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The Economic Costs and Benefits of Dental Education: An Empirical Analysis
Author(s) -
Stafford Gary L.,
Nourzad Farrokh,
Lobb William K.,
Beall Jason R.
Publication year - 2014
Publication title -
journal of dental education
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.53
H-Index - 68
eISSN - 1930-7837
pISSN - 0022-0337
DOI - 10.1002/j.0022-0337.2014.78.11.tb05824.x
Subject(s) - earnings , liberian dollar , student debt , debt , dental education , business , variety (cybernetics) , investment (military) , rate of return , finance , service (business) , higher education , cost–benefit analysis , net income , economics , actuarial science , medicine , medical education , economic growth , marketing , political science , politics , computer science , law , artificial intelligence
The rising costs associated with obtaining a dental education have caused some to question the financial benefit of pursuing a dental degree. There is a concern that recent graduates may have difficulty finding professional opportunities that provide the income necessary to service their accumulated educational debt. The aim of this study was to evaluate the trends in educational costs to aid in making an accurate appraisal of the financial benefit of a dental education. Adjusted into constant dollar terms, data from a variety of sources were collected for economic variables such as tuition, fees, student indebtedness, and dentists’ earnings. These variables were then analyzed to determine the true costs and benefits of obtaining a dental education. The results showed that, over the course of the last decade, educational costs increased faster than the real net income of practicing dentists, which led to a decline in the return on investment in dental education. However, regardless of an applicant's choice of public or private dental school, there continues to be a positive economic return on students’ commitment of both financial resources and time to receive a dental education.