Most student loans
come due about six months after graduation, so be sure to read the sections
below whether you plan on going into residency or directly into practice after
dental school.
Practice
Dental school graduates entering practice immediately after graduation (or
shortly thereafter) can select from a number of repayment options that should
be available on their federal loans. Use the calculators and information
on www.StudentLoans.gov to help plan your loan repayment
strategy. While there is no hard data to support this, there is anecdotal
evidence that more than a few dental school graduates eventually adopt an
aggressive repayment strategy and pay off their student loans in less than 10
years. Use the AAMC/ADEA Dental
Loan Organizer and Calculator (DLOC) to estimate repayment if
you’re moving directly into practice following dental school.
Residency
Dental school
graduates entering a school-based advanced dental education residency program
should be able to postpone payments on their federal loans with an “In-School
Deferment.” This assumes their programs show them enrolled at least half time
and they don’t use their grace period. Subsidized loans should remain interest
free during this time, but unsubsidized loans will continue to accrue interest.
Dental school
graduates entering hospital-based advanced dental education residency programs
can either select a repayment plan when their loans come due or request
postponement through what will likely be an “Internship Residency
Forbearance." Interest accrues on all loans during forbearance.
Use the AAMC/ADEA DLOC to
estimate repayment under either residency option (school-based or
hospital-based).