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A semester abroad. The phrase conjures images of books discussed over a Parisian breakfast or Argentine Alfajores. As romantic as that sounds, before you pack your bags you’ll want to do some research in order to weigh the pros and cons of studying abroad.

There are many advantages of studying overseas. You may pick up a new language or become fluent in one you already know. You’ll be exposed to a different culture, and immersed in new-to-you art, music, literature, and food. Broaden your horizons now and who knows where you’ll end up in ten years.

But most of all—more than any cooking technique or phrase—you’ll learn how to take care of yourself. Even if you speak the language, your safety net abroad is much more limited than if you’re in school in the U.S. You’re likely navigating an entirely new social system. That kind of chutzpah may come in handy later on in life.

One factor to think about when considering the pros and cons of studying abroad is how connected the program is to your university. If none of your study abroad classes will qualify for credit, it might not make sense financially.

Why not graduate a semester early and create your own study abroad program somewhere? You could create a travel itinerary all on your own, which may cost less than going on the abroad program through your school.

However, if you’ve already weighed the pros and cons of studying abroad, here are some tips regarding countries to consider, based on the languages you speak—or want to learn.

Spanish

If you speak or want to improve your Spanish, Latin America or South America are great options. Many students look at Mexico, Argentina, and Uruguay. One thing to consider is which dialect of Spanish you want to speak.

If you’re planning on using your Spanish extensively, and want to live in the Americas, Mexico is a great option as over 100 million people live there. Additionally, a lot of Spanish language entertainment comes from Mexico, so the Mexican dialect is widely known.

On the other hand, Argentina and Uruguay can be a great place to study abroad, but they speak a different dialect of Spanish, Castellano. If you’re considering living in South America long term, it could be worth it to study in Argentina or Uruguay instead.

If you’re more interested in Europe, Spain boasts a great university network that hosts many Americans. Again, the dialect there is different from Latin American and some parts of Spain speak Castilian Spanish, so if you’re planning on living in the Americas, it might make more sense to study in Latin America.

French

For those studying French, France is the obvious choice. But if Europe is less your speed, consider African countries like the Senegal or Morocco. Both countries have great French language university systems and are study abroad destinations, so there will likely be other international students there.

Chinese

For Chinese speakers, China is also the obvious choice. If your school doesn’t have a program there, many American universities are opening up satellite campuses, so that could be a good way to get to Shanghai or Beijing.

Hong Kong is also a good option, although they speak Cantonese there, rather than Mandarin, which tends to be the Chinese dialect that most Americans study. In Singapore, however, they speak both Mandarin and English.

English Language-Based Study Abroad Programs

If you don’t speak any foreign languages, don’t despair. Many universities offer study abroad programs that are not language-based or don’t require knowledge of a language before you apply.

Some good destinations for only-English language speakers are Germany, Israel, and Hong Kong. There are also obviously programs in English-speaking countries like England, Ireland, New Zealand, and Australia.

Studying Abroad Pros and Cons

Studying abroad is ultimately a big decision—and every big decision calls for a good ol’ pro-con list (preferably on a yellow legal pad). So let’s talk through a high-level look at some of the pros and cons of studying abroad.

Some Pros of Studying Abroad

Starting off with the pros—what are the benefits of studying abroad?

Perhaps it’s cliché to point out that studying abroad will expand your horizons—but it really might. Immersing yourself in a completely new culture can be a life-changing experience, whether it proves that you’re actually a Francophile, or whether it ends up revealing that you’re a homebody at heart.

This is also a great opportunity to make new friends from around the world that you may have never had the chance to meet. Meeting new people in new places, while experiencing new things sounds like a great adventure!

On a more practical note, grad school admissions may look fondly upon those who have studied abroad. This might be an opportunity to gain valuable workplace skills and real-world experience stores, which may help during an interview process!

Beyond that, it might enable you to look at your coursework in a whole new light. Also, studying abroad could be one of the only times in your life that you get to spend an extended amount of time in another country, which is a compelling pro.

Some Cons of Studying Abroad

And for the rebuttal—what are the negatives of studying abroad?

Studying abroad has the glamour that staying on campus, to put it simply, doesn’t. A certain amount of FOMO over your friends study abroad adventures might be inevitable if you stay behind. However, what those friends might not be telling you is that studying abroad isn’t without its challenges.

Being in a new place—especially where you don’t speak the language—can feel isolating. It can also make it challenging to keep up with relationships back at school or with coursework necessary for graduation. Many degree programs require students to fulfill a certain number of credit hours, and studying abroad may make it more difficult to get everything done in the allotted time frame.

Of course, it might go without saying that the finances of studying abroad can also be a con. It could be costly to study abroad with certain programs. And it’s not just tuition dollars—cost-of-living could be higher in your chosen study abroad home than it is back at school. For example, off-campus housing in Pennsylvania could be significantly less expensive than off-campus housing in Paris.

Financing Your Study Abroad Experience

You may be able to receive federal aid for your study abroad program. There is eligibility criteria , of course, and you’ll need to fill out your annual FAFSA® form as per usual, but the government recommends filling it out as soon as possible, since you’ll need to make sure it applies for both your American school and your program abroad.

There are also a number of study abroad scholarships and grants available to American students. For more information, you can check out this list as a starting point of your research.

After exhausting all of those options, you may also consider taking out a loan with a private lender. Private student loans from SoFi offer flexible repayment options and absolutely no fees. Get a low-rate in-school loan that works for you, so you can focus on your studies—both at home and abroad.

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A fundamental question people ask when it comes to life insurance is, “Why buy life insurance?” Well, here’s an interesting fact—one in three families have admitted that if something happened to their family breadwinner, they would face a financial crisis within a month.* Getting prepared can be easier than you might think.

These six pointers below can help you understand:

•  What life insurance is

•  What life insurance can provide

•  Potential benefits of term life insurance

•  How life insurance works

•  When life insurance may be necessary

•  What types of life insurance might work best.

1. Life Insurance Is Financial Support for the People You Care About

Just as car insurance pays you in the event of an accident, injury, or damage to your car, life insurance provides financial support for the people you care about in the event of your death. Partners, children, and even elderly parents who depend on you financially will likely need some kind of safety net. Life insurance can provide you with the peace of mind that they have that financial support should you pass away.

Here’s something else to consider: Debt doesn’t disappear after death. If you own any type of debt (for example, student loans or a mortgage), that debt obligation may transfer over to your estate in the event of your death, which may impact your beneficiaries financially. Life insurance can be a helpful financial safety net for them.

2. Life Insurance Can Offer Financial Security

Typically, a life insurance contract (also referred to as a “policy”) will have the people you care about designated as “beneficiaries”—those you choose will receive a payout in the event of your death. This payout is generally a lump sum of money, which is usually paid in full, and tax free .

Payouts can be used by beneficiaries in a number of ways. The money can keep family members in their communities by going towards living costs like rent or mortgage payments.

Payouts can also help cover child care or domestic help, college costs, and other major expenses. In some cases, payouts are used for estate taxes that families must pay in order to inherit assets, or to settle unpaid medical bills, taxes, or debt.

The cost of the policy to you (the “premium”) is usually a much, much smaller amount than the payout. (You can enter your basic information here to get a rough estimate of how much you would pay in premiums versus your coverage amount (the payout your beneficiaries would receive).

3. Term Life Insurance Can Be Simpler and More Affordable

There are two main categories of life insurance—term life and permanent life. Term life provides coverage for a set period of time (referred to as the “term” or “policy duration”), whereas permanent life insurance covers you for your whole life.

The most well-known types of permanent life insurance are whole life and universal life policies. These types of policies often have an investment component , are more complex, and are usually more expensive than term life policies.

Term life insurance policies only provide life insurance coverage for a set period of time that you choose when you apply for the policy (typically 10-30 years ). Since they have no investment component, they are typically much simpler to understand, and are usually far more affordable. The fixed lower monthly payments and straightforward structure make it the most affordable life insurance option.

4. The Amount of Life Insurance You Need Depends On You

You should always consider your unique financial situation when deciding on life insurance needs.

Talk to your significant other (if you have one) about it, too. Each of you should have a clear idea of who would need what. Remember, budgeting appropriately for the financial support required by a surviving spouse or partner is important.

5. Buying Life Insurance—Sooner Than Later—Can Save Money

Here’s the good news—being young and healthy generally puts you at lower risk, which usually means lower monthly payments. This is because, broadly, life insurance is priced according to your overall health and how old you are when you buy it, so, if you are in good health and the younger you are, the less it should cost, generally.

With some term life insurance, you are also “locking in” your price when it is purchased. Term life insurance from Ladder for example, guarantees that monthly payments remain constant and never increase throughout the term of your policy—which can be a smart move for the long haul.

No matter what your status in life may be, you may decide you’d like a life insurance policy that can also be flexible, if that is something that is important to you. People often ask, “Can I change my life insurance?” The answer is yes, if you have the option with your insurance provider.

At Ladder, it’s easy to change your coverage when your life circumstances change. For example, some people apply to increase their coverage after having children, while others decrease theirs when they pay off a part of their debt (like a mortgage) or have children who have become financially independent and no longer need as much coverage.

Taking control of your policy can be very valuable. That’s why Ladder lets customers easily adjust their coverage down when they need less, or apply for more, when life changes. It’s a smart, convenient feature that can work for you, too.

6. Employer-Based Life Insurance May Not Be Enough

Many people are surprised to learn that life insurance offered through employers may only provide a small fixed amount, or just one-to-two times the employee’s salary. That’s usually not enough to provide sustained financial support for loved ones.

Depending on your situation, it might be a good idea to take out a second policy to ensure full family protection. Also, be sure to check for portability of any life insurance offered through the workplace. Portability gives you the option to continue your coverage after leaving the job.

Ready to Consider Your Life Insurance Options?

Now that you’ve got the basics, let’s examine your life insurance options. In three simple steps, you can apply for the life insurance you need without a hassle.

1. Understanding How Much Coverage Is Necessary

Use this free calculator to estimate how much coverage you might need by answering a few questions. In seconds, you’ll see how cost-effective life insurance can be. (Just click “Calculate My Needs”.)

2. Getting Started

Once you’ve finished using the free calculator, you’ll be prompted to get your free, no-obligation estimate from Ladder, see if you qualify for an offer, and instantly find out how much you can expect to pay each month for life insurance coverage, if qualified. No emails or phone calls required.

3. Getting Covered

With Ladder, you can apply for coverage in less than five minutes and get an instant decision. If you accept an offer, your coverage can begin immediately. You can cancel at any time—no obligations and no questions asked.

You can also adjust your coverage at any point—apply to increase or decrease at the touch of a button. When life changes, your policy can change with it.

*“2018 Insurance Barometer Study, Life Happens and LIMRA”
https://lifehappens.org/blog/2018-barometer-study/ or
https://www.limra.com/research/abstracts_public/2018/2018_insurance_barometer.aspx
This content is brought to you by our friends at Ladder Insurance Services. That means all opinions expressed in this content are those of the author and not necessarily held by SoFi—and are for purely educational purposes only. Nothing herein is intended to provide financial or legal advice.

Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

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You’ve worked very hard to become an exceptional dentist. Through your intense focus in dental school and a relentless dedication to expertise, you now feel ready to take the next giant step toward building your future­—striking out on your own and buying a dental practice.

There are a lot of big questions you need to ask yourself to ensure you are creating the best possible circumstances for success in your new endeavor. Each decision can bear tremendous influence on your future success, your earning potential, and, probably most important, the impact on your overall job satisfaction and quality of life. Are you ready for the challenge? Let’s dig in to the details to help make sure you know what you want to know.

Buying a Dental Practice

When considering how to buy a dental practice, there could be a number of scenarios that would characterize your circumstances. Have you just graduated or are you about to graduate from dental school? Have you worked as an associate for a time and now feel ready to make the big move? Maybe you’re looking to add to your existing practice by buying a second business. Each situation requires a somewhat different approach.

The first decision is usually whether to start a new practice from scratch or to purchase an existing business from another dentist, possibly one nearing retirement. A brand new office with shiny new equipment, just as you’ve always imagined, might sound very appealing, but there could be disadvantages.

Such an investment could cost you a lot more across the board, including hefty loan payments and business expenses right from the start, few patients, limited cash flow, and slower progress growing the business.

An ongoing practice will likely already have equipment and a business infrastructure, a base of paying customers, and a foundation to build upon. To that end, we’ve compiled some essential questions you can ask before buying an ongoing practice.

Questions to Ask When Buying a Dental Practice

When considering buying a dental practice, you might feel compelled to draw upon your best entrepreneurial instincts. And it can also help if you align yourself with experienced professionals who know the ins and outs of purchasing an ongoing practice. They can guide you through the labyrinth of questions and decisions you’ll be facing. You may want to interview several dental practice transition agents to get an understanding of how their methodologies compare.

On a personal level, you’ll want to define the fundamentals of what your vision for a practice should be. What areas of dentistry do you want to focus on? What locations would be best suited to your customer base?

What overall philosophy embodies the values and standards that you aspire to? It could be helpful to write down these principles as a guide to refer back to throughout this process. You might prepare to pace yourself and to take a thorough and patient approach rather than rushing into decisions.

Once you’ve refined a mission as a guide and determined ideal target areas where you would want to be located, you could develop a personal budget for your living expenses, plus any student loans or other major obligations, to help gauge how much income you’ll need to generate from your new situation. Once you’ve identified a practice that you are interested in buying, you’ll also probably want to work out the costs required to maintain that particular business.

Buying a Dental Practice Checklist

Working with a buying agent can help you prioritize the due diligence necessary to make an informed decision. Here is a checklist of some questions to consider asking when buying a dental practice, and some potential issues you might want to understand in order to make an informed decision.

•  Start with getting some insight into the history of the practice and why the dentist is really selling it. Are they simply retiring or are there other driving factors?

•  Determine how many active patients the selling dentist actually has and what are the demographics (age and ZIP code) for the patients, how many of them are new, and how many of them are insurance patients.

•  Review the practice’s fee schedule and consider how the fees compare to industry standards, the competition, and insurance reimbursements.

•  Obtain a practice valuation prepared by a qualified professional (certified valuation analyst).

•  Ascertain the age and condition of the equipment, the software systems, and premises.

•  Review any and all leases and/or real estate valuations and determine benefits or obstacles for renewals, as well as the possibility to expand the space at some point in the future.

•  Review the performance of the staff and the staffing model and identify what team members will be the strongest practitioners to join your new venture.

•  Conduct a thorough review of the hygiene appointments per month and average monthly revenue, as well as the doctor’s and hygienists’ schedules.

•  Develop a thoughtful and comprehensive plan for transitioning. Keep the patient experience front of mind as you introduce changes. How involved will the selling dentist be in helping ensure a smooth and optimum changeover with staff and patients?

•  Consider what opportunities there will be to improve the efficiency of the practice—staff productivity, billing, processing, etc.

•  Evaluate what ongoing marketing efforts exist and develop a plan and a budget for going forward.

•  Connect with dental supply companies, healthcare-focused accounts, and a small business banking specialist to gain additional insights for your practice.

You may also want to enlist an experienced accountant and attorney to help you sift through the layers of financial information related to the business you are hoping to purchase.

Among other things, the accountant will likely want to review several years of business tax returns, the cash flow model, and aged accounts receivables for gauging the competence of the collection policies, collection reports, and procedures. The lawyer can help with evaluating associate agreements, equipment and building lease agreements, or real estate appraisals and the potential for purchase.

It could also be a good idea to take note if a selling dentist pushes you to use a particular professional resource—that could be a potential red flag.

While this is a fairly extensive tips list, things are likely to come into focus once you’ve found a selling dentist with whom you connect.

Your membership in professional organizations such as the American Dental Association or the Academy of General Dentistry can provide extensive additional information regarding specifics related to buying a dental practice.

Getting Your Finances in Order

Finally, you’ll likely want to make sure that you have a reasonable handle on your finances going forward. That may include reviewing your dental school loans and making sure that they are as manageable as possible as you enter this new chapter of your career. Refinancing student loans through SoFi could lower your interest rate or potentially save you thousands of dollars.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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