As a dental student or resident, you probably haven’t thought much beyond getting your first job. Once you get your first job, you are going to have a lot of decisions to make. Hopefully, one of the first ones will be to decide what to do with the money from your paycheck that you don’t spend. If you have student loan debt, you might be ready to throw your entire paycheck at your debt. Should you? Maybe, maybe not. It’s different for everyone. But here are some things to consider.
Over 40 million Americans hold $1.4 trillion in student loan debt, according to the Federal Reserve Bank of New York. ASDA partner SoFi answers some commonly asked questions about student loan refinancing.
You finally accept your first job at a great private practice. They offer you $600 a day (about $150,000 a year), and you are ecstatic. You remember them saying something about being an independent contractor, but you didn’t really understand what that meant, so you took the job anyway. Now you are left to figure out what that means.
After you begin to practice dentistry, you will seek advice from advisors in all kinds of arenas: legal, accounting, financial and more. You will rely on the advice of these key advisors to make wise and beneficial decisions. Therefore, not only is it important that you form a “team” of dental-specific advisors to help guide you during your entire career, but it is important to understand the areas in which risk management will be imperative to you as a practitioner.
Why might you want to think twice about refinancing your student loans through a private lender? Here are some things to consider when determining if refinancing makes sense for you.
For many of us, dentistry is our dream career. It’s what we have spent years preparing for. While the application process is meant to provide dental schools with the information they need to determine how amazing you are as an applicant, there is a degree of financial investment that must be taken to get your information to your dream dental school.
As a busy mom myself, one of the phrases I hear most from others (and think often to myself) is “I don’t have time for this.” It is natural instinct to “push things to the back burner” if they do not require your immediate attention. However, making a financial plan while in dental school and after should receive the same attention as practicing dentistry. This can be difficult when you are prioritizing a career that you have invested so much time and money in. However, if you do not prioritize your finances along with your dental practice, you may find yourself quickly approaching an inflexible financial situation when you least expect (or least need) it. Making a financial plan may not come naturally to you, as you have focused years on dentistry and not finances. Most dental schools offer very little (or nothing) in the way of financial education, which makes it even more important for you to be financially proactive yourself.