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First, before I get into the financial aspects of this post I want to say that I love dentistry and I would be happy doing it for a decent income. No amount of money can ever make you content and I know that, but I have some growing concerns over the bills I will owe when graduating from dental school.
Currently, when I graduate from dental school (Loma Linda) I will owe right at 350k in student loans. It seems there are tons of different avenues you can approach repayment on these loans. I just wanted to really open this discussion up to you all to hear ideas. I love hearing what advice others have and hopefully you will all chime in on this discussion.
Options I have:
A) Get a job working as an associate for about 5 years. I have seen that most associates earn at least ~$120,000/yr. I am used to living on barely anything, so if I were to net $50,000/yr, that would be a wonderful living to me. At this rate (disregarding interest for the moment) I could pay down this loan significantly. At least get it down to where I owe less than $75,000. After the student loans have been paid down, try to then start a practice.
B) Get out of school and start a practice. This, in my opinion, is VERY risky. I would be scared to sleep at night knowing I owed next to one MILLION dollars. It seems if you do it this way, you end up getting hit hard by the interest on the back end (student loans). The interest from the practice loan + the interest from the student loans is astronomical. I just used $350,000 as a number for both the loans and the practice setup, putting us at a grand total of $700,000 in debt.
Please, someone explain the best way to approach all of this. I know dentists that have about 5 years or so of experience are the best to ask about this. I will take advice from anyone though...this is preposterous that we will owe this much money.
Something has to be done about this. I know the professors at dental schools are highly trained, well-educated individuals who deserve to get paid a nice amount. But, this tuition is getting out of hand, I mean 350k??? That is a TON of money. I come from a family that are hard-working country people so maybe I'm over-reacting because I'm not used to throwing numbers like that around.
Currently, when I graduate from dental school (Loma Linda) I will owe right at 350k in student loans. It seems there are tons of different avenues you can approach repayment on these loans. I just wanted to really open this discussion up to you all to hear ideas. I love hearing what advice others have and hopefully you will all chime in on this discussion.
Options I have:
A) Get a job working as an associate for about 5 years. I have seen that most associates earn at least ~$120,000/yr. I am used to living on barely anything, so if I were to net $50,000/yr, that would be a wonderful living to me. At this rate (disregarding interest for the moment) I could pay down this loan significantly. At least get it down to where I owe less than $75,000. After the student loans have been paid down, try to then start a practice.
B) Get out of school and start a practice. This, in my opinion, is VERY risky. I would be scared to sleep at night knowing I owed next to one MILLION dollars. It seems if you do it this way, you end up getting hit hard by the interest on the back end (student loans). The interest from the practice loan + the interest from the student loans is astronomical. I just used $350,000 as a number for both the loans and the practice setup, putting us at a grand total of $700,000 in debt.
Please, someone explain the best way to approach all of this. I know dentists that have about 5 years or so of experience are the best to ask about this. I will take advice from anyone though...this is preposterous that we will owe this much money.
Something has to be done about this. I know the professors at dental schools are highly trained, well-educated individuals who deserve to get paid a nice amount. But, this tuition is getting out of hand, I mean 350k??? That is a TON of money. I come from a family that are hard-working country people so maybe I'm over-reacting because I'm not used to throwing numbers like that around.
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