Whats a good amount of debt to graduate with dental school & what would you do?

This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
D

deleted738762

If I graduate from my in state school I'm looking at around 190k debt when I calculated their numbers that were provided on the website, assuming I live with my parents. This seems pretty good to me, especially if you compare it to NYU where it's more than 500k. I also ran the numbers on Maryland and you can graduate with 170k debt if you are a instate resident living at home with your parents. I guess my question is what is the average debt a dental school grad has? and would you apply to a dental school that might burden you with a potential debt of 500k or I guess maybe even 400k?

I just want to see other peoples perspective on how they handle applying to schools with that much debt.
Thanks

Members don't see this ad.
 
The less the better. I would try to keep it unde 200K if that's possible. That's my goal. I hear average I say like 250k
 
Don't forget interest! With accrued interest, I found it hard to stay under $300K. Sucks when you consider that many dentists had ~100-150K 15 years ago
Too bad dental/med school 40 years ago was less than $1000/semester lol
 
Members don't see this ad :)
Uhh....I would say that the average student graduates with 300k+ worth of debt. A majority of schools cost 300K or more nowadays.

A dental school that would cost me under 300K is a bargain.
 
Zero









For people who are on the fence regarding dental school, being in $300-500k in debt can't be justified. Paying 3 to 6 thousand a month in loan payments is 3 to 6 thousand a month that can be spent investing, saving for retirement, or having 3 luxury car payments. However if dentistry is the "only" career choice that's available to them, because doing a 9 to 5 isn't their thing or being a PA/RN/RDH puts you in a position where you have to deal with a boss, then being in debt to pursue that type of freedom is totally worth it
 
  • Like
Reactions: 1 users
Zero









For people who are on the fence regarding dental school, being in $300-500k in debt can't be justified. Paying 3 to 6 thousand a month in loan payments is 3 to 6 thousand a month that can be spent investing, saving for retirement, or having 3 luxury car payments. However if dentistry is the "only" career choice that's available to them, because doing a 9 to 5 isn't their thing or being a PA/RN/RDH puts you in a position where you have to deal with a boss, then being in debt to pursue that type of freedom is totally worth it

AMEN!
 
  • Like
Reactions: 1 user
270k pre-interest is *my* goal.
360k post interest

10 year payment plan = 3000 a month (36,000 a year)
15 years = 2200 a month (26,400 a year)

120,000 for first 5 years = 87,000 take home
>50,000 spending money on a 10 year plan
>60,000 spending money on a 15 year plan

I will be making more than 150k a year after 5 years
--> 108,000 take home

As you can see, stretching the payments helps tremendously and allows for huge flexibility. You can pay off more when you make more, and save more when you can't afford to spend the money
 
Last edited:
  • Like
Reactions: 5 users
270k pre-interest is *my* goal.
360k post interest

10 year payment plan = 3000 a month (36,000 a year)
15 years = 2200 a month (26,400 a year)

120,000 for first 5 years = 87,000 take home
>50,000 spending money on a 10 year plan
>60,000 spending money on a 15 year plan

I will be making more than 150k a year after 5 years
--> 108,000 take home

As you can see, stretching the payments helps tremendously and allows for huge flexibility. You can pay off more when you make more, and save more when you can't afford to spend the money

87,000 take home..........before taxes :((((((((((((((((((
 
270k pre-interest is *my* goal.
360k post interest

10 year payment plan = 3000 a month (36,000 a year)
15 years = 2200 a month (26,400 a year)

120,000 for first 5 years = 87,000 take home
>50,000 spending money on a 10 year plan
>60,000 spending money on a 15 year plan

I will be making more than 150k a year after 5 years
--> 108,000 take home

As you can see, stretching the payments helps tremendously and allows for huge flexibility. You can pay off more when you make more, and save more when you can't afford to spend the money
Are those the best repayment options or are those coming from a general idea?
 
270k pre-interest is *my* goal.
360k post interest

10 year payment plan = 3000 a month (36,000 a year)
15 years = 2200 a month (26,400 a year)

120,000 for first 5 years = 87,000 take home
>50,000 spending money on a 10 year plan
>60,000 spending money on a 15 year plan

I will be making more than 150k a year after 5 years
--> 108,000 take home

As you can see, stretching the payments helps tremendously and allows for huge flexibility. You can pay off more when you make more, and save more when you can't afford to spend the money


If you are still making $150k after 5 years, you are doing something wrong or still working for someone else.
 
Members don't see this ad :)
1t0zm1.jpg
.
 
  • Like
Reactions: 2 users
If you are still making $150k after 5 years, you are doing something wrong or still working for someone else.

Lol. The law of averages are against you if you think you will make bank in Dentistry. It's a good field regardless, but the average is 179k from 2015 numbers.

I don't know what your debt load is but you should evaluate the cash flow of your degree versus income. When we buy dental practices we look at the average cash flow versus debt.

I can go 1.2 mil in debt....and have a cash flow of 300k after paying off loans. Banks will lend that to me

I can go 500k in debt....and the cash flow is about 150k after paying off loans. Banks may not lend that to me depending on student loans.

I can go 300k in debt....and the cash flow is about 50k after paying off loans. Banks will not lend that to me.

That being said, you should evaluate dentistry the same way. Whats your debt load, and whats your cash flow? The law of averages says 179k salary. I dunno what else to tell ya.
 
270k pre-interest is *my* goal.
360k post interest

10 year payment plan = 3000 a month (36,000 a year)
15 years = 2200 a month (26,400 a year)

120,000 for first 5 years = 87,000 take home
>50,000 spending money on a 10 year plan
>60,000 spending money on a 15 year plan

I will be making more than 150k a year after 5 years
--> 108,000 take home

As you can see, stretching the payments helps tremendously and allows for huge flexibility. You can pay off more when you make more, and save more when you can't afford to spend the money
So, you're going to owe the Dept. of Education $360,000 at time of graduation? It'll take more than $3,000 a month to pay that off in 10 years. I'm not sure you've factored in interest. Doing so the 10 year repayment would be around $4,100 a month. 15 year plan is around $3,100.

Big Hoss
 
So, you're going to owe the Dept. of Education $360,000 at time of graduation? It'll take more than $3,000 a month to pay that off in 10 years. I'm not sure you've factored in interest. Doing so the 10 year repayment would be around $4,100 a month. 15 year plan is around $3,100.

Big Hoss
Hoss, I posted in the first 2 lines you read 270k pre interest, 360 post interest.

3000 a month by today's standards isn't bad, especially after income increases after a few years
 
Lol. The law of averages are against you if you think you will make bank in Dentistry. It's a good field regardless, but the average is 179k from 2015 numbers.

I don't know what your debt load is but you should evaluate the cash flow of your degree versus income. When we buy dental practices we look at the average cash flow versus debt.

I can go 1.2 mil in debt....and have a cash flow of 300k after paying off loans. Banks will lend that to me

I can go 500k in debt....and the cash flow is about 150k after paying off loans. Banks may not lend that to me depending on student loans.

I can go 300k in debt....and the cash flow is about 50k after paying off loans. Banks will not lend that to me.

That being said, you should evaluate dentistry the same way. Whats your debt load, and whats your cash flow? The law of averages says 179k salary. I dunno what else to tell ya.

Those ADA averages are based on w2 salaries and not additinal income from practice profit. I stand by my statement.
 
  • Like
Reactions: 1 user
Dentist told me if you don't net200-300 k/year you're not working hard enough (of course when you have own practice)
 
  • Like
Reactions: 1 user
Hoss, I posted in the first 2 lines you read 270k pre interest, 360 post interest.

3000 a month by today's standards isn't bad, especially after income increases after a few years
Yeah but interest continues to accumulate as you're paying off your loans. Also I thought Columbia was much more expensive?
 
My goal is 260k pre-interest. Finished my first year and I am on the right track right now.


Sent from my iPhone using SDN mobile
 
Top