Is It Worth It Financially?

[heyyah]

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I have been accepted to dental school for next month and am planning to go. However, I have been having some second thougths. This is a change of career for me. I have a job now that I don't love but I make a decent salary. I don't want to stay at this job for the rest of my life but I am settled where I live and have gotten used to getting a paycheck. To go back to dental school, I am moving to a new city where I don't know anyone and basically starting my life from scratch. I want to ask current students if you think it is worth it to borrow approx. 200k-250k to go to dental school when you have a job that you went to school for initially? I had always wanted to eventually own my own practice so that would entail borrowing another 200k or 300k or 500k from a bank to start or buy a practice. So I am looking at owing and having to payback 750k without the interest. I would really appreciate any thoughts anyone has. Also, do you have to have love dentistry (dentistry is your lifelong dream) to make it through dental school and become a dentist? Thanks. 🙂

 

[swiminh2o]

Sounds like you need to spend some more time in some dental offices and ask these same question to dentists who have gone through the whole process. I am leaving a good paying job for dental school this year as well. I spent a lot of time mulling over the very same questions. After a lot of careful consideration and doing my homework I found that making the switch is the right thing to do. In the short run, financial well-being will be sacrificed for a much better future. I've decided to deal with the short term inconvenience of quitting my good job/money in order to enjoy the long term satisfaction of having a great job/money.

 

[Dentoman]

http://www.ada.org/prof/ed/students...ialplan2002.pdf

http://www.ada.org/prof/ed/careers/infopaks/finances.asp

Some information I found useful off the ADA's website (in case you havent already dug it up 😀 )

 

[edkNARF]

http://www.ada.org/prof/ed/students...ialplan2002.pdf

http://www.ada.org/prof/ed/careers/infopaks/finances.asp

Some information I found useful off the ADA's website (in case you havent already dug it up 😀 )

Great Info!

 

[dental44]

"Income noted is average income for new dentists (less than ten years out of school) in that occupation."

If you are willing to average these statistics, be willing to do it for ten years.

 

[Pinolero]

Obviously a dental career is one of the better financial investments you can make. The job outlook is awesome due to the number of dentists retiring compared to the number of grads expected, the hours are great, the lifestyle is great, and you are your own boss. Just don't try and live an outlandish lifestyle the first couple of years and you should have your debt paid off in no time.

 

[Thaxil]

Maybe I should have expected the cost of attendance, but it did shock me initially when I finally got my financial aid packet. I will be taking 42,000 in loans per year, and only 1200 month for living expense. Hopefully my wife could find a kick a$$ job when she finishes up her masters.

Anyways, I think it is worth it, or I would not be pursuing it. I will try to sacrifice as much as possible (within reason) while in and out of school to reduce the amount of debt repayment.

 

[jota]

Thanks for posting Heyyah. You are not alone. I do wonder throughout the day if I am doing the right thing. I have been out of school for over ten years and also have a good salary that will be hard to leave. I think I know deep down that I am heading in the right direction by going back to school.

It is also hard because most of my friends have been starting families and I feel like I am moving further away from my peers (we will have less in common over the next four years), but I know I will be meeting a lot of new people and I have to hope that everything will work out in the end.

I do know that I am doing the right thing, but it is hard not to have doubts and second-guess myself. It is always hard for me to say goodbye to things, and so even though I really am not that happy at my current job, it will still be hard to leave.

- jota

 

[EHA DDS]

I am a Canadian about to attend one of the most expensive schools in one of the most expensive cities in the US...our dollar is not as strong as the American so the tuition kind of freaks me andm y family out. However, you gotta look at this as an investment....notin a car, stock or house, but in yourself...

The prospects are good for future grads, so with proper planning, modest lifestyle choices and hard work, we should all be able to pay off our (massive) debts in a few years.

 

[Dr.BadVibes]

I am a Canadian about to attend one of the most expensive schools in one of the most expensive cities in the US...our dollar is not as strong as the American so the tuition kind of freaks me andm y family out. However, you gotta look at this as an investment....notin a car, stock or house, but in yourself...

The prospects are good for future grads, so with proper planning, modest lifestyle choices and hard work, we should all be able to pay off our (massive) debts in a few years.

Hey canadian buddy....dont think like that so easily...if you actually sit down with someone and write down all the costs you will incur, you will find that its gonna take much more than a few years.....

 

[EHA DDS]

Hey canadian buddy....dont think like that so easily...if you actually sit down with someone and write down all the costs you will incur, you will find that its gonna take much more than a few years.....

Ok, suppose it does, should that stop us? I am not going to give up my dream because of money, no way!

And plus, it's not as though 100% of your income will go toward s your debt...you can still live comfortably.

Where in TO are you from and are you going to Temple? I interviewed there but didn't like it so much. Ever consider tranfering to UofT or Western?

 

[Smooth Operater]

hey! EDA ! Do you mind giving me your estimated figure (in CDN) on how much you will spend on your 4 yrs of dental education down in US? and which school you go to?

Thanks! 🙂

 

[EHA DDS]

About 350K-400K CDN...a lot eh!

I will be attending NYU Coll. Of Dent.

 

[Dr.BadVibes]

Ok, suppose it does, should that stop us? I am not going to give up my dream because of money, no way!

And plus, it's not as though 100% of your income will go toward s your debt...you can still live comfortably.

Where in TO are you from and are you going to Temple? I interviewed there but didn't like it so much. Ever consider tranfering to UofT or Western?

No your right...you shouldnt give it up because of money, but just realize that you are going to the most expensive school, so when you graduate, you wont be making good money for PLENTY of years....not a few, but PLENTY....as long as you know this, then its all good.

Yah I live in Toronto....in Bloor West Village (Jane and Bloor)....and Im going to Temple...im sure you didnt like the area around Temple, but I sure like the fact that its half the price of NYU.....transfer to UofT or UWO...hahaha, I wish....gpa is not good enough

 

[EHA DDS]

plenty eh...how do you know? for all i know i can be bankrupt, or i can encounter a windfall....he point is no on knows....yes i will have deb but so will everyone and so did everyone..Canadians tend to be VERY conservative with their money...more so than Americans...which is fine cuz we make less per capita.

As for tansfer...you do that after 1st yr, so what does your undergrad GPA have to do with it?

 

[Bickle]

As for tansfer...you do that after 1st yr, so what does your undergrad GPA have to do with it?

I think Your dat and undergrad scores are also looked at for transfers at UWO.

 

[LestatZinnie]

EHA: I agree with posters above that it will take you a while to pay back the loans since the cost of NYU and NYC are nothing to scoff at. I don't think I have the same courage as you to spend $300-400k CND for a DMD or DDS. I was having sleepless nights even when I was very close to going to UBC which costs about 160k. Good thing I got in mcgill and with less than 80k tuition including instrument purchase (not rental fee) I'm feeling much less pressure or second-thoughts about the path I've chosen. if i were you i'd study like hell and try to transfer to uwo, ut, or mcgill. you save at least $100-200k and a degree from canada or US really have no impact on your ability to practice in either country.

 

[Dr.BadVibes]

EHA: I agree with posters above that it will take you a while to pay back the loans since the cost of NYU and NYC are nothing to scoff at. I don't think I have the same courage as you to spend $300-400k CND for a DMD or DDS. I was having sleepless nights even when I was very close to going to UBC which costs about 160k. Good thing I got in mcgill and with less than 80k tuition including instrument purchase (not rental fee) I'm feeling much less pressure or second-thoughts about the path I've chosen. if i were you i'd study like hell and try to transfer to uwo, ut, or mcgill. you save at least $100-200k and a degree from canada or US really have no impact on your ability to practice in either country.

Yah I agree with zinnie over here.....but the reason I think EHA is taking the debtload so lightly is either (a) he is a ****** or (b) his parents are fronting the bill......

 

[LestatZinnie]

I think many people have the "I'm going to be a dentist so it doesn't matter if it costs an arm and a leg cuz i'm gonna be able to pay it all back anyway" attitude. A dentist licence is not a licence to print cash. Go talk to any REAL, PRACTICING dentist and 99% of them all say go to the cheapest school you can find. of course depending on family background the level of acceptable debt varies from ppl to ppl. I think the only case where I'll feel comfortable spending >300k for DMD degree is if my parent(s) own a clinic which I can take over or if my family is wealthy enough to foot the tuition. 😉

 

[Dr.BadVibes]

I think many people have the "I'm going to be a dentist so it doesn't matter if it costs an arm and a leg cuz i'm gonna be able to pay it all back anyway" attitude. A dentist licence is not a licence to print cash. Go talk to any REAL, PRACTICING dentist and 99% of them all say go to the cheapest school you can find. of course depending on family background the level of acceptable debt varies from ppl to ppl. I think the only case where I'll feel comfortable spending >300k for DMD degree is if my parent(s) own a clinic which I can take over or if my family is wealthy enough to foot the tuition. 😉

Yet another excellent point Zinnie....I will admit that I used to be one of those idiots that thought that dentistry was the key to instant financial success, but I was also a ******ed loser fresh into undergrad and after a little bit of research, realized that I was totally wrong, and although the lifestyle is comfortable (my main reason for being a dentist), the financial rewards come much much later, and the more debt one has, the later those financial rewards come in....

Cheaper = best choice

 

[EHA DDS]

Yah I agree with zinnie over here.....but the reason I think EHA is taking the debtload so lightly is either (a) he is a ****** or (b) his parents are fronting the bill......

Ok so I am a ******...what should I do, not attend because of the cost? What about the 250 students who attend wach year, they are going to face similar debt. Students all over America are paying throught the nose, so should everyone stay at home and not attend?

Before you call me a ******, why don't you start acting like a professional...your patients won't appreciate being called names.

 

[Dr.BadVibes]

Ok so I am a ******...what should I do, not attend because of the cost? What about the 250 students who attend wach year, they are going to face similar debt. Students all over America are paying throught the nose, so should everyone stay at home and not attend?

Before you call me a ******, why don't you start acting like a professional...your patients won't appreciate being called names.

No of course you shouldnt attend....but you did state that you went to other schools and didnt like it and choose NYU....then you were talking how you will pay the debt off in a couple of years....so I was just assuming that you went to NYU with that assumption, which is obviously wrong......on top of this, you are Canadian, so although students all over America are paying through the nose, they have plenty of better and cheaper options to pay back their loans than you will....so perhaps your decision was misinformed....but good luck at NYU

 

[EHA DDS]

No of course you shouldnt attend....but you did state that you went to other schools and didnt like it and choose NYU....then you were talking how you will pay the debt off in a couple of years....so I was just assuming that you went to NYU with that assumption, which is obviously wrong......on top of this, you are Canadian, so although students all over America are paying through the nose, they have plenty of better and cheaper options to pay back their loans than you will....so perhaps your decision was misinformed....but good luck at NYU

I am not misinformed, I know that I will have lots of debt..I am not dreaming. Anyway, i will attempt to transfer to a canadian school to attenuate the debt load...it's hard to do but not impossible.
Who's to say that all of us won't lose our hands in an accident? Or the reverse may be true..we might hit a gold mine of pateints and pay our loans quicker than we thought...no one knows. A bank that i wnet to for a line fo credit uses a predicted income of 150K for a graduating dentist in order to calculate their line of credit...i certainly wasn't expecting that much, but if an established bank uses that number, then it can't be that bad for us in the future, right?

 

[LestatZinnie]

I am not misinformed, I know that I will have lots of debt..I am not dreaming. Anyway, i will attempt to transfer to a canadian school to attenuate the debt load...it's hard to do but not impossible.
Who's to say that all of us won't lose our hands in an accident? Or the reverse may be true..we might hit a gold mine of pateints and pay our loans quicker than we thought...no one knows. A bank that i wnet to for a line fo credit uses a predicted income of 150K for a graduating dentist in order to calculate their line of credit...i certainly wasn't expecting that much, but if an established bank uses that number, then it can't be that bad for us in the future, right?

I certainly hope that the banks are true. The more realistic income for newbie dentists are more like in the range of $70-90k CND or USD though. Is it an American or Canadian bank that did the calculation? thx

 

[ItsGavinC]

I certainly hope that the banks are true. The more realistic income for newbie dentists are more like in the range of $70-90k CND or USD though. Is it an American or Canadian bank that did the calculation? thx

70k is pretty low, even for a grad fresh out of school.

 

[EHA DDS]

A Canadan bank...RBC

 

[LestatZinnie]

thanks for your answer. however I still think that's quite an over-estimate. The avg I've heard from other dental students are in the 70k to high of 90k range in few years after graduation in canada.