dental student debt: strategies for success dr. maxine feinberg, president, american dental...

Dental Student Debt: Strategies for Success

Dr. Maxine Feinberg, president, American Dental Association

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First: A Word About You

You Are ADA Member DentistsWe’re here for you now and throughout your career

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The ADA Mission

Helping all members succeed

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How I Got Here

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The Way We Were

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Then vs Now

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A Brief Word about Science

Confirmation bias: our tendency to focus on evidence that confirms our prior expectations.

Once our minds land on a theory, our impulse is to reassure ourselves it’s true, not set out to disprove it.

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Tackling Confirmation Bias

Write down what surprises youAsk

– Why was this surprising?– What does this tell me about myself?

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Impact of Student Debt on Career Choices

Influence of educational debt on seniors' primary activity choice upon graduation

Not at all 33.7%Only slightly 11.6%Moderately 22.1%Very much 22.3%Completely 10.3%

Note: Percentages may not total 100% because of rounding.

Source: ADEA Survey of Dental School Seniors 2013 Graduating Class

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Impact of Student Debt on Career Choices

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Impact of Student Debt on Career ChoicesEducation debt has an impact on some career choices

The magnitude of this effect is fairly small, especially when compared to the impact of personal characteristics like gender, race, and whether a parent is a dentist

Preliminary results from subsequent research suggest that the impact of education debt is even smaller once you control for endogeneity

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Impact of Student Debt on Career ChoicesThe probability that a female dentist owns her practice is 22 percentage points lower than a male dentist.

Whites are much more likely to own a practice than Hispanics (by 12.9 percentage points), Asians (by 18.0 percentage points), and blacks (by 19.4 percentage points).

Females and non-whites are more willing to accept poor patients than males and whites.

Debt does not affect ownership or willingness to accept poor patients

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A Word from The Onion

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Cost of educationDental School Revenue Sources (In 1973 constant dollars)

Source: A Report of The ADEA Presidential Task Force on the Cost of Higher Education and Student Borrowing

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Student Loan Volume

Source: Student Loan Market Place for Dental Professionals, Student Loan Capital Strategies LLC

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Dental Income

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Debt and Income

Source: Report of the ADA Taskforce on Dental Education Economics and Student Debt

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Student Debt – the gist Dental student debt has increased over time.

Dentistry is experiencing the same trends in debt as most other high-income professions.

The rates of increase are in line with those experienced by other professional students (e.g., physicians, vets).

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Tackling Confirmation Bias

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Dentists working together now…

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… and then!

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Dentists working together

When the ADA speaks, it’s really you and me speaking.

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Student Debt

Affordable Care Act Implementation

Midlevel providers

Higher Education Reauthorization

Action for Dental Health

ADPAC 2015 Legislative Priorities

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We Are Here to Help!studentaffairs@ada.orgADA.org/studentnewdentistblog.ada.org

Your state dental societyADA.org/societydirectories