How long will it take to pay off 400-500k of debt?

[gunnyworms]

Hi dentistry forum,

I am an aspiring dental student in a bind. I've just been accepted into dental school but I am not too sure about whether or not it's a viable option for me, as I will be in around 480k in debt after school finishes. This will probably be my only dental school acceptance, so I would have no choice but to take this if I were to attend this year. I had a few questions for those already in the field:

1. Is this debt manageable given that the fed interest rates is high (around 7%). If so, would dentistry still be worth it in your opinion? Current dentists, can you vouch for the lifestyle that you have now and would 400-500k be worth it for you to attend? Even if not, I'm certain life is much easier and comfortable after that debt goes away?
2. What's the estimated timeframe to pay off these debts, assuming that I don't get into practice ownership and stay on the West coast to practice - such as California, Nevada, or Seattle? Any personal stories you could share about your struggle/journey?
3. With PAYE/REPAYE, is it possible to bump up your monthly payments in order to pay off the debt much more quickly? Ie. Paying $7000 a month rather than $5500 a month.

Thank you for your time, guys and gals! Appreciate it.

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[GypsyHummus]

Not a dentist, but I would look up the median salary of where you would like to work after school and figure cost of living to see if you can swing it. I also would not rely on the Government to ride in on a white horse and save the damsel dentist in distress with the income based repayment stuff. Eventually the government will run out of money to fund that stuff, and those evil dentists make six figures, why should we give them any breaks?

 

[Potatoserv]

Assuming PAYE/REPAYE stay in place (which I think for us it will since changes to those programs will let us be grandfathered in most likely), it doesn't look too bad. (loans payment capped to 10% of monthly income, taxed forgiveness after 20 years). If any program gets axed, it would probably be PSLF first which is a huge cost to the government due to full loan forgiveness, while paye/repaye make more money for the government than the standard 10 year plan since the amount forgiven is taxed and you're paying interest over a longer period of time.

Edit: Federal loans are pretty flexible, you can switch to std 10 year or between paye/repaye as long as you're eligible. I'm also pretty sure you can pay more than the minimum for paye/repaye

 

[MOSDOHFutureDMD]

If you're okay with doing public health for 10 years, you can take advantage of Public Service Loan Forgiveness (assuming it is still in place then, which I have confidence it will be for health professionals). That's the route in taking with $507k at graduation. Starting repayment with roughly $1000/mo then bumping up to let's say $1200/mo by year 10. So ten years of basically just paying on the interest and the rest is forgiven tax-free.

Now is that to say it's not possible to manage by going corporate or private practice? No. But you'd be looking at roughly $5k/mo if you want to pay it off in 10 years which I have friend who are going this route and doing okay.

If dentistry is truly what you want to do, then you'll find a way to make it work in the end.

Hi dentistry forum,

I am an aspiring dental student in a bind. I've just been accepted into dental school but I am not too sure about whether or not it's a viable option for me, as I will be in around 480k in debt after school finishes. This will probably be my only dental school acceptance, so I would have no choice but to take this if I were to attend this year. I had a few questions for those already in the field:

1. Is this debt manageable given that the fed interest rates is high (around 7%). If so, would dentistry still be worth it in your opinion? Current dentists, can you vouch for the lifestyle that you have now and would 400-500k be worth it for you to attend? Even if not, I'm certain life is much easier and comfortable after that debt goes away?
2. What's the estimated timeframe to pay off these debts, assuming that I don't get into practice ownership and stay on the West coast to practice - such as California, Nevada, or Seattle? Any personal stories you could share about your struggle/journey?
3. With PAYE/REPAYE, is it possible to bump up your monthly payments in order to pay off the debt much more quickly? Ie. Paying $7000 a month rather than $5500 a month.

Thank you for your time, guys and gals! Appreciate it.

 

[Big Time Hoosier]

Hi dentistry forum,

I am an aspiring dental student in a bind. I've just been accepted into dental school but I am not too sure about whether or not it's a viable option for me, as I will be in around 480k in debt after school finishes. This will probably be my only dental school acceptance, so I would have no choice but to take this if I were to attend this year. I had a few questions for those already in the field:

1. Is this debt manageable given that the fed interest rates is high (around 7%). If so, would dentistry still be worth it in your opinion? Current dentists, can you vouch for the lifestyle that you have now and would 400-500k be worth it for you to attend? Even if not, I'm certain life is much easier and comfortable after that debt goes away?
2. What's the estimated timeframe to pay off these debts, assuming that I don't get into practice ownership and stay on the West coast to practice - such as California, Nevada, or Seattle? Any personal stories you could share about your struggle/journey?
3. With PAYE/REPAYE, is it possible to bump up your monthly payments in order to pay off the debt much more quickly? Ie. Paying $7000 a month rather than $5500 a month.

Thank you for your time, guys and gals! Appreciate it.

With approximately $500,000 in student loans, your monthly payment will be just shy of $4,000/month for the next TWENTY YEARS. That's a long time and a lot of money! Oh, and that's money you have to come up with after taxes. Uncle Sam always gets his cut. Always. So, you'll have to earn $60,000/year, give or take, just to cover your student loans. How much do you think an associate dentist makes? Fresh grads are probably looking at $120,000/year. Wait, but you want to be in SoCal, so more like $100,000. Yes, you will make more over time, but how much more? That depends, how hard do you want to work? As a non-practice owner, you only get paid for what you produce.

Long story short, after taxes, servicing your student loans, and all of life's other expenses...it ain't gonna be pretty.

Big Hoss

PS: Don't bank on any loan forgiveness programs. They are going to cost the US taxpayers hundreds of billions of dollars more than originally projected. Even then President Obama wanted to cap forgiveness to around $60,000. If you borrow it, expect to fully pay it back. Loan forgiveness was meant to help teachers and social workers, not doctors and dentists. Changes to these programs are inevitable.

 

[ysrebob]

Big Hoss is telling it exactly like it is.

Big student debt can repaid but it will hurt for many years, and it may not be doable on SoCal associate pay. Military HPSP scholarships are great if you don't mind serving; this is what I did. Otherwise deduct $75K+/yr from your expected pretax income and assess whether at that earning level dentistry is still a better fit for you than alternatives with a lower cost of entrance. Maybe it is.

REPAYE etc cannot be relied on in the long term. IMO the best hope for a free government “bailout” of your loans would be to keep as much of the debt as possible at _fixed_ interest rates and hope that inflation eventually heats way up and effectively erases much of your debt by devaluing it (not an implausible scenario at all in the long term, given the state and trajectory of federal finances).

With approximately $500,000 in student loans, your monthly payment will be just shy of $4,000/month for the next TWENTY YEARS. That's a long time and a lot of money! Oh, and that's money you have to come up with after taxes. Uncle Sam always gets his cut. Always. So, you'll have to earn $60,000/year, give or take, just to cover your student loans. How much do you think an associate dentist makes? Fresh grads are probably looking at $120,000/year. Wait, but you want to be in SoCal, so more like $100,000. Yes, you will make more over time, but how much more? That depends, how hard do you want to work? As a non-practice owner, you only get paid for what you produce.

Long story short, after taxes, servicing your student loans, and all of life's other expenses...it ain't gonna be pretty.

Big Hoss

PS: Don't bank on any loan forgiveness programs. They are going to cost the US taxpayers hundreds of billions of dollars more than originally projected. Even then President Obama wanted to cap forgiveness to around $60,000. If you borrow it, expect to fully pay it back. Loan forgiveness was meant to help teachers and social workers, not doctors and dentists. Changes to these programs are inevitable.

 

[Daurang]

If you're okay with doing public health for 10 years, you can take advantage of Public Service Loan Forgiveness (assuming it is still in place then, which I have confidence it will be for health professionals). That's the route in taking with $507k at graduation. Starting repayment with roughly $1000/mo then bumping up to let's say $1200/mo by year 10. So ten years of basically just paying on the interest and the rest is forgiven tax-free.

Is it as simple as you said? Isn't the amount forgiven counted as income so you're taxed on it anyway?

 

[887194]

Is it as simple as you said? Isn't the amount forgiven counted as income so you're taxed on it anyway?

That is correct. The amount forgiven will count towards your yearly income that year and you will have a large tax bill along with that.

 

[lowkeydr]

If you're gonna stay in the West Coast, especially in california or a big city, go ahead and do PAYE/REPAYE program and pay 10% of your income. Invest another 5% of your income every year in an index fund in preparation for the tax bomb at the 20th year mark. If you are willing to make sacrifices and move out of state for several years, you may be able to refinance and make a good dent into your student debt.

There are great opportunities out there, trust me. You just gotta do your due dilligence early on before you graduate and find that outlier job. Of course, you have to be open-minded, willing to improve constantly, have great chairside manners and just be able to relate to the patients. That last part is key. If the patient trusts you, they will accept treatment most of the time.

I am in your shoes as a new grad ($510,000 bank note) but I am on track to pay off my loans in <5 years.

 

[gunnyworms]

If you're gonna stay in the West Coast, especially in california or a big city, go ahead and do PAYE/REPAYE program and pay 10% of your income. Invest another 5% of your income every year in an index fund in preparation for the tax bomb at the 20th year mark. If you are willing to make sacrifices and move out of state for several years, you may be able to refinance and make a good dent into your student debt.

There are great opportunities out there, trust me. You just gotta do your due dilligence early on before you graduate and find that outlier job. Of course, you have to be open-minded, willing to improve constantly, have great chairside manners and just be able to relate to the patients. That last part is key. If the patient trusts you, they will accept treatment most of the time.

I am in your shoes as a new grad ($510,000 bank note) but I am on track to pay off my loans in <5 years.

Hey - thanks for your reply! What's your strategy for that - are you doing rural? If you don't mind me asking, what is your starting salary as well?

 

[schmoob]

Is it as simple as you said? Isn't the amount forgiven counted as income so you're taxed on it anyway?

That is correct. The amount forgiven will count towards your yearly income that year and you will have a large tax bill along with that.

PSLF balances are not taxed at forgiveness.

 

[Big Time Hoosier]

PSLF balances are not taxed at forgiveness.

For now...

Big Hoss

 

[2TH MVR]

I am in your shoes as a new grad ($510,000 bank note) but I am on track to pay off my loans in <5 years.

I thought robbing a bank is illegal?

 

[Cold Front]

Hi dentistry forum,

I am an aspiring dental student in a bind. I've just been accepted into dental school but I am not too sure about whether or not it's a viable option for me, as I will be in around 480k in debt after school finishes. This will probably be my only dental school acceptance, so I would have no choice but to take this if I were to attend this year. I had a few questions for those already in the field:

1. Is this debt manageable given that the fed interest rates is high (around 7%). If so, would dentistry still be worth it in your opinion? Current dentists, can you vouch for the lifestyle that you have now and would 400-500k be worth it for you to attend? Even if not, I'm certain life is much easier and comfortable after that debt goes away?
2. What's the estimated timeframe to pay off these debts, assuming that I don't get into practice ownership and stay on the West coast to practice - such as California, Nevada, or Seattle? Any personal stories you could share about your struggle/journey?
3. With PAYE/REPAYE, is it possible to bump up your monthly payments in order to pay off the debt much more quickly? Ie. Paying $7000 a month rather than $5500 a month.

Thank you for your time, guys and gals! Appreciate it.

That debt is manageable as long as you live within your means and work hard.

 

[887194]

PSLF balances are not taxed at forgiveness.

I learned something new today.

 

[whatisit350]

I am in your shoes as a new grad ($510,000 bank note) but I am on track to pay off my loans in <5 years.

That's very impressive! Would you care to expand a little on your strategy? I'm starting school in August and expecting to be in debt a little over $400K. So student loan repayment is on my mind as well.

 

[oceanicvibe]

Military HPSP scholarships are great if you don't mind serving; this is what I did.

Do you get to pick your location after youre done with Dental school if you do the HPSP route? Or do they just assign you where they want you and you have to stay in that location for 4-years, but finish debt free?

 

[Big Time Hoosier]

Do you get to pick your location after youre done with Dental school if you do the HPSP route? Or do they just assign you where they want you and you have to stay in that location for 4-years, but finish debt free?

Your duty assignment is based on the needs of the military. You can make requests, but as a junior dentist you don't have much priority. Your orders are usually for 2-3 years.

Big Hoss

 

[Upperbyte]

The solution for me was: I graduated with $410K. I refinanced at 4.77% 20 years (will pay off sooner, for now it is $1984/mo), and I lived with my parents for a year. Loans went down to 299K. I would live with them longer, but I am buying a home so I will be moving out. If you can sacrifice somehow for a year or more, you can get yourself in a comfortable position and still live a good life.

 

[schmoob]

The solution for me was: I graduated with $410K. I refinanced at 4.77% 20 years (will pay off sooner, for now it is $1984/mo), and I lived with my parents for a year. Loans went down to 299K. I would live with them longer, but I am buying a home so I will be moving out. If you can sacrifice somehow for a year or more, you can get yourself in a comfortable position and still live a good life.

Are you planning on continuing on that plan? Or do you think you will try refinancing again for a shorter term and lower interest rate?

 

[NITRAS]

Your going to spend 4 years of training, go half a million dollars in debt to make $120-$150k a year.

Am I missing something?

 

[schmoob]

Your going to spend 4 years of training, go half a million dollars in debt to make $120-$150k a year.

Am I missing something?

Yes. $120-$150K is starting for new grads. That number increases with speed and production. It increases even more if they decide to open their own practice. It increases even more when they get the hang of things and run their practice more efficiently.

 

[schmoob]

Profession is dead

It’s not. It’s really not.

 

[RealTalkTalkTalk]

Living with your parents after being a "doctor" to get by.... aren't some grads in their mid 30s or older?

 

[schmoob]

Living with your parents after being a "doctor" to get by.... aren't some grads in their mid 30s or older?

Yes they are. And those grads will more than likely have previous work experience. They would potentially understand how to have a career, versus the student who graduates younger but doesn't know how to do anything besides be a professional student.
As for those that go ahead with "living with their parents because they are doctors," why the hate? IMO that's no different than choosing against buying a brand new Benz because they ARE doctors. Both are financially smart moves. Attacking principle payments in the beginning of the loan allows for a significantly reduced future liability.
$500K in loans is difficult if one has the mindset of just being an employee and getting paid though your boss. But with an entrepreneurial approach, there is potential for a Lor of money

 

[oralcare123]

Your going to spend 4 years of training, go half a million dollars in debt to make $120-$150k a year.

Am I missing something?

Yes

 

[schmoob]

No

Yes they are.

 

[hellopeople]

If you're going close to $500,000 in debt to become a general dentist you're being taken for a ride.

No judgement on those that have already paid their ticket price though. How could I judge? I went to a school that has got to be in the top 10 most expensive. I've seen all that and contributed to it.

All I'm saying is you better have a plan. Preferably one that doesn't include "living like a student" (without the college lifestyle mind you) for a decade or two after graduating.

 

[Upperbyte]

Are you planning on continuing on that plan? Or do you think you will try refinancing again for a shorter term and lower interest rate?

I'm not sure. I want to accumulate some liquid savings (emergency fund), then pay my mortgage monthly, then put any extras towards the student loans-on top of the monthly payment. I'm hoping to pay it off much sooner than 20 years. If another plan seems better, I'm open to that.

 

[Upperbyte]

Living with your parents after being a "doctor" to get by.... aren't some grads in their mid 30s or older?

I just turned 31. I'm perfectly fine having been back home for a year. I'm not married or in a relationship, and the help I can give my parents (who I enjoy living with) is a win-win. I did mention I bought a home and will be closing soon. I wouldn't have been able to reach those financial goals within a year if I hadn't moved home.

 

[nattmelson]

*This is ignoring PAYE/REPAYE*

Lets say you earn the median dentist income: $158,000 (this would involve filling up possibly 5/6 days of week, and a decent amount of charisma). Post-taxes this is taken down to 119k.
The average cost of living (including rent, food, misc things) is around 20k in a decent suburban area. 119k-20k=99k leftover.
If you have 400k in loans, you wont actually be paying 400k, it'll be somewhere around 550k (10 year plan).
Lets say you want to pay off your debt in 10 years. 550k/10=55k per year in debt payments. 99k-55k=44k leftover.
Several monthly insurances/ healthcare will cost you anywhere from $2000-4000 per year. We'll say $4000 just because. 44k-4k=40k.
This leaves a final $40,000 in purely extra income every year (remember: cost of living, rent, insurances, taxes, and food are included in this caclulation). Per month, this is $3333 or ~$1650 extra income on a biweekly paycheck. This allows you to pay off your debt in 10 years. If you're smart, invest in a mutual fund, put money into a 401k, I strongly believe that you will be just fine. This is assuming 400k in loans. With more loans, this is difficult, but I still believe it's doable.


I will be a single, 26 year old new grad. This is very livable. Once the debt is paid down, there will be even more. Once I start a new practice (Yes, I'm aware this will incur even more debt), there will be even more. I believe that dentistry is not dead. In fact, I'd be willing to bet that the need for dentistry will only increase as technology allows us to treat more adverse symptomologies.

Some of the people on here are extremely negative. I wish they'd offer more realistic advice instead of spending energy trying to make us fresh grads worry more. This would show maturity and thoughtfulness.

 

[schmoob]

The average cost of living (including rent, food, misc things) is around 20k in a decent suburban area.

You lost me here, man.
Other than that, you have a great outlook on things. Work hard and I'm sure you'll be able to achieve your financial goals.

 

[Incis0r]

You lost me here, man.

He says he'll be a single 26 yo grad. Presumably without kids. A $20K living expenses budget under those circumstances seems reasonable to me.

Now, if he adds a wife & kids to that equation though, things become a lot tighter in the budget.

I will be a single, 26 year old new grad. This is very livable. Once the debt is paid down, there will be even more. Once a I start a new practice (Yes, I'm aware this will incur even more debt), there will be even more. I believe that dentistry is not dead. In fact, I'd be willing to bet that the need for dentistry will only increase as technology allows us to treat more adverse symptomologies.

I like your plan. This also doesn't take into account the fact that you could land a gig at a FQHC/IHS type thing where they'll throw tax-free loan repayment your way. I think the NHSC gives $50K tax-free for a 2 year commitment.

If you're smart, invest in a mutual fund, put money into a 401k, I strongly believe that you will be just fine.

Very good piece of advice.

Dentists start their careers later than most people and have missed out on several years of compound interest that their colleagues in other professions have enjoyed. Have to work hard on those contributions in and those funds flowing.

 

[UMDDS]

Sort of related to the most recent posts, but just a helpful recommendation...

Anyone interested in investing, retirement planning, etc. should check out the White Coat Investor's blog and book. His opinion of shelling out 400k for dental school is pretty bleak, but the information about investing (backdoor Roth IRA's, 529's for college, index vs. mutual fund, etc.) are awesome and it's geared toward high earning professionals specifically. Take what you need, leave what you don't lol.

My very basic opinion on OP though. If you stay out of SoCal, your cost of living will most likely go down and I'd imagine your pay would increase due to less saturation. I'm from the midwest so no data or personal experience to back that up, but just a hunch based on what people seem to say about saturation in Cali. You should be able to pay off the loans in 10 years if you're smart. Now, the people that come out of school with 500K or so in loans? That may be a different story, especially if you're married with kids or have extensive undergraduate loans.

 

[DDS9994]

*This is ignoring PAYE/REPAYE*

Lets say you earn the median dentist income: $158,000 (this would involve filling up possibly 5/6 days of week, and a decent amount of charisma). Post-taxes this is taken down to 119k.
The average cost of living (including rent, food, misc things) is around 20k in a decent suburban area. 119k-20k=99k leftover.
If you have 400k in loans, you wont actually be paying 400k, it'll be somewhere around 550k (10 year plan).
Lets say you want to pay off your debt in 10 years. 550k/10=55k per year in debt payments. 99k-55k=44k leftover.
Several monthly insurances/ healthcare will cost you anywhere from $2000-4000 per year. We'll say $4000 just because. 44k-4k=40k.
This leaves a final $40,000 in purely extra income every year (remember: cost of living, rent, insurances, taxes, and food are included in this caclulation). Per month, this is $3333 or ~$1650 extra income on a biweekly paycheck. This allows you to pay off your debt in 10 years. If you're smart, invest in a mutual fund, put money into a 401k, I strongly believe that you will be just fine. This is assuming 400k in loans. With more loans, this is difficult, but I still believe it's doable.


I will be a single, 26 year old new grad. This is very livable. Once the debt is paid down, there will be even more. Once I start a new practice (Yes, I'm aware this will incur even more debt), there will be even more. I believe that dentistry is not dead. In fact, I'd be willing to bet that the need for dentistry will only increase as technology allows us to treat more adverse symptomologies.

Some of the people on here are extremely negative. I wish they'd offer more realistic advice instead of spending energy trying to make us fresh grads worry more. This would show maturity and thoughtfulness.

I will give you some realistic advice, budgeting 20K a year for living expenses seems very low to me less than 2K a month, I assume you will meet someone, eventually they will want to get married kids? house? if this is your plan for 10 years you might find most spouses unwilling to live like this for decade. Keep in mind more and more schools seem to be opening and if you follow the trend of dental insurance companies they are paying less not more, in some states they have enacted fee cuts up to 30% haircuts. I admire your tenacity but your number are tight real tight, I am as cheap as it gets been out of school for close to 15 years, and I think your numbers would be tough.

 

[321931]

*This is ignoring PAYE/REPAYE*

Lets say you earn the median dentist income: $158,000 (this would involve filling up possibly 5/6 days of week, and a decent amount of charisma). Post-taxes this is taken down to 119k.
The average cost of living (including rent, food, misc things) is around 20k in a decent suburban area. 119k-20k=99k leftover.
If you have 400k in loans, you wont actually be paying 400k, it'll be somewhere around 550k (10 year plan).
Lets say you want to pay off your debt in 10 years. 550k/10=55k per year in debt payments. 99k-55k=44k leftover.
Several monthly insurances/ healthcare will cost you anywhere from $2000-4000 per year. We'll say $4000 just because. 44k-4k=40k.
This leaves a final $40,000 in purely extra income every year (remember: cost of living, rent, insurances, taxes, and food are included in this caclulation). Per month, this is $3333 or ~$1650 extra income on a biweekly paycheck. This allows you to pay off your debt in 10 years. If you're smart, invest in a mutual fund, put money into a 401k, I strongly believe that you will be just fine. This is assuming 400k in loans. With more loans, this is difficult, but I still believe it's doable.


I will be a single, 26 year old new grad. This is very livable. Once the debt is paid down, there will be even more. Once I start a new practice (Yes, I'm aware this will incur even more debt), there will be even more. I believe that dentistry is not dead. In fact, I'd be willing to bet that the need for dentistry will only increase as technology allows us to treat more adverse symptomologies.

Some of the people on here are extremely negative. I wish they'd offer more realistic advice instead of spending energy trying to make us fresh grads worry more. This would show maturity and thoughtfulness.

I had the same plan as you. This is what I did:

I lived with friends in the middle of nowhere paying 500 rent. I had a gf in the city that I would drive 2-3 hours back for on the weekends to spend time with family and friends. I grossed about 150k earnings. I put a lot of it into loans. 1-2 years later I was absolutely miserable.

Sure my living expense was low but dude you have to understand that life goes on. People get married invite you to weddings have kids. You are going to have a ton of things changing in your late 20s, the notion that you will live below your means is admirable but unreasonable. You will date get married have kids and settle down.

I did the same thing you said and it was probably the most miserable time of my dental career. I ended up moving states, marrying, buying a house and practice and I’m 10x happier. I highly recommend with such a large debt load to buy a practice that is successful. You are going to be very sad if your startup never takes off or becomes profitable. An existing practice can service your loans and provide more then enough income. That’s why I know you are sorta noob at this because you have no idea how a practice works. Having zero cash flow on 1 mil debt is a good recipe for disaster. Anyways gl!

 

[ysrebob]

Huge, huge amount of raw truth in Rainee’s post above.

 

[321931]

Doh. Can't really talk sense to someone who hasn't even started dental school yet. I dunno why I typed all that out for. Nothing wrong with not starting school yet...but its like talking to a high schooler about the DAT. It's would be like someone talking a different language.

 

[nattmelson]

Rainee,

I understand your point of view. I believe that your life experiences are valid. As a future peer, I believe I have a lot to learn from you. However, I believe you aren't understanding the purpose of my post. My post was a hypothetical situation, answering OP's question about what life is going to look like for someone with X amount of debt. This is why I took a series of averages (Cost of living for 1 person, monthly insurances, food, rent, taxes ETC.). I understand that it's possible to get married/children/house/practice in the 10 years after dental school. However,I wish that you not invalidate my own point of view because I'm an incoming D1. I wish that you wouldn't assume that I'm a "noob" in regards to practice-owning; maybe my parents are practice owners and I've seen this perspective my whole life.

Lets say that I get married after dental school. What if my wife has a job? What if we DON'T decide to have kids? What if we move to a rural area, and spend less on the cost of living (which will be negligible anyways) than my above calculation even predicts? What if my parents chip in to my debt for me? For you to assume my life will play out like yours, or that I'm not prepared for these changes in life, assumes a lot of my character. The calculations I've made above are valid for a young dentist. I understand that your life played out differently. I understand you were miserable. But you should understand that doesn't mean that I, or any other young dentist (including OP) has to be.

 

[smoke4joy]

Well, that depends on your income and on the terms that your new job provides. It can be as fast as 3-4 years if you have a good start.