Dentist Salary | Is Being a Dentist Worth It? (2024)

While the average 4-year dental program could run you around $400,000 with all expenses included, the career trajectory is promising. Average dentist salaries outrank various other industries, putting newly graduated dentists in a fairly sound financial position.

Despite competitive salaries, the average dental student graduates with around $300,000 in student debt. While daunting, the significant earning potential makes you a great candidate for student loan refinancing.

Student loan refinancing can save you thousands, sometimes even tens of thousands, of dollars over the life of your loan, while also helping you pay off your student debt faster.

Let’s learn more about the average dentist salary, both by state and speciality, and how you save thousands by refinancing your dental school loans.

Average Dentist Salaries By Specialty in 2022

Similarly to state discrepancies, dentist salaries vary significantly by specialty. For example, while public health dentists make an average $102,320 per year, periodontists make a whopping $374,400 per year.

Keep in mind that these numbers are simply averages — there are dental professionals who make significantly more and significantly less.

Is Being a Dentist Worth It?

Whether a career in dentistry is worth it is ultimately up to you. However, being a dentist is both a high-paying and growing career — two factors many job seekers heavily consider.

In fact, the U.S. Bureau of Labor Statistics says that employment of dentists is expected to rise 8% between 2020 and 2030. This is on par with the average for all occupations.

Here’s a few other statistics to consider:

Only 29% of dentists plan to look for a new job this year.*
Only 18% of dentists work more than 40 hours per week.*
Nearly 22% of dentists work less than 21 hours per week.*

*Data from DentalPost.

Why Dentists Should Consider Student Loan Refinancing

The average dental student takes on nearly $300,000 in dental school debt. Combine that with the average private student loan interest rate of around 7% and a 15-year repayment term, and you’re looking at monthly payments of around $2,696. By the end of the repayment term, you will have paid roughly $485,367 — nearly $200,000 more than what you initially borrowed.

With such a large balance, the amount owed will grow fairly quickly, making your interest rate that much more important. This is precisely why dentists should consider student loan refinancing. Refinancing can help lower that interest rate, saving you thousands over the life of your loan.

Borrowers who use Sparrow to refinance reduce their interest rate by 2.29 percentage points, on average. In this same scenario, a 2.29 percent interest rate reduction would save you $369 on your monthly payments and $66,451 over the life of the loan.

Note that this interest rate reduction is only the average. As a dentist, your salary makes you a more competitive candidate for refinancing as lenders will view you as financially able to pay off your debt. Thus, you may score an even greater interest rate reduction when you refinance your dental school debt with Sparrow.

Borrowing Limit

Due to the amount of student loan debt you may hold as a dentist, you’ll need to find a lender with a higher borrowing limit. For example, some lenders may allow you to refinance up to $500,000 while others may only allow up to $100,000.

If you plan to refinance the entirety of what you owe, make sure the lender you decide to work with will allow you to refinance your whole outstanding balance.

Loan Terms

Oftentimes, refinancing will allow you to extend your loan term. Extending your loan term will often lead you to pay more over the life of your loan, however, it can lower your monthly payments.

If your goal with refinancing is to lower your monthly payment, look for a lender that allows for a longer repayment term than what you currently have.

Student loan rates from our partners

Ascent

Minimum credit score

Varies

Fixed APR

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 9/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

1 – Terms and Conditions Apply

Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.

2 – Cosigner Release

Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.

3 – Autopay Rate Reduction

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.

4 – AutoPay Discount & Lowest Interest Rate

3.99 - 12.61%

Variable APR

1 – Terms and Conditions Apply

2 – Cosigner Release

3 – Autopay Rate Reduction

4 – AutoPay Discount & Lowest Interest Rate

5.98 - 13.74%

Check rate

Earnest

Minimum credit score

650

Fixed APR

Student Loan Origination (Private Student Loan) Interest Rate Disclosure:

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.94% APR to 16.74% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.87% APR to 17.10% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

3.69 - 16.49%

Variable APR

Student Loan Origination (Private Student Loan) Interest Rate Disclosure:

5.62 - 16.85%

Check rate

College Ave

Minimum credit score

Mid-600s

Fixed APR

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

*The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 08/25/2022. Variable interest rates may increase after consummation.

This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursem*nt and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 9/3/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

3.69 - 17.99%

Variable APR

5.59 - 17.99%

Check rate

Final Thoughts from the Nest

As a dentist, it’s fairly common to wind up with $300,000 in student loan debt. While it may feel overwhelming, the average dentist salary is high, which can help you pay off your student debt more easily.

Finding a state and specialty that provides you with a solid salary is a good start. If you find that your loan debt is still overwhelming, consider student loan refinancing with Sparrow. With Sparrow, you can see what rates you pre-qualify for with 15+ premier lenders ready to help you.

Sparrow’s goal is to give you the tools and confidence you need to improve your finances. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available