Something that I’ve thought about and been asked countless times by my working friends, friends in other professional schools, and other well-intentioned folks is why dental school is so darn expensive. The leading question, however, is how much it really costs.
How much does it cost to go to dental school?
Let’s start by looking at the 2016-2017 cost of attendance for one of the biggest and most expensive dental schools in the nation, New York University.
| D1 | D2 | D3 | D4 | |
| Tuition | $72,904 | $72,904 | $72,904 | $72,904 |
| Fees | $3,120 | $2,958 | $2,924 | $2,818 |
| Instruments and Vital Book Fees |
$7,520 | $5,824 | $7,520 | $5,824 |
| Health Insurance** | $3,354 | $3,354 | $3,354 | $3,354 |
| Total Educational Expense |
$86,898 | $85,040 | $86,702 | $84,900 |
| Room & Board** | $27,966 | $33,560 | $33,560 | $30,756 |
| Personal Expenses | $3,888 | $4,666 | $4,666 | $4,628 |
| Transportation | $2,272 | $2,726 | $2,726 | $2,726 |
| Loan Fees**** | $216 | $216 | $216 | $216 |
| TOTAL Estimated Living Expenses |
$34,342 | $41,168 | $41,168 | $37,966 |
Your grand total for attending NYU dental school comes out to a cool $498,184. With the current interest rates set at 5.31% for Direct Unsubsidized and 6.31% for Grad Plus, let’s assume you’re at 6% interest. On a standard 10-year fixed repayment plan, you’d be paying a little more than $5.5K a month for a total amount paid of $663,704. On a standard 25-year fixed repayment plan, you’d be paying around $3.2K a month for a total amount paid of $962,942.
But dentists make a lot of money, I’ll be fine right?
Now let’s assume your annual salary as a starting GP is $130K pre-tax ($125K is the average at Western Dental, $130K is the average at Heartland Dental). For reference, the median reported net income for non-owner GPs according to the ADA in 2015 was $120K, which may be on the high end for a newly minted dentist with little experience. After federal taxes, Social Security, and Medicare ($35.5K), your monthly take-home is whittled down to $7,875 — assuming you’re lucky and live in a state with no state income tax.
Ok, so how much bacon do I bring home?
If you decided on the standard 10-year fixed at $5.5K monthly payments, your net monthly take-home pay is $2,375. Let’s hope you don’t owe any money from undergrad!
Buyer beware. But as they say, do something you love. I personally have found dentistry to be tremendously rewarding. I also had the opportunity to attend my state university on a scholarship where tuition was cheaper. Words of advice for pre-dents: make sure you love the field of dentistry before taking the plunge. And go to the cheapest school. Numbers don’t lie.
What do you think? Were you aware of the costs for dental school before getting in? How are you surviving in private practice? Comment below!
Loading ...
No responses yet