Just wondering...what would you do?

[shamrock2006]

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Ok, i think i've made up my mind, but I kind of wanted to see if others would do the same. I got into NYU, which i liked and would be proud to attend. I'm on the waitlist at other schools but probably wont get taken off and my state school (UIC) hasn't contacted me at all. So odds are i'll be at NYU. I've gotten the Air Force Scholarship, which will be a HUGE help there. However, I recently found out that my dentist is hoping for me to not go military and come out and work for him. He wants to retire not long after I'm out of school, wants to help me learn the business and have me take over/buy him out. But at NYU, i dont know if i'll be able to do something like that w/ the huge debt. His practice is really successful, by far the most successful i've ever seen. I know its a great opportunity to be able to potentially have a practice w/in 4 yrs post-dental school....So if it were you guys, would you go military or just eat the huge debt, and probably get in even more, w/ buying out a practice?

 

[Zanderale6]

Hmmm ...

That's a pretty tough situation to be in. You'll need to do some serious number crunching before making your decision. ... Do you have any idea what you dentist will be asking for his practice? Also, do you have any idea how much he takes home each year? (In other words, how big will your debt actually be ... and how quickly do you think you'll be able to pay it off.)

It also really sounds as though your dentist wants YOU to take over his practice. If this is the case, I don't see why he wouldn't be willing to wait an extra four years for you to get out of the Air Force. It's not that long ...

Good Luck!

 

[samiam0252003]

The military has some of it's benefits and such. But the fact you have that opportunity from a well established dentist is like a dream. I wish I had that offer, learn the tricks of having a dental practice and the option to buy him out, won't have to deal with trying to find a building and establishing a client base. Sure every dental student is going to be in horrible debt at the end, but with a practice and everything, probably won't take long to pay it off. I remember my dad telling me to avoid the military like the plague and you have to give them three to four years of your life to repay them. Deep down it's about what you'll be happy with or happy with turn out. If you haven't heard anything from your state school, have you tried calling them, just to get an idea on what your status is there? Best of Luck😎

 

[cocokeala]

def would go train with that dentist guy. EVERYONE has an assload of debt coming out of dental school but not everyone has a job opportunity like that to pay off the debt.

 

[I'mFillingFine]

if you've decided to go with the dentist's offer, before you forego the military it's important to have some sort of official agreement with him. I know you trust him, since it sounds like you have a great relationship if he wants you to buy the practice. However, you know how easy it is to invite someone to take over, especially if it's 4 years down the road. Since there would be nothing legally preventing him from selling it to someone else (or not retiring, or needing to sell before you graduate), then you'd be stuck with a huge debt and no practice. So sure, it sounds like a great plan, but sign something first!

 

[shamrock2006]

thats pretty much my dilemma. Yes I trust him and he's been good to me and my family. However, he if during my dental school years someone wanted to offer him major bucks for his practice, there is no reason for him to say no. Right now I'm leaning towards the military..school is paid, great experience, not making much money but basically everything you are pulling in is profit, and by the time I come out I'll have a ton of practice under my belt. However, possibly being able to waltz into a practice is tempting..assuming I still want to stay in Chicago 4 years from now...i have some thinking to do.

 

[Blitzdt]

thats pretty much my dilemma. Yes I trust him and he's been good to me and my family. However, he if during my dental school years someone wanted to offer him major bucks for his practice, there is no reason for him to say no. Right now I'm leaning towards the military..school is paid, great experience, not making much money but basically everything you are pulling in is profit, and by the time I come out I'll have a ton of practice under my belt. However, possibly being able to waltz into a practice is tempting..assuming I still want to stay in Chicago 4 years from now...i have some thinking to do.

I decided not to touch the military because it's a long comitment. However, I talked to the students at the schools that I interviewed...quite a few of them told me that they would be join the military to pay off debt if they don't have wives and kids.

 

[Suicide_Stat]

I'm just curious if you take the air force scholarship, how long are you commited to them after you get out of Dental school?

"Knowledge is food for thought, so I wisley swallow."

 

[shamrock2006]

its one-for-one...meaning each year you are on scholarship you have to pay back with military service.

 

[Blitzdt]

its one-for-one...meaning each year you are on scholarship you have to pay back with military service.

Please correct me if I'm wrong, but after that I believe you're still on inactive duty for the next 20 yrs, and that means they can call on you anytime to move and serve. I hope i'm wrong on this.

 

[shamrock2006]

Please correct me if I'm wrong, but after that I believe you're still on inactive duty for the next 20 yrs, and that means they can call on you anytime to move and serve. I hope i'm wrong on this.

that's probably the case, but I have to check. Which really isn't that big of a deal given that the government can take anyone they want at any time..military or not. But they are going to take all the active people first, so the likelihood of that is pretty low. My plan, if i take the scholarship, is to serve the 4 yrs and stay in the reserves which practicing in the civilian world. Also, its not like dentists are frequently deployed. Even if you are inactive, when is there going to be a huge military need for dentists? I personally am not too concerned with that.

 

[goosestuff]

Please correct me if I'm wrong, but after that I believe you're still on inactive duty for the next 20 yrs, and that means they can call on you anytime to move and serve. I hope i'm wrong on this.

It's 4 years active, 4 years reserves. Technically, the military has the right to extend your duty, if the need is there. But, that hasn't happened in a very long time (if ever).

BTW, Shamrock, I have a similar problem. My dentist/mentor has suggested the same thing - joining his practice. And I'm also going for the Navy HPSP. I figure that once I need to make a decision about the scholarship (or even before), I need to ask him the specifics. I know that when he joined the practice, the then senior partner worked out with him what he needed to make in order to pay the bills and more. Four years in the Navy seems very reasonable for zero debt. Plus, there are other benefits to joining...

I look forward to hearing what you decide to do.

 

[I'mFillingFine]

So what's wrong with signing something? Do you think he would be offended at the idea?

 

[Cymbidium]

don't forget to consider the fact that (and I making SEVERAL assumptions here) you're not married and your future spouse may not want to live in the place where you grew up just because you locked into a nice deal with a dentist when you were 21 (assuming you're young and unmarried). Also, the military has long term benefits not just for you but for you kids- they have special scholarship opportunities for your kids when it comes time for them to go to school. There are several other benefits like REALLY cheap insurance (for example my fiance's father was a surgeon in the military and my fiance pays $116 a year for car insurance).


That said there's no way I would ever consider the military- just a personal choice.