4. Types of Student Loans
Federal
Private
Institutional (Tufts)
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. 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. 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. 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. 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. Federal Health Professions Student
Loan (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. 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. 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.
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. Indirect Costs Details
DMD 2014 DMD 2013 DMD 2012
Books & Supplies $1600 $725 $0
National Board I 525 0 0
Allowance
National Board II 0 610 0
Allowance
Regional Board 0 2050 0
Allowance
Rotation 0 100 300
Transportation
Living Expenses (Off- 25,200 25,200 18,900
Campus)
Loan Origination Fee 471 471 405
TOTAL $27,796 $29,156 $19,605
16. Monthly Living Expense Budgets
On-Campus Off-Campus Living with
(Dorm) (Apartment or Parents or
House) Relatives
Rent/Dorm $897 $1,225 $275
Charge
Utilities 50 200 50
Food 475 350 225
Transportation 65 100 175
Miscellaneous 213 225 175
TOTAL $1,700 $2,100 $900
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. 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. 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. Remain Familiar With What You
Have 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!
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. 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. $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. 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. 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. 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. 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. 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