Is Dental school worth it anymore with the amount of debt?

[Amalhalawa]

The title says it all. Is Dentistry still worth it with 350-500k in loans?

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[redchesus]

350K maybe? I know some classmates who graduated with that much and are doing okay
500K? ...I'm not so sure tbh

 

[cmsmith85]

I might be an outlier here, but I still think it's totally worth it. I graduated with 500k in loans in 2016, almost paid them all off after 5 years, but then went back for a residency to take out another 250k. I'd do it all over again in a heartbeat.
I guess it just depends on what the alternative is though. For me and the degree I had, I couldn't really do much else besides working in a lab or being a highschool teacher. The return on investment for dental school and residency will be far greater than if I had to go my alternative route.

 

[voxveritatisetlucis]

On a 500k loan at 6% you will pay around 4250 for 15 years. 7000 for mortgage. 1500 for insurance. 1000 for food and stuff. 500 for car.

I don’t think it would leave a ton of wiggle room.

Of course, one could cut things like mortgage and car, but what’s the point of being a doctor/dentist if you can’t enjoy some of the earnings?

 

[PerioDont]

I'm gonna say not worth 500k to me.

300k maybe. even that is a ton of $$.

 

[Blueshirts]

With debt this high you must have a strict financial plan and adhere to it, just winging it and deciding what to do when you are graduated isn't an option for this generation

 

[2TH MVR]

I might be an outlier here, but I still think it's totally worth it. I graduated with 500k in loans in 2016, almost paid them all off after 5 years, but then went back for a residency to take out another 250k. I'd do it all over again in a heartbeat.
I guess it just depends on what the alternative is though. For me and the degree I had, I couldn't really do much else besides working in a lab or being a highschool teacher. The return on investment for dental school and residency will be far greater than if I had to go my alternative route.

Excellent. Care to share how you were able to pay back 500K in 5 yrs?

 

[cmsmith85]

Excellent. Care to share how you were able to pay back 500K in 5 yrs?

I almost paid them all off. I was 6 months away from paying them off, but then I started residency. I had around 80k to go. But as far as getting them down that low in 5 years, the majority of it was due to making decent money as a GP. I averaged around 360k a year my last 3 years, which helped a ton. We just tried to be disciplined in putting all our excess towards loans and not splurging quite yet. My first 2 years out we only paid around 55k a year towards loans, as we were saving up for a down payment for a house. But then in 2019 and 2020, we paid around 155k each year.
We didn't live off rice and beans like Dave Ramsey says to do, but we tried to find a good balance of paying a lot towards loans, and enjoying life a little bit. So for us, it really came down to just having a good income. If we were only making 200k, we wouldn't have come anywhere close to paying things off.

 

[Amalhalawa]

I almost paid them all off. I was 6 months away from paying them off, but then I started residency. I had around 80k to go. But as far as getting them down that low in 5 years, the majority of it was due to making decent money as a GP. I averaged around 360k a year my last 3 years, which helped a ton. We just tried to be disciplined in putting all our excess towards loans and not splurging quite yet. My first 2 years out we only paid around 55k a year towards loans, as we were saving up for a down payment for a house. But then in 2019 and 2020, we paid around 155k each year.
We didn't live off rice and beans like Dave Ramsey says to do, but we tried to find a good balance of paying a lot towards loans, and enjoying life a little bit. So for us, it really came down to just having a good income. If we were only making 200k, we wouldn't have come anywhere close to paying things off.

But you're the outlier right ? Most dentists won't make that much especially the first few years after they graduate. I keep reading that the average is 120k for the first few years, is that accurate ?

 

[cmsmith85]

But you're the outlier right ? Most dentists won't make that much especially the first few years after they graduate. I keep reading that the average is 120k for the first few years, is that accurate ?

I was definitely lucky with how things out for me, that's true. I personally don't see how the average could be as low as 120k. Maybe for the first 6 months, but after that, your speed should be much better and you should be making more than that.

 

[charlestweed]

I was definitely lucky with how things out for me, that's true. I personally don't see how the average could be as low as 120k. Maybe for the first 6 months, but after that, your speed should be much better and you should be making more than that.

I think luck only played a minor role here. You are too modest. Your former boss paid you well because you are good and fast. You are also a hard worker.

 

[voxveritatisetlucis]

The thing is that one should always assume the worst. I see a lot of people on the med forums who think they will be fine taking out 400k because they will do ortho, urology, ophthalmology etc. but these aren’t easy to get so it shouldn’t be assumed.

 

[PerioDont]

I almost paid them all off. I was 6 months away from paying them off, but then I started residency. I had around 80k to go. But as far as getting them down that low in 5 years, the majority of it was due to making decent money as a GP. I averaged around 360k a year my last 3 years, which helped a ton. We just tried to be disciplined in putting all our excess towards loans and not splurging quite yet. My first 2 years out we only paid around 55k a year towards loans, as we were saving up for a down payment for a house. But then in 2019 and 2020, we paid around 155k each year.
We didn't live off rice and beans like Dave Ramsey says to do, but we tried to find a good balance of paying a lot towards loans, and enjoying life a little bit. So for us, it really came down to just having a good income. If we were only making 200k, we wouldn't have come anywhere close to paying things off.

did you have another spouse making a good income as well?

 

[cmsmith85]

did you have another spouse making a good income as well?

I didn't. It was just me. My wife stayed at home to take care of our boys. We had a new born right after graduating dental school, and then a second one 2.5 years later. I had the easier job for sure, though. Being a stay at home parent is hard work!

 

[Ivy.ch]

I would say no, unless someone else is paying for it. Can it be managed? Sure, but it comes at the extreme cost of living extremely frugally for a long time, putting off family, putting off financial independence - all to be a dentist. Dentists don’t even make that much money, and the future isn’t looking great. The delay in reasonable finances isn’t something you think of at 21 years old.

And if you think you’re special because you’re going to specialize and be an awesome superstar dentist, I’d like to introduce you to the hundreds of kids who also thought they were special and flunked out of dental school.

 

[Saddleshoes]

Depends on how you view dentistry. If you view of dentistry is...
...a Job ----------------------------------------------NO! (Why pay 400K for a job that pays 150K/year?)
...a Business -----------------------------------------Maybe (Depends on you business acumen.)
...a Dr. in front of your name. ----------------------No (You can get a PhD far cheaper.)
...Social Standing-----------------------------------Maybe (Does your family have enough money to pay for DS costs so they can brag?)
...an academic challenge --------------------------Maybe (If you can get a merit scholarship.)
... More school because I have no goal in life.----NO! (Maybe it is time to grow up and get out into the real world.)
...I want to save the world from dental decay.----No (Look into becoming a hygienist.)

 

[AONLINE]

300K in debt: maybe...
400-500K: just no!

 

[D1Bound]

I think you can still do it as long as you leave the 3-4 day work week mindset at the door and plan on working 5 days sometimes 6 days. This is not a profession you can coast through. This requires years after graduation of grind and continuous learning to get really good in order to make serious cash. Work life balance will come later but right out of the gate you have to hustle

 

[yappy]

I would say no, unless someone else is paying for it. Can it be managed? Sure, but it comes at the extreme cost of living extremely frugally for a long time, putting off family, putting off financial independence - all to be a dentist. Dentists don’t even make that much money, and the future isn’t looking great. The delay in reasonable finances isn’t something you think of at 21 years old.

And if you think you’re special because you’re going to specialize and be an awesome superstar dentist, I’d like to introduce you to the hundreds of kids who also thought they were special and flunked out of dental school.

Says the OMS resident lol. You selected the field of dentistry that requires the most delayed gratification.

I think you will be okay with 300k in debt. I wouldn't accept 500k. I was able to pay off my debt in around 3 years paying approximately 50% of my take home towards debt. Here is where you have to be real with yourself, like @cmsmith85 said: the 50% I kept was more than I ever planned to make with just my bachelors degree. So to me it was worth it financially to go to dental school. Most importantly, I like my job.

 

[PerioDont]

Says the OMS resident lol. You selected the field of dentistry that requires the most delayed gratification.

I think you will be okay with 300k in debt. I wouldn't accept 500k. I was able to pay off my debt in around 3 years paying approximately 50% of my take home towards debt. Here is where you have to be real with yourself, like @cmsmith85 said: the 50% I kept was more than I ever planned to make with just my bachelors degree. So to me it was worth it financially to go to dental school. Most importantly, I like my job.

What was your debt level on graduation?

 

[yappy]

What was your debt level on graduation?

Around >260 <300

 

[allDAT]

For most young dentists it’s not worth it anymore. You can still make a great living though.

If you’re grandfathered into a family members practice, it’s probably a good idea to become a dentist if you can spend less than 400k to become a dentist AND if your parent collects at least 800k a year and is getting old. Just ask them how much they collect and get a sense for the history of the practice’s performance.

If you’re not grandfathered into a practice, I’d say 300k is the most anyone should spend right now.

 

[charlestweed]

If you only make $120k as a dentist and continue to earn this same salary for the rest of your life, then having $300k in student loan is an uphill battle. You will hate dentistry.

But if you can increase your salary to the same level as CMSMITH85’s (through many years of hard work and sacrifice), then having a $500k debt shouldn’t be a huge problem. You’ll be debt-free in less than 10 years. After that, your income will be your greatest asset. You will love your job and enjoy working more. When you are financially successful, you get a lot of respect from a lot of people around you….your spouse, your parents, your own kids, your kids’ friends, your kids’ teachers etc.

 

[P7898]

The title says it all. Is Dentistry still worth it with 350-500k in loans?

No. It is not worth that amount. Get a masters in accounting is you want a good ROI.