RESTON, Virginia--Sallie Mae, the nation's leading saving- and paying-for-college company, today introduced Sallie Mae DENTALoansSM, a new comprehensive suite of dental loan products designed to assist students enrolled in dental school, studying a dental specialty, or dentists establishing a dental practice.
DENTALoans are available to students attending institutions eligible for Title IV student financial aid, and among the 56 U.S. institutions-and 10 Canadian institutions-accredited by the American Dental Association. Participating institutions must offer either a Doctor of Dental Surgery (DDS) or a Doctor of Dental Medicine (DMD), and may also offer Advanced Study Programs in periodontics, pediatric dentistry, prosthodontics, endodontics, orthodontics, and oral and maxillofacial surgery.
When students and families begin planning for college payment, they should always look first and foremost for free money such as grants and scholarships. Second, they should maximize their borrowing under the Federal Stafford Loan and PLUS Loan programs, which provide the most consumer-friendly loan rates, benefits, and repayment options. If students still need money after they have exhausted all options for federal funding, they may consider applying for a private education loan to meet the total cost of attendance.
Customers may earn significant savings on Sallie Mae's dental loan offerings, including interest rate reductions of more than 2 percent for Stafford loans and 1.85 percent for Graduate PLUS. These rate reductions are front-loaded and realized as early as first disbursement, rather than granted after significant payments have already been made.
The following products make up Sallie Mae's DENTALoans suite:
DENTALoans Stafford and Graduate PLUS Loans. The DENTALoans Stafford Loan carries a low, fixed interest rate of 6.8 percent, zero origination fees, a six-month grace period before entering repayment, and offered interest rate reductions of up to 2.05 percent. The federal DENTALoans Graduate PLUS Loan allows graduate students to borrow on their own behalf up to the cost of attendance, less financial aid received. The Federal Graduate PLUS Loan carries a fixed interest rate of 8.5 percent, and offered interest rate reductions of 1.85 percent. Rate reductions for both loans can be achieved as early as first disbursement. In addition, a new feature of the DENTALoans Stafford and Graduate PLUS Loans permits borrowers who miss a scheduled payment to rehabilitate their account and regain their on-time payment rate reduction simply by making 24 on-time payments.
DENTALoans Private Loan. This private loan allows graduate students to borrow last-dollar financing up to the cost of attendance, less financial aid received. It offers generous borrower benefits and rates as low as Prime minus 0.50 percent with a credit-worthy cosigner. Sallie Mae advises dental students to maximize their borrowing under federal programs before supplementing with private loans.
DENTALoans Advanced Study Private Loan. This private loan is designed to help pay for expenses incurred while pursuing advanced dental studies, in areas including periodontics, pediatric dentistry, prosthodontics, endodontics, orthodontics, and oral and maxillofacial surgery. This private loan allows advanced study dental students to borrow up to the cost of attendance, less financial aid received, within the aggregate borrowing limit. The product offers generous borrower benefits and rates as low as Prime minus 0.50 percent with a credit-worthy cosigner.
DENTALoans Residency, Relocation and Licensure Exam Loan. This one-time private loan is intended to cover costs incurred during the final year of dental school related to residency interviews, relocation or licensure expenses. The product offers generous borrower benefits and rates as low as Prime minus 0.50 percent with a credit-worthy cosigner.
DENTALoans Consolidation Loan. Consolidation loans are offered so that dental students can reduce monthly payments by combining all or one of their federal student loans into a new loan with an extended repayment period. Consolidation may extend the repayment term up to 30 years depending on total loan amount. Interest rate reductions of up to 1.25 percent are available to qualified customers, along with a 1 percent loan credit or cash back after three on-time payments.
DENTALoans Allied Health Loan. The DENTALoans Allied Health Loan was created to support the needs of students entering a career as a dental assistant or dental hygienist. The Allied Health Loan Program combines federal and private loans to cover the gap often left after obtaining scholarships and grants. Students can borrow up to the total cost of education, including tuition, fees, room and board, supplies and other education-related expenses.
For more information on Sallie Mae's new DENTALoan program or to apply, go to www.SallieMae.com/Dental or call toll-free at (800) 854-SLMA.