How long to repay loans?

[prplmnky52]

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I've been considering AF dental for the scholarship but I wanted to get the opinion of dentists who are not in the AF. Does anyone know someone who did do AF and just got out after 3-4 years, debt free and with a good experience? Is it better just to live with high debt for 10+ years and make payments? On average how long did it take or is it taking to repay D-school loans? Only reply if your loans were approx 150 or more please.

 

[diagnodent]

My loans were 170k 5 yrs ago. Today they are currently 90k and in 5 months they will be 60k. I will be completely paid off in 3 years. My goals are to pay off my loans and save for retirement. I thought about doing the Army before DS so I didn't have loans, but I'm glad I didn't b/c I would have just gotten out a year ago and would not be in the financial situation I am in right now. Also, I probably would have been in Iraq. If you do the AF once you get out you are debt free but for how long. You have to buy a house and a practice and acquire debt. Your goals are short sighted if all you focus on is debt. Most dentists aren't debt free until they are in their 50's. Debt is a good thing if it is good debt and makes you money.

 

[prplmnky52]

I am not afraid of debt...just cautious. At this school they estimate aprox 240k in debt after d school. lots. plus I already have 30k from undergrad. Instead of doing the 4 year scholarship, I think I am going to do the 3 year and repay 3 years. That way, this year i will acquire approx 50-60k in debt, total 80-90ish. While in d school they pay 1350/month then in AF you get salary yadda yadda. I'm married, we have a house, and my wife will be working this whole time. So...the plan is...come out of d school 90 in the hole instead of 270. I can be paying that off during school and after the 3 years of service is repayed I will hopefully be at 0 debt and have some retirement already started. Getting into more debt from there is a business thing, not a school thing. Not afraid of business debt or of that whole thing, just concerned about starting a business with 270k already over my head.
So, you will be 8 years debt free, I will be 3 years debt free. I am sure you didnt mean your office equip and everything in 3 years? but even if you did...I still have those 5 years of no student loans which I can put towards my own practice.
How does it sound?
still sounds good to me...I am still on the fence though...If someone can give me a really good reason why my plan above sounds bad i would really like to hear it. thanks all

 

[servitup]

sounds good if you don't think missing 3 years in private practice will hurt you long-term...there is a large opportunity cost associated with starting later....also i think the biggest downside would be the strong likelihood of spending 12 months at a time away from your wife over in the middle east.....i missed my wife like crazy when i did a couple of 2 week externships. i couldn't imagine 12 months without her. (i know, i am a sap).

 

[prplmnky52]

Hmm, the 12 month thing is a good point...But, from what I can see, the Air Force does not deploy dentists who are in the repayment process anywhere foreign. From what I have read in some other forums, the AF is unique in this...mostly because they do not have any bases in war zones and they have plenty of career AF dentists who want to go to Germany and Hawaii. Everyone who I have asked or talked to says its 3 years stateside with spouse for 3 years of scholarship.

Opportunity costs...now that is the biggest worry I have. But...paying off my huge amount of debt while saving $ and getting experience...and then opening my own practice after with confidence that I can do the job......
It would have to be one sweet opportunity that I missed out on by joining the AF for me to have regrets.

the toughest part of my decision is losing these last 12 pounds to reach the height/weight req.... 6' = 202lbs. was 235...now 214... 21 lbs in one month on atkins! LOL

I still would like some really good arguments as to why I should NOT do AF.
Army and Navy are not options for me...they are totally different, and sorta suck in my opinion for someone who is married.

Thanks all

 

[docj1]

Hmm, the 12 month thing is a good point...But, from what I can see, the Air Force does not deploy dentists who are in the repayment process anywhere foreign. From what I have read in some other forums, the AF is unique in this...mostly because they do not have any bases in war zones and they have plenty of career AF dentists who want to go to Germany and Hawaii. Everyone who I have asked or talked to says its 3 years stateside with spouse for 3 years of scholarship.

Opportunity costs...now that is the biggest worry I have. But...paying off my huge amount of debt while saving $ and getting experience...and then opening my own practice after with confidence that I can do the job......
It would have to be one sweet opportunity that I missed out on by joining the AF for me to have regrets.

the toughest part of my decision is losing these last 12 pounds to reach the height/weight req.... 6' = 202lbs. was 235...now 214... 21 lbs in one month on atkins! LOL

I still would like some really good arguments as to why I should NOT do AF.
Army and Navy are not options for me...they are totally different, and sorta suck in my opinion for someone who is married.

Thanks all

I spent 3 years in the army. A few 1-3 month deployments, but nothing major. You will come out of the military able to handle a greater patient load and deal with stress better than most dentists that go right into PP. However, The US military has PROFIS officers. That means that you can (and probably will be) deployed during your 3 years. PROFIS is professional fillers. There is no way to be sure that you won't do a tour in Iraq or anywhere else. If you are only doing it to save $, don't do it. Once you sign on the line you basically go where they tell you. If you want to get great experience and save $ than do it, but be ready to be away for some time. AF dentists are not sheltered from deployment to hot areas.

Good luck

 

[DDSurfer]

I hope I just pay them off before I die 😀

 

[lnsip9reg]

I hope I just pay them off before I die 😀

umm.. what do your debts mean once you're dead? as long as no one else is cosigned 😎

 

[bodiddely]

Depending on how your estate is structured and what kind of debt it is, the lenders either have to eat the cost or it comes out of assets in your estate. Nobody can inherit debt, with the possible exception of cosigners (any law students lurking around?)

 

[shamrock2006]

There are reasons to go w/ the military..and reasons no to. Dont listen to what anyone else says. If someone says you wont get good enough experience w/ the military..or that its a set back..blah blah...has no idea what they are talking about. Many people do go in just for the money...the military understands this...this is why dentist have such a high turnover rate in the armed services. You can do and see a lot with the military...why? B/c the servicemen and women dont have to pay for it. This means that if they need something serious done...it gets done. In the civilian world..someone who needs serious work might not be able to afford it..and just lets it slide.

 

[Hotcarl]

to respond to the statement of being 5 years behind....

I am currently in an AEGD in the military and in the last 2 months I have done quite a bit of corwn and bridge, veeners, even a few implants....I don;t have to sell anything because it is all free to the patient and my speed has picked up exponentially...If I had gone to work as an associated and done nothing but prophys, denture adjustments, and fillings like my friends I would feel like I was being left behind.

This way I get a nice guaranteed paycheck every month, minimal debt and instead of the DDS losing chairtime and money having to show me new procedures I have very highly trained dentists who want to let me do my own crown lengthening, implants, and full boney impactions.

I think when I get out in 3 years my speed and knowledge will allow me to increase my profitability to make up for any money I MAY have lost.

 

[docj1]

to respond to the statement of being 5 years behind....

I am currently in an AEGD in the military and in the last 2 months I have done quite a bit of corwn and bridge, veeners, even a few implants....I don;t have to sell anything because it is all free to the patient and my speed has picked up exponentially...If I had gone to work as an associated and done nothing but prophys, denture adjustments, and fillings like my friends I would feel like I was being left behind.

This way I get a nice guaranteed paycheck every month, minimal debt and instead of the DDS losing chairtime and money having to show me new procedures I have very highly trained dentists who want to let me do my own crown lengthening, implants, and full boney impactions.

I think when I get out in 3 years my speed and knowledge will allow me to increase my profitability to make up for any money I MAY have lost.

Your screen name is gross. But, I do have to say that your speed as a dentist will probably be very good when you get out.

 

[golfer]

I have a good friend of the family that is an oral surgeon and went through the AF. I have also been able to speak with the dentists (about 10) that work at my state Veterans Hospital. Only about half financed through the armed forces. All of them that didn't wished they would of. Most of them agreed the AF was probably the best way to go. One benefit all of them mentioned was when you leave dental school you are slow as heck. Having those 2-4 years to build up your speed, learn new techniques is a huge plus. Granted you do this in your first years in private practice but in private practice your income is depending on how fast you are whereas in the armed forces it doesn't. I am on the fence about this one. I could do if they were able to say you would go here before I signed on the dotted line.

 

[shamrock2006]

I have a good friend of the family that is an oral surgeon and went through the AF. I have also been able to speak with the dentists (about 10) that work at my state Veterans Hospital. Only about half financed through the armed forces. All of them that didn't wished they would of. Most of them agreed the AF was probably the best way to go. One benefit all of them mentioned was when you leave dental school you are slow as heck. Having those 2-4 years to build up your speed, learn new techniques is a huge plus. Granted you do this in your first years in private practice but in private practice your income is depending on how fast you are whereas in the armed forces it doesn't. I am on the fence about this one. I could do if they were able to say you would go here before I signed on the dotted line.

Awesome! This is what people need to realize about going with the military. It definitely has its bonuses and I'm glad I was selected for the AF HPSP. Regarding your family friend who is an oral surgeon...how long did it take him to get to that point? Basically...how much time did he spend in the military? This kind of stuff really interests me.

 

[golfer]

Awesome! This is what people need to realize about going with the military. It definitely has its bonuses and I'm glad I was selected for the AF HPSP. Regarding your family friend who is an oral surgeon...how long did it take him to get to that point? Basically...how much time did he spend in the military? This kind of stuff really interests me.

He did his 4 years of dental school at Georgetown. He joined the AF after he got out and continued on to OMFS at John Hopkins. He joined bc they told him where he would go (luke air force base). He still works for the AF (luke air force base) and at the VA here in Phoenix. He is currently a Colonel.

 

[airwolfrocks999]

Is it better just to live with high debt for 10+ years and make payments? On average how long did it take or is it taking to repay D-school loans? Only reply if your loans were approx 150 or more please.

I just graduated from dent school a few months ago. I left with approx 300k in debt. I have to pay this off ASAP so I can find something better to do. I'm planning on trying my best to live poor and am willing to settle in almost any part of the continental US as long the job there is decent and there is highspeed internet and supermarkets.

No matter how optimistically I'm calculating it, it turns out that I'll be paying off loans for AT LEAST 8 years. And that's ONLY if I live poor.

 

[prplmnky52]

you're the dude who hates dentistry..I've seen you around whining about how you need to pay off loans fast. 8 years will be very lucky...have a nice life

 

[Daurang]

If you're willing to settle anywhere, then head to Vegas or Arizona where dentists are making a killing due to to dramatic population growth.

 

[prplmnky52]

cancel the lv trip...people are fleeing that place like it's the plague...go back in 09 and youll find a house for 150 that costs 400 now