How To Manage Financial Debt From Dental School

According to the American Association of Dental Schools, what you will have to pay in student loans after your graduation is a substantial amount indeed — upwards of $120,000! Even if you have a thriving practice after graduation, that amount of money is still a significant responsibility. What can you do today to help you manage the financial debt you will incur (or are incurring) from dental school so that you will be able to pay it back tomorrow as painlessly as possible?

See If You Can Go To School For Free

If you are in the process of applying to dental school, you should look into what scholarships exist for which you might be eligible. The American Dental Association maintains a list of scholarships available. Contact them for information. Even if you can get a partial scholarship to dental school, this will go a long way toward making your financial debt from graduate school manageable. It’s always easier to pay back less money than more, right?

Live As Cheaply As Possible Before And During Dental School

If you are in the poorhouse at the moment, you might want to stop and think for a moment before taking on more than a $100,000 worth of debt. Is there a way that you can make some money before you go so that you can borrow less and have less debt to pay back once you’re out of school? If so, delaying your entrance into dental school would make a good deal of sense. And once you arrive in dental school, stick to the habits of frugality you worked so hard to develop while you were working to save for school.

Pay Off Any Debt You’re Carrying Prior To Your Arrival In Dental School

If you have decided to stay in the working world for a while to stockpile your savings before entry into dental school, you should allocate some of the money you’re making to paying off any debts you’re carrying at the moment. The bill from dental school is going to be big enough as it is. If you can get rid of credit card debt or pay off your car before your dental school loans come due, you will be in a much more comfortable position to repay them.

Meet With A Financial Aid Counselor To Determine The Best Plan For Borrowing

All of the lenders and different types of loans can overwhelm even someone with a great head for numbers. Meet with one of the professionals in the financial aid office and get all of your questions answered. Make sure you are borrowing from lenders that will charge you the most reasonable interest rates available to you. And remember, you’re living cheaply, so borrow only what you need!