Quote:
Originally Posted by kyle19125
You might consider becoming a Dental Hygienist versus a Dentist given the fact that when you get out of school in around 6-7 years and start a practice as a Dentist you're liable to be around 200K in debt from Dental School. The national average salary for a Hygienist is around 75K with big demand and much higher salaries for in-demand/urban areas, and with specialization such as Periodontics or Pediatrics salaries in the 90K-100K range are fairly normal.
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The average dental student graduates with a debt of $241K (See
Dental Student Debt ). My daughter got a $340K HPSP scholarship
http://www.airforce.com/pdf/hpsp_scholarship.pdf . It pays her $2100 a month for living expenses, medical, and dental plus all of her books, fees, and tuition. She is getting by on that income.
She already has a job because in return, she will be a dentist in the Air Force. As a compromise, her wages are lower: $75K, $75K, and $95K for her three year obligation. Her total debt will be $73K to me as we paid for the 1st year of dental school. I want that all back in three years while she is in the military. While her income will be lower, avoiding debt allows her to dodge about $16,000 of interest which is not deductible. That's because graduate degree debt has an interest rate of 6.8 or 7.2%. It takes about $25K of income to service that $16,000 in interest. So going the military route actually is close to the real take-home wages of someone starting in private practice (no insurance needs to be paid either). Dental students usually didn't take enough finance classes and therefore are not interested in the HPSP options.
So there are ways to avoid the debt but very few students want to be inconvenienced.
The other advantage is that the military will pay for specialized schooling (with more years of service required). Normally only the top students can specialize which can triple a dentists income. But the military needs specialists. So if you go the military route and you are an average dental student (which still is brutal competition), you have a fast-lane to get >>$400K a year income as a specialized dentist. After you re-enter in private practice of course.