Student Loan Forgiveness and Repayment Programs for Dentists

Student Loan Forgiveness and Repayment Programs for Dentists

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If you’re like most dental college graduates, you left college with substantial student loan debt — the typical student loan steadiness for dental college grads in 2019 was a staggering $292,169, in line with the American Dental Education Association.

With such a big steadiness, you may really feel such as you’ll by no means get out of debt — however student loan forgiveness for dentists will help. There are a number of packages for each federal and personal student loans that might scale back and even remove your remaining loan steadiness.

Here’s what it is advisable find out about student loan forgiveness for dentists:

Federal student loan forgiveness for dentists

If you have got federal student loans, there are two major student loan forgiveness packages for dentists:

Public Service Loan Forgiveness

If you’re employed at a nonprofit group or a neighborhood, state, or federal authorities company, Public Service Loan Forgiveness (PSLF) may very well be an possibility.

You may be eligible for PSLF as a dentist when you work for a nonprofit dental clinic, neighborhood healthcare middle, or nonprofit dental group or affiliation.

To qualify for loan forgiveness by means of PSLF, it’s essential to:

  • Work full time for an eligible employer for 10 years
  • Make 120 qualifying month-to-month funds towards your student loans

If you meet these necessities, your remaining loan steadiness may very well be forgiven tax-free.

You can use the PSLF Help Tool to see in case your loans and employment qualify for PSLF.

Learn More: How to Refinance Your Student Loans

Income-driven compensation plan forgiveness

If you aren’t eligible for PSLF, another choice on your federal student loans is income-driven compensation (IDR).

On an IDR plan, your month-to-month loan cost is predicated in your revenue and household dimension, which may scale back your month-to-month cost. This may very well be particularly useful if you’re beginning your profession and your revenue is comparatively low.

There are 4 IDR plans out there:

Depending on which IDR plan you select, you’ll make funds for 20 to 25 years. If you continue to have a remaining steadiness on the finish of your time period, it is going to be forgiven.

You can apply for an IDR plan on-line. When you fill out the applying, you’ll be able to request a particular IDR plan, or you’ll be able to ask for whichever IDR plan will provide you with the bottom month-to-month cost.

Learn More: How to Pay Off Student Loans

Repayment help packages for each federal and personal student loans

If you’re on the lookout for personal student loan compensation choices or have a mixture of each federal and personal student loans, the next loan compensation packages may assist:

National Health Service Corps Loan Repayment Program

Best for: Doctors of Dental Surgery and Doctors of Medicine in Dentistry with specialties in pediatric dentistry or basic dentistry

Program particulars: Qualifying dentists who decide to working full time for 2 years in a Health Professional Shortage Area (HPSA) designated by the National Health Service Corps (NHSC) may very well be eligible for as much as $50,000 in loan compensation help.

National Health Service Corps Students to Service Loan Repayment Program

Best for: Students of their final yr of dental college pursuing a Doctor of Medicine, Doctor of Dental Surgery, or Doctor of Medicine in Dentistry diploma who’re eligible for federal employment

Program particulars: In return for 3 years of service in a chosen HPSA, awardees may obtain as much as $120,000 in loan compensation help.

Health Resources & Services Administration Faculty Loan Repayment Program

Best for: Individuals from deprived backgrounds who’re employed as college members at well being occupation establishments

Program particulars: If you’re a college member educating dentistry at an authorized well being professions establishment and decide to educating for not less than two years, you might obtain as much as $40,000 to repay your student loans.

National Institutes of Health Loan Repayment Programs

Best for: Individuals with an curiosity in biomedical or biobehavioral analysis

Program particulars: The National Institutes of Health recruit certified well being professionals — together with dentists — to conduct biomedical and biobehavioral analysis. In return, its Loan Repayment Program will repay as much as $50,000 of your student loan debt per yr of service.

Indian Health Service Loan Repayment Program

Best for: Dental professionals working inside Tribal communities.

Program particulars: Dental professionals who make a two-year dedication to apply in well being services serving American Indian and Alaskan Native communities may obtain as much as $40,000 to repay their student loans.

Military loan compensation packages

Best for: Military service members

  • Air Force: The Air Force Active Duty Health Professions Loan Repayment Program offers contributors as much as $80,000 for compensation of their student loans.
  • Army: In the Army Active Duty Health Professions Loan Repayment Program, contributors may obtain as much as $120,000 to pay down dental college loans.
  • Navy: Under the Navy Health Professions Loan Repayment Program, students enrolled of their remaining yr of faculty for a specialty qualification in dentistry may obtain as much as $40,000 per yr in loan compensation.
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Learn More: Refinancing Student Loans With Bad Credit

State dentist loan compensation packages

Some states provide state loan compensation packages to draw gifted well being professionals. Generally, when you decide to working for a set time period in a high-need space, the state will repay a portion of your student loan debt.

For instance, dentists in Delaware can qualify for as much as $100,000 in assist by means of the Delaware State Loan Repayment Program in the event that they work full time for 2 years in a chosen HPSA.

For extra info, go to the American Dental Education Association’s database.

State Program Max forgiveness quantity Service dedication
Alabama N/A N/A N/A
Alaska Alaska State Loan Repayment Program
(additionally referred to as the Supporting Health Access Repayment Program)
$35,000 per yr
($47,000 per yr for very hard-to-fill areas)
2 years
Arizona Arizona State Loan Repayment Program Varies based mostly on the kind of supplier and whole indebtedness 2 years
Arkansas N/A N/A N/A
California California State Loan Repayment Program $50,000
Colorado
  • Colorado Health Service Corps Loan Repayment Program: $90,000
  • Colorado State Dental Loan Repayment Program: $50,000
3 years
Connecticut Connecticut State Loan Repayment Program N/A
(program inactive)
Not accepting purposes
Delaware Delaware State Loan Repayment Program $100,000 2 years
District of Columbia DC Health Professional Loan Repayment Program $151,841.29 4 years
Florida Dental Student Loan Repayment Program $250,000 At least 1 yr
Georgia Dentists for Rural Areas Assistance Loan Repayment Program $100,000 Up to 4 years
Hawaii N/A N/A N/A
Idaho Idaho State Loan Repayment Program $50,000
Illinois Illinois National Health Service Corps State Loan Repayment Program $50,000 2 years
Indiana Indiana Health Care Professional Recruitment and Retention Fund Program $20,000 2 years
Iowa Primary Care Recruitment and Retention Endeavor Iowa Loan Repayment Program $50,000 2 years
Kansas Kansas State Loan Repayment Program $50,000 2 years
Kentucky Kentucky State Loan Repayment Program $80,000 Varies
Louisiana Louisiana State Loan Repayment Program $90,000 3 years
Maine Maine Dental Education Loan Repayment Program $80,000 to 100,000
(relies on when first program loan was obtained)
2 years
Maryland Maryland Dent-Care Loan Assistance Repayment Program Varies 3 years
Massachusetts Massachusetts Loan Repayment Program for Health Professionals $50,000 4 years
Michigan Michigan State Loan Repayment Program $200,000 Up to eight years
Minnesota Minnesota State Loan Repayment Program $40,000 2 years
Mississippi N/A N/A N/A
Missouri Missouri Health Professional Loan Repayment Program $50,000 2 years
Montana Montana NHSC Student Loan Repayment Program $30,000 2 years
Nebraska Nebraska Loan Repayment Programs $200,000 2 years
Nevada Nevada Health Service Corps Program Varies Typically 2 years of full-time service
New Hampshire New Hampshire State Loan Repayment Program $75,000
New Jersey Primary Care Practitioner Loan Redemption Program of New Jersey N/A No longer accepting purposes
New Mexico New Mexico Health Professional Loan Repayment Program Varies 2 years
New York New York State Primary Care Service Corps Loan Repayment Program Varies Varies
North Carolina North Carolina State Loan Repayment Program $100,000 4 years
North Dakota North Dakota Dentist Loan Repayment Program $100,000 5 years
Ohio Ohio Dentist and Dental Hygienist Loan Repayment Program $25,000 2 years
Oklahoma Oklahoma Loan Repayment Program $25,000 2-5 years
Oregon Oregon Partnership State Loan Repayment Program $70,000 2 years
Pennsylvania Pennsylvania Primary Health Care Practitioners Loan Repayment Program $100,000 2 years
Rhode Island Rhode Island Health Professionals Loan Repayment Program Varies
South Carolina N/A N/A N/A
South Dakota N/A N/A N/A
Tennessee Tennessee State Loan Repayment Program $50,000 2 years
Texas Texas Dental Education Loan Repayment Program N/A No longer accepting purposes
Utah Health Care Workforce Financial Assistance Program N/A No longer accepting purposes
Vermont Vermont Educational Loan Repayment Program for Healthcare Professionals $20,000 2 years
Virginia Virginia State Loan Repayment Program $140,000 4 years
Washington Washington State Health Professional Loan Repayment Program $75,000 3 years
West Virginia West Virginia State Loan Repayment Program $40,000 2 years
Wisconsin Wisconsin Health Professions Loan Assistance Program $50,000 3 years
Wyoming Wyoming Healthcare Professional Loan Repayment Program N/A No longer accepting purposes
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Don’t qualify for student loan forgiveness? Refinancing may assist

If you aren’t eligible for student loan forgiveness, one other potential choice to handle your debt is student loan refinancing. With refinancing, you may have the ability to decrease your month-to-month funds or get a decrease rate of interest.

Be cautious when refinancing federal student loans: Keep in thoughts that when you refinance federal student loans, you’ll lose entry to federal advantages. This contains income-driven compensation plans and student loan forgiveness packages.

Learn More: Private Student Loan Consolidation

If you determine to refinance, remember to think about as many lenders as attainable to search out the precise loan for you. You can do that simply with Credible — fill out a single type and you’ll evaluate your charges from our associate lenders within the desk beneath in two minutes.

About the creator

Kat Tretina

Kat Tretina

Kat Tretina is a contributor to Credible who covers every thing from student loans to private loans to mortgages. Her work has appeared in publications just like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and extra.

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