About the Debt Wise Dentist

I’m a dentist living on the west coast in one of the most expensive regions of the country. After finishing dental school, I was eager to begin working like most of my colleagues so I could finally earn a wage and enjoy the easy life of a dentist.

In my educational career, I have been extremely fortunate. I attended a small university on an academic scholarship before starting dental school at a university my mother had worked for over 25 years (qualifying me for the Tuition Remission Program). Between the generous support from my parents and a manageable student loan (< $100K), I found myself debt-free in just a few short years.

I worked hard and lived modestly, but to be honest, I never gave student debt much thought until I recently got married. My wife, also a dentist, found herself in a much different financial position after graduation.

Like many prospective dentists, soon after receiving her acceptance letters, my wife applied for federal student loans. While the loan types were confusing and the amounts seemed high, she signed on the dotted line without hesitation. Like many before her, she was making an investment for her future. What she (and I) didn’t realize until recently, was that potentially, she would be repaying that investment for the rest of her life.

Following several years of grinding, making monthly loan payments, and living well within our means, my wife and I had assumed that surely some amount of dental school loans had been managed. A quick visit to the FedLoan website put a sudden end to that notion. Over the life of the loan, only 1% of the principal had been paid and nearly five times that amount had gone towards paying interest.

I didn’t fully understand our predicament when we first broached the subject because I had been spoiled. I hadn’t read the fine print before I signed on my student loan either. I found myself with more questions than answers: Why are we paying so much in interest? What’s the difference between each of these loan types? Should we refinance these loans? Ultimately, how do we tackle a loan debt we don’t fully understand?

I knew I had to become debt wise quickly. I am by no means an expert in the world of money or loan repayment, but just like many young dentists before and after me, I am trying to navigate through a difficult financial situation. I’m finding my way, learning and sharing in order to build towards a smart sustainable debt-free future. Here, I have set out to chronicle my journey in the hopes that others can join me, learn with me and share their experiences as well.