Tufts Dental SchoolOffice of Financial aid
Let’s Talk About…… Types of Student Loans Cost of Education Resources for Students
Student Loan Basics
Types of Student Loans Federal Private Institutional (Tufts)
Federal Student Loans Federal Direct Subsidized Loan Federal Direct Unsubsidized Loan Federal Direct Graduate PLUS Loan...
Federal Direct Subsidized Loan 6.8% non-accruing, fixed interest rate Annual maximum is $8,500 Aggregate maximum is $65...
Federal Direct Unsubsidized Loan 6.8% accruing, fixed interest rate Annual maximum pro-rated to reflect the number of   ...
Federal Direct Graduate PLUS Loan 7.9% accruing, fixed interest rate No annual/aggregate maximum—designed to “fill in th...
Federal Perkins Loan 5% non-accruing, fixed interest rate Campus-based loan Current annual maximum is $5,000 Nine-mont...
Federal Health Professions StudentLoan (HPSL) 5% non-accruing, fixed interest rate Campus-based loan Current annual max...
Private Education Loans Interest rates, annual/aggregate maximums, fees, and  approval criteria vary from lender to lende...
Institutional Loans Tufts Loan Program 7% non-accruing, fixed interest rate Current annual maximum is $9,100 Six-month...
Student Loan Basics
Direct Costs For 2011-2012, these charges are $72,235 (D14), $67,707  (D13), and $67,587 (D12) These are set costs. Litt...
Indirect Costs Details                        DMD 2014         DMD 2013         DMD 2012Books & Supplies        $1600     ...
Monthly Living Expense Budgets                       On-Campus     Off-Campus           Living with                       ...
Managing Your Cost of Education So how do you keep borrowing at a minimum? Direct costs are unavoidable, so the key lies...
Create a Realistic Spending Plan Do you need that one bedroom apartment downtown?    Boston vs. Allston vs. Malden vs. Ca...
Seek Outside Sources of Funding Apply for EVERYTHING (as long as you don’t have to pay!!) The Internet is a great resour...
Remain Familiar With What YouHave Borrowed Many students are “numb” to their debt load Remember that you can return fund...
Student Loan Basis
National Student Loan Data System www.nslds.ed.gov (will need FAFSA PIN to log in) Check outstanding principal and inter...
Loan Repayment Programs Tufts LRAP – http://lrap.tufts.edu State: -   Check with your state’s Public Health     Departme...
$ALT www.saltmoney.org Created by American Student Assistance (ASA) Partnership with Tufts Dental so all currently enro...
Federal Student Aid On The Web www.studentloans.gov (will need FAFSA PIN to log  in) Information on applying for, managi...
Direct Loan Consolidation www.loanconsolidation.ed.gov Resource for federal loan consolidation information,  including t...
Access Group Financial Aid www.accessgroup.org Resource specially geared towards graduate students  (including health pr...
FinAid! www.finaid.org Great source of general financial aid information Information on both federal & private loans H...
Tufts Dental Financial Aid Office We are here to help you! I love answering questions  from my students  Rosemary Hilli...
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Student Loan Basics

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Easy-to-navigate information on the student loan options available to Tufts Dental School students.

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Student Loan Basics

  1. 1. Tufts Dental SchoolOffice of Financial aid
  2. 2. Let’s Talk About…… Types of Student Loans Cost of Education Resources for Students
  3. 3. Student Loan Basics
  4. 4. Types of Student Loans Federal Private Institutional (Tufts)
  5. 5. Federal Student Loans Federal Direct Subsidized Loan Federal Direct Unsubsidized Loan Federal Direct Graduate PLUS Loan Federal Perkins Loan Federal Health Professions Student Loan (HPSL)
  6. 6. Federal Direct Subsidized Loan 6.8% non-accruing, fixed interest rate Annual maximum is $8,500 Aggregate maximum is $65,500 (including undergraduate) Six-month grace period before repayment & interest accrual begins 1% origination fee (with automatic .5% fee-reduction) **No new Direct Subsidized Loans will be originated for graduate and professional students after July 1, 2012**
  7. 7. Federal Direct Unsubsidized Loan 6.8% accruing, fixed interest rate Annual maximum pro-rated to reflect the number of months a student is enrolled. Twelve-month maximum (D14 & D13) is $47,167 (minus Subsidized eligibility) Aggregate maximum of all Direct Loans (including Subsidized) is $224,000 (includes undergraduate) Six-month grade period before repayment begins Interest capitalizes at the end of the grace period 1% origination fee (with automatic .5% fee-reduction, this benefit ends 7/1/12)
  8. 8. Federal Direct Graduate PLUS Loan 7.9% accruing, fixed interest rate No annual/aggregate maximum—designed to “fill in the gaps” left over after all other sources of financial aid Approval is based on a credit check Six-month post-enrollment deferment before repayment begins Accrued interest capitalizes the day after you academically clear and again after the six-month deferment period 4% origination fee (with 1.5% automatic 1.5% fee- reduction, this benefit ends 7/1/12)
  9. 9. Federal Perkins Loan 5% non-accruing, fixed interest rate Campus-based loan Current annual maximum is $5,000 Nine-month grace period before repayment or interest accrual begins No origination fee.
  10. 10. Federal Health Professions StudentLoan (HPSL) 5% non-accruing, fixed interest rate Campus-based loan Current annual maximum is $10,100 Twelve-month, post-enrollment grace period before repayment and interest accrual begins No origination fee
  11. 11. Private Education Loans Interest rates, annual/aggregate maximums, fees, and approval criteria vary from lender to lender It is important to do your research before applying for a private loan Keep in mind that applying with a co-signer may help you to receive a lower interest rate. Direct-to-consumer (such as Residency & Relocation Loans)
  12. 12. Institutional Loans Tufts Loan Program 7% non-accruing, fixed interest rate Current annual maximum is $9,100 Six-month, post-enrollment grace period before repayment & interest accrual begins No origination fee.
  13. 13. Student Loan Basics
  14. 14. Direct Costs For 2011-2012, these charges are $72,235 (D14), $67,707 (D13), and $67,587 (D12) These are set costs. Little to no “wiggle room.” Tuition and fees generally increase between 4-6% each year.
  15. 15. Indirect Costs Details DMD 2014 DMD 2013 DMD 2012Books & Supplies $1600 $725 $0National Board I 525 0 0AllowanceNational Board II 0 610 0AllowanceRegional Board 0 2050 0AllowanceRotation 0 100 300TransportationLiving Expenses (Off- 25,200 25,200 18,900Campus)Loan Origination Fee 471 471 405TOTAL $27,796 $29,156 $19,605
  16. 16. Monthly Living Expense Budgets On-Campus Off-Campus Living with (Dorm) (Apartment or Parents or House) RelativesRent/Dorm $897 $1,225 $275ChargeUtilities 50 200 50Food 475 350 225Transportation 65 100 175Miscellaneous 213 225 175TOTAL $1,700 $2,100 $900
  17. 17. Managing Your Cost of Education So how do you keep borrowing at a minimum? Direct costs are unavoidable, so the key lies to managing your indirect costs that are associated with you being here at Tufts. The power is yours!
  18. 18. Create a Realistic Spending Plan Do you need that one bedroom apartment downtown? Boston vs. Allston vs. Malden vs. Cambridge Craiglist, Craigslist, Craiglist Do you need to have a car in the city? Can you save money by purchasing a semesterly T-Pass? Can you live with one roommate? Two roommates? (bonus points if they come with a pet you can enjoy ) Netflix vs. Cable vs. Hulu vs. Amazon Prime Cell phone plan—how many minutes do you really use?
  19. 19. Seek Outside Sources of Funding Apply for EVERYTHING (as long as you don’t have to pay!!) The Internet is a great resource—just be careful about sharing your information Health Professions Scholarship & National Health Service Corps Does your employer offer a scholarship/loan for coming to dental school? Does your undergraduate institution? High school? Alumni groups often offer grants/scholarships to students seeking to further their education Pay attention to your tufts.edu email!! Scholarship opportunities are sent out by the school, we will not chase you down!
  20. 20. Remain Familiar With What YouHave Borrowed Many students are “numb” to their debt load Remember that you can return funds OR request more (possibly) as needed throughout the year—be in touch with us! Don’t just blindly sign your award letter—can you reduce your spending to increase your Grad PLUS Loan? Your Unsub? Always remember that loans must be paid back. You are borrowing against your future income. Living cheaper now means you can have more room for fun stuff later!
  21. 21. Student Loan Basis
  22. 22. National Student Loan Data System www.nslds.ed.gov (will need FAFSA PIN to log in) Check outstanding principal and interest on all (graduate and undergraduate) loans Contact information on all loan servicers You will need this information when you enter repayment—it is a good idea to familiarize yourself with it NOW
  23. 23. Loan Repayment Programs Tufts LRAP – http://lrap.tufts.edu State: - Check with your state’s Public Health Department for available programs Federal: - National Health Service Corps http://nhsc.hrsa.gov/loanrepayment
  24. 24. $ALT www.saltmoney.org Created by American Student Assistance (ASA) Partnership with Tufts Dental so all currently enrolled students have free membership (for life!!) Source of financial information for student loans & more Track loans, plan repayment, learn money smart strategies, find deals, job searches Will receive activation information ~ February 1
  25. 25. Federal Student Aid On The Web www.studentloans.gov (will need FAFSA PIN to log in) Information on applying for, managing, and repaying federal student loans Good source for announcements and current information on updates to federal student aid programs Links to other resources!
  26. 26. Direct Loan Consolidation www.loanconsolidation.ed.gov Resource for federal loan consolidation information, including the pros and cons and impact this will have on you Place to apply for a Federal Direct Consolidation Loan
  27. 27. Access Group Financial Aid www.accessgroup.org Resource specially geared towards graduate students (including health professions!) Information on student loans, financial aid, and financial literacy (credit, borrowing, saving, spending, etc.) Tons of FREE materials that can be helpful with real- world issues
  28. 28. FinAid! www.finaid.org Great source of general financial aid information Information on both federal & private loans Helpful financial aid calculators – how much will you be spending over the life of the loan?
  29. 29. Tufts Dental Financial Aid Office We are here to help you! I love answering questions from my students  Rosemary Hilliard, financial coordinator for the classes of D2016, D2014, D2012, and all DIS students – rosemary.hilliard@tufts.edu, 617-636-3850 Nikki Lowe Lane, financial coordinator for the classes of D2015, D2013, and all PG students – nikki.lowe@tufts.edu, 617-636-2153

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