You are providing a tremendously valuable service and this is my second comment in 3 days regarding your dental vids. One thing that is missing from your analysis, which you have prepared well is the following. In order to pay back a loan of approximately $500K, you must remember that it is a net income figure which can be deceptive. Let me explain, In order to pay back that amount you need to factor in the following when scheduling a loan payback of $500K. Your gross income per month will have the following deducted from it.i.e., federal taxes of approximately 25%, state tax of something in the range of 7% on average, city and other local taxes, Social Security taxes and of course the Medicare tax. All toll, in order to pay back $500K you will need to earn a gross income of well over $800,000 to pay your dental school loan back. This is some serious money and will impinge on other life purchases, i.e. factor in a home in a great school district, his and hers cars, vacations and all the other goodies that we all feel we need and want. Go into this amount of debt load with your eyes wide open. As you say the numbers provided on line can be extremely deceptive and misleading. This is not to rain on anyone's parade but what an honest and forthright college financial counselor should make one aware of BEFORE you sign on the dotted line. Again take care and good luck.
I'm actually freaking out right now. I want to be an orthodontist so bad, but the debt almost detours me, for it is malevolent to your life is what I hear. Furthermore, I just don't know what to expect, when I'm actually in college which I apply this December, thinking about going to UAB in Alabama. I just have mixed emotions about the debt. Although the actual encounter with people in the world, and helping them achieve their goal to have a perfect smile is what I want to live for. I have no plan right now for this, but I am trying to formulate a better initiative to pay the debt off and it not be a hindrance in the many years to come. I'm terrified of being stuck in debt the rest of my life and losing everything I own. I need advice on how; would this be the death of me, or only the beginning of a truly unbelievable tell of a life and happiness.
Hi dental pro, I’m planning on going to Midwestern Glendale as well. After careful calculation, I find that the total, for me, (including interests during 4 years of dental school) does not exceed 450k. How come you have 650k in student debt?
+James Lam that's the approximate total after a 10 year payoff. Intrest accrued is the thing that really bites you in the butt, so if you can pay it off faster, the better off you will be
You are providing a tremendously valuable service and this is my second comment in 3 days regarding your dental vids. One thing that is missing from your analysis, which you have prepared well is the following. In order to pay back a loan of approximately $500K, you must remember that it is a net income figure which can be deceptive. Let me explain, In order to pay back that amount you need to factor in the following when scheduling a loan payback of $500K. Your gross income per month will have the following deducted from it.i.e., federal taxes of approximately 25%, state tax of something in the range of 7% on average, city and other local taxes, Social Security taxes and of course the Medicare tax. All toll, in order to pay back $500K you will need to earn a gross income of well over $800,000 to pay your dental school loan back. This is some serious money and will impinge on other life purchases, i.e. factor in a home in a great school district, his and hers cars, vacations and all the other goodies that we all feel we need and want. Go into this amount of debt load with your eyes wide open. As you say the numbers provided on line can be extremely deceptive and misleading. This is not to rain on anyone's parade but what an honest and forthright college financial counselor should make one aware of BEFORE you sign on the dotted line. Again take care and good luck.
I'm actually freaking out right now. I want to be an orthodontist so bad, but the debt almost detours me, for it is malevolent to your life is what I hear. Furthermore, I just don't know what to expect, when I'm actually in college which I apply this December, thinking about going to UAB in Alabama. I just have mixed emotions about the debt. Although the actual encounter with people in the world, and helping them achieve their goal to have a perfect smile is what I want to live for. I have no plan right now for this, but I am trying to formulate a better initiative to pay the debt off and it not be a hindrance in the many years to come. I'm terrified of being stuck in debt the rest of my life and losing everything I own. I need advice on how; would this be the death of me, or only the beginning of a truly unbelievable tell of a life and happiness.
How about in 5 years
wow..
Ridiculous cost for Dentists
Ridiculous cost for Dental care
Does the student debt scare you?
Hi dental pro,
I’m planning on going to Midwestern Glendale as well. After careful calculation, I find that the total, for me, (including interests during 4 years of dental school) does not exceed 450k.
How come you have 650k in student debt?
+James Lam that's the approximate total after a 10 year payoff. Intrest accrued is the thing that really bites you in the butt, so if you can pay it off faster, the better off you will be