It’s no secret that the average dentist is saddled with a lot of student loan debt when they graduate school. Having a strategy to quickly and efficiently pay down your student loans is critical to long-term financial success. These personal finance tips can help you pay down student loans faster, regardless of your specialty or income.
After hearing my podcast about student loans with Howard Farran, a student emailed me and asked if I had tips for predental students. The following outlines my advice for those ready to pursue dentistry as their career.
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.
If you keep up with Mouthing Off, then you’ve read several posts about stress relief and mental health. And if you are like me, you read them, but you don’t change any habits because of the notion that “there’s not enough time” to do so. Despite their stress-relieving benefits, I was continually telling myself that I didn’t have the time to do yoga or meditate. Over the past couple months, though, I noticed that with graduation looming, I was not sleeping well. I believed my lack of sleep was due to increased stress, so, while awake in the middle of the night, I searched for ways to relieve stress.
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.
As you revisit your goals for 2018, don’t forget to make your personal and professional wellness top priorities. These archived Mouthing Off posts should help you get started.