For many dental students, new borrowing caps starting July 1 will create a need for other ways to bridge their funding gap. To calculate your funding gap, start with your program’s cost of attendance and subtract any aid, such as scholarships or grants.
Some student loans may only be used for tuition and required fees. Dental students may need additional personal loans or lines of credit to cover costs for housing, healthcare, transportation, food and more.
How Loans Work
- A loan is money you borrow from a leader that you agree to pay back over time with interest.
- The initial amount borrowed is considered the principal.
- Over time, the amount you owe grows as interest accrues on the principal.
- Usually within six months of graduation, borrowers begin making monthly payments to cover the interest accrued or reduce the loan balance by making payments directly on the principal.
- Loans also have a term, or how long a borrower must repay the entire principal plus any interest accrued.
Each loan can differ by the principal amount you’re able to borrow, interest rates, terms and more. Compare offers from at least a few lenders before finalizing your decision.
College Ave* has created a loan calculator to help borrowers understand the breakdown of monthly payments and the total cost of taking out a loan.
Calculate Loan Costs
Loan Eligibility
Private lenders may require borrowers to meet certain eligibility requirements, such as a good credit score or having a co-signer.
- A credit score demonstrates a borrower’s ability to responsibly pay back a loan. It is calculated based on factors like a borrower’s history of making timely payments, length of credit history and types of credit used, among others.
- For dental students, it can be common to have little to no credit history in addition to large amounts of existing student debt. Lenders may allow borrowers to apply with a co-signer, or another person with strong credit who agrees to assume responsibility in the case a borrower is unable to make payments.
Be sure your financial situation is a match for private lenders you borrow from. ASDA works with industry leaders to provide financial education for predental and predoctoral members to help you prepare for borrowing for dental school.
Private Lender Connections
Some dental schools partner with preferred lenders or offer financial services through a credit union. Because student loans usually only cover direct educational costs, you may consider a personal loan to help cover rent, food or other expenses. Another option is to look at lines of credit, which allow you to borrow the exact amount you need as costs incur rather than at the beginning of the semester.
ASDA can connect you with companies that may be able to help bridge your funding gap for dental school.