Student Loan Spotlight: Different career paths, different student loan repayment options

Depending on the career path dentists take, there are different ways to repay student loans — or have them forgiven entirely. Those who choose to work in the public sector can pursue Public Service Loan Forgiveness, while those who work in private health care could take advantage of income-driven repayment. Both can lead to a “forgiveness event” when borrowers meet the federal program requirements, though there are some key differences.

How dentists can take advantage of Public Service Loan Forgiveness

For many dentists working in public health, the Public Service Loan Forgiveness Program can be a key part of their student loan debt management strategy. To take advantage of the program benefits, you must work full time at an eligible government or not-for-profit organization, make 120 qualifying payments (or complete 10 years of repayment), be enrolled in an income-driven repayment plan, and have Direct Loans or consolidate other federal student loans into a Direct Loan.

At the end of your repayment period, you can have the remaining federal student loan debt balance forgiven. Dentists working for several different types of employers could qualify for the program, including Veterans Affairs hospitals and dental schools.

You can find the eligible employer search tool at studentaid.gov/pslf/employer-search.

How dentists can take advantage of income-driven repayment

Unlike Public Service Loan Forgiveness, income-driven repayment plans are available to federal student loan borrowers who work in the private sector. These plans offer forgiveness on your remaining loan balance after 10 to 25 years of repayment, depending on which plan you choose, how much debt you have and what types of loans you have. There are many different plans, all of which can be found at studentaid.gov/idr.

Your monthly payment amount under the various plans is calculated based on several factors, including your family size and discretionary income. Determining which plan is right for you will depend on your personal financial situation. It’s important to weigh the pros and cons of each plan before you make your decision.

Determining what’s right for you

There’s no easy answer when it comes to choosing a career path. However, there are student loan repayment options for any path of dentistry you choose. To learn more about your options, schedule a free 30-minute consultation with a student loan specialist at laurelroad.com/ada.

Ms. Schaefer serves as the general manager and chief experience officer of Laurel Road. She oversees all aspects of the business, including marketing, operations, risk, and profit and loss management, with particular attention to its digital products and customer experiences. Laurel Road is a brand of KeyBank National Association.