An Overview of Rising Dental School Debt
Dentists are not exempt from the growing burden of student loan debt. In fact, 80% of 2016 dental school graduates left college with over $100,000 in debt and 30% with over $300,000. According to the American Student Dental Association (ASDA), 2017 dental students graduated with an average dental school debt of $287,331—an increase from years prior. If historical trends continue, it is likely the debt load will grow in 2018 and beyond. Dental school is not the only school debt that’s rising as the overall average cost of college continues to rise as well, as well as the average medical school debt.
Private Dental Schools vs. Public Dental Schools
The amount of debt dental students endure depends greatly on where they choose to attend school. As with any other form of higher education, public schools offer cheaper tuition rates (on average) than private schools. With cheaper tuition comes a lesser debt load. Before choosing which type of school is right for you, take some time to compare the financial differences.
Tuition Costs at Public Dental Schools
Since they receive state and federal funding, public dental schools offer lower tuition costs than private schools. For the 2016-2017 school year, public school students paid $35,917. This price includes tuition and mandatory fees, but it does not account for living expenses or supplies. The four-year cost of tuition nears $145,000.
Debt Load for Public School Graduates
Even though they chose the cheaper option, graduates of public dental schools still owe a large amount of debt post-graduation. The average dental school debt for 2017 public school graduates was $239,895.This is up around $1,300 from the year prior.
Tuition Costs at Private Dental Schools
Since they lack state and federal funding, private dental schools tend to charge more for tuition. Tuition costs vary greatly between schools, but on average, private institutions charge $67,399 per year. The four-year cost totals $265,596. Other additional expenses include lab fees, preclinical supplies, books, dental kits, scrubs, and exam costs.
Average Dental School Debt at Private Colleges
It should come as no surprise that students paying over $260,000 for dental school have a massive debt load. At private dental schools, the average student debt for 2016 graduates was $291,668. is $53,086 more than the average debt for public dental school graduates during the same year.
Changes in the Dental School Graduate Debt Load over Time
The amount of debt dental students graduate with is on the rise. In 1996, dental school graduates owed an average of $129,927 when accounting for inflation. Twenty years later, that amount doubled to $262,119. From 2006 to 2016, the debt load for public and private school graduates increased by 44% and 24% respectively. When comparing 2015 numbers to 2016 numbers, private dental school debt actually decreases by $13,097. During the same time, public dental school debt increased by nearly $18,000.
Measures are Being Taken to Reduce Dental School Debt
Despite the cost, dental school enrollment is at an all-time high. Students enrolled in pre-doctoral dental education programs totaled 24,677 during the 2016-2017 academic year. This was a 2% increase from the previous year. To help these students out, the American Student Dental Association (ASDA) advocates for sustainable long-term solutions to the growing student debt crisis. Right now, the ASDA is asking Congress and state legislatures to create new legislation that:
- Increases tax deductions for student loan interest, student scholarships, and loan repayments
- Reduces federal student loan interest rates
- Forgives the loans of dentists practicing in underserved areas
- Creates tax deductions and rebates for dentists working in underserved areas
- Protects private student loan borrowers
Along with supporting legislation, the ASDA also encourages state dental societies to increase funding to dental schools and create scholarships for dental students. They have found some success in the latter. Many dental scholarships exist for current dental students enrolled in U.S. dental schools.
Tips for Paying Back Dental School Debt
If you are passionate about dentistry, do not let the average dental school debt load scare you. The numbers may seem high, but paying your debt is doable. Here are a few tips on how to pay back your dental school loans or limit your debt load.
This NHSC program helps qualified health professionals pay back their student loans. Any general or pediatric dentist can apply but must first land a job at an NHSC-approved site in a medically underserved area (MUA). Dentists can receive up to $50,000 to repay their dental school loans in exchange for a two-year commitment. On average, 41% of applicants are accepted to the program.
- Apply for the National Health Service Corps Scholarship
During any year in dental school, you can apply for this full-ride scholarship. The NHSC Scholarship covers tuition and fees, associated educational costs, and a living stipend. In exchange, dental students must commit to working for a minimum of two years in a high-need area. Students can apply each year for a maximum award amount equivalent to four years of schooling.
- Make Payments on Your Loans during School
Go into dental school with a plan to start paying off your loans right away. Even if it is just $30 here or there, it will make a difference. This might include working a part-time job, using savings, or asking your parents to help pay down your loans. Pay off unsubsidized loans first to reduce the accruing interest.
- Plan to Refinance Your Loans
Refinancing will replace your student loans with one new loan. Doing this could land you a lower interest rate, a different repayment term, or simply better customer service. For access to the best refinancing options, you need a good credit score. Take measures during school to raise your credit score so that you can refinance right away.
Deciding If The Debt is Worth It
Knowing that upon graduation you will be saddled with such a debt burden can be unnerving. There are ways to determine whether or not the debt is too much, or if its worth it. Continue to take a look at all the facts, and after educating yourself you can make a decision whether going to dental school is worth the debt that you may end up with.
Compare the Best Student Loan Refinance Rates
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College Ave: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. (2)$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. (3)This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 1/27/2021. Variable interest rates may increase after consummation.
ELFI: Subject to credit approval. Terms and conditions apply. To qualify for refinancing or student loans consolidation through ELFI, you must have at least $15,000 in student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary institution.
LendKey: Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
CommonBond: Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate.
Splash Financial: Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval.com
Earnest: To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest’s fixed-rate loan rates range from 3.89% APR (with autopay) to 7.89% APR (with autopay). Variable rate loan rates range from 2.50% APR (with autopay) to 7.27% APR (with autopay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms of 10 years or less. For loan terms of 10 to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 0.26% and 5.03% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 23, 2019 and are subject to change based on market conditions and borrower eligibility.
Auto Pay Discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/23/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
Ascent: Ascent’s undergraduate and graduate student are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
*The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.