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The best way to pay off dental school loans will depend on your career path. For example, a dentist starting a general practice has different financial concerns and priorities than an orthodontist.
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There are five main options for paying off dental school loans. Here’s how to find the right strategy for you.
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Forgiveness will likely be the cheapest way to pay off dental school loans. But it is also one of the things that only a few dentists do.
According to a survey by the American Dental Education Association, 5.6% of dental school graduates in the class of 2019 plan to use a public service loan. Another 3.1% will use a service commitment program for debt relief, such as the National Health Service.
Some dental school debt relief programs will pay off the debt of dentists who work in the public sector or in an underserved area for a period of time. This path is a good choice if your career is aligned with one of these programs—for example, you plan to study dental science at a nonprofit university.
More than half of 2019 dental school graduates planned to aggressively repay their dental school loans. Refinancing dental school may be the best option if you want to do this.
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Refinancing can lower your interest rates, which can save you money and help you pay off your dental school loans faster.
For example, refinancing $304,824 – the average dental school debt in 2020 – from 7% to 5% interest would save you about $306 per month and more than $36,736 over a decade, say you have 10 years of payments left before you refinance and keep the same repayment schedule.
Refinancing may make sense if you plan to work in the private sector and believe you won’t need an income-based repayment plan or seek public service loan forgiveness. When you refinance federal student loans, you lose access to these benefits.
Lenders understand that dentists have a lot of student debt. However, you still want to choose a loan repayment strategy that fits your cash flow. This could mean getting a lower monthly payment by refinancing or enrolling in an income-based repayment plan.
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Consider how much you earn, how much you owe, and what other financial obligations you have—such as a mortgage or car payment—to find the right option.
Under the standard federal repayment plan, you’ll make equal monthly payments over 10 years. If these payments are affordable, it may make sense to stick with the standard plan.
You’ll save the most interest on the Standard Repayment Plan of any federal option and keep the benefits of a federal student loan by not refinancing. You can even pay more if you want to pay off your dental school loans faster.
There are four income-based repayment plans. These plans cap monthly payments at 10% to 20% of your income, making them affordable while you stay. For example, if you earn $56,000 in annual income as a dental resident, your monthly payments could be as high as $315.
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Income-based payments can increase each year as your income increases. And your balance will likely grow because your payments likely won’t include interest as they accumulate. You may want to reconsider other strategies after your stay.
However, if your debt exceeds your income, income-based repayment can be a viable long-term strategy. These plans will forgive your remaining debt after 20 or 25 years. These amounts are already taxed, but you may pay less overall than with a standard program or a refinance.
Two loan companies – SoFi and Laurel Road – offer student loan refinancing to dental residents. However, SoFi will not refinance your dental school loans if you are taking out additional student loans for residency.
If you are refinancing during your stay, consider refinancing after you complete your training. After residency, you will likely qualify for a lower interest rate.
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Whether you’re pursuing a dental career or doing a general practitioner residency, you can defer federal loan payments while you train through a school deferment or mandatory ban.
If you are participating in a tuition-based residential program, a delay may be necessary. But if you’re on a paid residency program, avoid being late if possible because it increases your loan balance. Most dental school loans—with the exception of any subsidized loans from your undergraduate degree—continue to accrue interest during the grace period.
For example, deferring payments for a year on $292,169 would add more than $52 in interest per day for a total of nearly $19,000, assuming you have an average interest rate of 6.5%, no interest payments during that period, and no subsidized loans.
To limit the amount of accrued interest, make at least a partial payment during your stay if possible, even during the grace period.
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About the Author: Teddy Nykiel is a former student loan and personal finance author. The press agencies AP, USA Today and Reuters reported on her work. Read more
How to Refinance Student Loans in 7 Steps Teddy Nykiel Read More When You Should Refinance Student Loans Cecilia Clark Read More The UMA Blog contains information about student loans. The intersection of health care, education and employment. Our associates are knowledgeable on a wide range of topics including professional development, career advancement, workplace politics, healthcare-specific topics, personal finance, and education.
Dental assistants are a fast-growing career, with a projected 19% increase in employment by 2026, according to the U.S. Bureau of Labor Statistics (BLS). Dental assistants have good job prospects and the position can be very rewarding.
Use this guide to help answer some frequently asked questions about everything from how to find the right program to dental assistant job details.
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This guide contains a lot of useful information about being a dental assistant, so bookmark it for future reference!
A dental assistant is someone who helps run a dentist’s office. This position may include a variety of duties ranging from patient care to administrative duties.
Dental assistants work with dentists and dental hygienists. Most dental assistants work in dental offices where they assist dentists or general practitioners. Occasional positions are also available in a medical or government office, health department or dental school.
Dental assistants typically work full-time, although some offices may offer part-time options. According to the BLS, about a third of dental assistants work part-time.
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There can sometimes be flexible schedules for dental assistants, so it can be a good career option for those with families. Depending on the employer, evening or weekend hours may be required.
Dental assistants often wear scrubs or protective clothing when working. They must also wear safety items such as gloves, surgical masks and goggles to protect themselves during the procedure.
Every dental office is different, so the exact duties of a dental assistant will vary based on the needs of your employer and the laws of the state in which you work. Dental assistants may be asked to help with administrative tasks such as:
According to the BLS, in some states dental assistants may perform procedures such as fluoride application and crown polishing.
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Dental assistants are a good choice for those who want a versatile career in a growing field. According to the BLS, dental assistants are projected to see a 19% job increase through 2026.
One of the reasons dental assistants are in such high demand is because dental practice has evolved. Babies born live longer and retain more teeth than previous generations. This leads to an ongoing need for good oral care.
Since dental assistants are being hired at a faster than average rate, now is the time to pursue this career.
Dental assistants may have different titles depending on the specific responsibilities of the job or the naming conventions of states.
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There are several things to consider when considering whether to pursue a career as a dental assistant. In addition to job-specific factors such as salary, scheduling, and job prospects, there are also soft skills that a dental assistant should possess.
If you answered yes to the above questions, you may find that becoming a dental assistant suits your personality and skills.
One of the reasons why dental assistants are such a popular career choice is that they are a growing career field that doesn’t take too long to prepare for.
Becoming a dental assistant can take anywhere from nine months to two years. The exact process will depend on the program you choose, the state you live in, and your personal pace as a student.
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If you complete a program that offers hands-on learning opportunities, you can get hours of hands-on experience or on-the-job training during your studies.
It may also be helpful to find a program that offers resume assistance, interview coaching, and pursuit support.
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