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How much debt would u be in after dental school? How much debt did you go in with?
How much debt would u be in after dental school?
- Thread starter helpfuldoc2b
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No debt, did a 4 year military scholarship with the Navy. Didn't enter dental school with any debt either.
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Around 200,000. 
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Yeah, about $240,000 at Indiana (in-state). That would be with undergrad. debt ($10,000) and taking out max. living expenses during dental school (family). We should be able to consolidate loans at a lower interest rate when we graduate.
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30 years is an awfully long time to pay off the debt. Why not increase the monthly payments?
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300K+, most likely. And I shall pay it off all at once...by selling myself!
Better star hitting the gym. You won't be in demand if you are an out of shape guy.
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3% interest rate, manageable payments, life is about cash flow. I have debts with greater interest rates.
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All fees for my school are a little bit under 15k a year. If you can live on very little while in school, you will be practicing with a lot less debt. Bottom line
the debt you will have depends mainly on which school you chose (or get into) and your spending habits.
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With three percent, you would be crazy to pay that off a day early. Way to beat the system.
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With Stafford loans @ 6.8%, and Grad PLUS @ 8.5%, is it possible to consolidate these to a lower rate after graduation? 3% would be a world of difference.
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I graduated in 2005. At that time the consolidation rate was at a record low, and as far as I know it was one of the last years this type of consolidation deal was offered. Keep an eye out over the next couple years with the economy and interest rates. For instance, during your second or third year the interest rate may be favorable to go ahead and consolidate your loans up until then. With a six month grace period, or sometimes even until you graduate its a good idea.
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I think the norm is 200K plus, although one of my dentists, a recent Tufts grad who admitted to "having a good time" while in school and Boston has 300+K in loans, more like 350+
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280-300k
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I will also have similar debt.
I got to a really expensive school and I am expecting around 400k thanks to undergrad, grad, and dental school loans. I will be poor forever.
It seems like that for US schools... depressing to think about actually.
I'm looking around 240k
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If I may ask, what is the significant other doing during this time?
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I have heard from people at schools that they supported a wife and child on loans only. It sounded like no working at all, the guy was extremely proud of this and said his total debt was under 200k (he went to an instate school)
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Ten bucks says that he is taking out private loans on top of the other ones.
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It could be, but he said he was not maxing out his dental loans as it was, he had his kid during second year. Just informing what he said, Other people in school might know of people who did things like this.
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Happy to see the post.
Just accepted in UCLA PPID program, I probably will borrow 180K from the private loaner.
Just accepted in UCLA PPID program, I probably will borrow 180K from the private loaner.
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Man, I wish I had in-state tuition. I'm looking at around $350,000.
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I go to Temple. I'll owe about 250K.
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130000
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Hello everyone... I'm not in debt just yet but will be soon, haha.
I spoke with my dentist about debts (he's a recent graduate) and he told me not to worry about it as he was able to pay ~200000 all off in 2 years (even though he bought himself a nice ride right after he graduated)
. He's also practicing in Canada as an associate and said that ppl make more money practicing in the states... He makes it sound as though a dentist in debt is a piece of cake. Does anyone have any thoughts about this?
I spoke with my dentist about debts (he's a recent graduate) and he told me not to worry about it as he was able to pay ~200000 all off in 2 years (even though he bought himself a nice ride right after he graduated)
. He's also practicing in Canada as an associate and said that ppl make more money practicing in the states... He makes it sound as though a dentist in debt is a piece of cake. Does anyone have any thoughts about this?- Joined
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Hello everyone... I'm not in debt just yet but will be soon, haha.
I spoke with my dentist about debts (he's a recent graduate) and he told me not to worry about it as he was able to pay ~200000 all off in 2 years (even though he bought himself a nice ride right after he graduated)
he was able to pay off all $200k in 2 years.
ABSOLUTELY NOT!
you won't even net $200,000 in two years my friend!
The only way you could do this is if you start day one out of school at $150,000 and you have a free place to live and no bills for two years,
otherwise, the numbers don't add up.
therefore, I think you are a troll!
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maybe after he graduated he went home to live with his parents?
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Take it easy buddy... All I'm doing is asking people what they think. I figured what I heard was somewhat of a feel-good story and wanted to share it with ppl and perhaps get a second opinion. And by the way... he did start working essentially from day one as he had a position waiting for him right out of D-school. He's also a very responsible and hard-working person who, once he sets a goal, will work hard to achieve it. He graduated in 2006 and says he's aiming to be debt-free by mid next year so it's probably more like 3 years but that's still incredible, I'd say.
It's people like you that turn SDN threads into pissing contests with your accusations.
It's people like you that turn SDN threads into pissing contests with your accusations.
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That might have actually been the case as he settled back in his hometown and just recently bought a house and got married.
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Take it easy buddy... All I'm doing is asking people what they think. I figured what I heard was somewhat of a feel-good story and wanted to share it with ppl and perhaps get a second opinion. And by the way... he did start working essentially from day one as he had a position waiting for him right out of D-school. He's also a very responsible and hard-working person who, once he sets a goal, will work hard to achieve it. He graduated in 2006 and says he's aiming to be debt-free by mid next year so it's probably more like 3 years but that's still incredible, I'd say.
It's people like you that turn SDN threads into pissing contests with your accusations.
Well actually I don't want to get into a pissing contest, but I will point out that you said he paid off all his educational loans in two years and now your saying "he's aiming to be debt-free by mid next year so it's probably more like 3 years."
So:
1. All I was saying is that your wrong, its not possible.
2. Your story was inconsistent.
From what I have learned from good friends is that your first year out plan to make around $80,000 because you are slow and dental school doesn't prepare you.
Second year look for $110,000. If you want to make more right out of school then I fair you will be very unhappy!
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300K-350K.....I could save 30-40K by living at home with my parents, but in my opinion it's not worth it...haha
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About 140K with everything included for 4 years (tuition, fees, living, misc). Scholarships shaved off about 12K
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$300,000
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yes - you will have much higher interest notes to pay off during this 30 years. mortgages, practice loans, etc etc. i graduated from dental school with about 100K - payments are around $500 for 30 years (but this was consolidated when rates were at 2.8%). Then in ortho school, I racked up another 70-80K which is about $750/month at 5% for 10 years. I keep them separate because I was able to lock in the 100K at such a low rate. Bottom line, I spend about $1250/month on loan payments. Put disability, malpractice, life, auto, medical, etc insurance ontop of that - leaves not much room to play. But life is still good. Borrow as little as possible - the rest will take care of itself.
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Holy Crap! I won't be $300,000 in the hole with my school debt and practice loan combined! I'm not saying you guys won't make it; you are going to be just fine. It's just going to be a while before you really get to enjoy the fruits of your labor.
I think with this kind of student loan debt, there is going to be a huge upsurge in corporate dental offices. It's the only way a lot of grads are going to be able to live. Look through the dental practice sales out there. The vast majority are little offices producing ~$300,000/yr and netting $130k. After practice debt service, that's barely going to make ends meet.
The upside is that the Fed is printing money like there's no tomorrow. So with any luck we'll have a nice bout of hyperinflation and we'll all look back and laugh about when you could actually buy something with $300,000.
I think with this kind of student loan debt, there is going to be a huge upsurge in corporate dental offices. It's the only way a lot of grads are going to be able to live. Look through the dental practice sales out there. The vast majority are little offices producing ~$300,000/yr and netting $130k. After practice debt service, that's barely going to make ends meet.
The upside is that the Fed is printing money like there's no tomorrow. So with any luck we'll have a nice bout of hyperinflation and we'll all look back and laugh about when you could actually buy something with $300,000.
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Sorry to be so pessimistic with my last post. $300,000 for school is just hard for me to accept. I have almost an ethical problem with schools asking students to go into that much debt.
On a more encouraging note... There really is a lot of potential out there; but you have to be willing to live in the places where other dentists don't and you have to be a little bit lucky.
I guess the point of my post is do what you have to do to become a dentist, but don't make it any more expensive than it needs to be.
On a more encouraging note... There really is a lot of potential out there; but you have to be willing to live in the places where other dentists don't and you have to be a little bit lucky.
I guess the point of my post is do what you have to do to become a dentist, but don't make it any more expensive than it needs to be.
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Will be graduating in 2010 with zero debt thanks to the Navy HPSP scholarship. Will be working for them for 4 years, but well worth it - considering I attend Nova. Pretty happy about this, .
.Holy Crap! So with any luck we'll have a nice bout of hyperinflation and we'll all look back and laugh about when you could actually buy something with $300,000.
12YearOldKid,
From today's WSJ, "How to Fix Your Life in 2009," not even $300,000 will buy a private school undergrad education in 18 years as per article.
"Problem:
You don't know how much money to stash away for your child's future college tuition.
Solution:
Develop a savings plan. The encyclopedic financial-aid Web site FinAid.org has a section with more than 50 calculators, but the "savings plan designer" is among the most useful. It shows exactly how much you should plunk into an interest-bearing account each month in order to reach a certain savings goal. It also asks how much you've already saved and what the interest rate on those savings has been. Then you punch in how many years you have before your child enrolls, and how frequently you want to contribute.
Experts say parents who are financially able should generally expect to pay at least half to two-thirds of their children's college costs through a combination of savings, current income and loans. According to the calculator, someone with $20,000 saved up already and with 18 years to go before the child graduates should aim to contribute $818.25 a month to cover half of projected costs at a private college, making certain assumptions."
This assumes that a private school, four year undergrad education will be over $400,000, maybe more.
Education regardless of the cost will inflate regardless of stagnating incomes.
So, today's education even at today's prices will be a bargain compared to tomorrow. Even looking back five years ago when students told me they had $200,000 in debt, I was floored. Now, I'm hearing $300,000 - $400,000. One has to wonder if financial bubbles can occur or are occurring in education. As long as there is a market for education, which not cease as long as children are born, there looks to be no lack of buyers, and therefore education appears to continue to be cheaper today than it will be tomorrow.
Happy New Year.
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Well despite that optimistic note, I'd agree that a student should think long and hard about going 300K+ into debt.
There probably will be an educational bubble.
Trade school graduates will probably surpass professional school graduates in terms of profitability if things continue the way they are.
There probably will be an educational bubble.
Trade school graduates will probably surpass professional school graduates in terms of profitability if things continue the way they are.
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I agree with you on much of this statement. School costs are going to continually rise, but so will everything else because of inflation. My dentist payed $30,000 for his dental education, which was an exorbitant amount at the time considering one could purchase a house for that amount. Fast forward to today, dental educations cost upwards of $300,000 as do houses.
The market for education will continue so long as the there continues to be return on investment in earning/buying a particular degree. The only fear is if there is an education bubble that pops, i.e. suddenly dental salaries drop below, or school costs rise above a point where the annual salary as a dentist cannot even afford the loan payments for the degree. At that point, no one would apply to dental school because they would be paying more for the degree than they could ever make upon graduation. Older dentists would have payed off their loans by then and would be fine, but current students and recent grads would be in big trouble. Unfortunately it is difficult to know if dental school costs have approached or are approaching that point, and once it does there will be some time before everyone is aware of it.
I can only suggest, the best evidence you have regarding what will happen tomorrow is what is happening to your peers who are graduating today. Listen to their stories, their circumstances and their suggestions. This is of more primary consideration than the histories of dentists who graduated twenty or more years ago.
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the best thing to do is to consolidate at the lowest rate possible and go on the 30 year plan. later, you can change your repayment schedule to a shorter time if you want. and consider moving out of the city for a while, there are a ton of associateships and opportunities in some lesser traveled paths.
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Thanks for your advice. My concern is that for the FinAid loan repayment calculator, it tells me that you need to make at least $312,000/year in order to be able to repay the loan. It says you can make $208,000/year but you will have financial difficulty. I just don't know what to do because I really do not want to join the army/navy/air force.
