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Dental care is an important part of maintaining a healthy lifestyle, as oral health is connected to health issues in other parts of the body.

The demand for dentists, like other health care professionals, is on the rise, partly due to an aging U.S. population and partly due to more attention on dental health with each generation. The aging population is likely to need additional oral care, some of which can include complicated procedures.

By learning about the average tuition costs and ways to pay for dental school, prospective students can figure out if a dental career is the right choice for their future.

Employment Outlook for Dentists

The U.S. Bureau of Labor Statistics (BLS) projects there to be a 6% increase in available dentist jobs from 2021 to 2031. Dentists can work in a variety of settings, such as in private practice — either on their own or with a partner — or in an outpatient care center, among others.

The median annual salary of a general dentist was $163,220 in 2021. For perspective, the median annual U.S. income in the same year was $70,784.

While dentistry pays well, it also costs a lot to become a dentist. Dental school programs typically take four years to complete after students have already completed a bachelor’s degree. A degree from an accredited dental school will be either a D.D.S. — Doctor of Dental Surgery — or a D.M.D. — Doctor of Dental Medicine.

Individual universities determine which degree is awarded, but they are both approved by the Commission on Dental Accreditation (CODA), a part of the American Dental Association (ADA). Whichever degree a dental graduate is awarded, chances are they may also have hundreds of thousands of dollars worth of student loan debt to contend with after graduation.

How Much Does Dental School Cost?

The range of dental school costs depends on whether a student is in state (resident) or out of state (non-resident), and whether attending a public or private school. In-state public school tuition is typically going to be the least expensive option for most students.

According to the ADA, the average first-year cost of dental school (public or private), including tuition and mandatory fees, in 2021-2022 was $53,601 for residents and $71,742 for non-residents.

The cost difference between public schools and private schools can be substantial. The average resident cost for the first year of a public dental school program was $39,662, while the resident cost for private dental school was $72,271. After four years in school, students are looking at between $158,648 and $289,084 worth of debt, on average.

According to the American Dental Education Association (ADEA), in 2021, 81% of dental school students graduated with dental school debt. The average debt for a dental school graduate for the same year was $284,855.

Prospective students can compare the cost of dental schools and then determine how much they are willing to pay for their education. According to the ADA, there are 70 accredited dental schools throughout the United States and 10 in Canada.

Ways to Pay for Dental School

Even though dental school tuition can be expensive, students have options when figuring out how to afford it. Students can explore scholarships, grants, fellowships, or service programs to help pay for dental school.

Federal or private student loans are also an option. After graduating from dental school, some borrowers may consider refinancing their student loans as they pay off dental school debt. Continue reading for more details on ways to pay for dental school.

1. Scholarships and Grants

Scholarships and grants are awards that, in most cases, don’t have to be repaid. For students without the means to pay for tuition and other costs from personal savings, exploring these options may be a good place to start.

Dental schools may offer scholarships and grants to students who meet certain academic standards or who are working towards a certain type of degree, for example. When researching dental schools, prospective students may consider asking financial aid offices about available scholarships and grants.

Along with reaching out to schools, students may want to research scholarships and grants through organizations like The American Dental Association, The American Association of Public Health Dentistry, or The American Dental Education Association. There are also a variety of online scholarship search tools that students can use to find scholarships.

Recommended: What Is a Scholarship & How to Get One?

2. Employment

Dental school is rigorous, but if students have the time and energy, they may want to consider working to supplement their educational costs. The Federal Work-Study program is available to graduate and professional students with financial need, and has the same eligibility requirements and position availability as it does for undergraduate students. Financial aid offices at individual schools will have information pertaining to this program.

Training grants and fellowships, an option some dental students might find appealing, are sources of funding that often include a stipend and sometimes cover part of a student’s tuition.

These programs are designed to further a student’s education in a specific research area that interests them. They differ from simple grants in that there is a work component to them.

3. Service Programs

The Bureau of Health Workforce offers scholarships, loans, and loan repayment programs to eligible healthcare students and workers, including those in the dental field. One program, the National Health Service Corps (NHSC), provides scholarships to eligible students pursuing degrees in certain health professions.

In exchange for two years of full-time service in an underserved area, recipients will receive one year of scholarship support, up to a limit of four school years. The Bureau of Health Workforce also offers grants to eligible applicants through the Oral Health Workforce Development programs.

Service programs are also offered through the Indian Health Service (IHS). Eligible American Indian and Alaska Native students can apply for the IHS Scholarship, externship programs, or loan repayment programs. Scholarships are available to eligible students in pre-dental programs or for those completing dental school.

Recipients agree to serve a two-year commitment with the IHS. Third-year dental students can choose to apply for an externship, which typically spans two to four weeks, with placement in an Indian health facility. Loan repayment programs are either through the IHS or the NHSC. Both include a service commitment.

Students willing to serve in the military may want to consider programs through the United States Army, Navy, or Air Force. Each branch offers scholarships through the Health Professions Scholarship Program (HPSP).

Military scholarships cover full tuition and other related costs, plus a monthly stipend. Recipients agree to serve on active military duty in exchange for scholarship funds — the number of years varies with the branch and the number of years the student receives the scholarship.

4. Federal Student Loans

Completing the FAFSA® (Free Application for Federal Student Aid) form is the first step students should take to determine eligibility for federal financial aid. To fill out the form, they will need to provide personal identification and financial records.

Federal student loans for graduate and professional school students are either Direct Unsubsidized Loans or Direct PLUS Loans. Students may borrow up to $20,500 each year in Direct Unsubsidized Loans, and eligibility is not based on financial need.

If a student has costs in excess of that borrowing limit, they may want to consider a Direct PLUS Loan. Like a Direct Unsubsidized Loan, eligibility for a Direct PLUS Loan is not based on financial need, although a credit check is required.

Students are encouraged to ask the financial aid office at their school about school-based loans that might be available. Some federal funds are offered to schools instead of directly to students and are tied to certain eligibility requirements.

5. Private Student Loans

It’s always recommended that students exhaust all federal student loan options before considering a private student loan. But if there is still a financial need, a private student loan may be the right choice for some students. Private student loans are available from private lenders and are awarded based on factors including your income, credit history, and credit score, among other factors.

Considering Student Loan Refinancing

After graduating, now-dentists may consider refinancing their student loans to secure a more competitive interest rate or more favorable terms. Refinancing also allows borrowers to combine all their loans into a single loan. This won’t be the right choice for all borrowers because when you refinance federal loans you’ll lose access to any federal benefits — like any loan forgiveness options.

Should you refinance your student loans? The answer is personal and will depend on factors including the amount of student debt you currently have, your credit score, income, and whether you are refinancing without a cosigner.

A cosigner is someone who agrees to repay the loan if you are unable to do so for any reason. Adding a cosigner can potentially strengthen your application, allowing you to secure more competitive terms than without the cosigner.

Recommended: Student Loan Refinance Guide

To get an idea of what refinancing could do for your student loans, take a look at SoFi’s student loan refinancing calculator.

The Takeaway

Dental school can be expensive but can lead to a fulfilling and lucrative career. When determining how to pay for dental school, students can explore dental school scholarships, grants, federal student loans, and private student loans. After graduating, former students may consider student loan refinancing, to combine their existing loans and hopefully secure more competitive terms.

Graduate school loans from SoFi have competitive rates, no fees, fixed and variable loan rates, and multiple repayment options. Pre-qualification can be completed in as little as three minutes.

SoFi members can access live customer support seven days a week, may qualify for rate discounts on additional SoFi loans, and have access to other exclusive member benefits.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

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.

Wholesale clubs or warehouse clubs offer shoppers the opportunity to buy items in wholesale quantities, based on the premise that buying bulk saves money. In exchange, shoppers typically pay an annual membership fee in order to be able to browse the latest deals.

Shopping wholesale is a tactic favored by the frugal and thrifty, since in theory, bulk buying usually results in a lower unit price. But are wholesale clubs worth it? Can you truly save enough to make it worthwhile to have massive packages of soap and cereal in your closets?

Understanding how warehouse club shopping works can help you decide if it makes sense for you. Read on to learn more, including:

•   What are wholesale clubs?

•   How do they differ from grocery stores?

•   What are the pros and cons of wholesale clubs?

•   What are tips for shopping at wholesale clubs?

How Does a Wholesale Club Work?

What is a wholesale club and how does it work? Simply, a wholesale club works by offering consumer goods in large quantities at wholesale prices. So, rather than buying a six-pack of toilet paper for $8.99, you might have the opportunity to purchase 30 or 50 rolls in a single package for $29.99.

You don’t have to do too much math to see right away that you’ll save money by buying in bulk. But you might be wondering how wholesale clubs and warehouse clubs make money if they’re charging low prices for their items.

The simple answer is that they offer these deals exclusively to shoppers who purchase an annual membership. The wholesale club gets your membership fee and in exchange, you get to buy items at a discount. Some wholesale clubs even offer additional incentives, such as discounts on home and auto insurance.

Recommended: How to Lower Credit Card Debt Without Ruining Your Credit

Wholesale Clubs vs Grocery Stores

Wholesale clubs and grocery stores differ in a few ways.

•   Selection. While both can offer food, household items, and petcare items, the range of products available at a wholesale club may be different than what you’re used to at a grocery store. For example, you may be able to find frozen vegetables in bulk at a wholesale club, but you’ll need to hit the grocery store for fresh veggies.

•   Sizing. Instead of buying one can of crushed tomatoes for pasta sauce at a grocery store, you might be buying a case of eight at the wholesale club. Or the 48-ounce orange juice you buy at the grocery store is only available in a 96-ounce size at the warehouse club.

•   Membership. Here’s also another key difference: Grocery stores don’t charge a membership fee. Anyone can walk into a grocery store and shop. Without a membership pass, however, you generally won’t be able to shop at a wholesale club. Not paying a fee might appeal to you if you’re used to grocery shopping on a budget.

Recommended: How Much Should I Spend on Groceries a Month?

Factors That Determine if a Wholesale Club Is Worth It

Now that you know what a wholesale club is, consider if it’s right for you. Plenty of people enjoy shopping at warehouse clubs, but these retailers aren’t necessarily right for everyone. If you’re debating whether joining a wholesale club makes sense, here are some factors that can determine if it’s worth it to you:

•   Membership fee. The first thing to consider is the fee you’ll pay to shop. If you can’t easily make the fee back in savings, then a wholesale club might be a waste of money.

•   Discounts. Next, it’s important to weigh the size of the discounts. This can involve a little homework as you’ll need to compare unit prices for the items you typically buy at the grocery store to unit prices for the same items sold at wholesale clubs.

•   Time savings. In addition to the financial aspect, consider whether shopping at a wholesale club would save you time. Will you be able to get in and out and make fewer trips by buying in bulk? Or will you eat up an entire day wandering the aisles of a giant warehouse full of stuff?

•   Returns. If you change your mind about a bulk purchase, it’s important to know whether you’ll be able to return it and get your money back. What if you buy a 12-pack of laundry detergent and discover it’s not the unscented kind you like? Would you be stuck with it? Different wholesale clubs have different policies regarding what they will and won’t take back.

•   Usefulness. Buying 50 rolls of toilet paper or 30 pounds of frozen vegetables at rock-bottom prices might seem like a deal, but it’s important to consider how much use you’ll get out of those items. If you don’t actually use the things you’re buying in bulk at a wholesale club, then you’re essentially throwing money away.

•   Extra savings. Aside from potentially saving money on food and other items, consider whether you can get a break on anything else. For example, some warehouse clubs sell gas at prices that are typically several cents lower than regular gas stations. You might also be able to pick up free samples of items or, as mentioned above, get discounts on home and auto insurance.

If you only plan to hit the warehouse club every few months, then you might not get the full range of benefits from your membership. On the other hand, if you’re a more regular shopper, a wholesale club membership could pay itself back in savings.

Advantages of a Wholesale Club

If you’re wondering what are wholesale clubs good for, they can offer certain advantages to shoppers. Again, whether you reap any personal benefit from them can depend on how you prefer to shop and what kind of money you’re hoping to save. Consider these potential pros:

Lower Prices and Bargains on Certain Products

One of the chief selling points of wholesale clubs is their prices. Wholesale clubs can offer items at bargain price points by purchasing them in bulk, then limiting how much they mark them up. So while a regular big-box store might mark up items 25% to 50%, a wholesale club might cap its markup at 15%. Again, they can afford to do this because they make the bulk of their profits from membership fees.

Wholesale clubs may also offer special deals on certain items that can’t be matched anywhere else. For example, you might be able to take advantage of online-only exclusive coupons or savings.

Brands Can Be Higher Quality

You might assume that just because you’re buying items in bulk or at discounted prices at a wholesale club, they’re cheap and perhaps not top-notch good. That’s not necessarily the case. Warehouse clubs can and do sell quality, name-brand items. This is not limited to grocery or household items. You can also find brand-name tires, electronics, and appliances for sale at wholesale clubs.

Having Access to Services

If you’ve never joined a wholesale club, you might not be aware that they can offer services beyond just shopping. For instance, you might be able to order checks through your wholesale club, get pet insurance, sign up for identity-theft protection, get a garage-door opener installed, or get business cards printed at discounted rates through your membership.

Depending on the club, you might also be able to get access to car-buying programs, vision and hearing-aid services, banking services, home renovation and repair services, or special discounts on travel. All of these things can help to increase the value that you’re getting in exchange for your membership fee.

Disadvantages of a Wholesale Club

Shopping a wholesale club can take some getting used to if you’re primarily used to shopping at grocery stores or big box retailers. And there are a few potential drawbacks to know before signing up.

Membership Fees

As mentioned, one thing that sets wholesale clubs apart from other retailers is the membership fee. The amount you pay and the perks the fee unlocks will depend on which store you join.

Here’s how the fees compare at three of the top wholesale clubs in the U.S. for basic and premium plans:

•   BJ’s – $55/year Inner Circle; $110/year Perks Rewards

•   Costco – $60/year Gold Star; $120/year Executive Rewards

•   Sam’s Club – $45/year Club; $100/year Plus

Keep in mind that you’re not limited to joining just one club. But you’ll need to pay each one’s membership fee. And you’ll need to upgrade your membership in most cases to take advantage of the full range of features and benefits a wholesale club offers.

Having to Buy Many Items in Bulk

Does buying in bulk save you money? It really depends largely on what you’re buying and what you do with it.

While not every item is sold in bulk at a wholesale club (you wouldn’t buy five air conditioners, for example), many of them do sell in multi-unit packages. So before you shop, you need to be reasonably sure that you’re going to use all of what you buy. If you’re not into stockpiling or you don’t know someone that you could donate the extra items to, they could just end up cluttering up your home and costing you money.

Higher Potential for Impulse Buying

Part of the lure of the wholesale club is the opportunity to get a great deal. But that could lead to impulse buys if you spot something on sale at a price that seems too good to be true. While you might save if you can find true bargains, you’re not really saving if the money you spend isn’t in your budget. If you’re struggling with how to stop impulsive spending, then a wholesale club membership might be a stumbling block to your efforts.

Recommended: 17 Tips to Save Money on Coffee Expenses

Tips for Shopping at a Wholesale Club

If you’re heading out to your local wholesale club to shop for the first time, it helps to know some insider tips to make the most of your shopping experience. Here are a few pointers for getting the most value when buying from a warehouse club:

•   Pre-shop at home. Checking out your wholesale club’s website can give you an idea of what’s in stock at your local store and what kind of deals you’ll find once you get there. You can also look for exclusive online-only offers that might be worth scooping up.

•   Compare unit prices. Unit price is everything when buying in bulk to save money. So as you shop, calculate the unit price for each item. You can then compare that to the price you’d pay for the same item at your local grocery store.

•   Watch out for sizing. What’s known as shrinkflation is a real threat to your wallet when prices are on the rise. This practice occurs when companies downsize items but charge the same price for them. Again, you’ll want to look at the unit price to see how much value you’re getting for your money when shopping wholesale clubs.

•   Take advantage of freebies. Wholesale clubs are famous for offering freebies and free samples to shoppers. So be on the lookout for those as you’re cruising the aisles.

•   Shop with a list. Shopping with a list can be an easy way to curb impulse spending. The key is committing to buying only what’s on your list and not being bowled over by any surprise deals you come across.

•   Consider splitting the trip. If you have a friend or family member who doesn’t have a wholesale club membership, you could still take them along with you to shop. You can pick out items together, purchase them using your membership, then split the cost. That way, you’re only getting what you need, and they get a deal at the same time.

Also, consider whether it makes sense to upgrade to a premium membership if doing so could help you to earn rewards on purchases. If you can get 2% of what you spend back, for example, it might be worth it to pay a higher annual fee for that added savings.

Recommended: 23 Tips on Saving Money Daily

Are Wholesale Clubs Worth It?

Whether a wholesale club is worth it to you or not really depends on your lifestyle and how you spend. For example, if food is your largest expense then you might consider buying staple items like flour, sugar, or oil in bulk so that you can make more meals from scratch versus dining out. And if you’re wondering is it cheaper to eat out or buy groceries, it’s almost always going to cost you less to eat at home.

Looking at your average spending on groceries, household items, and pet care over the last 12 months can help you to decide if a wholesale club membership is justified by the fee. If you believe that you can spend less overall after comparing prices for the same items at the wholesale club and the grocery, then the fee may be well worth it.

Recommended: How to Protect Yourself from Inflation

Saving Money With SoFi

Saving money matters, especially if you’re trying to figure out how to budget around rising inflation. Every penny counts and wholesale clubs are one possible solution for saving money on food and other things you buy regularly. It’s important, however, to use a membership to one of these clubs wisely to offset the fee it involves.

Choosing the right bank is another way to up your savings if you’re able to avoid high fees. When you open an online bank account with direct deposit at SoFi, you’ll have access to checking and savings with no monthly fees. You’ll also earn a competitive APY when you sign up for direct deposit to help grow your money faster. And qualifying accounts can get paycheck access up to two days early.

FAQ

How do wholesale clubs make money?

Wholesale clubs primarily make money by charging membership fees. Since they don’t charge the same high markups on items as other retailers, they use membership fees to make up the difference in their profits.

What services do wholesale clubs provide?

Wholesale clubs can provide a variety of services, including pet insurance, home and auto insurance, life insurance, home-improvement services, travel services, and vision services. The range of services offered will depend on which warehouse club you decide to join, and whether wholesale clubs are worth it will depend on the fee and how many of the perks suit you.

What are some common wholesale clubs?

BJ’s, Costco, and Sam’s Club are among the most well-known wholesale clubs in the United States. Boxed.com is an online store that sells wholesale items, with no membership fees. Alibaba is another online wholesaler that ships a wide variety of items to buyers around the world.

Photo credit: iStock/nycshooter

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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.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
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SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

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SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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