Positively debt

[byuAD]

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Alright so there are already a few posts just underneath this that talk about debt and how crazy it is becoming. And it is all just depressing. I am starting at Midwestern-AZ this next fall and will take on an additional $360k (at least).

Is there any hope??

These other posts say its not worth it, i will be "poor" for at least a decade, etc. If there is anybody with some positive comments, please post. Obviously I'm not forced to come on SDN and read the posts, but I'm tired of feeling like my decision to go to dental school was a terrible one. I'm also tired of people saying to go to a state school. Well I'm from California and didn't get into any of the state schools (UCLA or UCSF)..BUT even if I did, I would still be in 250k-300k easily. I am as frugal as can be - my wife hates it. But i just can't see any way of lessening my loans. I am looking at NHSC scholarship/repayment, but even then it still looks like a tough road.

Where are the success stories? Are there any?

 

[Sublimazing]

Does your wife work?
Do u have money saved up?
Will you still like being a dentist even if you're only bringing home 45-55k?

 

[byuAD]

Wife stays at home with son and does what she can bringing in a little...And no real savings. We are on food stamps, WIC, etc. Seriously, 45k-55k would be living the rich life. I'm just nervous taking on that amount of debt...those numbers deter me from even contemplating a specialty residency because they would just balloon with interest.

 

[Shnurek]

Don't be a financial slave to the government. Don't do something you can't afford. That's my opinion.

Where are the success stories? Are there any?

Heh, tuition has never ever been nearly this high. You'd have to wait and see in 10-20 years what people that are in training now would tell you to do.

http://www.mymoneyblog.com/images/1007/tuition.gif (This is undergraduate tuition but it is closely correlated to graduate/professional school tuition)

 

[Sublimazing]

Wife stays at home with son and does what she can bringing in a little...And no real savings. We are on food stamps, WIC, etc. Seriously, 45k-55k would be living the rich life. I'm just nervous taking on that amount of debt...those numbers deter me from even contemplating a specialty residency because they would just balloon with interest.

If 50k is the rich life then you're fine. And with specializing that would mean you wouldn't have an income for 4 years...and maybe longer depending on the program.

There's always going to be corporate jobs...and while they aren't great or a permanent solution they pay very well for a new grad

Otherwise you're looking at 80-100k coming freshout, minus taxes, minus 20-35k in loan payments per year.

 

[Daurang]

If you plan to return to California, NO. Did you hear about California's new regulation where a high school grad with only 2 extra years of school can drill, fill, extract, make denture, operate independently without dentist supervision? The same plan are being considered in WA, MA, and other states. What do you think these 'dental therapist' with comparatively zero debt will do to you income and debt payment ability?

 

[yappy]

I just read up on this after reading this post!

Why do you need a DDS if expanded function dental assistance are able to all that they can do with a 2 year degree? What is the point of doing the prereqs, dental school, possible residency when the state lends power to these EFDA to do most all dental duties? What would be the differnce between a EFDA and dentist to a dental mill or patient?

If you plan to return to California, NO. Did you hear about California's new regulation where a high school grad with only 2 extra years of school can drill, fill, extract, make denture, operate independently without dentist supervision? The same plan are being considered in WA, MA, and other states. What do you think these 'dental therapist' with comparatively zero debt will do to you income and debt payment ability?

 

[DMDWANNABEE]

EFDAs are not that concerning. Autonomous dental therapists, a proposed type of mid-level provider, might become problematic. Fortunately, though there are schools that train them, dental therapists are not yet completely autonomous.

I think I posted a thread on this that got some play like a month ago.

I think the moral of the story is that you should avoid excessive debt because a six-figure salary is not necessarily in the bag for life.

 

[Destiny11]

Alright so there are already a few posts just underneath this that talk about debt and how crazy it is becoming. And it is all just depressing. I am starting at Midwestern-AZ this next fall and will take on an additional $360k (at least).

Is there any hope??

These other posts say its not worth it, i will be "poor" for at least a decade, etc. If there is anybody with some positive comments, please post. Obviously I'm not forced to come on SDN and read the posts, but I'm tired of feeling like my decision to go to dental school was a terrible one. I'm also tired of people saying to go to a state school. Well I'm from California and didn't get into any of the state schools (UCLA or UCSF)..BUT even if I did, I would still be in 250k-300k easily. I am as frugal as can be - my wife hates it. But i just can't see any way of lessening my loans. I am looking at NHSC scholarship/repayment, but even then it still looks like a tough road.

Where are the success stories? Are there any?

Apply for scholarships now. NHSC and military. Get the scholarship first and decide if you want them later. You will find many students at MWU have rich parents and have not needed to work, and you will also find many students on these scholarships.

 

[Sublimazing]

Apply for scholarships now. NHSC and military. Get the scholarship first and decide if you want them later. You will find many students at MWU have rich parents and have not needed to work, and you will also find many students on these scholarships.

Yeah, I'd really look into those military scholarships first before you blindly go after that.

 

[Ostracized]

Wife stays at home with son and does what she can bringing in a little...And no real savings. We are on food stamps, WIC, etc. Seriously, 45k-55k would be living the rich life. I'm just nervous taking on that amount of debt...those numbers deter me from even contemplating a specialty residency because they would just balloon with interest.

When I hear stuff like this - I wonder why even go into dentistry? There are much easier ways to make 50K a year!

 

[yappy]

The dental education and lic. affords many opportunties and the possibility to make more than 50k per year. They wont be in debt forever.

When I hear stuff like this - I wonder why even go into dentistry? There are much easier ways to make 50K a year!

 

[Chrono]

When I hear stuff like this - I wonder why even go into dentistry? There are much easier ways to make 50K a year!

Yeah, just one slight problem though with a typical "job", all they have to say is "you're fired" and BOOM you're back to square one - how long will that 50K job last, and how many times do you want to keep looking for a job and live in such uncertainty? As a Dentist you have a LICENSE and their are few people who can do what you do. You don't like the dental clinic you're working at? Join another (chain, private whatever - you'll get something somewhere GUARANTEED). Also, anyone can work in an office, but can that office employee work as a dentist? NO. You have a very specialized skill that only you and other dentists can do. This is huge protection for you.

Job security is a big deal. My dad is a certain kind of therapist and gets flooded with job offers, calls from recruiters etc. He can quit his job and get another in 5 minutes (6 figures). How many people do you know who can bounce back that fast? His profession is in demand and their are shortages everywhere for his services. That's the power of healthcare versus other fields like law as the article below further illustrates. It's all about being in DEMAND.

http://kerrigancollegeplanning.com/2011/08/caveat-emptor-unemployed-nyu-law-school-grads-sue-school/

 

[Dr. Dai Phan]

Alright so there are already a few posts just underneath this that talk about debt and how crazy it is becoming. And it is all just depressing. I am starting at Midwestern-AZ this next fall and will take on an additional $360k (at least).

Is there any hope??

These other posts say its not worth it, i will be "poor" for at least a decade, etc. If there is anybody with some positive comments, please post. Obviously I'm not forced to come on SDN and read the posts, but I'm tired of feeling like my decision to go to dental school was a terrible one. I'm also tired of people saying to go to a state school. Well I'm from California and didn't get into any of the state schools (UCLA or UCSF)..BUT even if I did, I would still be in 250k-300k easily. I am as frugal as can be - my wife hates it. But i just can't see any way of lessening my loans. I am looking at NHSC scholarship/repayment, but even then it still looks like a tough road.

Where are the success stories? Are there any?

Greetings,

Don't be scared with the amount of school debt. You owned 360K for student loan but you will be making at least 120-150K when you start out so it is not that bad. DP

 

[Cold Front]

Greetings,

Don't be scared with the amount of school debt. You owned 360K for student loan but you will be making at least 120-150K when you start out so it is not that bad. DP

I think the next big economic bubble in this country will be student loans.

 

[thewobblytooth]

well even if you make 120k-150k starting your first few years, 50k will go to taxes, 30k will go to loan repayment, and the rest will be yours to spend on a house payment, saving up to buy out a practice, car payment, insurance, etc. It dwindles pretty quickly. Hopefully you buy out sooner than later!

 

[Dr. Dai Phan]

well even if you make 120k-150k starting your first few years, 50k will go to taxes, 30k will go to loan repayment, and the rest will be yours to spend on a house payment, saving up to buy out a practice, car payment, insurance, etc. It dwindles pretty quickly. Hopefully you buy out sooner than later!

The saving grace with student loan is that you pay what you can under the circumstances. You can defer, have forbearance or pay less than what you need to pay and not be in a deep hole like the housing market. I would defer or stretch the loan term out (maximum is 30 years) then pay more once the practice starts to thrive. Many of my former students are now doing very well. DP

 

[kitejunky27]

this 50k talk is kinda ridiculous. Sure you will spend on loans and then there is also tax. But everyone has tax. Dont go telling people they will be making 45-50 after tax and having them compare that to other professions before tax payment rates.

 

[bikedoc]

As a pre-dental or current dental student, I would be careful reading these types of alarmist threads. Everyone has an opinion of where they think the profession is going, echoing the same rhetoric that you hear on the 24 hour news network, America as we know it is over, stock up on food, buy gold, the world is going to end. The fact remains, yes dental school is expensive and yes general dentistry has slowed down, but there is still opportunity. Many of my former classmates are working in California. In areas of S. Cal, things are a bit more saturated, sometimes they are working 2-3 different practices, but they are employed, making good money, living good lives, and yes paying off their student loans. Cream always rises to the top, there is always need for a good, hardworking, honest dentist; just may be harder to set up in Irvine Ca.

As for large amounts of school debt, the military is a good option, public health for a few years was an option I looked into and is a great way to pay off some of your loans, not to mention if it is a high volume clinic, build your speed!

 

[byuAD]

As a pre-dental or current dental student, I would be careful reading these types of alarmist threads. Everyone has an opinion of where they think the profession is going, echoing the same rhetoric that you hear on the 24 hour news network, America as we know it is over, stock up on food, buy gold, the world is going to end. The fact remains, yes dental school is expensive and yes general dentistry has slowed down, but there is still opportunity. Many of my former classmates are working in California. In areas of S. Cal, things are a bit more saturated, sometimes they are working 2-3 different practices, but they are employed, making good money, living good lives, and yes paying off their student loans. Cream always rises to the top, there is always need for a good, hardworking, honest dentist; just may be harder to set up in Irvine Ca.

As for large amounts of school debt, the military is a good option, public health for a few years was an option I looked into and is a great way to pay off some of your loans, not to mention if it is a high volume clinic, build your speed!

👍

Thanks! This is what I was looking for and gives me hope!🙂

 

[charlestweed]

One easiest way to pay back the student loans fast is to pay more than the minimum required monthly payment every month. When you do this, you force yourself to live within your means. Stretching the repayment period to 30 years allows you to have extra cash to spend on things that you are not supposed to (ie fancy cars, electronic gadgets etc)….. and this is very dangerous.

The dentists who have their own practices usually pay off their student loans sooner than the dentists who work for someone else. It is actually not very hard to start a practice (yes, even in saturated areas like Southern California) if you keep the overhead low as low as possible. Many successful dentists I know are the dentists who have the 1-doctor, 1-assistant, 2-chair type of practice.