How Long Does It Take Dentist To Pay Off Student Loans
As a dentist, you know that your education is not cheap. You’ve got to pay for tuition, books and materials, and living expenses while you’re in school. You also have to deal with student loan debt once you graduate—which can be overwhelming. And if you’re like most dentists, you’ll be working as an employee of someone else’s practice for the first few years after graduation before starting your own dental practice.
How long does it take for dentists to pay off student loans? The answer depends on several factors:
-The interest rate on your student loans
-The amount of money you are able to put towards paying down your debt each month (after factoring in all of your other monthly expenses)
-Whether or not you decide to refinance or consolidate your student loans into one loan with a lower interest rate and more manageable payments
Let’s say that there are two dentists: one who graduated from dental school in 2020 and one who graduated from dental school in 2019. Both dentists have $200,000 worth of student loan debt at an interest rate of 4%. The dentist who graduated from dental school in 2020 decided against refinancing or consolidating her debt into one loan at a lower interest rate, so she pays
How Long Does It Take Dentist To Pay Off Student Loans
How long it takes you to pay off your dental school debt depends on a variety of factors. Private student loans let you choose your repayment term upfront, with options usually ranging from five to 20 years. If you have private student loans and can’t afford the monthly payments based on your current repayment schedule, refinancing your loans is the only way to get a longer term.
With federal student loans, the standard repayment plan is 10 years. With such a high average dental school debt, though, it may be extremely difficult to keep up with payments with that repayment schedule. Fortunately, the federal student loan program offers options that last up to 30 years.
| Repayment Plan | Repayment Term |
| Consolidation Loan | Up to 30 years |
| Extended | 25 years |
| Pay as You Earn | 20 years |
| Revised Pay as You Earn | Up to 25 years |
| Income-Based | Up to 25 years |
| Income-Contingent | 25 years |
With income-driven repayment plans, like Pay As You Earn, Revised Pay As You Earn, Income-Based Repayment and Income-Contingent Repayment, your monthly payment will be limited to a percentage of your discretionary income. If you have a balance left over at the end of your repayment period, it’ll be forgiven.
What is the average salary of a dentist?
According to the Bureau of Labor Statistics (BLS), the average annual salary for a dentist is $180,830. That’s not what you can expect from the get-go, however. The New York State Department of Labor found that a dentist starting salary is closer to $100,000.
This will make it more difficult at the beginning of your career to keep up with your student loan payments without a longer repayment term or an income-driven repayment plan. But over time, your salary will increase along with your experience.
How do I reduce my dental school debt?
Dentists have plenty of opportunities to pay down their dental school debt after they’ve graduated. It’s even possible to get help from outside sources.
how long does it take to become a dentist
Some aspiring dentists will complete four years in an undergraduate program, followed by another four years in a dental program. Dentistry programs that combine the undergraduate degree with dentistry training will typically allow students to complete the program in about six years.
Specialization
Whether or not you choose to specialize in an area of dentistry will also influence your timeline, as specializations require additional training.
Undergraduate major
The major that you pursue in your undergraduate program can affect how long it takes for you to become a dentist. For example, students who choose an undergraduate program in areas such as biology, chemistry or pre-med may have to take fewer courses in dental school. Some students may choose to pursue a double major to further prepare themselves for dental school, but a double major can also take more time to complete.
Application results
Admission to dental school can be a competitive process. Students will need a good GPA and recommendations from previous professors or employers. Additionally, students will need a minimum score on the state exam. The number of programs that you apply to and whether or not you are admitted into your preferred school can affect how long it takes to become a dentist.