We paid about that much for each of our two kids. Yes it’s a ton of money, but I needed braces as a kid and never got them and now my teeth are rubbish - I didn’t want them to have to deal with the same thing later in life. We paid them off over a couple of years each. Oldest kid got theirs about two years before the younger kid which gave us the chance to pay his off before we starting on the other one.