Today, we are going to talk about how we handled our dental student loans during the coronavirus (COVID-19) pandemic  

It's official. . . The coronavirus is a true pandemic and has affected the dental industry around the United States w/ announcements coming from the ADA recommending dental offices only treat emergency cases for the next couple weeks.

This has major implications for dentists / dental students with massive student debts. In this post I’m going to outline some of the ways to reduce the student loan burden over the next couple months

Lets jump right in . . . 

Another way to help increase your income is to consider multiple options for banking and do some research into which types of accounts have the highest APY.

APY stands for annual percentage yield. I honestly didn’t know much about APY until I got out of school.

 I just kept my money in the bank that my family was at. However, after doing some research I found other banking options with much high APY, which means each month I’ll make more money on my existing account. 

Additionally, there are multiple options for placing your money in a CD (certificate of deposit). If you have some money that you are able to place in a CD, this can allow you to get a higher return on your deposit over the course of 6 months to multiple years. 

Work at a Corporate Dental Office

Many people right out of school may feel like they “have to take what they get” and since they have so much debt, feel compelled to take the first job they are offered.

 While its important to start working as soon as you get your license, don’t be afraid to continue to look for jobs that offer higher income or production percentage, better benefits, or more hours/patients. 

If you’re at an office that only wants you part-time, find another part-time office or search for full-time. If you’re working private practice, consider looking into part-time at a corporate office, which can sometimes offer higher pay/production percentage.

Right out of school I worked at a private office for salary, but when I wanted to increase my income I looked for a part-time job at a corporate office that could offer me a high production-based income. 

Consider all of your options and don’t be afraid to ask for raises or a production percentage. It’s important when interviewing to ask about options for production pay if not initially offered because in a busy office this can greatly increase your income. 

Dental Student Loan Forgiveness

There are many options out there for dental loan forgiveness if you’re willing to work in certain areas or states. While this may not be a viable option for everyone, consider working in certain areas for a couple years to help get your loans to a manageable amount or paid off.

There are also loan forgiveness options available if you treat certain types of insurance patients in your office. For example, in California there are grants available to dentists and physicians that see Medi-Cal/low-income patients. Look for similar opportunities offered in your state of practice. (Click Here)