In general, there are two types of financial aid for dental students: gift assistance (grants and scholarships) and student loans. Check with your financial aid office about these options.
Repayment Plans and Repayment Strategies
When determining which repayment plan is right for you, remember there is never a penalty for aggressive repayment under any federal repayment plan. In addition, you can estimate repayment under all these plans with the calculators at StudentAid.gov and the AAMC/ADEA Dental Loan Organizer and Calculator (DLOC).
Time-driven
- Payments based on a time period of either 10 of 25 years
- Level and graduated versions available
- Monthly payment amount has nothing to do with income, family size, marital and tax-filing status
- Borrower is debt free at the end of the term with minimal payments (nothing to forgive)
- In general, payments under these plans do not count as qualifying payments for Public Service Loan Forgiveness
Income-driven
- Multiple types of plans, all tied (in part) to income.
- Examples include Income Based Repayment (IBR) and Saving on a Valuable Education (SAVE).
- Payments change each year when borrowers renew with updated information on income and family size.
- In general, designed for borrowers whose debt greatly exceeds their incomes and who cannot afford payments under time-driven plans.
- Ideal for many advanced dental education residents who are in hospital-based residency programs.