Student Loan BasicsTufts Dental School

Office of Financial aid

Let’s Talk About……Types of Student LoansCost of EducationResources for Students

Types of Student LoansStudent Loan Basics

Types of Student LoansFederalPrivateInstitutional (Tufts)

Federal Student LoansFederal Direct Subsidized LoanFederal Direct Unsubsidized LoanFederal Direct Graduate PLUS LoanFederal Perkins LoanFederal Health Professions Student Loan

(HPSL)

Federal Direct Subsidized Loan6.8% non-accruing, fixed interest rateAnnual maximum is $8,500Aggregate maximum is $65,500 (including

undergraduate)Six-month grace period before repayment &

interest accrual begins1% origination fee (with automatic .5% fee-

reduction)**No new Direct Subsidized Loans will be

originated for graduate and professional students after July 1, 2012**

Federal Direct Unsubsidized Loan6.8% accruing, fixed interest rateAnnual 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 beginsInterest capitalizes at the end of the grace period1% origination fee (with automatic .5% fee-

reduction, this benefit ends 7/1/12)

Federal Direct Graduate PLUS Loan7.9% accruing, fixed interest rateNo annual/aggregate maximum—designed to “fill

in the gaps” left over after all other sources of financial aid

Approval is based on a credit checkSix-month post-enrollment deferment before

repayment beginsAccrued 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)

Federal Perkins Loan5% non-accruing, fixed interest rateCampus-based loanCurrent annual maximum is $5,000 Nine-month grace period before repayment

or interest accrual beginsNo origination fee.

Federal Health Professions Student Loan (HPSL)5% non-accruing, fixed interest rateCampus-based loanCurrent annual maximum is $10,100Twelve-month, post-enrollment grace period

before repayment and interest accrual beginsNo origination fee

Private Education LoansInterest 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)

Institutional LoansTufts Loan Program7% non-accruing, fixed interest rateCurrent annual maximum is $9,100Six-month, post-enrollment grace period

before repayment & interest accrual beginsNo origination fee.

Cost of EducationStudent Loan Basics

Direct CostsFor 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.

Indirect Costs DetailsDMD 2014

DMD 2013 DMD 2012

Books & Supplies $1600 $725 $0

National Board I Allowance

525 0 0

National Board II Allowance

0 610 0

Regional Board Allowance

0 2050 0

Rotation Transportation

0 100 300

Living Expenses (Off-Campus)

25,200 25,200 18,900

Loan Origination Fee

471 471 405

TOTAL $27,796 $29,156 $19,605

Monthly Living Expense BudgetsOn-Campus

(Dorm)Off-Campus

(Apartment or House)

Living with Parents or Relatives

Rent/Dorm Charge

$897 $1,225 $275

Utilities 50 200 50

Food 475 350 225

Transportation 65 100 175

Miscellaneous 213 225 175

TOTAL $1,700 $2,100 $900

Managing Your Cost of EducationSo 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!

Create a Realistic Spending PlanDo you need that one bedroom apartment downtown?

Boston vs. Allston vs. Malden vs. CambridgeCraiglist, Craigslist, CraiglistDo 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 PrimeCell phone plan—how many minutes do you really

use?

Seek Outside Sources of FundingApply for EVERYTHING (as long as you don’t have to pay!!)The Internet is a great resource—just be careful about

sharing your informationHealth Professions Scholarship & National Health Service

CorpsDoes 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 educationPay attention to your tufts.edu email!! Scholarship

opportunities are sent out by the school, we will not chase you down!

Remain Familiar With What You Have BorrowedMany students are “numb” to their debt loadRemember 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!

Resources for StudentsStudent Loan Basis

National Student Loan Data Systemwww.nslds.ed.gov (will need FAFSA PIN to

log in)Check outstanding principal and interest on

all (graduate and undergraduate) loansContact information on all loan servicersYou will need this information when you enter

repayment—it is a good idea to familiarize yourself with it NOW

Loan Repayment ProgramsTufts LRAP – http://lrap.tufts.eduState:

- Check with your state’s Public Health Department for available programs

Federal:- National Health Service Corps

http://nhsc.hrsa.gov/loanrepayment

$ALTwww.saltmoney.orgCreated 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

Federal Student Aid On The Webwww.studentloans.gov (will need FAFSA

PIN to log in)Information on applying for, managing, and

repaying federal student loansGood source for announcements and current

information on updates to federal student aid programs

Links to other resources!

Direct Loan Consolidationwww.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

Access Group Financial Aidwww.accessgroup.orgResource 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

FinAid!www.finaid.orgGreat source of general financial aid

information Information on both federal & private loansHelpful financial aid calculators – how much

will you be spending over the life of the loan?

Tufts Dental Financial Aid OfficeWe 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