Update: I received the Navy HSCP scholarship but since it doesn't cover all of my tuition, I still have to take out student loans to cover the rest. Dental school debt is insane and sometimes I question if it is really worth it. I have been wanting to become a dentist for so long and there seems to be little ways around the debt which is unfortunate. There are also a lot of emotions attached to debt so don't just choose the most expensive school because you like it. Really think about what your plan is to pay back your student loan debt if your only choice is to take out student loans. Student loans unfortunately is how most dental students pay for dental school.
@dsa0224 oh no! I hope you find some joy in nursing or decide to find a different career path if you are unhappy. I don’t think it’s worth going into a job that you hate every single day.
It took me 8 years (residency + attending) to pay off 180k in med school loans. With a 560K dentistry loan, you won't be able to ever pay it off in any normal circumstance. The interest alone is 33K per year. If you do have 560K forgiven, the tax bomb would be around 207K (since it counts as ordinary income at the highest tax bracket, currently 37%). If you can't pay the tax bomb, the IRS will fine you, add additional interest, and take you to court. Joining military and navy is best way to get it paid off.
A Wanderer there are definitely other options such as PSLF where you work for a nonprofit dental clinic for 10 years and then you can have your loans forgiven without having to pay the tax bomb.
I graduated from USC in accounting last yr. Here's my interesting perspective simplified. Student loans are in an unsustainable bubble similar to the 2008 housing crisis and subprime lending. During the next downturn (separate conversation) likely within ~1-3yrs, the bubble will pop and student defaults will increase. The government will have two options: 1) provide some sort of bailout or 2) leave a whole generation financially crippled which would cripple the economy. A bailout would benefit defaulters but upset people who were responsible and had paid off their loans. But this is exactly what happened in 2008. So in your case, if you take out the loans and receive a bailout, then you win. The likelihood of this is compounded by the artificially low interest rates set by the Federal Reserve and central banks around the world, and the insolvency of the US debt that will become apparent in the next downturn when the interest expense on the US debt explodes relative to its tax revenue. If the US cannot pay its obligations, then the people would not.
Thanks for sharing your perspective! I can't imagine living my life in the hopes that there will be a bailout knowing that there's a huge possiblity that there won't be one. Therefore, I'm doing the best I can to pay back my loans with the military money I'm being offered. I do hope that this student loan debt situation gets resolved sometime soon though because it is a huge problem. Fight on! ✌️
I also see the student loan crisis as a "bubble" waiting to burst. Is there a certain stock you would "short"? What companies hold the most student loans? Sallie May (US Gov), Navient (NAVI), Adtalem Global Education?
Kayla Lee Hi Kayla! It's great that you're looking into this stuff early on. What college do you go to? I recommend watching my "what I would do differently" video. ua-cam.com/video/bpJ9OLWm56U/v-deo.html
Erika Correa I currently go to the University of Missouri Kansas City. And thank you for replying it means a lot😀 and I will check it out, and to be honest I have been binge watching your videos for the past few days since they are so helpful👍
Best of luck Erika. I did HPSP Navy when we were at war in Iraq and it was easy to get in. God help America. If they think dental is expensive now, what until the current generation of dentists graduate. America has NO CLUE what's coming down the pipe.
do more vid about your dental school... i like watch them.. thank you for this .. i'm a prenursing but i like seeing other health professions journey =)
Hello ! I thought I had left a comment before but I guess not . I came across your videos and I have learned such helpful information because of them ! I wanted to ask you for the courses you took as well as your major ? I’m going to be a freshman and I want to become a dentist but want to do it with a none science major . Do you have any recommendations for people with a non science major ? Also, how did you go about taking does pre-dental courses ? Thank you so much in advance !!! :)
Thank you! My major in undergrad was Molecular, Cell and Developmental Biology. I chose this major because a lot of the major pre-reqs were similar to the pre-dental prereqs. Most schools require a year of English, bio, gen chem, chem and physics. Some elective courses that I took were biochem, genetics, microbio, anatomy, and human physiology. I'll can let you know later which helped me the most for dental school. If you're a non-science major, you're just going to have to go out of your way more to complete the prereqs.
Thanks for the video! I was looking around and was wondering if you were sure that all the interest paid on student loans were tax deductible or if it is capped?
Why go to one of the most expensive schools in the nation, when no one will ever ask you ( except patients and other dentists) or cares where you graduated from? You only need a license to practice, so why not go to the least expensive dental school in the nation? This is something no one tells students until it’s too late. --> Remember after graduation, no matter how much one makes, Uncle Sam is there to collect his 35-40% of your salary, the remaining goes to all the other expenses of life ( i.e. mortgage/rental, utilities, property tax, HOA, home Insurance, car payments, car insurance, kids experience, food, utilities, etc................).
The reality is if you are not in-state for public dental schools, it is almost impossible to recieve admission (about 10 spots at each school). Even if you do get in, cost usually soars to 70-100k for out of state tuition. Then, there are only a few private dental schools on the cheaper side, which are undeniably the most competitive schools to recieve admission too (bc they are cheap!). That being said, it is almost unreal how expensive dental schools like UPenn and USC are, and I don't think anyone should really go if they have a cheaper option... maybe even work for a year and try applying again.
Tchit87 I wish you best of luck, but the reality is I wish students would realized that they are simply being scammed by private schools like USC. They’ll pocket $2.2 billion every year 44,000 students attend their school, while each and every student will be responsible for these fees. These fees will hit home like a 2x4 right after graduation! I simply have seen too many cases like that.
@@arymonem You're right. My sister is actually the one going to dental school and she's in a seven year combined program w/ a private school, but it is so scary that there may be so many fees that they don't tell you about, but once they charge you, you have to pay.
There's a guy named mike meru who did exactly what u did. USC grad. He owes 1 million in student loans and climbing. At 225k a year salary, he cannot afford to pay off. He is in debt for life
Omg 😱. I hope his plan was to eventually get them forgiven with the REPAYE program. Lucky, I was able to receive a military scholarship that is helping me pay off my loans while I'm in school.
@@ErikaCorrea no. He made no effort to pay off his loans. The interest alone was too much to overcome. He made a modest 225k a year as an orthodontist. Hes essentially waiting for taxpayers to bail him out, like with bernie sanders plan
Mike was from my class. He simply incurred into too many loans and did not put many efforts in the profession to prevent it. He went mostly with ice skiing and kinda forgot about dentistry
@@buckeye-pe6df at 225k. Nope. Taxes are like a 3rd and he lives in Utah so their is state income tax. After taxes like 150k. He can live on 50 and throw 100k at it. But that only covers the interest and not the principle. He will be in debt for life...
With all respect, USC dental school is so overrated and expensive for no reason. There is nothing special about this school, and to be honest, their PBL program really sucks. Most of my friends at USC don’t like the PBL at all. I was interviewed and accepted at USC, but ended up choosing another school, and I’m VERY happy with my decision. And, I’m saving over 100k 😁😁. Don’t go there if you have other options.
I'm happy you're happy with your decision! It is a very expensive school and I'm not a fan of the price either. You don't need go to USC to be a great dentist but you already know that of course. To everyone else, I would not advise going to this school without having some sort of financial plan because there are more affordable schools our there. I chose this school because I had a good chance of getting a military scholarship to pay for school... Which I later got in October of my first year.
Thanks for your comment. Yes, I totally agree with you. In your case, getting a military scholarship, it would be a different story. But in my opinion, USC is not worth the money at all. How do you like the PBL?!
@@arash_LA I don't mind PBL. We only use PBL for out basic science classes so we still have lectures our dental specific classes. The majority of our time is spent on Simlab or clinic anyways so PBL is just a tiny part of our week.
Do a trade. This is just insane. I graduated from dental school 20 years ago with $9k debt. This just does not seem worth your while. Hope you get your military scholarship!
Thanks for adding your perspective! $9k is a huge difference! Right now, I’m having the same debate all over again because I want to specialize but specialty programs are so expensive. I’m most likely not going to specialize and the only reason is because it doesn’t make financial sense to take out more loans and sacrifice more years that could be spent working. Please let me know what your thoughts are on this doctor. Thank you!
What if you’re on the 10 year payment plan but you realize you can pay it off quicker like in 5 years. Will you be allowed to pay it faster or do you HAVE to pay with the 10 year plan. Idk if I’m making sense and also it’s been a while so I don’t even think you’ll see this comment but trying anyways! Thanks.
Hello! Your comment does make sense. You can pay off the debt quicker! You can pay it off in 5 years if you can afford it. I'm planning on paying it off in around 4 or 5 years.
Is it worth it for me if I'll be 44 years of age when I would apply and get accepted into dental school? Im concerned about paying off debts that high 300- 500 k also how long can I work as I would be around 48 years of age when I gradute.....
It's all up to you and how you want to spend the rest of your life. If becoming a dentist is your dream and you know you'll live the rest of your life fulfilled, then go for it! Just make sure you're not going to spend the rest of your life paying back loans. Theses are just my thoughts on the matter of course. Not all dental schools cost this much and there are various loan repayment options available like REPAYE as well.
There are only a certain amount of spots, so the other applicants most likely had higher stats than me or had experience in the military. They didn't give me a reason but those are the ones I came up with. I'm still waiting to hear back from the Navy HSCP. Fingers crossed.
@@robertisham5279 Hi, this doesn't have anything to do with the SATs. If you went to a community college without taking the SATs you can still transfer to a UC school after you have completed the minimum number of credits. I believe other schools still require an SAT score. I know things might have changed due to COVID-19 though so don't quote me on that. I'm not doing ROTC and I don't know if ROTC requires an SAT score. ROTC is for undergrad. I was not in part of the military throughout undergrad. I just became a part of it in dental school but not through ROTC. I hope this helps.
Update: I received the Navy HSCP scholarship but since it doesn't cover all of my tuition, I still have to take out student loans to cover the rest. Dental school debt is insane and sometimes I question if it is really worth it. I have been wanting to become a dentist for so long and there seems to be little ways around the debt which is unfortunate. There are also a lot of emotions attached to debt so don't just choose the most expensive school because you like it. Really think about what your plan is to pay back your student loan debt if your only choice is to take out student loans. Student loans unfortunately is how most dental students pay for dental school.
@dsa0224 oh no! I hope you find some joy in nursing or decide to find a different career path if you are unhappy. I don’t think it’s worth going into a job that you hate every single day.
DDS, MBA, MS finance here. I'll answer your question. No, anything over $200,000 in student loan debt is not worth it.
did you receice 4 year scholarship?
It took me 8 years (residency + attending) to pay off 180k in med school loans. With a 560K dentistry loan, you won't be able to ever pay it off in any normal circumstance. The interest alone is 33K per year. If you do have 560K forgiven, the tax bomb would be around 207K (since it counts as ordinary income at the highest tax bracket, currently 37%). If you can't pay the tax bomb, the IRS will fine you, add additional interest, and take you to court. Joining military and navy is best way to get it paid off.
This is a major eye opener
A Wanderer there are definitely other options such as PSLF where you work for a nonprofit dental clinic for 10 years and then you can have your loans forgiven without having to pay the tax bomb.
I graduated from USC in accounting last yr. Here's my interesting perspective simplified. Student loans are in an unsustainable bubble similar to the 2008 housing crisis and subprime lending. During the next downturn (separate conversation) likely within ~1-3yrs, the bubble will pop and student defaults will increase. The government will have two options: 1) provide some sort of bailout or 2) leave a whole generation financially crippled which would cripple the economy. A bailout would benefit defaulters but upset people who were responsible and had paid off their loans. But this is exactly what happened in 2008. So in your case, if you take out the loans and receive a bailout, then you win. The likelihood of this is compounded by the artificially low interest rates set by the Federal Reserve and central banks around the world, and the insolvency of the US debt that will become apparent in the next downturn when the interest expense on the US debt explodes relative to its tax revenue. If the US cannot pay its obligations, then the people would not.
Thanks for sharing your perspective! I can't imagine living my life in the hopes that there will be a bailout knowing that there's a huge possiblity that there won't be one. Therefore, I'm doing the best I can to pay back my loans with the military money I'm being offered.
I do hope that this student loan debt situation gets resolved sometime soon though because it is a huge problem.
Fight on! ✌️
I also see the student loan crisis as a "bubble" waiting to burst. Is there a certain stock you would "short"? What companies hold the most student loans? Sallie May (US Gov), Navient (NAVI), Adtalem Global Education?
Why would the people who paid off the loans be upset? Yeah they got fucked but we cannot allow the next generation to keep getting fucked.
This was so helpful! I am a pre dental student, and I just finished my first year of college to be exact.
Kayla Lee Hi Kayla! It's great that you're looking into this stuff early on. What college do you go to? I recommend watching my "what I would do differently" video. ua-cam.com/video/bpJ9OLWm56U/v-deo.html
Erika Correa I currently go to the University of Missouri Kansas City. And thank you for replying it means a lot😀 and I will check it out, and to be honest I have been binge watching your videos for the past few days since they are so helpful👍
Kayla Lee Aww thank you so much! It makes me so happy that you find them helpful!
This is exactly why I declined my offer to USC for a cheaper school.
You seem to be a financially smart person! I hope dental school has been treating you well. :)
Best of luck Erika. I did HPSP Navy when we were at war in Iraq and it was easy to get in. God help America. If they think dental is expensive now, what until the current generation of dentists graduate. America has NO CLUE what's coming down the pipe.
Do a video about specialties and how time during residency but later increased income will affect how you pay loans.
Thanks for the idea Ellis! I think I'll do a video on that later in the year. :)
do more vid about your dental school... i like watch them.. thank you for this .. i'm a prenursing but i like seeing other health professions journey =)
Hi Salma, I will do more videos about my dental school once I start school this August. :)
Hello ! I thought I had left a comment before but I guess not . I came across your videos and I have learned such helpful information because of them ! I wanted to ask you for the courses you took as well as your major ? I’m going to be a freshman and I want to become a dentist but want to do it with a none science major . Do you have any recommendations for people with a non science major ? Also, how did you go about taking does pre-dental courses ? Thank you so much in advance !!! :)
Thank you! My major in undergrad was Molecular, Cell and Developmental Biology. I chose this major because a lot of the major pre-reqs were similar to the pre-dental prereqs. Most schools require a year of English, bio, gen chem, chem and physics. Some elective courses that I took were biochem, genetics, microbio, anatomy, and human physiology. I'll can let you know later which helped me the most for dental school. If you're a non-science major, you're just going to have to go out of your way more to complete the prereqs.
Thanks for the video! I was looking around and was wondering if you were sure that all the interest paid on student loans were tax deductible or if it is capped?
I'm pretty sure that there is a cap but I'm not sure what the cap amount is. I'll look into that for you!
The cap is $2500 a year for tax deductions on interest
Why go to one of the most expensive schools in the nation, when no one will ever ask you ( except patients and other dentists) or cares where you graduated from? You only need a license to practice, so why not go to the least expensive dental school in the nation? This is something no one tells students until it’s too late. --> Remember after graduation, no matter how much one makes, Uncle Sam is there to collect his 35-40% of your salary, the remaining goes to all the other expenses of life ( i.e. mortgage/rental, utilities, property tax, HOA, home Insurance, car payments, car insurance, kids experience, food, utilities, etc................).
The reality is if you are not in-state for public dental schools, it is almost impossible to recieve admission (about 10 spots at each school). Even if you do get in, cost usually soars to 70-100k for out of state tuition. Then, there are only a few private dental schools on the cheaper side, which are undeniably the most competitive schools to recieve admission too (bc they are cheap!). That being said, it is almost unreal how expensive dental schools like UPenn and USC are, and I don't think anyone should really go if they have a cheaper option... maybe even work for a year and try applying again.
Tchit87 I wish you best of luck, but the reality is I wish students would realized that they are simply being scammed by private schools like USC. They’ll pocket $2.2 billion every year 44,000 students attend their school, while each and every student will be responsible for these fees. These fees will hit home like a 2x4 right after graduation! I simply have seen too many cases like that.
@@arymonem You're right. My sister is actually the one going to dental school and she's in a seven year combined program w/ a private school, but it is so scary that there may be so many fees that they don't tell you about, but once they charge you, you have to pay.
Unfortunately for loans are only tax deductible if you make 80k or less a year. And I think you can only deduct $2500 worth of payments. ☹
Ahhh :( thank you for letting me me know!
Oh God please dont take out that loan
There's a guy named mike meru who did exactly what u did. USC grad. He owes 1 million in student loans and climbing. At 225k a year salary, he cannot afford to pay off. He is in debt for life
Omg 😱. I hope his plan was to eventually get them forgiven with the REPAYE program.
Lucky, I was able to receive a military scholarship that is helping me pay off my loans while I'm in school.
@@ErikaCorrea no. He made no effort to pay off his loans. The interest alone was too much to overcome. He made a modest 225k a year as an orthodontist. Hes essentially waiting for taxpayers to bail him out, like with bernie sanders plan
Joshua, at 225k a year he should have no problem paying his loans. He has to live below his means for a few years.
Mike was from my class. He simply incurred into too many loans and did not put many efforts in the profession to prevent it. He went mostly with ice skiing and kinda forgot about dentistry
@@buckeye-pe6df at 225k. Nope. Taxes are like a 3rd and he lives in Utah so their is state income tax. After taxes like 150k. He can live on 50 and throw 100k at it. But that only covers the interest and not the principle. He will be in debt for life...
With all respect, USC dental school is so overrated and expensive for no reason. There is nothing special about this school, and to be honest, their PBL program really sucks. Most of my friends at USC don’t like the PBL at all. I was interviewed and accepted at USC, but ended up choosing another school, and I’m VERY happy with my decision. And, I’m saving over 100k 😁😁.
Don’t go there if you have other options.
I'm happy you're happy with your decision! It is a very expensive school and I'm not a fan of the price either. You don't need go to USC to be a great dentist but you already know that of course.
To everyone else, I would not advise going to this school without having some sort of financial plan because there are more affordable schools our there. I chose this school because I had a good chance of getting a military scholarship to pay for school... Which I later got in October of my first year.
Thanks for your comment. Yes, I totally agree with you. In your case, getting a military scholarship, it would be a different story. But in my opinion, USC is not worth the money at all. How do you like the PBL?!
@@arash_LA I don't mind PBL. We only use PBL for out basic science classes so we still have lectures our dental specific classes. The majority of our time is spent on Simlab or clinic anyways so PBL is just a tiny part of our week.
Do a trade. This is just insane.
I graduated from dental school 20 years ago with $9k debt.
This just does not seem worth your while.
Hope you get your military scholarship!
Thanks for adding your perspective! $9k is a huge difference!
Right now, I’m having the same debate all over again because I want to specialize but specialty programs are so expensive. I’m most likely not going to specialize and the only reason is because it doesn’t make financial sense to take out more loans and sacrifice more years that could be spent working. Please let me know what your thoughts are on this doctor.
Thank you!
What if you’re on the 10 year payment plan but you realize you can pay it off quicker like in 5 years. Will you be allowed to pay it faster or do you HAVE to pay with the 10 year plan. Idk if I’m making sense and also it’s been a while so I don’t even think you’ll see this comment but trying anyways! Thanks.
Hello! Your comment does make sense. You can pay off the debt quicker! You can pay it off in 5 years if you can afford it. I'm planning on paying it off in around 4 or 5 years.
Is it worth it for me if I'll be 44 years of age when I would apply and get accepted into dental school? Im concerned about paying off debts that high 300- 500 k also how long can I work as I would be around 48 years of age when I gradute.....
It's all up to you and how you want to spend the rest of your life. If becoming a dentist is your dream and you know you'll live the rest of your life fulfilled, then go for it! Just make sure you're not going to spend the rest of your life paying back loans. Theses are just my thoughts on the matter of course.
Not all dental schools cost this much and there are various loan repayment options available like REPAYE as well.
Don’t do it! Go to a dental hygienist at a community college. You won’t make as much but you’ll won’t be drowning in debt
I know someone who is taking those debts to the grave
I know that this school is expensive but unsubsidized 550k out of school with ~7% interest?! that's insanity from USC part. Go military for sure.
I went military! :)
So you went military to make only 100k a year as a dentist? And you must serve a minimum of 3 year.
School loan = self imposed imprisonment.
What was the reason you were not selected to for the scholarship???
There are only a certain amount of spots, so the other applicants most likely had higher stats than me or had experience in the military. They didn't give me a reason but those are the ones I came up with. I'm still waiting to hear back from the Navy HSCP. Fingers crossed.
@@ErikaCorrea Join the navy, and your screwed. The pay sucks at 100k. And your deployed at anytime. You spent all those years for slavery
@@ErikaCorrea What if you never took the sats? If you went to community college which where I currently attend. And aren't you doing rotc?
@@robertisham5279 Hi, this doesn't have anything to do with the SATs. If you went to a community college without taking the SATs you can still transfer to a UC school after you have completed the minimum number of credits. I believe other schools still require an SAT score. I know things might have changed due to COVID-19 though so don't quote me on that.
I'm not doing ROTC and I don't know if ROTC requires an SAT score. ROTC is for undergrad.
I was not in part of the military throughout undergrad. I just became a part of it in dental school but not through ROTC. I hope this helps.