Category Archives: Dentist

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cost estimates of dental school

Published Cost Estimates of Dental School Are Totally Wrong

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Imagine if you told a patient you’d charge them $1,000 for a root canal. Then they get the bill in the mail and it says they owe $1,250. The patient would probably be upset right? Dental schools are effectively doing this to dental students all around the country with faulty cost estimates of dental school.

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Go to Dental School and Maybe Drive a $5,000 Used Car One Day

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go to dental schoolI discovered the DentalTown forums recently, and the community there has confirmed what I’m discovering in my dental school student loan consulting business. The majority of folks who go to dental school today are setting themselves up for years of what is basically indentured servitude, not a life of “four day work weeks and driving a Porsche 911” as one user joked. My goal for this business is to help dentists make a plan to pay back their student debt for a low flat consult fee. Here are some examples of why the cost of dental education has to change if the profession is to survive in its current state.

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Five Ways Dentists Can Protect Themselves Against Student Loans

dentists can protect themselves against student loansThe economics of the dental profession have never been more challenging. The average dental student graduated with $261,149 in student loans in 2016, and 30% of dental students graduated with more than $300,000 in debt. I have two student loan consultations coming up with dentists married to one another with joint loan balances over $1 million. Here are five ways dentists can protect themselves against student loans. If you’d rather hire someone to look out for your interests, email me at travis@studentloanplanner.com. I’ve used these five tips to save my dentist clients over $80,000 each. 

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Dentists Get Drilled on Student Loans

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dental student loans

 

A typical dental school education costs upwards of $70,000 per year including living expenses. According to the American Dental Education Association, the average indebted dental student in 2016 graduated with $261,149 in dental student loans. Perhaps even scarier, 4 in 5 dental students are included in that indebted group. Sadly, those massive debt profiles do not even tell the full story.

Many dentists have to borrow even more after obtaining their DDS or DMD for tuition and fees during residency or other postgraduate specialty training. To top it off, compound interest growth from forbearance and deferment during this training can easily result in a $400,000-$600,000 student loan balance before newly minted dentists even earn their first “real” paycheck.  Excuse the word choice, but dental student loans are drilling the future of the profession.

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This Dentist-Lawyer Couple Has a Half Million Dollars in Student Loan Savings Waiting on Them

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redtwogreen

Amber and Danny have a fascinating student loan situation

Amber and Danny Masters are like any other married couple, except they have $591,158.21 in student loans. Their interest rates are sky high at an average annual rate of 6.8%. Unlike many couples in America, they are very serious about paying off this debt. They’ve rearranged their budget to prioritize making extra payments. Additionally, they even started a personal finance website, redtwogreen.com, to track their progress and to achieve their goal of being debt free. Since I’ve started a side hustle consulting for people with six figure student loan balances, I wanted to use my proprietary simulation tool to show you how this couple has more than a half million dollars in potential student loan savings waiting for them.

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