4 Myths Which Lead Dental Students Into Crushing Debt

dental student finance tips
 

Adding up the Crucial Costs: The Topic of Debt for Dental Students

 
Sometimes when we look at people that we deem successful, it may seem to us as if they “Have everything”, and that perhaps getting to where they are now was just a snap of the fingers.

In fact, it is quite the opposite!

When we glanced at the ASDA American Student Dental website, it shows us a staggering picture of what to expect within the financial realm while attending dental school.

Here are some of the numbers that paint an accurate picture of how much financial backing you should expect to have to conjure up:

  1. 75% of students will have more than $100,000 of debt
  2. The average dental student graduates with $241,097 of debt
  3. Average yearly tuition for in-state students is $38,826
  4. Average out of state tuition is $53,774
  5. Student debt has doubled since 2001

According to the Consumer Financial Protection Bureau, there is more than $1 trillion in outstanding student loan debt in the U.S. Although tuition fees and board can seem like a massive burden during a time when you will already be burning the candle at both ends.

Now with other economic issues are nation is facing, there is a lot of confusion regarding debt programs, repayment options, the amount of time it takes to pay loans off, and much, much more.

Here are some myths to watch out for within the realm of all this money spent for education:

  1. “Take everything offered, you’ll be able to pay it all off”: Debt for school is considered “Good Debt”, but the main issue is that borrowing can now sometimes have more consequences than during years past. Tread lightly, and get all of the information you can before proceeding.
  2. “This debt will negatively affect your credit”: Making your payments on time each month will help build your credit, and it proves that you are capable of managing your personal amount of debt. When you can’t make the payments, you can work with the lenders to tailor a solution that’s right.
  3. “It may be hard for me to get a loan to start my practice”: If you have a very well-written business plan and a good financial profile, you should be just fine. There are many customized options for loans that can give you working capital, and fixed-rate terms.
  4. “I’m the only one worried about this mountain of debt”: So very many recent graduates are worried about the debt they will incur, and how to pay it off. After the recession that began in 2008, many parents lost vital parts of their financial portfolios that were the only hope of paying for their child’s future endeavors.

In this new age where digital marketing and all sorts of new technology are shaping the face of the modern dental practice, there are other things to worry about besides just sheer numbers of debt.

In this article here , we are shown how there are call center employees preying on dental businesses, claiming that their Google listing may soon be suspended.

Once you DO get up and running successfully, you really need to stand your guard against those who do not have your best interest at heart.

When you are putting the pieces together and deciding what is best for you within the realm of financial assistance, there are many scholarships that can help you on your journey.

Many offer amounts in the ballpark of $1000, and we found one that just requires a video submission and a bit of creativity.

There are many entities out there that do not want to see you smothered by your student loans, and offer a generous helping hand.

After scouring the web, we found this scholarship from Emergency Dentists USA that takes place each year in June.

What could be better than creating a quirky and fun video, and gaining valuable financial help for your journey?

The in state vs. out of state tuition debate is an element that to some is a cog in the wheel, and to some is a blessing.

Many want to stay in their home town to be closer to family, but some choose to because of the high rates for out of state tuition.

The good news is that if you locate a school that you deem worthy of moving to another city for, most schools will only make you pay out of state tuition for the first year.

When you gain legal residence in the state, your rate can lower. Every school is different, and if you find one whose credentials are stellar in every way, it could be well worth relocating for.

Dentists play a very important role in the overall health and well-being of their patients.

The public demand for dentists is absolutely going to continue to rise, and the return on investment for dental students will vary with every individual.

Some of the highest-priced institutions can cost nearly $300,000 per year, while some of the lower-priced options are only $21,000 per year. Of course, you will also have fees from the associated school, lab dues, books, scrubs, certain exam costs, and dental kits to purchase.

Don’t be dismayed, because there are plenty of scholarships and aid available to those who seek for them! You could be well on your way to a very fulfilling and rewarding career, where you are truly making your patients very happy, and healthy.

Here are some of the other hardships that can befall someone who wants to purse a dental career:

  • Tough Curriculum: Dental school can be up to two or three times more challenging than a standard semester of undergraduate school. It can be hard to catch up if you do find yourself behind.
  • Building competition for entry to school: The applicant pool is larger than ever, because a growing number of individuals recognize the many benefits associated with finishing a dental degree. The trend peaked during the early 1980’s, but is now seeing application levels that are situated where they once were.
  • High levels of pressure: Once you graduate from dental school, it may seem the only solution is to begin your own practice, which is very expensive. The cost of creating a brand new practice can easily exceed over $300,000 these days.
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Mike Plambeck is a dental service provider and blogger at Emergency Dentists USA, they service thousands of clients every month by helping them find a dentist during the hours at night and the weekends when most dentists are closed. You can find him also at @24HrDentistUSA, as well as his Facebook page.

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