THE NEXTDDS Blog

[Webinar] Three Simple Steps for Managing Student Loan Debt

Posted by THE NEXTDDS on Wed, Nov 08, 2017 @ 10:45 AM

Student-Debt-Word-Cloud.jpg

One of the biggest concerns from dental students is getting out from under their student loan debt burden when they finish school. Many people already have previous schooling debt from their undergraduate programs and are looking for recommendations. The good news is that there are various resources and best practices available that can make a big difference for virtually every student.

Financial wellness is essential for students transitioning from dental school into the profession. While education loan debt is a fact of life for most new dentists, careful planning enables one to limit risks and to repay or refinance existing school loans. There are important steps students must take now and post-graduation to protect their livelihood and to maximize their future earning potential.

The following subjects will be addressed within this virtual training event:

  • Understanding repayment options (e.g., loan consolidation, refinancing, federal or state-based repayment programs, income-driven repayment plans)
  • Managing debt and compounding interest
  • Pros and cons of loan consolidation
  • The importance of timeliness and documentation
  • Understanding the implications of deferments and forbearances
  • Modeling one’s self on the characteristics of financially independent dentists
  • Pending legislation that may impact borrowers
  • Understanding the ADMI compensation package and its impact on educational debt

Save your seat now for our November 15th webinar happening at 9pm Eastern!

Register Now

Tags: debt, student loan, dental school, webinar, student loan debt

Maximize Your Earning Potential: Paying Off Your Student Loan Debt [Webinar]

Posted by THE NEXTDDS on Sat, Feb 25, 2017 @ 02:00 PM

Are you starting to worry about how you're going to pay for your dental school education? One of the biggest concerns that we hear consistently from dental students is getting out from under their debt burden when they finish school.

Many people already have previous schooling debt from their undergraduate programs and are looking for recommendations for reducing the burden of dental student loan debt. The good news is that there are plenty of small adjustments that dental students can make to reassess how they manage their student loan debt.

Financial wellness is an important goal as you transition from dental school into the dental profession. Loan debt can be a strong hindrance, but there are many ways to manage it. You can take certain steps both now and post-graduation to understand your overall credit health and to maximize your earning potential.

In this recent NEXTDDS webinar, students learned many of these key points including:

  • Recommendations for protecting your credit / credit health as a dental student
  • Understanding debt and compounding interest
  • Reviewing available repayment options
  • Differentiating between the “big 3”: educational debt, practice acquisition debt, and home ownership debt

NEXTDDS LAYOUT FB 2_2_JP.jpg

Click the picture above or click here to watch the webinar on Youtube.

Tags: debt, student loan, earning, webinar, student loan debt

5 Benefits of a DSO-Supported Practice for New Graduates

Posted by THE NEXTDDS on Wed, Oct 14, 2015 @ 07:00 PM

DSO-article-thumbTHE NEXTDDS Fall 2015 Magazine is now online! This issue features an article entitled Pick Your Path--What is a DSO? (on page 20) that looks at the role of the DSO-supported practice in modern dentistry and how new graduates may benefit from joining such a practice. Whether recent graduate or practicing dentist, there are many who may benefit from practicing in a DSO environment. Those desiring flexible schedules, bearing the burden of significant student loan debt, or needing to build competency in a structured practice model are ideal for the practice supported by a DSO. New dentists who wish to learn from proven business systems rather than a traditional solo practitioner are also well suited for the DSO model. Below are 5 benefits, that you can find out about more fully within the article, of a DSO-supported practice.

Compensation

With a guaranteed steady patient flow (a key driver in any practice) and competitive salary packages, it’s not surprising that this is a major factor in the decision for new graduates. Many affiliated dentists enjoy higher production and earn more than their counterparts in private practice due to an ability to spend time on patient care rather than business activities.

Ease of Employment

New graduates can face difficulties finding immediate employment for a number of reasons. Dentists are retiring later than in previous years, so the number of practices for sale/partnership have reduced. Recovery from the recession has been slow, so fewer private practices are hiring associates or graduates with little experience. It can be difficult for a new graduate to get a foot in the door or, alternately, to obtain capital for practice acquisition. Practices supported by DSOs are willing to employ new graduates and are able to support them to a degree that a private practice often cannot.

DSO_Path-thumbStudent Debt

Upon graduation, the average dentist has nearly $250,000 in student loan debt, creating a barrier to practice ownership. Generating enough income to cover debt and expenses the first few years as a solo practitioner can be challenging. Some DSOs have programs in place to help dental students retire their dental school debt faster.

Work/Life Balance

Modern employment trends are evolving, and lifestyle preferences such as regular hours, mobility, and flexible work schedules are becoming increasingly important. A successful dental career isn’t all about money, and married professionals and dual-profession families require a lifestyle that practice ownership doesn’t always allow.

Opportunities to Acquire Experience

Increasing confidence and clinical speed while building patient production is a big attraction for new dentists. Practices supported by DSOs are able to offer clinical supervision, ongoing education, in-house training, and other benefits that usually aren’t available in a traditional private practice. The opportunities for interaction with other dentists and peers is also an attractive feature of a larger practice structure. Organizations such as the Association of Dental Support Organizations (ADSO) have formed out this same imperative, enabling affiliated dentists to join a community and to brainstorm and collectively discuss issues affecting the profession.

DSO-supported practices are part of a growing trend in the industry to provide quality and affordable care to improve public health. Why is joining a practice associated with a DSO a smart move for a new dental graduate? Access the article now!

Update Profile Page

Tags: dental students, dental, debt, dental support organization, student loan, DSO, graduating dentist

Recommendations for reducing the burden of dental student loan debt

Posted by John Papa on Tue, Oct 08, 2013 @ 10:59 AM

Are you starting to worry about how you're going to pay for your dental school education? One of the biggest concerns that we hear consistently from dental students is getting out from under their debt burden when they finish school.

1038493 resized 600

 

Many people already have previous schooling debt from their undergraduate programs and are looking for recommendations for reducing the burden of dental student loan debt.

The good news is that there are a few simple tips that can make a big difference for virtually every student.

 

 

  • Compare costs. Above all other recommendations for reducing the burden of dental student loan debt, the best method for ensuring less debt is paying less upfront. For example, in-state tuition is cheaper than out-of-state tuition and both of these numbers can vary significantly between schools. Getting into an in-state program or one with substantially lower tuition than comparable programs can mean the difference of thousands of dollars.

  • Try to get government loans. Not only are government loans less expensive, but the government is also vastly more flexible when it comes to working with those who are experiencing financial difficulties after the fact. In addition, consolidating government loans can be much more helpful (i.e. result in more discounted rates) than consolidating private loans.

  • Consolidate student loans. Do you have multiple loans? You may be able to group them together and make one payment at a lower rate. Keep in mind that you can consolidate private or government loans, but you cannot mix the two. Take the time to crunch the numbers before you agree to consolidation to ensure that it will save you money in the long run.

  • Prepay loans whenever possible. Most students are not able to pay down their loans while they're still in school, but they may have the means to pay the interest in order to prevent it from adding to an already high loan balance. Additionally, if you have higher interest loans (i.e. credit card debt, car payments) these loans should take priority and be paid off first. However, if paying off your dental school debt early is an option, you should take advantage of it. Pay off your highest interest loan first, and make sure to apply the money toward the principal, not the interest. Paying down the principal saves you money over the loan's lifetime.1

  • Make every payment on time. Late charges add to an already big bill and they are entirely avoidable. Some people find it beneficial to enroll in an automatic payment program so they never forget to make a payment.

  • Qualify for loan forgiveness. The government will forgive debts after 10 years for borrowers that make their career in the public sector. (http://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts/public-service). The government is also aggressively promoting other relief programs including the Pay As You Earn program (http://studentaid.ed.gov/repay-loans/understand/plans/pay-as-you-earn) which adjusts repayment to affordable levels while extending the loan term to accommodate that. Either way, the key is to get your arms around your post-graduation obligations before you leave school so that you can apply for these programs ahead of time. Questions? Let us know we’d love to help!
  1. http://www.finaid.org/loans/prepayment.phtml

Tags: student, loan, government, debt, private, payment

Latest Posts

Posts by category