Questioning my decision

[Gk135464]

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I got into my state school for dental school, which I was initially thrilled and relieved about. But it’s been a few weeks, and I can’t help but feel extremely anxious about the future. The reality of being in an enormous amount of debt for so many years is frightening, and hearing testimonials from current dentists about how difficult it is to run a practice or even to be an associate nowadays has me doubting my decision. I don’t know if my nerves are just fear of the unknown or if my gut is trying to tell me something. Did anyone else feel this way before starting?

 

[deleted903013]

I would say it's probably normal if you truly understand how daunting dental school debt is, which you clearly do. I felt the exact same way. It's good you got into your state school! Do you know roughly how much debt you're looking at?

 

[Gk135464]

I would say it's probably normal if you truly understand how daunting dental school debt is, which you clearly do. I felt the exact same way. It's good you got into your state school! Do you know roughly how much debt you're looking at?

Just tuition and fees for 4 years would be ~240,000

 

[spidermedic]

I got into my STATE school for dental school,

This is all I had to read. You've got a golden ticket my dude/dudette. You're already better off (financially) than 3/4 of prospective dentistry students out there. $240k is chump change since you'll be making money in 4 years. I'm in med but IMO anything <$450k is a good dental for dental school

 

[deleted903013]

IMO anything <$450k is a good dental for dental school

Disagree

 

[spidermedic]

Disagree

Maybe location dependent but in some (lesser desirable) states very few professions exist that can compare to the income/lifestyle. Not everyone wants to do med (MD/DO/PA) and. I do have friends who make great money with just a BS (non-SWE) and <$30k debt on the coasts but it took them 4-5 years to get those jobs.

If someone can become a dentist by 26-27 there is enough time to make it worthwhile (even paying it down aggressively to $200k and then slowing down to enjoy life more). N=1 but an older family friend became a dentist in her 40s. Her family made <$60k before. She went to a very expensive DS OOS but now has a $800k house, nice cars, vacation. I know it's all via debt/huge loans for her but her quality of life improved substantially. Her children and family now will have increased opportunities than had she not made the transition. Maybe nursing was another viable option (less debt and quicker) but to each their own I guess

So many DS easily reach 350-600k these days. If we tell everyone "it's not worth it" then only children with wealthy parents who can cover part/all of the cost will attend

 

[carsandmedicine]

This is all I had to read. You've got a golden ticket my dude/dudette. You're already better off (financially) than 3/4 of prospective dentistry students out there. $240k is chump change since you'll be making money in 4 years. I'm in med but IMO anything <$450k is a good dental for dental school

I would say 380k or under

 

[LFA20]

Just tuition and fees for 4 years would be ~240,000

That’s still a sizable amount of debt but certainly much much better than what an average new grad will come out owing. You’re lucky.

Focus in school, do well, and get ready to work hard.

 

[carsandmedicine]

That’s still a sizable amount of debt but certainly much much better than what an average new grad will come out owing. You’re lucky.

Focus in school, do well, and get ready to work hard.

for 240k, I would say it is def worth it. Once you get closer to 400k then it is a maybe. At 500k definitely not.

 

[deleted903013]

for 240k, I would say it is def worth it. Once you get closer to 400k then it is a maybe. At 500k definitely not.

That 240k will turn into 350k after factoring living expenses, tuition hikes, and interest.

 

[Middle Age DDS]

No problem with 240. Congratulations!!! This should be what every young dental student should look for. Go back 20 plus years and I had anxiety about 130K. I don't think it was a bad thing as it was a priority to pay it back while dealing with buying/growing a practice, having kids etc. So don't lose your concern but have confidence it will work out. Focus on being a good dentist in school and you will have a nice life.

My concern is a young dental student saying that 600k plus is no big deal. It is a real big deal and if you are cavalier about it, it will cripple your life.

 

[George Lincoln]

I got into my state school for dental school, which I was initially thrilled and relieved about. But it’s been a few weeks, and I can’t help but feel extremely anxious about the future. The reality of being in an enormous amount of debt for so many years is frightening, and hearing testimonials from current dentists about how difficult it is to run a practice or even to be an associate nowadays has me doubting my decision. I don’t know if my nerves are just fear of the unknown or if my gut is trying to tell me something. Did anyone else feel this way before starting?

As far as debt state schools are the best option. Doing anything worthwhile is daunting but I recently retired after graduating in 1976. While things have changed for the most part they remain the same. With the aging population the need for care is only going up. While the cost of incorporating technology into practice has gone up it also can reduce overhead. As far as financial information most Dentists and Physicians are about the worse source of information. Most studies show that most do not have the financial depth to retire at 65. Some studies quote under 5%,yikes. When you consider what the average income for Dentists is that’s crazy. So you need to really look at debt and retirement from day one. In the beginning it’s daunting but with the right consideration you can afford to practice live well and retire. I lived well ran a practice with a 4000 square foot facility at below national overhead and have significant net worth. The career was rewarding as was my life as a professional in my community. My children have no educational debt and trust funds as well. Life as a professional won’t be easy but it can be a life well lived. Good luck.

 

[spidermedic]

As far as debt state schools are the best option. Doing anything worthwhile is daunting but I recently retired after graduating in 1976. While things have changed for the most part they remain the same. With the aging population the need for care is only going up. While the cost of incorporating technology into practice has gone up it also can reduce overhead. As far as financial information most Dentists and Physicians are about the worse source of information. Most studies show that most do not have the financial depth to retire at 65. Some studies quote under 5%,yikes. When you consider what the average income for Dentists is that’s crazy. So you need to really look at debt and retirement from day one. In the beginning it’s daunting but with the right consideration you can afford to practice live well and retire. I lived well ran a practice with a 4000 square foot facility at below national overhead and have significant net worth. The career was rewarding as was my life as a professional in my community. My children have no educational debt and trust funds as well. Life as a professional won’t be easy but it can be a life well lived. Good luck.

I like hearing from with lots of experience like yourself. At the same time I feel like for the right person (motivated, willing to work 1.5x FT for the first 4 years, young) it is doable regardless of debt (obviously the lower the better) and pay it down quickly. I could, for example, say that my gap years cost me $1.2m+ in lost income as a future physician. I also have classmates in their late 30s who will practice for 15-20 years less than the younger ones. Should they also have said it's not worth it and never done it?

When someone says "retire" is one indicating retiring and living in a nursing home that costs $15k/month? Or are expecting to continue to spend $100k+/year? How much net worth is enough? Does everyone need $8m? My parents and many others I know will retire just fine with $200-$400k net worth in areas with lower/average COL when you take into account social security, medicare, reduced expenses (eating less, driving less, hopefully house is paid off, no expensive kids). Obviously, they won't have the luxury to travel to the maldives every month or whatever. I also know people with a fraction of that surviving just fine.

I shadowed a doctor who is by no means rich but essentially semi-retired in his 40s and attended an expensive DO school. Worked ~15 hours/week between clinic and teaching mostly to stay busy and not turn into a vegetable. Spent most of his free time outdoors (which is relatively inexpensive). Drove a basic car (subaru). It's very easy to live like him on $40k/year in spending money. Hypothetically speaking even if he had 1.5m drawing 4% a year is enough, and even if he had to dive into the principal itself he'd likely pass before spending all of it.

 

[2TH MVR]

Success in life is retiring under YOUR terms. So many in the work force talk about retiring at a specific time whether they have the resources or not. That's why I've always preached that you should always choose the profession that you see yourself doing for a long time. Just because ___________ type of doctor/dentist makes this income is important, but you better damn well like your profession for life.

I personally have no set age on retiring. I enjoy what I do and cannot imagine a time where I am not practicing orthodontics. But I am in the position to practice how I want and how often I want. I obviously benefited from not incurring a large total education debt (<100K).

For the OP. Yeah. 240K is very doable. Just get through DS. Plenty of opportunities for dentists. Obviously easier in certain areas vs. the saturated areas.

 

[thepfourthmolar]

Just tuition and fees for 4 years would be ~240,000

240K and in-state school? Thats great! Honestly, I would be pretty happy if I was in your situation. WIll you be commuting to school or do you have to move out?

 

[Gk135464]

240K and in-state school? Thats great! Honestly, I would be pretty happy if I was in your situation. WIll you be commuting to school or do you have to move out?

I would move out to the area. The school estimates the room and board to be around 20,000 a year, but I do think that cost can be reduced by doing things like getting a roommate and finding cheaper apartments