Is dental school worth the debt?

[1825114]

Hello,

I would really like to go to dental school, but I am wondering if it is worth it after the debt. I don't really have many options too far from new york city because my wife works in the fashion industry, and she doesn't have the option of moving to a different city.

When looking at a school like NYU, they say total educational expenses per year are $67,573, and living expenses per year are $33,427. That's 400,000 dollars for all 4 years of school!

Then I also hear that dentists in New York City don't make very much money because of the competition. Again, I don't really have the option of moving to a different city because of my wife's career. Is it possible to make decent money by commuting to a practice in connecticut/ new jersey/ brooklyn/ bronx/ etc..?

Is this career not really an option for me because of the debt?

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[Destiny11]

Hello,

I would really like to go to dental school, but I am wondering if it is worth it after the debt. I don't really have many options too far from new york city because my wife works in the fashion industry, and she doesn't have the option of moving to a different city.

When looking at a school like NYU, they say total educational expenses per year are $67,573, and living expenses per year are $33,427. That's 400,000 dollars for all 4 years of school!

Then I also hear that dentists in New York City don't make very much money because of the competition. Again, I don't really have the option of moving to a different city because of my wife's career. Is it possible to make decent money by commuting to a practice in connecticut/ new jersey/ brooklyn/ bronx/ etc..?

Is this career not really an option for me because of the debt?

Don't do it for the money. Especially when you have other options in NYC.

 

[DoCt0rPeTe]

Why don't you talk to some professionals about it and see what they think?

 

[yappy]

Seems like a tough one. If it's all about money (depending on your wifes income) you should prob move out of NYC regardless. In which case you can go to a cheaper school. If it's not all about money - follow your dreams?

GL

 

[XZeRO]

money comes and money goes. imo, what's most important is that you do what you love, in such a way that money can come and go as you please.

 

[Munchy]

I guess he's worried that all that debt is going to bring his life style down, which is quite understandable. I like dentistry, but I personally am very worried about the debt I'll have in the future as well.

But as far as I know, dentists make enough money for a stable life stable (1 car + mortgage, a couple of vacations once every while) while paying the money back. And if you have a private business, then sky is the limit.

So long as I make a reasonable income, I am okay. And I think I can do that.

 

[Denteeth]

I guess he's worried that all that debt is going to bring his life style down, which is quite understandable. I like dentistry, but I personally am very worried about the debt I'll have in the future as well.

But as far as I know, dentists make enough money for a stable life stable (1 car + mortgage, a couple of vacations once every while) while paying the money back. And if you have a private business, then sky is the limit.

So long as I make a reasonable income, I am okay. And I think I can do that.

dude, not trying to pick on you but it is easier said than done... have you punched in the numbers for say NYU, USC, UOP, Midwestern etc, to calculate how much you need to make to accommodate such a life style...

and for private practice depending on the city, add another $200K at least, unless you are inheriting a practice from your folks..

that is why your state schools are your best friends !!

 

[dentalWorks]

I think its well worth it... Even if you incur 400k of debt... its still worth it.

when you finish dental school (suppose you don't want to specialize) you can start working as general practice. And your first 5-10 years, your still young, push alot of working hours (close to 60 hrs per week).... You'll make so much money.

When you look at the average dentist salary nation wide, I've seen numbers ranging from 140-160k per year, which may not sound like a whole lot (considering they take like 35% of it as taxes), but those averages are for dentist who typically work 30-40 hours per week..... If your one of these psychos who are going to push 60 hours, you should easily be bringing home close to 200k (after taxes) thats even without owning your own practice.

Generally speaking, many private practice dentists bring home more than the estimated average of 140-160k.... and lets not forget the freedom (and satisfaction) one earns when you own your own business and be your own boss

 

[avatarftw]

Its great when pre-meds and pre-dents are rational. The debt is pretty sensationalized on SDN; even if you account for the interest, your take home pay is not too severely constrained by the debt. For example, if you have 200,000 of debt growing at 6.8%, your yearly gross commitment to your debt is ~35-40,000. This is for a 20 year payment plan. Note that the money that you devote to your loan debt is worth less in real terms although it is the same absolute value. Well, if you are pulling in 200,000 gross for your 40 weekly hours then you are grossing 160-165,000. Is it significant? Yes. Is it a deal-breaker? Absolutely not. You do have to account for the opportunity cost of not making money for 4 years after college, however. Just do a NPV calculation to see if its worth it and incorporate what material needs you require to be happy.

Its funny when people post on SDN and say, "well, I also have to pay the mortgage and the car, etc....." If you can't survive on 160,000 gross per year then you must have expected a much greater payoff and lifestyle than what medicine/dentistry offers. Or you are pretty bad with money. That 160,000 gross (96,000 net) offers a lot of investment opportunities to compound your money.

Also, you will be making much more per hour for 3-7 years more than the physician since there is no residency. (if you become a general dentist)

I think its well worth it... Even if you incur 400k of debt... its still worth it.


when you finish dental school (suppose you don't want to specialize) you can start working as general practice. And your first 5-10 years, your still young, push alot of working hours (close to 60 hrs per week).... You'll make so much money.

When you look at the average dentist salary nation wide, I've seen numbers ranging from 140-160k per year, which may not sound like a whole lot (considering they take like 35% of it as taxes), but those averages are for dentist who typically work 30-40 hours per week..... If your one of these psychos who are going to push 60 hours, you should easily be bringing home close to 200k (after taxes) thats even without owning your own practice.

Generally speaking, many private practice dentists bring home more than the estimated average of 140-160k.... and lets not forget the freedom (and satisfaction) one earns when you own your own business and be your own boss

 

[BBSLM]

I think its well worth it... Even if you incur 400k of debt... its still worth it.

when you finish dental school (suppose you don't want to specialize) you can start working as general practice. And your first 5-10 years, your still young, push alot of working hours (close to 60 hrs per week).... You'll make so much money.

When you look at the average dentist salary nation wide, I've seen numbers ranging from 140-160k per year, which may not sound like a whole lot (considering they take like 35% of it as taxes), but those averages are for dentist who typically work 30-40 hours per week..... If your one of these psychos who are going to push 60 hours, you should easily be bringing home close to 200k (after taxes) thats even without owning your own practice.

Generally speaking, many private practice dentists bring home more than the estimated average of 140-160k.... and lets not forget the freedom (and satisfaction) one earns when you own your own business and be your own boss

I know you can start a completely new practice, buy an existing practice, or become an associate dentist. Are there any other options (besides specializing) after dental school?

 

[dentalWorks]

I know you can start a completely new practice, buy an existing practice, or become an associate dentist. Are there any other options (besides specializing) after dental school?

Navy dentistry is another option and a good one if you want them to pay for your dental school (I think you have to give them 5 year commitment)

You can also be one of these on-call dentists. Basically a company hires you and sends you off to different offices every week based on the needs of that particular location. Its sort of similar to being an associate, but here, you get to work in different locations all the time.... I think they pay $500 or $600 a day (speaking from michigan)

Heres another option lol
http://www.dentalvan.com/

Another option (if you don't wanna work as a dentist) is research and I don't know too much about it. This is kind of rare, most graduates go out and work (or do a specialty)

I think thats it....

 

[AmpedUp]

In my opinion, only you can answer this question. It depends on a few things of course, such as...how badly do you want to become a dentist? what are some sacrifices you are willing to make it work? If you can't answer those with any confidence, you probably don't want it that badly. My take. And yes, I'd incur a debt of 400k to become a dentist. I know it will be worth it.

 

[Avery07]

Heres another option lol
http://www.dentalvan.com/

Not such a bad idea.. especially for underserved areas.

 

[BBSLM]

Navy dentistry is another option and a good one if you want them to pay for your dental school (I think you have to give them 5 year commitment)

You can also be one of these on-call dentists. Basically a company hires you and sends you off to different offices every week based on the needs of that particular location. Its sort of similar to being an associate, but here, you get to work in different locations all the time.... I think they pay $500 or $600 a day (speaking from michigan)

Heres another option lol
http://www.dentalvan.com/

Another option (if you don't wanna work as a dentist) is research and I don't know too much about it. This is kind of rare, most graduates go out and work (or do a specialty)

I think thats it....

The Navy route is an attractive option. Is the 5 year commitment served as a regular Navy recruit prior to dental school, or do you serve as a dentist in Navy after dental school?

 

[persenmi]

I think another factor with respect to the cost benefit analysis of dentistry is inflation. Inflation is growing exponentially (literally, I'm not exaggerating) in the US and will most likely continue to do so seeing how readily the Fed (a privately owned bank) prints trillions of dollars. This is important because as inflation grows, the "value" of debt diminishes. That is, the dollar becomes de-valued and slowly loses its purchasing power and prices rise (hence the term "inflation" e.g. houses, movie tickets, etc.). Therefore, if your wages rise commensurate with inflation (and I'm assuming as a dentist they will) then your debt will effectively shrink because it is fixed. This is why the Government likes to keep inflation at a nice steady pace, to keep its massive debt in check. However, this is a futile attempt to buy time and never really address the problem. In the end, the debt will catch up with the Gov because they keep borrowing...but that is an entirely different conversation suitable for a different forum. My point is, I think dentistry is a good option and the debt will be tricky but manageable.

 

[dentalWorks]

The Navy route is an attractive option. Is the 5 year commitment served as a regular Navy recruit prior to dental school, or do you serve as a dentist in Navy after dental school?

no you work as a dentist for the navy for 5 years after you graduate

 

[BBSLM]

no you work as a dentist for the navy for 5 years after you graduate

Gotcha. Thats what I figured, but you never know.

 

[Munchy]

Navy is an excellent option especially for expensive private school such as NYU.

I would do it in a heart beat, but since I am a Canadian, that option doesn't apply to me. Anyone know anything that a Canadian could do for loan reduction (though as far as I know, there is none other than scholarships)

 

[jmt1984]

I think another factor with respect to the cost benefit analysis of dentistry is inflation. Inflation is growing exponentially (literally, I'm not exaggerating) in the US and will most likely continue to do so seeing how readily the Fed (a privately owned bank) prints trillions of dollars. This is important because as inflation grows, the "value" of debt diminishes. That is, the dollar becomes de-valued and slowly loses its purchasing power and prices rise (hence the term "inflation" e.g. houses, movie tickets, etc.). Therefore, if your wages rise commensurate with inflation (and I'm assuming as a dentist they will) then your debt will effectively shrink because it is fixed. This is why the Government likes to keep inflation at a nice steady pace, to keep its massive debt in check. However, this is a futile attempt to buy time and never really address the problem. In the end, the debt will catch up with the Gov because they keep borrowing...but that is an entirely different conversation suitable for a different forum. My point is, I think dentistry is a good option and the debt will be tricky but manageable.

Agree. Although to me the 'scary' debt is the debt incurred by purchasing a private practice, from what I have read on this forum most loans are for 7 years. I suggest you go read the 'Let's buy a Dental Practice' by The Hammer in the Dental forums. It really puts the school debt in perspective, IMO

 

[odontologia]

money comes and money goes. imo, what's most important is that you do what you love, in such a way that money can come and go as you please.

I totally agree w/this comment. I came from corporate america, quit a great job and got into dentistry. I was making good money prior to d-school but I wanted a more rewarding experience. I absolutely love dentistry and only wish I would have done it much sooner. However, I realize that if I wouldn't have quit my job and incurred such high debt, I may be debt-free, but definitely not as happy. The money that I'm making now is definitely better, but the job experience is much more rewarding.

 

[yappy]

Agree. Although to me the 'scary' debt is the debt incurred by purchasing a private practice,

At least it's not personal debt.

 

[Munchy]

person debt or not, if you screw it up, then there goes your life in the drain

 

[yappy]

it's not a fortunate thing to have happen. Think about taking a business law course.

 

[RCT PC CRN]

This is my take on cost involve with any study/degree. This is my very generalize opinion. So please don't hold me to it.

Total cost of study/degree = 2-3 years of full salary

For example...

Dental school: avg. cost $300,000 = 2 years of avg. salary ($150,000)

Law school: avg. cost $150,000 = 2 years of avg. salary ($75,000)

Engineering: avg. cost for 4 years $100,000 = 2 years of avg. salary ($50,000)

IMO, financial matter should always come second. First, you should do what you like and will enjoying being in that profession. You will make enough money to pay off your student loan. It may not bother you much once you start earning. Explore the profession in great detail, imagine your daily life being in that profession..Answer the following question..'can you handle that? will you love doing it? can you handle the course work? does it suit your personality? etc' --- make the careful, calculated decision and stick to it. Changing a career later in your life will cost more and you might not get the opportunity !!!

 

[USCbiograd]

It is realistic to doubt whether the financial undertakings of pursuing dentistry will be worth it. At a school like NYU where you are looking at accruing $400,000 worth of debt and entering a competitive job market to boot, this is a scary thought. The numbers of repayment essentially breakdown as follows:

Loan Balance: $400,000.00 Adjusted Loan Balance: $400,000.00 Loan Interest Rate: 6.80% Loan Fees: 0.00% Loan Term: 30 years Minimum Payment: $0.00
Monthly Loan Payment: $2,607.70 Number of Payments: 360
Cumulative Payments: $938,772.89 Total Interest Paid: $538,772.89
This monthly loan payment is nothing to scoff at considering that this will be coming out of your net income. Assume that as a first year associate in NYC you can pulll in ~$120,000/year. 35% of this will go to uncle Sam leaving you ~$78,000, which will then be subject to your $31,292.40 yearly loan payments. This leaves you at about a net of $46,707 to live on. That is not that much money considering you will be living in NYC, but if you where to move to the surrounding suburbs you could probably swing it (especially if your wife makes descent money). Once you are established and have a successful practice you can expect to generate ~$200,000 a year leaving you with ~$98,707 a year to live on. You just have to realize that accruing that level of debt will seriously hamper your quality of life for quite some time, but once you establish yourself it is manageable.

My suggestion: HPSP scholarship (pays full tuition/books/school related expenses in exchange for 4 years of service) / Move away from NYC as it is not a good place to be a dentist.

 

[dentalWorks]

I think if there is one thing to learn from all this is... if you have multiple acceptances, go to the school that costs the least lol

 

[Avery07]

1825114 -

I really don't think that you can put a price on a dream. At a certain point, it becomes ridiculous but even maxing out loans at NYU doesn't put you at the point of no return.

It's a pretty simple concept really. How bad do you want it? If you have to sit back and crunch numbers to know if it's a wise choice, than maybe it isn't. Perhaps I'm wrong and if so, someone correct me but I would want to make sure I'm happy in this profession no matter what the circumstance may be.. with good finances or bad.

What I'm getting at is that if there's a limit to what you're willing to pay for this dream, than maybe there's a better dream for you. I'm not trying to steer you away but am more or less asking you to be aware of what you really want; in your best interest.

I've been set on this dream since junior high and can honestly tell you that there isn't anything in the world I would rather do. Sure, I'd be great at some jobs and even be happy with them but nothing comes close to the pleasure this profession offers. If you want something bad enough, you go get it, no matter what the cost.

And when the day comes that you decide you really can't afford that tuition, the military certainly can. Maybe you don't want a career there but it solves your problem in a very attractive manner. You've still got the family thing to consider but really, your dreams should be her dreams. There's always a way to get what you want.. you just have to want it bad enough.

Best of luck to you. 👍

 

[NAVY DDS 2010]

The Navy route is an attractive option. Is the 5 year commitment served as a regular Navy recruit prior to dental school, or do you serve as a dentist in Navy after dental school?

As someone already said, you serve your committment after dental school. It would be silly for the military to pay for you go to dental school and not benefit from it. Also, the committment for a 4 yr scholarship is 4 years active duty and 4 years inactive reserves (you never do anything in the inactive reserves). Committment for a 3 year scholarship is 3 years active duty and 5 years inactive reserves.

 

[dentalWorks]

As someone already said, you serve your committment after dental school. It would be silly for the military to pay for you go to dental school and not benefit from it. Also, the committment for a 4 yr scholarship is 4 years active duty and 4 years inactive reserves (you never do anything in the inactive reserves). Committment for a 3 year scholarship is 3 years active duty and 5 years inactive reserves.

after you complete the active duty years, can you leave the Navy (while in inactive reserve) and go on and open your own private practice?

Also, I understand they pay for your education, but during the time your doing the active duty years, do they at least pay you to make a living? Can you moonlight in the same time?

Final question, can you enroll into the navy program AFTER you've completed... say the first couple years of DS. Or you have to sign up with them before starting dental school (of course after showing proof of acceptance into a dental program) ?

 

[Avery07]

after you complete the active duty years, can you leave the Navy (while in inactive reserve) and go on and open your own private practice?

Also, I understand they pay for your education, but during the time your doing the active duty years, do they at least pay you to make a living? Can you moonlight in the same time?

Final question, can you enroll into the navy program AFTER you've completed... say the first couple years of DS. Or you have to sign up with them before starting dental school (of course after showing proof of acceptance into a dental program) ?

You get a 20k bonus going into school, 2k living stipend each month of school, and upon graduation commission as a Captain and make $65-$70k.

Not sure about moonlighting.

 

[ajusf16]

If you have to ask then it probably isn't worth it

 

[One Piece]

I totally agree w/this comment. I came from corporate america, quit a great job and got into dentistry. I was making good money prior to d-school but I wanted a more rewarding experience. I absolutely love dentistry and only wish I would have done it much sooner. However, I realize that if I wouldn't have quit my job and incurred such high debt, I may be debt-free, but definitely not as happy. The money that I'm making now is definitely better, but the job experience is much more rewarding.

personal question if you don't mind me asking, how old were when you started dental school? I will be applying for dental school next year so i will be 29 years old when I start D1?
I really like dentistry; I am just afraid about the debt and Whether I am too old for dentistry.

 

[Glimmer1991]

personal question if you don't mind me asking, how old were when you started dental school? I will be applying for dental school next year so i will be 29 years old when I start D1?
I really like dentistry; I am just afraid about the debt and Whether I am too old for dentistry.

You just responded to a post that is over 3 years old...

 

[Cello]

I have to ask, what do all of these people who ask whether dental school is worth it or not expect they'll do otherwise? There aren't many jobs out there that pay you as well as dentistry and offer you a decent lifestyle; very few of them do so without requiring a serious investment in education (and thus debt) upfront. You won't just magically find yourself with a six-figure salary by doing something else.

 

[TheWeeIceMan]

I have to ask, what do all of these people who ask whether dental school is worth it or not expect they'll do otherwise? There aren't many jobs out there that pay you as well as dentistry and offer you a decent lifestyle; very few of them do so without requiring a serious investment in education (and thus debt) upfront. You won't just magically find yourself with a six-figure salary by doing something else.

I've seen the same logic used for medicine. People ignore that the question "is it worth it" doesn't necessarily translate to "will I make more doing something else."

 

[sengineer]

This is ongoing discussion for us pre-dental students but the little I have gotten back from recent graduates are starting salaries well below 6 figures for the first 2 years. Now that is not a good start.

 

[sjv]

This is ongoing discussion for us pre-dental students but the little I have gotten back from recent graduates are starting salaries well below 6 figures for the first 2 years. Now that is not a good start.

Yes, that is the likely case as an associate dentist due to lack or real-world experience and business acumen. You can make slightly more by selling your soul to corporate dentistry. Possibly even more if you play your cards right.