Glimmer1991

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Check out the first story on this from a dentist... I just thought it was sort of ridiculous. And this was written in 2013!

Her "massive debt" from dental school is $150,000. After 6 years, she still has $91,000 left to pay. She said that her first four years out, she made 150k-200k a year.

Forbes then goes on to congratulate her for having 40% of her student loans paid off after 6 years.

Maybe my view on paying off loans is extremely aggressive, but REALLY? She is making that much money and only has 40% paid off? She did open a practice after 4.5 years, but really, I can't believe she has that much left to pay, especially with such a great salary right out of the gate.

I'm interested for other thoughts on this. Granted, I do not know much of anything about finances... What I do know, however, is that my goal is to accrue as little debt as possible and then pay it off as quickly as possible.

However, her interest rates are pretty low. Maybe that's why my mindset is so different. Still, though. Unless it is for a home or a practice, I really don't want to have much debt hanging over my head.

http://www.forbes.com/sites/learnvest/2013/06/06/3-people-dish-surviving-with-massive-student-loan-debt/
 
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Ferneezy

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the answer jumps out immediately: she is paying 2.3% and 4.3% on her edu loans. none of us will likely ever enjoy rates that low.

if i were banking in the high 100s low 200s i would probably be investing at a greater return than i'm losing to that loan interest, and purchasing a practice would accelerate her overall long term wealth acquisition.

edit: the attorney in that article...man, he really got screwed.
 
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Glimmer1991

Glimmer1991

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the answer jumps out immediately: she is paying 2.3% and 4.3% on her edu loans. none of us will likely ever enjoy rates that low.
+1

You beat me to it while I was editing my post.
 
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wb1

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Yep, we are going to have grantee saving rate of (7-8)%- whatever the interest rate is. There are investments out there that yield more than that rate but it's not grantee.

Keep in mind that our take home isn't the gross amount. There are taxes ( federal, state income taxes, along with social security, state disability, etc).

Some investment are just too good to pass up. If paying off loan aggressively for 5 years just don't sit we'll with me. There should be some money put aside for investment.
 
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Glimmer1991

Glimmer1991

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Keep in mind that our take home isn't the gross amount. There are taxes ( federal, state income taxes, along with social security, state disability, etc).
Of course. However, the average starting salary that is usually touted is around $100-120k. She did very well financially her first few years out. She obviously makes more than what we would now currently consider a "typical" starting salary.

I plan on having much more than 40% of my loans paid off after six years, even if I am starting at a $100k salary. In fact, I want my loans gone by that point.

It just blows my mind how nonchalant and unconcerned people can be with their dental school loans, especially with today's interest rates. There's a reason why every experienced dental student and dentist says to go to the cheapest dental school (within reason, of course). However, I still know people right now who are going to a school that is 150k more expensive because it "feels right." If Mom and Dad aren't paying, that just seems so, well, ridiculous to me. Even as a person who has lived off my parents my entire life, I still have somewhat of a grasp of the financial side of things. My plan, from the very beginning, was to work my butt off to get into dental school with a scholarship. Making my education affordable was always a top priority for me. I just hope everyone is going to be okay financially, as loans can be crippling. I think that many of us have never been in a situation to realize the true implications of that, myself included. However, I know enough to realize that I do not ever want to be in such a situation, and I am taking the necessary steps to ensure this. I am definitely not doing everything right, but I am learning and trying. :)

After that little rant, though, I'd like to say that I do see a lot of folks on this site making smart financial choices. :D Kudos to you guys!

Seriously, though, let's take a moment to appreciate the fact that Forbes is claiming 150k debt from dental school is MASSIVE. Haha! :laugh:
 
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BlueDevil2012

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Of course. However, the average starting salary that is usually touted is around $100-120k. She did very well financially her first few years out. She obviously makes more than what we would now currently consider a "typical" starting salary.

I plan on having much more than 40% of my loans paid off after six years, even if I am starting at a $100k salary. In fact, I want my loans gone by that point.

It just blows my mind how nonchalant and unconcerned people can be with their dental school loans, especially with today's interest rates. There's a reason why every experienced dental student and dentist says to go to the cheapest dental school (within reason, of course). However, I still know people right now who are going to a school that is 150k more expensive because it "feels right." If Mom and Dad aren't paying, that just seems so, well, ridiculous to me. Even as a person who has lived off my parents my entire life, I still have somewhat of a grasp of the financial side of things. My plan, from the very beginning, was to work my butt off to get into dental school with a scholarship. Making my education affordable was always a top priority for me. I just hope everyone is going to be okay financially, as loans can be crippling. I think that many of us have never been in a situation to realize the true implications of that, myself included. However, I know enough to realize that I do not ever want to be in such a situation, and I am taking the necessary steps to ensure this.

After that little rant, though, I'd like to say that I do see a lot of folks on this site making smart financial choices. :D Kudos to you guys!

Seriously, though, let's take a moment to appreciate the fact that Forbes is claiming 150k debt from dental school is MASSIVE. Haha! :laugh:
Just curious Glimmer, how much debt are you anticipating? And have u made a final decision on which school you will attend yet?
 
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Glimmer1991

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Just curious Glimmer, how much debt are you anticipating? And have u made a final decision on which school you will attend yet?
Hey, BlueDevil! I decided on UNC. I am paying for everything except for part of my living expenses, which my parents are helping with. At the maximum, I will be taking out 110k (which is contingent on how much my parents help out). However, it will probably be closer to around 70k. Working hard has finally yielded results.

**On top of some help I got from the school, there is a new scholarship in NC for students entering healthcare fields that is 14k a year and completely forgivable, so long as you practice in NC for as many years as you receive the scholarship. I'm factoring that in, considering that it is basically awarded to anyone who applies for it (first come, first served). However, if something awful happened and I wasn't awarded the scholarship, that number would go up by 56k. I really hope that doesn't happen, though! I applied very early for the award. :) We are really lucky here in North Carolina, as that scholarship helps a LOT!
 
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sgv

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Check out the first story on this from a dentist... I just thought it was sort of ridiculous. And this was written in 2013!

Her "massive debt" from dental school is $150,000. After 6 years, she still has $91,000 left to pay. She said that her first four years out, she made 150k-200k a year.

Forbes then goes on to congratulate her for having 40% of her student loans paid off after 6 years.

Maybe my view on paying off loans is extremely aggressive, but REALLY? She is making that much money and only has 40% paid off? She did open a practice after 4.5 years, but really, I can't believe she has that much left to pay, especially with such a great salary right out of the gate.

I'm interested for other thoughts on this. Granted, I do not know much of anything about finances... What I do know, however, is that my goal is to accrue as little debt as possible and then pay it off as quickly as possible. If I am making that much money straight out of school, my loans will be gone very quickly.

However, her interest rates are pretty low. Maybe that's why my mindset is so different. Still, though. Unless it is for a home or a practice, I really don't want to have much debt hanging over my head.

http://www.forbes.com/sites/learnvest/2013/06/06/3-people-dish-surviving-with-massive-student-loan-debt/
I think Forbes used the dentist's low debt, high income, low interest rate, and fast repayment to show just how bad the other people's decisions were...

It isn't strange for dentists who graduated several years ago to postpone student loan repayment when their student loan interest rate is lower than their home or practice loan interest rate.
 
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BlueDevil2012

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Hey, BlueDevil! I decided on UNC. I am paying for all but part of my living expenses, which my parents are helping with. At the maximum, I will be taking out 110k (which is contingent on how much my parents help out). However, it will probably be closer to around 70k. Working hard has finally yielded results.

**On top of some help I got from the school, there is a new scholarship in NC for students entering healthcare fields that is 14k a year and completely forgivable, so long as you practice in NC for as many years as you receive the scholarship. I'm factoring that in, considering that it is basically awarded to anyone who applies for it (first come, first served). However, if something awful happened and I wasn't awarded the scholarship, that number would go up by 56k. I really hope that doesn't happen, though! I applied very early for the scholarship. :) We are really lucky here in North Carolina, as that scholarship helps a LOT!
Thanks Glimmer, wow UNC and NC really know how take care of their residents! Yea, your 5 yr plan seems very feasible with that debt load. I'm applying HPSP to attend my #1 but without it at my state school I'm looking at 210k (and that's with a scholarship) bums me out haha
 
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Glimmer1991

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Thanks Glimmer, wow UNC and NC really know how take care of their residents! Yea, your 5 yr plan seems very feasible with that debt load. I'm applying HPSP to attend my #1 but without it at my state school I'm looking at 210k (and that's with a scholarship) bums me out haha
I hope you get the HPSP! Fingers crossed! The scholarship is definitely a blessing. Usually, my experience has been that NC is actually crappy with its schooling decisions (teachers have HORRIBLE pay, no big state-funded merit scholarships for undergrad like the HOPE scholarship in Georgia, no insurance discounts for students having good grades, etc.). This alters my perception, though. I'm so thankful.

I'm actually considering trying to pay off my loans in 3 years, especially if they are in the 70k range... though that will all depend on my job prospects once I graduate. My long-term boyfriend is graduating from law school in 3 years, and he already has job prospects lined up (comes from a family of lawyers). He also will not have any debt, as his parents are paying for all of his school... which means that his money + mine can go toward aggressively attacking my loans. I'm in a very fortunate situation. Even with that, though, I am still being as money conscious as I can possibly be. I want to be free of the student loan shackles ASAP. :)
 
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tbond5

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Check out the first story on this from a dentist... I just thought it was sort of ridiculous. And this was written in 2013!

Her "massive debt" from dental school is $150,000. After 6 years, she still has $91,000 left to pay. She said that her first four years out, she made 150k-200k a year.

Forbes then goes on to congratulate her for having 40% of her student loans paid off after 6 years.

Maybe my view on paying off loans is extremely aggressive, but REALLY? She is making that much money and only has 40% paid off? She did open a practice after 4.5 years, but really, I can't believe she has that much left to pay, especially with such a great salary right out of the gate.

I'm interested for other thoughts on this. Granted, I do not know much of anything about finances... What I do know, however, is that my goal is to accrue as little debt as possible and then pay it off as quickly as possible. If I am making that much money straight out of school, my loans will be gone very quickly.

However, her interest rates are pretty low. Maybe that's why my mindset is so different. Still, though. Unless it is for a home or a practice, I really don't want to have much debt hanging over my head.

http://www.forbes.com/sites/learnvest/2013/06/06/3-people-dish-surviving-with-massive-student-loan-debt/
This makes me doubt Forbes' credibility.
 

Illfavor

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Debt is a cancer, an insidious and malevolent plague that insinuates itself into every crevice of life. We must be radical in our evisceration of this monster, forsaking blood and bone for the visage of its' shell, crumpled, burning, and dead in the fires of our prosperity.
 

squigloo

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Man, 150k in loans and the expenditure of opening her own practice 5 years after graduation? She has it tough. :zip:
 
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Glimmer1991

Glimmer1991

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150k in dental school loans at 2.3% interest? And making 150k a year to start?
HOW MASSIVE.
P.S. The goal of today is to take anything that isn't really a big deal and call it "massive."



LOL, I love where this thread is going. :laugh:
 
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Glimmer1991

Glimmer1991

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Debt is a cancer, an insidious and malevolent plague that insinuates itself into every crevice of life. We must be radical in our evisceration of this monster, forsaking blood and bone for the visage of its' shell, crumpled, burning, and dead in the fires of our prosperity.
This needs to be added to the "go to the cheapest school" thread. :laugh:
 
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Illfavor

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Dis lady got it all figured out. Representin' womankind da rite way. #luvher
There is conclusive evidence women cannot do more than one thing at a time. This is why women are outlawed from the Alliance of Professional Jugglers, Acrobats and Circusfolk.
 

Longcatislong

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Hey, BlueDevil! I decided on UNC. I am paying for everything except for part of my living expenses, which my parents are helping with. At the maximum, I will be taking out 110k (which is contingent on how much my parents help out). However, it will probably be closer to around 70k. Working hard has finally yielded results.

**On top of some help I got from the school, there is a new scholarship in NC for students entering healthcare fields that is 14k a year and completely forgivable, so long as you practice in NC for as many years as you receive the scholarship. I'm factoring that in, considering that it is basically awarded to anyone who applies for it (first come, first served). However, if something awful happened and I wasn't awarded the scholarship, that number would go up by 56k. I really hope that doesn't happen, though! I applied very early for the award. :) We are really lucky here in North Carolina, as that scholarship helps a LOT!
Man, I'm jealous. My cheapest school will still run me ~350,000 after four years. Even if, lord willing, I get accepted to my state school, I'm still looking at the 300K range for debt.
 

gn4

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would it be wise to attack your loans hard from the getgo even if it means not saving much? just to pay off school loans as fast as possible?
 

Illfavor

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would it be wise to attack your loans hard from the getgo even if it means not saving much? just to pay off school loans as fast as possible?
Depends on what kind of savings/investments. With 7% interest I'm not sure it's worthwhile to delay.
 
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sgv

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would it be wise to attack your loans hard from the getgo even if it means not saving much? just to pay off school loans as fast as possible?
i'm only a d1 but i would think that depending on what direction you take your career, either paying off student loans quickly or postponing it could be a good idea. it makes sense to me that you would pay off your student loans as little as possible if you just started your practice and make little income with the hopes that you increased your earning potential over working as an associate. but that could bite you in the butt if your practice goes south. or life could go your way and you end up making more money than if you stayed an associate and paid off your loans on an associate salary. if i had an academic career in mind, i'd do that special teacher's ibr for ten years
 
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Ferneezy

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would it be wise to attack your loans hard from the getgo even if it means not saving much? just to pay off school loans as fast as possible?
Given the nature of what we'll be doing, probably not. Even though rates on grad school loans kinda suck, within reason, they are free money to allow us to pursue situations where we can attain the level of income that can make virtually any level of debt irrelevant.

That said, it's not a bad idea to be mindful of your school debt, just don't sacrifice the advantages of compound interest in your long term retirement vehicles.

God, SDN makes it very tedious to enter text from mobile after the forum redesign.
 
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150k in dental school loans at 2.3% interest? And making 150k a year to start?
HOW MASSIVE.
P.S. The goal of today is to take anything that isn't really a big deal and call it "massive."



LOL, I love where this thread is going. :laugh:
I won't have money for bottled wine, boxed wine!!
 

Jbrowndds

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When the time comes, I'm hoping to just pay my loans off quick. Like within 3 years. Dental school will probably be 2x what it is now. Class of 2020... :(
 
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Check out the first story on this from a dentist... I just thought it was sort of ridiculous. And this was written in 2013!

Her "massive debt" from dental school is $150,000. After 6 years, she still has $91,000 left to pay. She said that her first four years out, she made 150k-200k a year.

Forbes then goes on to congratulate her for having 40% of her student loans paid off after 6 years.

Maybe my view on paying off loans is extremely aggressive, but REALLY? She is making that much money and only has 40% paid off? She did open a practice after 4.5 years, but really, I can't believe she has that much left to pay, especially with such a great salary right out of the gate.

I'm interested for other thoughts on this. Granted, I do not know much of anything about finances... What I do know, however, is that my goal is to accrue as little debt as possible and then pay it off as quickly as possible.

However, her interest rates are pretty low. Maybe that's why my mindset is so different. Still, though. Unless it is for a home or a practice, I really don't want to have much debt hanging over my head.

http://www.forbes.com/sites/learnvest/2013/06/06/3-people-dish-surviving-with-massive-student-loan-debt/[/
Check out the first story on this from a dentist... I just thought it was sort of ridiculous. And this was written in 2013!

Her "massive debt" from dental school is $150,000. After 6 years, she still has $91,000 left to pay. She said that her first four years out, she made 150k-200k a year.

Forbes then goes on to congratulate her for having 40% of her student loans paid off after 6 years.

Maybe my view on paying off loans is extremely aggressive, but REALLY? She is making that much money and only has 40% paid off? She did open a practice after 4.5 years, but really, I can't believe she has that much left to pay, especially with such a great salary right out of the gate.

I'm interested for other thoughts on this. Granted, I do not know much of anything about finances... What I do know, however, is that my goal is to accrue as little debt as possible and then pay it off as quickly as possible.

However, her interest rates are pretty low. Maybe that's why my mindset is so different. Still, though. Unless it is for a home or a practice, I really don't want to have much debt hanging over my head.

http://www.forbes.com/sites/learnvest/2013/06/06/3-people-dish-surviving-with-massive-student-loan-debt/
After I graduated from school I had paid off my loans of 120,000 in 4 years at a much lower salary. The key is to make sacrifices and live modestly and don't make stupid financial decisions. If you buy let's say a 300k house and Mercedes right outa school sure yer gonna be hurtin.
 
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would it be wise to attack your loans hard from the getgo even if it means not saving much? just to pay off school loans as fast as possible?
No, not if you want to open your own practice. The subject of the article was probably too busy saving 50,000$ or 100,000$ to put toward the purchase of a practice to put it towards their loans. I will probably delay paying off the bulk of my loans in favor of opening my own practice too.
 
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Illfavor

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No, not if you want to open your own practice. The subject of the article was probably too busy saving 50,000$ or 100,000$ to put toward the purchase of a practice to put it towards their loans. I will probably delay paying off the bulk of my loans in favor of opening my own practice too.
But if your practice loan is at a lower interest rate...
 

Contach

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He also will not have any debt, as his parents are paying for all of his school... which means that his money + mine can go toward aggressively attacking my loans. I'm in a very fortunate situation. Even with that, though, I am still being as money conscious as I can possibly be. I want to be free of the student loan shackles ASAP. :)
Haha, this made me laugh.
 
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After I graduated from school I had paid off my loans of 120,000 in 4 years at a much lower salary. The key is to make sacrifices and live modestly and don't make stupid financial decisions. If you buy let's say a 300k house and Mercedes right outa school sure yer gonna be hurtin.
Wow where do you live that you can buy a house for that cheap? In my town that will get you a one bedroom condo...maybe... :(
 
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Glimmer1991

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Wow where do you live that you can buy a house for that cheap? In my town that will get you a one bedroom condo...maybe... :(
In my area of North Carolina, where the cost of living is actually not that cheap, ~300k can buy you quite a nice house. Sure, not a mansion, but certainly nice. And with a good amount of land. I am not in the middle of nowhere. :)
 
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Wow where do you live that you can buy a house for that cheap? In my town that will get you a one bedroom condo...maybe... :(

Good point! Im from Rochester in upstate NY. House prices are a lot cheaper here than most other regions.
 
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Stay off the coast and that's totally doable.
Yeah, I'm not really willing to live away from the coast so that's probably not doable for me :/ I can't imagine living more than an hour from the ocean
 

tbond5

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Yeah, I'm not really willing to live away from the coast so that's probably not doable for me :/ I can't imagine living more than an hour from the ocean
I feel ya. I'm from Seattle and that's where I want to live. It can be pricey but I love it there.
 

Jbrowndds

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Come to Texas! 300K will get you into a nice gated community on a golf course.