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How do Australian/USA trained dentist pay off debt?

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Hello guys

I wanted to inquire about how people that studied in Australia and USA manage to come back to Canada and pay of such massive debt. we are taking 300k + CAD. I know there are plenty of students who do this, so I assuming there must be a way of paying it off quick which I am not aware of right now. The thought of paying off a massive debt like this for 10 years is pretty scary.

I am asking this because Dentistry is my passion, but due to health related reasons my gpa is not competitive for Canadian schools. I come from a poor background and my parents will not be able to support me financially.  So I want to consider all aspects of studying in another country to ensure that I am not digging myself a financial grave. I would would love to pursue dentistry but I also need to support my family once I return back.  

To sum up: what strategies do American and Australian trained dentist use when it comes to paying off debt once they return to Canada. 

Thank You 

 

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25 minutes ago, RealG said:

Hello guys

I wanted to inquire about how people that studied in Australia and USA manage to come back to Canada and pay of such massive debt. we are taking 300k + CAD. I know there are plenty of students who do this, so I assuming there must be a way of paying it off quick which I am not aware of right now. The thought of paying off a massive debt like this for 10 years is pretty scary.

I am asking this because Dentistry is my passion, but due to health related reasons my gpa is not competitive for Canadian schools. I come from a poor background and my parents will not be able to support me financially.  So I want to consider all aspects of studying in another country to ensure that I am not digging myself a financial grave. I would would love to pursue dentistry but I also need to support my family once I return back.  

To sum up: what strategies do American and Australian trained dentist use when it comes to paying off debt once they return to Canada. 

Thank You 

 

Just wanted to wish you good luck in the future. If dentistry is your passion, go for it!!!

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3 hours ago, RealG said:

Hello guys

I wanted to inquire about how people that studied in Australia and USA manage to come back to Canada and pay of such massive debt. we are taking 300k + CAD. I know there are plenty of students who do this, so I assuming there must be a way of paying it off quick which I am not aware of right now. The thought of paying off a massive debt like this for 10 years is pretty scary.

I am asking this because Dentistry is my passion, but due to health related reasons my gpa is not competitive for Canadian schools. I come from a poor background and my parents will not be able to support me financially.  So I want to consider all aspects of studying in another country to ensure that I am not digging myself a financial grave. I would would love to pursue dentistry but I also need to support my family once I return back.  

To sum up: what strategies do American and Australian trained dentist use when it comes to paying off debt once they return to Canada. 

Thank You 

 

The strategy would be to work very hard, don't spend unnecessarily until you pay it off. Another thing you should consider is whether you will be able to secure a line of credit. Getting a line of credit to a non-Canadian dental school will be tricky unless you have a co-signer. Good luck with your decision!

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Basically work very hard until you pay it off. That being said, I did a lot of research for a high school student going to australia to study for their 5 year programs. It's actually much cheaper going to australia as a high school student and doing their 5 year programs and coming back, than going through canada's undergrad and dental school, so a lot of kids who know they want to do dentistry early on will be making that decision to travel to australia and end up with less debt

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2 hours ago, happychapter said:

Basically work very hard until you pay it off. That being said, I did a lot of research for a high school student going to australia to study for their 5 year programs. It's actually much cheaper going to australia as a high school student and doing their 5 year programs and coming back, than going through canada's undergrad and dental school, so a lot of kids who know they want to do dentistry early on will be making that decision to travel to australia and end up with less debt

That's not entirely true, Australia's schools start in February so a graduating high school student will wait 8 months before being able to start. Then they wait 3 months after graduating dentistry before receiving their NDEB results so really it takes 6 years after high school to complete everything. It only really makes sense if you know you won't get in after 4 years of undergrad and you would have to complete additional schooling for a chance at a Canadian school, but no one knows that in high school. I would recommend working hard in undergrad and trying your chances in Canada. 

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3 hours ago, member_225 said:

That's not entirely true, Australia's schools start in February so a graduating high school student will wait 8 months before being able to start. Then they wait 3 months after graduating dentistry before receiving their NDEB results so really it takes 6 years after high school to complete everything. It only really makes sense if you know you won't get in after 4 years of undergrad and you would have to complete additional schooling for a chance at a Canadian school, but no one knows that in high school. I would recommend working hard in undergrad and trying your chances in Canada. 

Idk I knew I wanted to be a dentist since the start of high school. If I had the financial means at the time I would have much rather went to Australia and done dental school in 6 years rather than grind through 4 years of undergrad here in Canada and go through the whole process of applying to dental schools here with my life's dreams on the line. Don't get me wrong, I am so happy I got into UofT but I think if people have the means (i.e. wealthy parents) might not be a bad idea if you are passionate about dentistry. 

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9 hours ago, member_225 said:

That's not entirely true, Australia's schools start in February so a graduating high school student will wait 8 months before being able to start. Then they wait 3 months after graduating dentistry before receiving their NDEB results so really it takes 6 years after high school to complete everything. It only really makes sense if you know you won't get in after 4 years of undergrad and you would have to complete additional schooling for a chance at a Canadian school, but no one knows that in high school. I would recommend working hard in undergrad and trying your chances in Canada. 

keep in mind opportunity cost. those two extra years you are making income. 

 

edit: removed living cost calculations but point still stands. economically it saves time and money to go to australia to do your undergrad if you are sure:

1. you definately dont want to specialize

2. you definately know u want to be a dentist

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Paying off debt will require 1. high income, 2. low expenses.  

To achieve 1. being flexible and working in under serviced areas after graduation is very rewarding.  Having an accountant that will help minimise the amount of taxes you pay is also very important.  

To achieve 2.  you basically have to continue living like a student for a few years after graduating.  Sure everyone wants an improved life style after graduation, but don't go crazy.  You don't need a BMW or a Mercedes the day that you graduate.

Depending on the sort of risks you're willing to take, it can be worthwhile investing in things that grow at a higher rate than the interest on your loans (real estate/stocks), rather than dumping all your money into paying off your debts.

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