Student Loan Spotlight: How to decide which loan program is right for you
As a dentist, there are several student loan forgiveness and assistance programs to consider. Each program has specific requirements and considerations, including your work history, type of employer, time commitments and ability to qualify for total versus partial loan forgiveness. Here are some of the forgiveness programs for dentists to consider.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness program may forgive student loan debt for anyone who has worked in the public sector, including eligible government agencies or nonprofit organizations, for at least 10 years and made 120 qualifying payments toward their student loan debt. For those who qualify, this will be the fastest path to reach federal student loan forgiveness. Qualifying employment isn't necessarily about your specific job. Instead, eligibility will depend primarily on your employer. For example, a full-time government employee — federal, state, local or tribal — is eligible.
For many dentists working in public health or at a nonprofit hospital, this program is a key part of their student loan debt management strategy. You can find the eligible employer search tool at studentaid.gov/pslf.
ADA members can receive a free 30-minute consultation to learn how to qualify and navigate the often complex requirements of Public Service Loan Forgiveness and other forgiveness programs from a Laurel Road student loan specialist.
Income-driven repayment plans
Federal income-driven repayment plans can be a financial lifeline for dentists, especially early in their careers. These plans can help lower and stabilize your monthly payments based on factors like your adjusted gross income and family size. Learn more about your options and how to qualify for student loan forgiveness through income-driven repayment at laurelroad.com.
Get expert help with student loan forgiveness
The stress of student loan debt shouldn’t stand in the way of a successful and rewarding career as a dentist. Fortunately, there are many options available to help you reach student loan forgiveness. Laurel Road student loan experts can help you understand your options. Explore your benefits as an ADA member and learn how you can get on the path to student loan freedom at laurelroad.com/ada.
This column first appeared in the June edition of the New Dentist News, and its information is accurate as of that time.
Ms. Bruno serves as the director of partnerships at Laurel Road. Laurel Road is a brand of KeyBank National Association.
