Quote:
Originally Posted by God-King Abacab
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There are fucking DDS's out there in private practice with over $440,000 in debt at like 16-17% int.rate, yeah they make six figures every year but they'll always be paying off loans
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That's abnormal and mostly for people who can't get into state schools who go straight to opening or investing in a practice immediately upon receiving their letters. In state tuition for Texas DDS programs is 13-16k per year + cost of living and some extra for tools, specs, etc. Overall if you're in state the cost of attending a DDS program is comparable to a state university. For reference, tuition at UT this past year eclipsed $6200 per semester for 15 hours.
Even if you went out of state or simply to a private school at around $55k per year you're looking at $200k tuition + living and tools. Even is we use very liberal budgeting figures and say they total another $125k during that time we're roughly $100k or 33% off from your figure. I'm not saying this never happens, but for someone to have almost half a million in debt upon leaving dental school seems ludicrous.
I recently heard that the average associate with PDS makes ~$170k annually straight out of school with ZERO overhead cost. You can put some serious payback into those loans over a two year span and still have enough to buy into a practice as a partner.
Also, I'm not sure where you heard 16-17% loan rate but that sounds as if they transferred their loan sum to consolidate under a private institution of some sort. Professional school tuition loans often run sub 5% which is why you see doctors, dentists, and lawyers pay them off over 20 year plans quite often.