Dental Student Debt Solutions
Learning Objectives:
Techniques for dealing with high dental student debt.
How to benefit from government programs for student debt forgiveness.
Effective strategies for paying off student loans.
Presentation Summary:
This presentation will help dental students and new dentists manage and pay off their student debt. Participants will learn practical strategies like budgeting and financial planning techniques, consolidation and refinancing options, and faster repayment methods. The presentation also covers the importance of building good credit, saving for the future, and investing in wealth-building.
In addition to financial skills, the presentation addresses the psychological aspects of dealing with student debt. Participants will learn coping strategies for managing stress and anxiety and be given tools to maintain mental and emotional well-being during repayment. By the end of the presentation, attendees will have a strong foundation of knowledge and skills to help them effectively manage and pay off their dental student debt and build a financially successful future.
Several options for student loan forgiveness are available to borrowers of federal student loans. These include the Public Service Loan Forgiveness (PSLF) program, the Perkins Loan Cancellation and Discharge program, which offers forgiveness of up to 100% of a Perkins Loan for certain types of employment; income-driven repayment plans like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE), which can result in forgiveness of the remaining balance on Direct Loans after 20 or 25 years of qualifying payments. All these are discussed during the presentation.
It’s important to note that these options may have specific eligibility requirements, and not all borrowers will qualify for student loan forgiveness. Additionally, some of these options may have tax implications, as the forgiven loan balance may be considered taxable income by the Internal Revenue Service. These aspects are also explained during the presentation.
Duration: From 1 Hour to a Half Day
Dental student debt: what this course covers
Many new dentists finish school with a large amount of student debt, and the federal rules for repaying it keep changing. This course helps dental students, residents and new dentists in the United States compare their options and build a payoff plan that fits their career path.
Who this course is for
- Dental students and residents planning their first years in practice
- Associates deciding between paying off loans and buying a practice
- Dental schools, residency programs and study clubs
Topics covered
- Federal repayment plans: how income-driven repayment works, including the new Repayment Assistance Plan for federal loans.
- Public Service Loan Forgiveness (PSLF): who qualifies, including dentists at qualifying nonprofit and government employers.
- Refinancing: when private refinancing can save money and what federal protections you give up.
- Tax angles: how filing status and retirement contributions can lower income-driven payments, and the student loan interest deduction.
- Debt and practice ownership: how lenders view student debt when you buy or start a practice.
What attendees walk away with
- A side-by-side comparison of payoff paths
- A simple way to estimate total cost under each option
- A first-year plan for managing debt while building savings
Related course: Retirement Strategies for Dentists.
Frequently asked questions
How do dentists pay off student loans faster?
Compare income-driven repayment, PSLF and refinancing based on your career path, then direct extra cash flow to the plan with the lowest total cost. The course shows how to run the comparison.
Can dentists get student loan forgiveness?
Dentists who work full time for qualifying nonprofit or government employers may qualify for Public Service Loan Forgiveness after 120 qualifying payments. Income-driven plans also offer forgiveness after a longer period.
Should a new dentist refinance student loans?
Refinancing can lower the interest rate, but it turns federal loans into private loans and removes access to income-driven plans and PSLF. It usually makes sense only once your career path is clear.
Can I buy a dental practice with student debt?
Yes. Lenders that finance dental practices expect student debt and look mainly at your production, experience and the practice’s cash flow.
How long is the student debt course?
From one hour to a half day, in person or online.