Dental School Loans: Estimated Family Contribution

[odpropofol]

Does loans for dental school work the same way as undergrad: you only have to pay your EFC and the rest is covered by the school or do you pay sticker price for all school?

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[Soleus715]

Dental School is all loans through the Federal Government. There are no grants and nothing covered by schools unless you qualify for a scholarship from the school.

The Maximum you can borrow is the Tuition + Fees + Cost of living calculated by the dental schools. (Edited for correctness, you can borrow to cover EFC)
Any remaining amount that you need to cover your expenses will have to come from either private loans/ family/ friends/ savings.

Essentially, you are going to end up paying the "sticker price" on way or another.

 

[frozenicecreamDMD]

Does loans for dental school work the same way as undergrad: you only have to pay your EFC and the rest is covered by the school or do you pay sticker price for all school?

please correct me if I am wrong, you are saying you think dental schools are free? (in a sense that you only pay the amount of money your family can afford through FAFSA's calculation?)

bad news: no, you take out full loans or get money from else where to pay for dental schools.

 

[Orka]

Dental School is all loans through the Federal Government. There are no grants and nothing covered by schools unless you qualify for a scholarship from the school.

The Maximum you can borrow is the Tuition + Fees + Cost of living calculated by the dental schools minus your EFC.
Any remaining amount that you need to cover your expenses will have to come from either private loans/ family/ friends/ savings.

Essentially, you are going to end up paying the "sticker price" on way or another.

Out of curiosity, what is the interest rate on the loans? Thank-you.

 

[Soleus715]

Out of curiosity, what is the interest rate on the loans? Thank-you.

It's calculated each year based on the market rate.

For this year, the Unsub. loan is at 5.84% with a 1.068% origin. fee.
The Grad PLUS loan is at 6.84% with a 4.272% origin. fee.

Both loans accrue interest from the date of disbursement.
For Unsub. loans, there is a maximum aggregate loan amount of $224,000 (including all sub/unsub loans from undergrad).
You cannot borrow more than this amount in unsub loans, which means you'll have to take out more in Grad PLUS loans.

Credit check is required for the Grad PLUS loan.
Payment is required 6 months after graduation.

Source:
https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized
https://studentaid.ed.gov/sa/types/loans/plus

 

[whaleofatale]

Does loans for dental school work the same way as undergrad: you only have to pay your EFC and the rest is covered by the school or do you pay sticker price for all school?

You can borrow to cover your EFC if you need to. Borrow your annual maximum Direct Unsubsidized Loan first (between $40,500 - $47,167 depending on the length of your academic year), and then make up the difference that you need in the Grad PLUS Loan.

 

[whaleofatale]

Out of curiosity, what is the interest rate on the loans? Thank-you.

Rates for next year should be announced sometime in the next few weeks.

 

[Manic324]

It amazes me the things people say on here, how did these people get to age ~22? Really you think you'd just pay the EFC? Have you googled anything ever?

You qualify for loans no matter what your EFC is to cover the full cost of attendance. You will absolutely be paying the full amount for tuition/fees/living expenses unless you get a scholarship from the school. Some schools have small need based grants but they are very rare.