As a dental student, you may already be carrying significant student loan debt. Paying down that debt requires income — cash flow that may best be generated by opening or buying into your own practice upon graduation. New dentists and those about to graduate often feel caught in a vicious circle when they perceive that debt may deny them a practice loan and prevent them from moving forward in their career.
If you’re just starting out, chances are high there’s a substantial amount of debt in your financial picture. According to the American Dental Association, the average debt for all dental school graduates who owed money was $247,227. Over 30 percent of dental school graduates with student loans reported debt in excess of $300,000.
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.
We all know the scenario. It’s Sunday. You wake up and think about whether or not you should check your bank account after your weekend’s activities. While we are all wary of our wallets, this doesn’t mean you can’t enjoy a nice night out every now and then. Here are some tips to help you save a few dollars while still making the most of your weekends.
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.
Wondering what you can do with your money even while you don’t have any? Here are some ideas of what you can do while in dental school to set yourself up for financial success.
Next month, some of us will meet at the National Leadership Conference in Chicago. We will talk about student debt, interest rates and options for managing your debt. Because dental school tuition costs have been on the significant rise in recent years, more students than ever are graduating with very high amounts of debt. While standard ten year repayment is still the primary option for those in repayment, other options are gaining appeal. These include income based repayment and refinancing. We will discuss the options available when you graduate and which options make sense in different circumstances.
What are some questions that you would like addressed during this session?
