How To Pay For Dental/Medical School | Is It Even Worth It??

🦷🧠 Dr. James Dahle's, The White Coat Investor's Guide for Students is a book every dental/medical student should read. It is hands down the best financial guide for students are are about to take on hundreds of thousands of dollars in student loan burdens to complete their training as doctors. In this video, I talk you through Dr. Dahle's options for paying for dental school. If you are a pre-dental or dental student, this video will give you an idea how you can financially make your dental dreams come true!
-CONTENTS-
00:00 - Intro
01:09 - The Source Material
01:56 - 1: Cash
04:15 - 2: Student Loans
05:30 - 3: Get a Discount
06:35 - 4: Military HPSP
08:24 - 5: Financial Assistance Program
09:06 - 6: National Health Services Corps
09:42 - 7: Public Service Loan Forgiveness
Thanks for watching the video! If you enjoyed it, please consider liking and subscribing to my channel for more content about how you can turn your dreams of a dental future into reality.
📸 INSTAGRAM: @stephen.p.ray.dentistry
🎙 PODCAST: www.buzzsprout.com/1739741
-MY GEAR-
Camera: Sony A6500
Lens: Sigma 16mm f 1.4
Microphone: Rode VideoMic Pro
Lights: MOUNTDOG Softbox Lighting Kit
Stabilizer: DJI Ronin SC

[@helengibson4652]

Thank you Stephen! Super informative and timely!

[@stephenraydentist]

Awesome thank you for the comment, Helen! I'm so happy the video was helpful and I hope some of these options can inform your decisions moving forward!

[@helengibson4652]

@@stephenraydentist Oh for real, this has help me save a ton of time of research. I’m also definitely getting the book you mentioned too :) Thank you!

[@ErikaCorrea]

Such a great video!

[@stephenraydentist]

Thank you so much! I hope it helped!

[@83HURSTROCKET]

Doc I’m 46 and thinking of going to dental school. This is more important for someone my age than a young student IMO. Thank you for this info

[@dontebutler2466]

Great video! I am currently going through this at the moment since I will be starting my dental journey this summer. Have you ran into anyone utilizing their GI Bill benefits to pay for dental school? Any feedback will be appreciated.

[@jackhansmiles]

knowledgable beyond your years my man!!

[@stephenraydentist]

You're just the GOAT

[@JavierPerez-cz9fi]

Key note, NHSC is a 1 to 1 contract service, unless you decide to apply for only 1 year of having hour tuition paid for, thats when you would serve 2 years instead of 1.

[@stephenraydentist]

Makes SENSE! Thanks for this, champ. I probably was not the most well informed person to speak on some of these methods as I haven't used them all, but I really do appreciate your explanation and expertise!

[@spozhmaymarouf8236]

Hi, thanks for making such a helpful video, Stephen!!! I want to ask if the HPSP is for everybody or specific people in states? What is the process? If you can plz answer my question, that will be greatly appreciated!

[@stephenraydentist]

Hi thanks so much for watching and commenting!! If you type in armed forces health professional scholarship program, you will immediately find a webpage with all of the information you need! What you will then do, if this is the path you want to follow, is apply to dental schools, become accepted, choose the school you want to go to, and get linked up with the recruiters that are responsible for that school. They will be the individuals that actually bring you up to speed on everything surrounding your HPSP!

[@Orthodadday]

Yes. It is available for people in all states and territories as long as you are a U.S. citizen. Great program. That’s how I got through dental school. Learned so much in the military and was even able to get a specialty certificate (orthodontics). Recommend if you ever have thought of being in the military and serving. Pros and cons like everything else. It’s an even better value these days with dental school being sooooo expensive. 💰💰💰

[@harvestingseason2725]

Hey man just subbed to ur channel :) aren't u the guy from dat bootcamp lol?

[@stephenraydentist]

I certainly am!! And thank you so much for the support!!

[@red_alert]

Hey Stephen! I was wondering, how do you do all the graphics in your videos! I always love the styles you pick and the effort you put into it! Do you use final cut templates or create these looks and transitions or animations custom?

[@stephenraydentist]

Thank you so much for the comment and the praise! I truly appreciate it! I actually have sort of self-taught myself Adobe After Effects! I make all of the graphics from scratch which admittedly takes a long time, but allows me to add the custom flare to videos like this one that I otherwise would be unable to achieve. I basically watch tutorials for the techniques that apply to the vision I have for the graphics and I'm typically able to come up with results that I like!

[@nycto16]

Watching this as a finance student ^-^

[@stephenraydentist]

Hopefully I did well! I am far from a financial guru!

[@demetriosmorris9386]

NHSC is one for one repayment. The only way it is 2 for one is if you are doing part time hours.

[@loganduncan501]

The 2 for 1 mentioned about NHSC is incorrect! It’s one for one trade off just like HPSP. I’m a NHSC recipient.

[@stephenraydentist]

Thanks so much for your comment!! Interestingly, Dr. Dahle reports a 2 for 1 commitment in his book! I wonder if it is 2 for 1 for medical students but not dental students. Thanks again and best of luck with your studies!

[@ThinkingInProgress]

@@stephenraydentist I’ve been looking into this and it seems like it’s like this: if you only get funding for 1 year then you have a 2 year commitment, but if you do more it goes: 2 year funding = 2 years of commitment 3 year funding = 3 years of commitment 4 year funding = 4 years of commitment So the 2/1 only applies for 1 year funding.

[@loganduncan501]

@@stephenraydentist Yeah that could be. They have a few different medical fields they offer it for. They also have the NHSC Loan Repayment Program for those who don't get the scholarship and want help with loans after school. Similar to how the military will sign dentists on after school. It's approx. 30-40k a year that is required to go towards your loans, so you can't invest it into crypto/stocks/house/etc. Another good things about the NHSC unlike most of the military HPSP is that you can keep applying each year that you are in dental school. The minimum is 2 years that you can sign up for, but optimally you would want to do a 3 or 4 year commitment. I posted more about the general idea of NHSC in your last video! Cheers mate, good luck in Spring. - Logan

[@pikusarker1359]

Sir how many years will it take for you to pay off all your student loans?

[@stephenraydentist]

Thanks for the comment! Time will tell! What I plan to do is to get out of school and start working for a few months. I will then calculate how much I've been earning and come up with a monthly plan for how much money I will put towards my loans each month. If I live frugally, it should only take me a few years!

[@pikusarker1359]

@@stephenraydentist sir how much orthodontists earn in usa? Plz reply. Thanks a lot.

[@alexandersabadus8923]

Should I live w parents for 2 years and grind out the job and put all my profits during that time into the loans so that I'm basically debt free? I have no problem doing that at 26-28 years of age

[@stephenraydentist]

My friend I’m literally doing that as we speak. I’m a dentist now and living with my parents saving money. No shame in it at all

[@viniciusjr9787]

Hey can you give me advice for dental school. And is it hard

[@stephenraydentist]

Thanks for the comment! I have tons of videos giving my best advice for pre-denttal students! I also have podcast episodes with fellow dental students who give their own advice. Check out this playlist kzbin.info/aero/PLfQ7n_Tfs4mu4lIIInwDb5xkCJQQkHHrr and this video! kzbin.info/www/bejne/kIDYZICoYrWYsMU

[@mrtreeleaf]

No offense but in your example of paying $10,000 a month for a $500,000 loan isn’t as easy as you make it sound. This is because you would think $10,000/month is equivalent to $120,000/year payment. This seems reasonable but then you forget that there’s income tax for every dollar you earn. That means as a new grad your job would have to pay at least $185,000/year just to service the debt which is higher than the average listed assocIate salary. This doesn’t include living expenses.

[@stephenraydentist]

You are absolutely right! For the record I used these numbers in this example because they were the numbers Dr. Dahle used in his book. But I completely agree. I think it is worth noting, though, that most dental graduates will not come out with that much debt (unless you're going to a school like NYU). So the debt load for most of us should be much lower than 500k but the message is the same. If you want to get rid of that debt as quick as possible before the interest makes too major an impact, you have to live frugally in the beginning of your career. The difficulty for many (as I have heard) is that they graduate and start making 150-200k a year which seems like a ton of money. They then live beyond their means and don't prioritize loan repayment as much as they should. I think this was the message Dr. Dahle was trying to convey! Realistic expectations of your lifestyle based on your debt load!

[@hourglassgmr3546]

My name is gage btw

[@hourglassgmr3546]

Hey Stephen I texted you on Instagram and I would like to talk to you about dentistry!!

[@stephenraydentist]

Thanks for the comments Gage! I am much more likely to read my KZbin comments but I will be heading over to my instagram soon to answer messages! I am sorry for the delay!