Viewpoint: How new dentists should approach student debt

Dentists

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Although dentists are among the top-paid professionals, they are still facing hundreds of thousands of dollars in student loans.

For a dentist with $250,000 in student loans, there are ways to manage paying off the loan, according to Liz Weston, a financial planner for NerdWallet and cited by The Oregonian.

Ms. Weston recommends dental students do not borrow more than the total they expect to earn in their first year on the job. If dental students stick to taking out around $150,000 in student loans, Ms. Weston says it is possible to pay off the debt in 10 years.

For dentists who have taken out more than $250,000 in loans, paying off the debt may take 20 years or more. By paying if off in 20 years, the monthly payment will decrease, although dentists will be responsible for more interest payments, Ms. Weston said.

Though paying off student debt is a priority, Ms. Weston recommends newly graduated dentist start saving for retirement.

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