home ~90k, set aside 45k for self, 45k left to pay loans or w/e. If you make 220k as a specialist ~140k take home, set aside (still) 45k, leaves 95k to pay loans or w/e. These are just approximate numbers, but they are decently accurate and show a p big difference right?

 

[KK Lin]

I am an international student and my parents are paying for dental school, which save me a lot. But I am not planning to specialize since it costs so much. And I think being a gp u can still do a lot more to make money. It’s not very unusual that gps make more than specialists. I know many gps who make over half million and a million a year so keep your head up. U’ll be able to pay off $$$$$$

 

[oralcare123]

This question was discussed many times. Do the search
Shortly I would say it depends on how good you are and how many days a week do you plan to work.
Having a working spouse or living with parents helps too
If you realize that you hate dentistry after graduation, then you’ll find yourself in hell. Meaning you will feel like you are there

 

[Likkriue]

Not many schools are in the 250-350 range. Maybe less than a quarter of them are.

 

[Alpha Centauri]

10-12 years living modestly. Probably 15 years living a great life with moderate spending habits

 

[Its_Me_G]

Not many schools are in the 250-350 range. Maybe less than a quarter of them are.

You’re saying 3 quarters of them are more than 350k?

 

[Likkriue]

You’re saying 3 quarters of them are more than 350k?

After interest kicks in pretty much.

 

[digzthis]

all with 6% interest, 240k= 3300/mo for 10 years, 360k = 4600/mo for 10 years, 445k = 5700/mo for 10 years

Now take your 160k starting salary and reduce it to 112k after 30% taxes, leaves you with 9833 per month, start deducting these loan payments and things start getting tight, guess thats why everyone says pick the cheapest school. Have to get these paid off asap because that interest is no joke.

 

[deleted696582]

Hi guys! I was lucky to have been accepted to dental school - and now I am trying to figure out all the debt that comes with it. All the schools I'm considering are so expensive. How long does it generally take to pay off 250k or 350k in loans? And do you think that amount of loans limits your potential to specialize?? I would appreciate any advice you have!

It takes however long you want to take paying it off. If you're single and live frugally you could probably pay things off in 10 years. Obviously $250k is going to be a lot different from $400k. If you have a family, house to pay for, and want to live a luxury lifestyle then probably closer to 20 years. Look up loan calculators online and you can get an idea of what you're looking at.

The amount of loans doesn't limit your ability to specialize, but it will limit your lifestyle choices and financial decisions. If you go to an expensive school and then do a specialty where you pay even more tuition, you could be looking at $700k to $1mil of debt with that interest accruing the whole time.

 

[oralcare123]

After interest kicks in pretty much.

Don’t forget yearly increase in tuition of about 5%