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In dental school you’re taught the skills you need to become a successful dentist. What they don’t tell you is how to effectively handle your dental school debt. A typical dental school graduate enters the profession with a student loan burden topping $293,900, according to the Education Data Initiative.

That’s $90,000 more than the average medical school debt. Right when dentists are ready to hit the accelerator on their careers, the reality of repayment presents a sizable speed bump.

The good news is, you’ve picked the right profession when it comes to ROEd, or the “return on education” you should reap down the road. The average base salary for general dentists is $217,620, and more than $355,570 for specialists who provide implant services, per a 2021 survey by DentalPost and Endeavor Media.

Ways to Pay Off Dental School

At this stage of the game, it’s important to have a plan for paying down your debt as efficiently as possible. Getting your finances in order early is especially critical if you anticipate borrowing more money down the road to open your own practice or buy a home.

Below, we explain the various student loan payment options available and how to know which one makes the most sense for you.

Choose a Repayment Plan

Federal student loan borrowers have four repayment plans to consider. They all set your monthly loan payment at an amount deemed affordable based on your income and family size. You can change your plan anytime without incurring fees.

•   Standard Repayment Plan. Spreads payments evenly over 10 years. Under this plan, if you have a loan balance of $250,000 at 7.54%, your monthly payment will be about $2,900. This is the default plan if no other plan is chosen.

•   Graduated Repayment Plan. With this plan, payments start lower and then gradually increase over time, usually every two years. Repayment takes place over 10 years.

•   Extended Repayment Plan. Choose either fixed or graduated payments. Repayment takes place over 25 years.

•   Income-Driven Repayment Plans. There are four types of income-driven repayment plans that tie a borrower’s income to their loan payments. Repayment takes place over 20 or 25 years. At the end of the repayment period, the remaining balance is forgiven (though this amount may be taxable).

Thanks to their higher income, dental professionals often pay off their loans before the end of the repayment period, making the forgiveness benefit irrelevant. Also, you may not be eligible for forgiveness programs if your income is over a certain threshold. (Still, we’ll get into forgiveness programs a bit more in the next section.)

Keep in mind that the longer your repayment term, the more interest you pay over the life of that loan. The shorter your term, the less you’ll pay in interest, but the higher your monthly payment will be.

A student loan payoff calculator will give you an idea of your monthly payment for different repayment terms.

Recommended: How To Get Out of Student Loan Debt

Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) program is an option if you start your career at an eligible nonprofit or public service agency. Work for a local, state, tribal, or federal government organization or for a nonprofit organization, and you may be eligible for federal Direct Loan forgiveness after 10 years in an income-based plan. Serving as a full-time AmeriCorps or Peace Corps volunteer also counts.

Examples of qualifying government employers are the U.S. military, public colleges, and public child and family service agencies, but not government contractors.

There are also a number of federal and state loan-repayment assistance programs that reward dentists for providing service to certain segments of the population. The Indian Health Service Loan Repayment Program, for example, offers dentists who serve American Indian communities up to $20,000 per year toward the repayment of school loans.

Student loans from private lenders do not qualify for PSLF.

Student Loan Consolidation

Federal student loan consolidation lets you combine multiple federal student loans into a single new loan with a fixed rate. Your new rate is the weighted average of the old student loans’ interest rates rounded up to the nearest eighth of a percentage point. That means the rate might actually be slightly higher than the prior rate on some of the loans.

If your monthly payment decreases, it’s likely the result of lengthening the term (up to 30 years), which can mean paying more interest over time.

By the way, you can’t include private student loans in this type of a consolidation loan.

Student Loan Refinancing

For many dental school grads, consolidating multiple student loans into a single loan with a private lender, and then refinancing the balance at a lower interest rate, makes sense. Student loan refinancing makes it easier to manage your finances: You’ll get one bill each month from a single lender, instead of several bills for varying amounts that are based on different rates.

Depending on how you structure your loan, a lower interest rate might allow you to pay back your debt faster. That can save you a substantial amount of money over the life of the loan.

You can also choose a term that lowers your monthly payments, leaving more money in your pocket to be used for other things: building an emergency fund, starting a family, and investing for retirement.

Tips for Thriving as a New Dentist

Here are some ways you can set yourself up for success from the very start of your career.

•   Create a budget you can stick to. Leave room for annual and quarterly expenses as well as incidentals.

•   Start a savings plan. The sooner you start saving and investing, the sooner you can enjoy compound growth, which is when your money grows faster over time.

•   Set up automatic payments for student loans. This helps you make payments on time, plus many loan service providers offer a discount if you arrange to autopay.

•   Look into different ways to invest. In addition to maxing out your 401(k) or 403(b), you may also want to consider vehicles such as a health savings account or individual retirement account.

•   Get familiar with your employee benefits package. Find out what perks your employer offers, such as help with student loan repayment.

Recommended: Budgeting as a New Dentist

The Takeaway

Though a typical dental school student owes nearly $294,000 by the time they graduate, there are several student loan payment options that can help borrowers pay down debt more efficiently. All four federal student repayment options, for example, set your monthly payments based on your income and family size. And depending on your employer, you may also qualify for a forgiveness program.

Have multiple loans? Federal student loan consolidation lets you combine them into one new loan with new terms and a new interest rate. Student loan refinancing, which lets you consolidate multiple student loans into a single loan with a private lender, is another option to consider.

It might be beneficial to look for a refinancing lender that offers extras. SoFi members, for example, can qualify for rate discounts and have access to career services, financial advisors, networking events, and more—at no extra cost.

^†Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

IF YOU ARE LOOKING TO REFINANCE FEDERAL STUDENT LOANS, PLEASE BE AWARE THAT THE WHITE HOUSE HAS ANNOUNCED UP TO $20,000 OF STUDENT LOAN FORGIVENESS FOR PELL GRANT RECIPIENTS AND $10,000 FOR QUALIFYING BORROWERS WHOSE STUDENT LOANS ARE FEDERALLY HELD. ADDITIONALLY, THE FEDERAL STUDENT LOAN PAYMENT PAUSE AND INTEREST HOLIDAY HAS BEEN EXTENDED TO DEC. 31, 2022. PLEASE CAREFULLY CONSIDER THESE CHANGES BEFORE REFINANCING FEDERALLY HELD LOANS WITH SOFI, SINCE THE AMOUNT OR PORTION OF YOUR FEDERAL STUDENT DEBT THAT YOU REFINANCE WILL NO LONGER QUALIFY FOR THE FEDERAL LOAN PAYMENT SUSPENSION, INTEREST WAIVER, OR ANY OTHER CURRENT OR FUTURE BENEFITS APPLICABLE TO FEDERAL LOANS. CLICK HERE FOR MORE INFORMATION.
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.

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If you’re a doctor or studying to be one, chances are you have student loans. A typical medical school graduate has an average student loan debt of $202,450, according to the Education Data Initiative. That’s seven times as much as the average college student owes.

Paying back the loans can be a challenge for doctors during residency and the early part of their career. But the good news is, the profession tends to pay well. In 2023, a typical entry-level doctor earned around $210,000 per year.

Ways to Pay Off Medical School

No matter how much you owe, it’s smart to have the right repayment strategy in place. This can help ensure your monthly loan payments are manageable and your financial health is protected.

Let’s take a closer look at the various student loan payment options available.

Choose a Repayment Plan

When it comes to federal student loans, borrowers have four different repayment options. No matter which plan you choose, your monthly loan payment will be based on your income and family size. If you need to change your plan at any time, you can do so without incurring fees.

•   Standard Repayment Plan. This plan spreads out payments evenly over 10 years. For example, if you have a loan balance of $200,000 at 6.54%, your monthly payment will be about $2,275.

•   Graduated Repayment Plan. With a graduated plan, your payments start out lower and then gradually increase over time, typically very two years. Repayment takes place over 10 years.

•   Extended Repayment Plan. You can choose either fixed or graduated payments, and repayment takes place over 25 years.

•   Income-Driven Repayment Plans. There are four types of income-driven repayment plans: Income-Contingent Repayment (ICR), Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (RPAYE). Repayment takes place over 20 or 25 years, depending on your income and the plan you choose. At the end of the repayment period, the remaining balance is forgiven, though this amount may be taxable.

As you weigh your options, think about the length of the repayment term and the monthly payment amount. With a longer repayment term, your monthly bill is lower but the amount of interest you pay over the life of the loan is higher. With a shorter term, you pay less in interest over the life of the loan but your monthly payment is higher. A student loan payoff calculator will give you an idea of your monthly payment for different repayment terms.

Recommended: 4 Student Loan Repayment Options — and How to Choose the Right One for You

Loan Forgiveness Programs

Loan forgiveness programs can wipe out some or all of your medical student loan debt, provided you meet certain criteria. If you work for an eligible nonprofit or public service agency, for example, you may qualify for the Public Service Loan Forgiveness (PSLF) program. Considering a job with a local, state, tribal, or federal government organization or with a nonprofit organization? You could be eligible for federal Direct Loan forgiveness after 10 years in an income-based plan.

You may also qualify for a federal or state loan-repayment assistance program if you provide service to certain areas or segments of the population. For instance, the National Health Service Corps Loan Repayment program will erase as much as $50,000 of eligible student debt, tax-free, if you work for at least two years in an approved medical facility.

Student loans from private lenders do not qualify for PSLF.

Student Loan Consolidation

If you’re paying off more than one federal loan, federal student loan consolidation may be an option worth exploring. Consolidation lets you combine different federal student loans into a single new loan with a fixed rate. The new rate is a weighted average of all your federal loan rates, rounded up to the nearest eighth of a percent. This may result in a slightly higher rate than you were paying before on some loans.

When you consolidate, you have the option to choose a new repayment plan that extends the life of the new loan up to 30 years. Keep in mind that you can’t include any private student loans in this type of consolidation loan.

Student Loan Refinancing

With student loan refinancing, you combine private and federal student loans into one new loan with a private lender, and then refinance the balance at a potentially lower interest rate. This in turn can lower how much you pay in interest over the life of your loan. Refinancing can also make it easier to manage student loan payments. Instead of bills from different lenders, you get one bill each month from one lender.

You can choose a new length for your loan, which lets you adjust your monthly payments. This may be especially helpful if you choose to refinance during your residency.

Recommended: A Guide to Private Student Loans

The Takeaway

Attending medical school isn’t cheap, and it’s common to graduate with significant student loan debt. The good news is, there are several repayment options that can help you tackle your debt more efficiently and protect your financial health. For example, if you have federal student loans, your monthly payments are based on your income and family size. You may qualify for a forgiveness program, which could erase part or all of your balance.

Have more than one loan? Consolidation lets you combine multiple federal loans into a single loan with new terms and a new fixed rate. With student loan refinancing, you combine private and federal student loans into a single loan with a private lender and then refinance it at a potentially lower interest rate.

Refinancing can be a great choice for working medical school graduates who have higher-interest PLUS loans, Direct Unsubsidized Loans, and/or private loans.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.

Trying to sleep on an overnight flight can feel like a mission impossible, what with the noise, cramped quarters, uncomfortable seats, plus all those meal and beverage service interruptions. Lack of sleep on an all-night flight can leave you feeling drowsy, irritable, and lethargic upon arrival at your destination, which is not the way you want to start your trip.

Despite the inherent obstacles, you shouldn’t resign yourself to spending a long flight wide awake. There are hacks that can help you get some quality slumber on an overnight flight. Read on to learn:

•   The importance of getting sleep on an overnight flight

•   How to sleep well by choosing the right flight and seat

•   What you can do to prepare ahead of your flight

•   Things you can do to wind down and relax on your flight

Why It’s Important to Get Sleep on an Overnight Flight

When you get adequate sleep during the night, your brain and body rest and recover, allowing you to feel energized the next day. Without enough shut-eye, you’ll likely feel more physically, emotionally, and mentally tired.

In addition, lack of sleep on an overnight flight can contribute to jet lag, which typically happens when an individual travels east or west across three or more time zones.

•   Besides fatigue, symptoms of jet lag can include trouble processing information clearly, difficulty coping with change, having slower reaction times, and experiencing problems with balance and coordination.

•   Jet lag can impair your alertness, which can be dangerous if, for instance, you’re renting a car and will be driving right after your flight. It can also make you more vulnerable to pickpockets and scammers.

Recommended: Guide to Saving Money on Hotels for Your Next Vacation

Choosing the Best Flight and Seat

The timing of your flights and where you sit on the plane can play a key role in how well you sleep overnight. Certain departure times sync better with your body clock to make sleep come on a little easier. And some seats and areas of the plane work better for sleeping.

Here, consider these suggestions for when to take off and how to pick the prime seat for snoozing.

Timing Your Flight for Optimal Sleep

Our bodies have an internal clock, or “circadian rhythm,” that tells us when it’s time to sleep and wake up. Taking an overnight flight can disrupt your body’s natural cycle of wakefulness and sleep. For example, if you’re flying from New York City to Paris, which is six hours ahead, you’ll land when it’s already morning, but your body is telling you it’s still nighttime. Two points to keep in mind:

•   When it comes to taking an overnight flight, you’re working with your natural body clock instead of fighting against it. So go ahead and book that 9am vs. 4pm flight. At some point, you’re bound to get sleepy around your usual bedtime. Overnight flights can be better if you’re traveling with babies and children, since the flight coincides with their bedtime too.

•   You can also get more uninterrupted sleep by choosing a direct flight. Yes, it can be pricier, but having to switch flights in the middle of the night results in broken sleep, plus layovers can further mess up your internal clock.

Picking A Seat

Many airlines offer first class and business class red-eye passengers the most sleep-focused perks, such as extra leg room, more privacy, and seats that convert into beds. However, buying seats in these sections can be very expensive — thousands of dollars more than a seat in coach. If you don’t have that much money socked away in your travel fund, consider the following:

•   Do you have unused miles you’ve accrued by using an airline credit card? Now might be the time to cash in and use them for a first or business class seat or upgrade.

•   Consider if it’s worthwhile to charge an expensive and more comfortable seat and then have the credit card reward points to use as you see fit. Or you might opt for cash back.

•   If you purchase your ticket with a travel credit card or cash back rewards credit card, you might earn miles that you can use on future travel, which can help offset the expense.

If you choose to fly coach, there are ways to snagging the best type of seat in which you can doze off. Some tips:

•   Window seats tend to be best for sleeping. You can rest your head against the window or wall, and don’t have to deal with passengers waking you up as they climb over you to move around the cabin. Window seats also provide the most privacy and give you control of the window shade. Book early, as window seats are popular and tend to disappear quickly.

•   Your next choice might be to opt for an aisle, which can give you more room to stretch your legs. Beware of falling asleep that way, though; you’ll likely be woken up by flight attendants or fellow passengers who need to get by you.

•   Seats closer to the front of the plane are often quieter and make for a smoother ride. Sitting in the back of the plane doesn’t bode well for sleeping, especially if you’re in the last row in a seat with limited to no recline.

•   Another reason the rear of an aircraft is best avoided: It’s usually the location for the restroom, which can be noisy and have frequent passenger traffic.

•   Steer clear of a seat near the galley areas where flight attendants may be moving around at all hours.
Once you’re safely in the air and the seatbelt sign is turned off, look around to see if there are any free rows where three empty seats could give you the opportunity to lie down. Check in with the flight attendants to make sure it’s allowed and the seats don’t belong to anyone else.

Recommended: Credit Card Miles vs. Cash Back: Guide to Choosing

How to Prepare

Here’s some advice to help you fall and stay asleep on a long-haul overnight flight.

•   Adjust your sleep schedule before you leave. Begin to reset your body clock several days prior to your voyage. The Mayo Clinic suggests if you’re traveling east, go to bed one hour earlier each night for a few days before your trip. When heading west, hit the hay one hour later than usual for a couple of days.

•   Eat lightly and clean. Eating spicy, fatty, fried, or high-carb foods before the flight can leave you feeling too full and uncomfortable to sleep.

•   Make sure your seatbelt is visible. This will avoid sleep interruptions by flight attendants who may need passengers to put on their seatbelts during the flight. If you’re covering yourself with a blanket, fasten your seatbelt over it so there’s no need for flight staff to rouse you.

•   Skip caffeine and alcohol. Caffeinated and alcoholic beverages can interrupt sleep and dehydrate you. Instead, keep yourself hydrated by drinking H2O or herbal tea , such as chamomile, valerian root, or passionflower. Research has shown these can help you feel sleepy and improve sleep quality. (You might bring your own teabags and ask the flight attendants for hot water.)

•   Get some exercise that day. Physical activity can help improve sleep quality. Even walking around the airport before your flight counts.

•   Dress in comfortable layers. You never know what the cabin temperature might be, so it’s a good idea to layer up in case you get too hot or cold. Wearing cozy lounge-wear, versus skinny jeans, will up your comfort level so you can sleep better.

•   Take a sleep aid. Many people find taking a prescription or over-the-counter sleeping medication helps them sleep on a plane. One caveat: Both nonprescription and prescription sleeping pills can cause daytime grogginess. A safer option? Try taking melatonin supplements, a synthetic version of the natural hormone your body makes to produce sleepiness .

•   Use your tray table as a head rest. Some people find leaning over and resting their head on their tray table with a pillow makes it easier to get some sleep. This can be especially helpful if you’re in a middle or an aisle seat.

What to Bring for an Overnight Flight

Some airlines may give you a complimentary kit with toiletries and other items to make your night flight more comfortable. You might, however, want to put together your own in case you don’t get one or the airline’s kit doesn’t have everything you might need. Here are some suggested sleep-better items to pack in your carry-on:

•   Neck or travel pillow

•   Noise-canceling headphones or ear plugs

•   Eye mask

•   Cozy warm socks and slipon shoes

•   Blanket or wrap

•   Snacks in case you sleep through meal service or get hungry in between

When and How to Wind Down in the Air

Your pre-bed routine doesn’t have to fall to the wayside just because you’re flying. There are some things you can do during your journey to relax and encourage sleepiness:

•   Listen to calming music or a podcast

•   Engage in a relaxing activity such as reading a book, knitting, or breaking out a mini deck of cards to play Solitaire.

•   Avoid looking at screens and skip the inflight entertainment since exposure to blue light can interfere with sleep.

•   Don’t stress if sleep doesn’t happen. It can be difficult to sleep when you can’t get comfortable. Anxiety around traveling with pets and/or small children or just flying in general, can prevent you from relaxing. Instead, try to at least rest your eyes and do some deep breathing.

Recommended: How Families Can Afford to Travel

The Takeaway

No doubt about it, trying to snooze on an overnight flight can be downright challenging. Lack of sleep on a redeye can result in physical and mental exhaustion, which isn’t the best way to kick off your travels. Fortunately, by booking certain seats and following a few steps, you can likely get the in-flight rest you need to help make you feel alert and ready to roll once you touch down.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

FAQ

Should I pull an all-nighter to sleep on a plane?

No. Getting on a night flight already sleep-deprived doesn’t guarantee you’re going to sleep well on the plane. It’s also counterproductive. If you haven’t slept the night before, you’ll most likely be struggling to stay awake when you need to get things done on your travel day.

How many hours should you wake up before you land?

Plan to set your alarm so you can wake up somewhere between 45 minutes to an hour before landing. Since waking up on a plane can be disorienting, it’s important to have some time to become fully alert before you disembark.

Is jet lag easier flying east or west?

It’s easier to deal with jet lag when you’re flying west than east. When you fly east, you “lose” time as opposed to flying west when you “gain” time. It’s believed your body can adapt more quickly to staying up late than going to sleep earlier.

Photo credit: iStock/Meinzahn

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