Student Loans
As a new graduate, dental school loans can be the biggest monthly expense - but don't worry! Our experienced attorneys are on hand to review your loans, create a strategy, and manage a repayment plan that will reduce your burden. Make sure you're not overpaying when it comes to those pesky student loans, find out what our team can do for you!
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Dental student loan analyzer- 1st in the industry
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Stanley Tate
Lead Student Loan Attorney
10+ Yrs Student Loan Experience
Over $1 Billion in managed student loan debt
"I talk direct, explain clearly, and give an exact strategy that leads to a way out... I'm damn good at what I do"
As soon as I graduated I got letters in the mail to start my student loan payments. I was broke and in residency, I needed a plan fast.
-Endodontist
Los Angeles, CA
Qualified and professional help for your student loan debt allows you to know all of your options, develop an annual plan that is more beneficial for you, and can save you money in the long term.
Of Course you can! You are capable of handling most tasks yourself, but when it comes to important matters like managing your student loan debt, it may be best to hire a professional. With their years of experience and knowledge of the laws surrounding student loans, a qualified lawyer can give you peace of mind, reduce your anxiety, and help you sleep easy knowing a skilled professional is taking care of things for you just as our patients trust us.
Deferring is good to delay payments but does not reduce your 25 year loan repayment obligation. Get a plan early that allows for payments and works with your budget.
Student Dental School Loans: The Basics
So you want to be a dentist? You do well in undergrad, take the DAT, submit all of your applications to various schools and then you get in! Very exciting times.
Then in your acceptance packet, you read a one-page document about tuition costs. The amount of money is almost laughable but then you realize you will one day be a rich dentist and be able to pay back your student debt in a month when you are practicing.
Well pump your brakes 'steady hands', you are going to be a DDS (or DMD) not in the NBA!
Paying back some of the highest student debt in the country is pretty difficult even as a dentist. Paying back a health professions student loan debt turns out to take a very long time and can be a burden on your family if not planned properly.
In this article, we'll explore how to finance dental school, reduce your payments, and how to get your student debt forgiven altogether. We'll also take a look at the different types of loans available specifically for dentists and healthcare workers. So whether you're just starting in dental school, or you're already working as a dentist with student debt and want to reduce your monthly payments, read on for all the information you need about student loan debt. You can't put a price on your education, right?
Topics Covered:
1. What are student loans and how do they work
2. The different types of student loans available
3. How to choose the right student loan for you
4. How to reduce your student loan payments
5. How student loans can be forgiven
6. Tips for managing your student loans wisely
What are student loans and how do they work
Student loans are a type of loan that is typically given to students to help them pay for school. These loans come in a few different varieties and can be used to pay for tuition, room and board, and other school-related expenses. These loans work similarly to other types of loans, in that they need to be repaid with interest. The main difference is the repayment terms are often more flexible. This means that you can usually extend the repayment period if you need to, or even postpone your payments if you're struggling financially.
Loans can be a great way to finance your education, but it's important to understand how they work before you take out any loans. Be sure to read the terms and conditions carefully, and consult with a financial aid advisor if you have any questions before the application process. It is also important to start setting money aside for your student loan payments as soon as you can, so you don't fall behind once you graduate. With a little planning and foresight, student loans can be a manageable way to pay for school.
The different types of student loans available
There are a few different types of student loans available, and each one has its benefits and drawbacks. Let's take a closer look at the different types of student loans available:
1. Federal loans
2. Private loans
3. Loan consolidation
4. Loan refinancing
5. Parent PLUS loans
6. Loan forgiveness programs
1. Federal loans:
Federal Aid is offered by the government, and they come with a few different benefits. For one, they have a fixed interest rate, which means your payments won't increase over time.
They also offer flexible repayment terms (income-driven repayment plans), which can be helpful if you're struggling to make your payments. And finally, federal student loans offer student loan forgiveness programs, which can be helpful if you decide to go into public service or another eligible field.
All of these can help in the long term if you have federal student loan debt. Your financial aid department in your dental school can walk you through the application process for federal aid but here is the breakdown of different types.
Health Professions Student Loan. If you're a student in the health professions with financial need, you may be eligible for a loan at participating dental schools to assist with your student debt. Funding is limited and interest rates are fixed at 5%, but interest is subsidized while you're enrolled in school.
Loans for Disadvantaged Students. Although LDS and HPSL have many comparable terms, they come from different sources. The Health Resources and Services Administration manages both of these types of loans. Because neither LDS nor HPSL are Department of Education loans, you can't utilize programs like PSLF or income-driven repayment for manage them. Nevertheless, you may be able to qualify for consolidation managed through the HRSA website.
Federal Direct Unsubsidized Loans. Dental students may receive up to $20,500 yearly from federal unsubsidized loans.
Graduate PLUS loans. After you have used up all other options, you can apply for graduate PLUS loans. These types of loans come with the highest interest rates and fees among federal student loans.
2. Private student loan:
Private loans are offered by banks and other private lenders. They typically have a higher interest rate than federal student loans.
However, a private student loan often comes with no origination fees or prepayment penalties, which can be helpful if you want to pay them off early. Additionally, a private loan often has a longer repayment period than federal loans, so they can be a good option if you need more time to repay them. Private loans are often utilized by international students enrolled in a US dental school because they are not able to receive federal loans.
3. Student loan consolidation:
Allows you to combine multiple loans into one larger loan, which can make it easier to manage your payments. It also has the potential to lower your interest rate, but it's important to note that this may not always be the case.
Consolidating your student loans may also extend the length of your repayment period, so it's important to consider all the pros and cons before you decide whether or not to consolidate them.
4. Loan refinancing:
Is similar to consolidation, but it's offered by private lenders instead of the government. Like consolidation, refinancing can lower your interest rate and extend your repayment period. It can also be helpful in terms of reducing your monthly payments.
However, it's important to remember that refinancing will result in new loan terms and conditions, so make sure you understand what you're signing up for before you refinance your student loans.
5 . Parent PLUS Loans:
Are taken out by parents to help their children pay for school. These loans come with a higher interest rate than other types of student loans, but they also offer more flexible repayment terms.
How to choose the right student loan for you
When it comes to student loans, it's important to choose the right loan for your needs. Here are a few tips for choosing the right student loan:
1. Consider your interest rate
When you take out a student loan, you'll be charged an interest rate. This rate will vary depending on the type of loan you choose, so it's important to consider what your interest rate will be before you commit to a loan. If you have a choice, go with a student loan with a lower interest rate so your payments won't be as high.
2. Think about your repayment period
The repayment period is the amount of time you have to repay your student loan. This varies from loan to loan, so it's important to consider how long you'll need to pay back your loan. If you know you won't be able to afford large monthly payments, go for a student loan with a longer repayment period.
3. Look into student loan forgiveness programs
If you're thinking about going into public service or another eligible field, look into student loan forgiveness programs. These programs can help reduce or eliminate your student loan payments, so they're worth checking out.
How to reduce your student loan payments
If you're struggling to make your student loan payments, here are a few tips for reducing them:
1. Adjust your repayment plan
If you can't afford your current monthly payment, consider adjusting your repayment plan with an income-driven repayment plan. You may be able to switch to a plan that has a lower monthly payment but will take longer to repay.
2. Make extra payments
If you can afford it, make extra payments on your student loan to reduce the amount of interest you'll have to pay.
3. Consolidate or refinance your student loans
Consolidating or refinancing your student loans can help you reduce your monthly payments and make them more affordable.
4. Utilize a Student Loan Attorney
A student loan attorney is a highly specialized field that knows the ins and outs of student loans, the laws, and how to make them as beneficial to you as possible.
We offer this service through InDent and have also negotiated a lower flat rate so you won't be surprised by any future fees. Thousands of clients have gotten a well-ironed plan, reduced payments, our had loans forgiven using this service.
How student loans can be forgiven
Student loan forgiveness programs can be extremely helpful in terms of reducing or eliminating student loan payments. There are a variety of different programs available, so it's important to research which ones are available to you and see if you qualify. Some of the most common student loan forgiveness programs include the following:
1. Public Service Loan Forgiveness Program:
This program helps dental student loan borrowers who work in public service jobs ie. VA hospital, government etc. It offers student loan forgiveness after 10 years of repayment.
2. Teacher Loan Forgiveness Program:
This program helps student loan borrowers who become teachers. It offers student loan forgiveness after five years of repayment. This one is pretty difficult to do as a dentist or would not be beneficial financially.
3. Perkins Loan Cancellation and Discharge:
This program helps student loan borrowers who have Perkins Loans. It offers student loan cancellation for a variety of different jobs, mostly military service for dentists.
4. Repayment Programs:
Some dental service organizations offer student loan repayment assistance as a benefit to their employees. These programs can help reduce your monthly payments or even eliminate them but they are rare.
The best way to find out if you're eligible for student loan forgiveness is to speak with the lender or servicer that's handling your student loans. They can tell you about the different programs that are available to you and help you determine if you qualify for any of them.
Conclusion
Student loans are a great way to finance your high education costs to become a dentist. There are a variety of different loan options available, so it's important to choose the one that's right for you.
It's also important to make sure you understand how student loans work and what you need to do to repay them.
Since student loans can be confusing and complicated it is important that you seek the necessary assistance before applying and also while paying back your loans.
InDent was created by dentists who were in your same shoes and we used a student loan attorney to review our loans, create a plan, and give us the best options to save money while paying them back.
Disability Insurance
As a dentist, you never know what life may bring - that's why it is important to have disability insurance. Our specialists can help you find the coverage that best fits your needs, as well as provide insight into contract language and any policy provisions that further secure your finances in case of an unforeseen event. Protect yourself and family with our team's expert guidance and get started today!
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avg. policy cost $80-$120 /month
for $4,000 monthly benefit
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Tyler DeStefano
Lead Dental Disability Insurance Agent
14+ Yrs Dental Disability Insurance Experience
Licensed in all 50 states
With our extensive experience assisting thousands of dentists and physicians with their disability insurance needs, you can rest easy knowing that you are in good hands.
I am a lifelong athlete. I knew as a 4th year student that if I injured my hands, back, eyes, or or any body part I could potentially end my career. I needed some long-term peace of mind so that I could still enjoy an athletic life.
-General Dentist
Chicago, IL
As a dentist you work in a profession where all of your body must be healthy and functioning properly. If you ever get to the point where you can't physically practice, you need to ensure that you can maintain your income for you and your family. Disability insurance allows you to do just that.
It is best to obtain disability insurance before you graduate and/ or under 30 years of age to lock in the cheapest price possible.
What is Dental Disability Insurance?
Simply, if you get injured or sick and can no longer practice as a dentist then you get paid monthly to do nothing. It's like receiving social security but you are not old enough yet. Sounds pretty easy right?
Well with the proper help and planning it is. But you have to have the right team in place to make sure that you can benefit the most from a plan.
Like all insurance, you don't know how good your insurance is until you use it. Have you heard a patient sit in your chair and say, "Oh yea I have really good dental and health insurance that covers everything," only to find out their "good insurance" only covers an exam and radiographs? Well, disability coverage can be just like that with the wrong policy.
Some Background
According to the Social Security Administration, One in four people in their 20s will suffer a disability before they retire. Most disabilities are caused by illnesses, not accidents. So it's important to have disability insurance in case something happens and you can't practice dentistry anymore or afford your current cost of living.
Thankfully, there are affordable options for dental disability insurance. So be sure to check out your options and find the best plan for you.
When Is the Best Time to Get a Policy?
For dental professionals, the best time to lock in lower premiums is before 30 years old and/ or while in dental school. Sure you haven't made your first paycheck yet but you will thank yourself in the long run and have peace of mind while practicing.
What Disability Policies Do Dentists Need?
If you are a dentist, you know that your livelihood depends on your ability to work. Disability insurance can help you receive the income you need if you are unable to work due to an illness or injury.
When looking for a plan, it's important to find a policy that fits your needs. Some things to look for include:
- Coverage for both illnesses and injuries
- A long waiting period before benefits begin
- Benefits that continue even after you reach retirement age
Disability insurance can be a lifesaver if you are unable to work. Make sure you are fully protected by finding a policy that meets your needs.
Does The Bank Require a Disability Policy to Get a Loan?
In short, it depends. Dental disability insurance is vital for professionals who have taken out loans to finance their dental practice. Without disability insurance, they would be at risk of not being able to repay their loans if they were unable to work due to an illness or injury.
The bank is well aware of this so in many cases a policy is required. Just think of it as protecting their investment.
Own-occupation
For dentists, an own-occupation policy is essential. This type of policy considers you disabled if you can't work as a dentist and treat patients, regardless of what other job you might be able to do.
An own-occupation definition of disability is different. You’ll receive benefits as long as your disability keeps you from being able to practice dentistry. If you can’t do your normal dental work, an own-occupation policy will pay out, even if you’re able to perform other types of full-time work and earn income. Own occupation even applies to dental specialists.
Coverage until retirement
The disability benefit period is the length of time that the benefit will be paid. The most common disability benefit periods are two years, five years, 10 years, and until age 65. Make sure that your policy has a disability benefit period that will last until retirement, so you know that you will be covered no matter when you become disabled.
Another important thing to look for in a disability policy is the non-cancellable clause. This means that the insurer cannot cancel your policy or raise your premium. This gives you peace of mind knowing that you are always covered.
Future increase option
If you're a dentist, disability insurance is essential. That's because your income may be high one day, but the next day you could find yourself out of work due to an illness or injury. Disability insurance can help protect your income in case something happens with a future purchase option,
One great option for disability insurance is a future increase option. With this option, you can lock in your policy at a young age. But at the same time, you'll have the freedom to increase your benefit amount down the road. So if your income increases or your cost of living rises, you can adjust your coverage to match.
Disability insurance is important for dentists, as it can help protect them in the event of a disability that limits their work capacity. Typically, you need a loss of income of at least 15% before residual protection will kick in. if the disability policy you're looking at doesn't automatically include residual protection, you may be able to add it as a rider.
Long waiting period
Most disability insurance policies have a waiting period, or elimination period, of 30 to 90 days. This is the amount of time you need to be disabled before receiving benefits. The longer the period, the more affordable your policy premiums will be.
There are two main types of disability insurance: short-term disability insurance and long-term disability insurance.
Short-term disability insurance typically has a shorter waiting period, while long-term disability insurance has a longer waiting period. However, long-term disability insurance typically offers more benefits than short-term disability insurance.
When choosing a disability insurance policy, it is important to consider the elimination period. The elimination period is the amount of time you need to be disabled before you receive benefits. The longer the elimination period, the lower your policy premiums will be. It is a good idea to choose an elimination period of at least 90 days if you want to keep your policy affordable.
Where can you buy disability insurance?
Here are a few places where you can purchase disability insurance:
Through your work
American Dental Association
Online
From an independent agent
Through your work (Not Recommended)
You can purchase dental disability insurance through your employer, or specific insurance providers. However, be aware that your employer's dental disability insurance coverage plan may not offer adequate protection. If you want to be fully protected against long-term dental disabilities, it's a good idea to purchase your own policy.
It could be short-term disability insurance, which won’t adequately protect you. And even if your employer offers long-term disability insurance, you’ll lose that coverage if you change jobs.
For these reasons, you’ll probably want to buy your own separate policy to protect against long-term disabilities.
It could be short-term disability insurance, which won’t adequately protect you. And even if your employer offers long-term disability insurance, you’ll lose that coverage if you change jobs.
For these reasons, you’ll probably want to buy your own separate policy to protect against long-term disabilities.
It could be short-term disability insurance, which won’t adequately protect you. And even if your employer offers long-term disability insurance, you’ll lose that coverage if you change jobs.
For these reasons, you’ll probably want to buy your own separate policy to protect against long-term disabilities.
Online comparison sites (Not Recommended)
Shopping for disability dental insurance can be overwhelming, and trying to compare policies online can seem convenient but can also be confusing.
When you look up a policy online the insurance company may be sponsoring that site so the results are tailored to that one company. Also when simply comparing online some of the fine details can be overlooked which would be of utmost importance when it's time to cash out the policy.
You can find non-cancellable, own-occupation policies with residual protection and future increase options from most insurers. But if going the online comparison route it is best to compare quotes from multiple sites.
Independent Agents (Recommended)
Finally, you may want to contact some independent agents in your local area. Ask some of your dentist friends if they have any recommendations.
The overall idea is to make sure that you shop around for dental disability insurance at multiple places. By doing this, you’ll usually be able to find better offers than the ones offered by insurance representatives who visit dental schools. InDent (goindent.com) shines most in this area.
Insurance Company tips
It's important to choose a policy from a company with a good financial rating. AM Best is the agency that rates the financial health of insurance companies, and you'll want to stick with companies that have an AM Best rating of A- or above. This will ensure that your policy is with a company that is less likely to go out of business.
Does Disability cover Student Loan Payments?
student loan riders
The average student loan debt for a dentist has now reached almost $300k. Many disability insurance policies offer a student loan rider, which will assist in student loan payments but only up to a certain limit per month. This can be a few hundred dollars to $2,500 a month, depending on the policy.
If you have large student loan balances, this can be a great way to help manage your payments and keep up with your lifestyle. This is what the insurance companies refer to as a student loan rider.
Cost of Living Rider
The protects your benefits from inflation, ensuring that you receive the same level of coverage over time.
Catastrophic Disability Rider
A catastrophic disability rider on your insurance policy can help pay for care if you suffer a catastrophic injury or illness. A catastrophic injury causes you to lose the use of one or more senses or the use of both hands or feet. If you have this rider on your policy, your disability benefits will include more than your regular monthly payments for total disability.
Partial Disability Rider
Dentists should consider disability insurance policies that offer a partial disability rider. This is a disability in which you are still able to practice, but suffer an income loss due to the disability. The Policy will pay out if a dentist has a 15%–20% loss of income.
Under this rider, you can qualify if you had nerve damage, breathing issues, can't feel your hands, or anything that decreases your ability to practice at 100%.
How Much Does Disability Coverage Cost?
The Insurance companies can vary in cost and benefit amounts. But a recent survey of the top disability insurance companies for dentists showed the following ranges for monthly premium rates:
30-year-old: $145 - $200 per month,
40-year-old: $220 - $320 per month
50-year-old: $320 - $530 per month.
These were rates for male non-smokers in New York purchasing a $5,000 per month benefit amount.
What does InDent do that is different?
Since InDent was created by dentists for dentists we married some of the best methods to help ensure that dentists get the best plans. We streamlined the application process to a few questions then we go to work and our team of independent agents looks at all the different companies, options, and plans to give you the policy that best meets your needs. Pretty simple.
Our secret sauce is; experience. We have done policies for thousands of dentists who had no idea where to start.
Conclusion
There are many different disability policies available, so it's important to consider what you may need before you buy. Some factors to consider during your dental career include the amount of coverage you need, how long you want the policy to last, and whether you want extra coverage for student loans or other riders.
Either you know what you need or you need some guidance our agents with InDent can guide you through the way. Just fill out the form and we will start shopping policies for you.
Malpractice Insurance
It is a requirement to have malpractice insurance. But rather than going with any plan an agent recommends, our specialist will find policies that most benefit and protect you in case you have a claim against you. Knowing about the contract language and provisions in your contract may give you the piece of mind that you need as you practice.
Free
As low as $50 per year for new grads
-we will do the shopping for you-
​
James Carney
Lead Independent Insurance Agent
35+ Yrs Dental Insurance Experience
Licensed in all 50 states
We represent many of the leading insurance carriers within the dental industry. We can research and access various coverage options to determine the optimal solution for your coverage exposure.
Simply it's a requirement to practice. But after my first year, my premiums skyrocketed as the introductory period ended. I had to shop around but all other companies had equally as high rates. My insurance agent found other companies with cheaper premiums and I have been in a better position ever since.
-General Dentist
New York, NY
Depending on the type of practice you work for ie. private, DSO, or government your annual premiums can be drastically different with each company. It's best to get at least three quotes from three different companies.
Rather than paying your premiums at the beginning of the year, with most companies you can spread the payments out over the year.