Managing Dental School Debt and Beyond
There is one hurdle that nearly every new dentist must tackle: debt. Whether you have dental school loan debt weighing on your shoulders or other debt obligations — like those related to starting your own practice — you may owe more money than you think can be paid off in a reasonable time frame. This can be an overwhelming feeling that gets in the way of your strategic thinking, and your overall happiness.
Treloar & Heisel offers debt management services and other financial advisor services designed specifically to support dental professionals. Within the larger context of a financial plan, we address all types of debt — including student debt — as part of The Full Life Process™.
The Reality of Dental Student Loans
Most practitioners could not complete their education without some form of financial assistance. In fact, the Education Data Initiative reports that 82.4% of survey respondents used loans to pay for dental school. This is unsurprising, considering that dental students averaged $304,824 in debt in 2020.
If you are one of the many dental professionals who took on debt, what is an appropriate approach for you to reduce it? Having a debt management strategy as part of your larger financial plan is a good starting point toward successful financial management.
Tackling Student Debt
There is no one-size-fits-all solution to reducing your student debt. Your individual debt circumstances should be assessed by a qualified financial professional. With careful planning, many clients find that they are able to pay off debt and save for the future.
Managing Dental School Debt: An Assessment
When you work with a financial professional who is experienced in advising dentists and dental specialists on student debt management, you can get a realistic evaluation of your current financial situation. They’ll also act as knowledgeable support to help meet your financial and dental career goals.
This may include examining prevailing interest rates combined with other strategies and considerations. Not all debt is created equal, and there may be other financial obligations to consider in addition to your student loans.
Start your career on the right path by downloading The Post Dental School Survival Guide.
Know Your Options
Make sure you understand income-driven repayment options and how each option may affect you should you decide to pursue it. Options like accelerated repayment plans may look tempting at first, but may not be suitable for your situation. When you have the big picture of what your debt looks like, you can begin paying it back in the way that works best for you.
Holistic Student Loan Debt Repayment
Debt management may be more effective when it’s part of a comprehensive financial plan. After all, if you have goals for your career in dentistry, you’ll want to align how you tackle your student debt with your plans for the future.
Benefits of Debt Management With Treloar & Heisel
Debt has implications for your future because paying debt means that those dollars don't go toward saving or investing. Treloar & Heisel’s debt management solutions can help you make the best choices for alleviating your dental debt burdens and put you on the right track for a successful future. Some benefits of working with us include:
Experience on Your Side
Having the guidance of a financial professional with experience in advising dentists gives you the opportunity to address your debt within the larger picture of your financial profile. Treloar & Heisel understands the importance of working with you to create a plan that can eliminate your debt within your desired timeframe and livelihood.
Working on a Schedule to Handle Dental School Debt
When it comes to managing dental school debt, timing is everything. You could begin the process before you even graduate for a stronger future financial planning strategy. If you’ve already graduated, then managing dental school debt as soon as possible will help us help you.
Our advisors provide guidance on your available options, including income-based repayment and how it may affect you should you decide to pursue it. As a key step in The Full Life Process™, we assess current interest rates to determine whether refinancing makes sense for your financial strategy, outline steps you should take to hit your target savings goals, and communicate with you throughout the process so you won’t feel alone or uninformed.
To manage your dental school debt in sync with the other aspects of your overall financial plan, learn more information about The Full Life Process™.
Dental School Debt Management: We Can Provide the Greater Perspective
Since student debt management affects what you can and cannot do in the future, Treloar & Heisel offers services to support your vision for the future.
Request a Free Consultation to Learn More About Student Debt Management
Any size debt can — and should — be understood and set up for repayment success so you can pursue your dental career without the burden of debt holding you back. Financial planning is all about knowing what steps you need to take to reach your goals. Take the first step by speaking with a trusted financial advisor about managing your debt. To get started, schedule your free consultation with Treloar & Heisel.