Are you looking for the best company to Refinance dental school loans then you are at the right place. Becoming a dental professional requires years of dedicated education and study. For students pursuing this path, the financial burden can be overwhelming, particularly concerning educational expenses.
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Refinancing dental school loans becomes essential in alleviating the financial strain after investing years in becoming a part of the medical community.
Medical courses incur significant expenses in tuition fees and additional charges. According to the latest data, dental school graduates carry an average educational debt of approximately $293,900. Given this situation, students often seek alternative.
The best alternative is refinancing dental school loans. This will offer relief by aiding you with lower interest rates and increasing the loan repayment schedule. This option becomes available for the students during their residency or after they have established their career in the dental field.
But there is a thing to keep in mind if you have federal student loans and refinance them with private loans then this will end all the federal protections and benefits.
To explore refinancing law school loans and discover tailored solutions that align with the advice in this article for effective student debt management.
What Is Dental School Loan Refinancing?
Refinancing your student loans, including those from dental school, involves replacing existing loans with new ones featuring improved terms. Opting for dental loan refinancing can result in a lower interest rate and adjusted monthly payments, ultimately saving you money in the long run.
When it comes to refinancing dental school loans, various lenders offer flexibility, allowing refinancing during or after residency. Some private lenders even provide specialized residency refinance loans, which can reduce payments to as little as $100 per month during residency or fellowship. This reduced payment can be especially beneficial until you secure a permanent position with a higher income.
Crucially, borrowers can refinance both private and federal loans to secure better rates. However, caution is advised when dealing with federal loans connected to income-driven repayment (IDR) plans or Public Service Loan Forgiveness (PSLF). Refinancing these loans might lead to the loss of these valuable benefits.
For those envisioning a career in the public sector rather than private practice, consolidating federal loans through a direct consolidation loan is an alternative. This approach restructures the debt, making you eligible for PSLF after a decade of repayment. This strategic move ensures you can capitalize on loan forgiveness opportunities.
List of the Top 5 Companies to Refinance Dental School Loans
1. RISLA
RILSA stands for Rhode Island Student Loan Authority. The private lending company offers versatile loan terms and is known for providing borrowers the option to select a repayment schedule of 10 or 15 years with flexible terms and conditions.
Borrowers have the flexibility to access the required loan amounts which can be a minimum of $1,500 and a maximum of $45,000 every year. Also, the maximum aggregate limit of a loan is around $150,000.
To qualify for RISLA loans there are some needs and requirements that need to be fulfilled by the applicants, these include the need to demonstrate a minimum annual income of $40,000 and maintain a credit score of at least 680. For most undergraduate students there are some other terms like applying along with a co-signer to meet the loan eligibility requirements.
RISLA is the perfect alternative to the financial challenges that students may face while looking for forbearance options. This allows the individuals to pause the repayment schedule for up to 24 months. Also, there is a co-signer release policy that is offered to the students.
The same will be applicable after 24 months of consistent repayments. Keep in mind that periods in which the borrowers utilize income-based repayment plans are not eligible for the co-signer release scheme. For more detailed review of risla you can check our detailed article on RISLA Review.
2. MEFA
The other refinancer is MEFA. The company offers flexible repayment terms to the students along with repayment options of 7, 10, and 15 years. The students who Borrow the loan have the flexibility to access loan amounts of a minimum of $1,500 and the maximum of the total education as per the school. Also, the refinance will be done after taking into account any financial aid received by the student.
There are some eligibility criteria. The eligibility for this loan is easy to meet. The best part is that there is no need for a degree. The applicants must meet specific criteria which include a minimum FICO score of 670 and a minimum income of $24,000 annually.
The requirements for co-signers are also specified, make sure to look at the loan refinance agreement for more while applying. A cosigner also needs to meet the minimum credit score and income requirements while applying with the borrowers. As the borrower is unable to pay the co-signer takes the responsibility and pays the debts.
When it comes to the forbearance options, there is no specific policy mentioned by the company. But in cases of natural disasters or some other emergencies. Also, the company does provide a loan modification program for the students. Keep in mind that the Ascent Graduate Student Loan does not have a co-signer release policy. The Borrowers should consider this while applying for the loan for their financial needs. For more detailed review of MEFA you can check our detailed article on MEFA Review.
3. Laurel Road
The Laurel Road is a pioneer in the field of Loan refinancing. It offers repayment terms that allow students who are pursuing dentist courses to borrow the loan for terms of 5, 7, 10, 15, and 20 years based on their preferences and profile.
When it comes to the Loan Amounts the company offers flexibility in selecting loan amounts. The amount starts from a minimum of $5,000 and there is no maximum limit. Only for associate’s degree graduates who can refinance the amount of $50,000 after being eligible.
The Eligibility criteria are simple and the students only need a degree from an eligible college or educational institution. Associate’s degree graduates who are currently working in specific healthcare fields can also explore refinancing options from the company.
Laurel Road maintains transparency but does not disclose specific credit scores or income requirements to the user. The same will be disclosed while filling out the refinance application.
The Forbearance Options are offered after recognizing and examining all the aspects of financial situations. Laurel Road offers students the option of paying the repayment of around 12 months and the same will be available in three-month increments as specified in the agreements of refinancing. Make sure to read the same while applying. The Cosigner Release Policy also enhanced the loan flexibility. For more detailed review of Laurel Road you can check our detailed article on Laurel Road Review.
4. Discover
Discover comes with flexible loan repayment terms for students who want to refinance their education debt. The private company provides the loan terms for 10 or 20 years based on the convenience, preferences, and eligibility of the applicants.
The Loan Amount offered by the company for borrowers is a minimum of $5,000 and the maximum of the total student loan debt spent on educational expenses. However the same is subjected to credit approval from Discover.
The company has some easy eligibility requirements that include no mandatory degree requirement. The borrowers must have an education debt of less than $150,000. However, there are some exceptions offered for certain degree types.
While Discover has the provisions for 100% transparency. However, it does not provide detailed credit scores and income requirements publically. You get to know about the same while applying for the loan. The Forbearance Options are given a few examine the financial challenges.
Discover allows the borrowers the option of pausing repayment for the time of up to 12 months or more. Moreover, there are some additional repayment assistance programs given to the students which provides several perks like lower interest rate or monthly payment reduction plans.
These are available to support borrowers who are facing financial hardship. The Co-signer Release Policy is not openly discussed by the company.
The borrowers should consider the same while applying for the loan for their financial needs and requirements. For more detailed review of Discover you can check our detailed article on Discover Review.
5. SoFi
SoFi is also a pioneer in the field of refinance loans. The company comes with more flexible loan Terms. SoFi allows the needy ones who are looking to refinance their debts to get the repayment terms from 5, 7, 10, 15, and 20 years. When it comes to the loan amounts. The individuals can access a range of loan amounts that start from a minimum of $5,000 and a maximum of the total balance of eligible loans of the applicant.
The Eligibility requirements are also there for SoFi loans. The applicants need to have an associate’s or bachelor’s degree while applying. Additionally, a minimum credit score of 650 is required. SoFi does not disclose specific income requirements publically. You will know the same while applying.
Forbearance Options are offered after understanding all the aspects of the financial situation of the applicant. SoFi also provides an Unemployment Protection Program. This program aims to allow students to pause payments in three-month increments. The same can be done for the time of 12 months.
Also, in case of unemployment, there is another forbearance program that addresses various economic hardships, including medical expenses, and many more. The program allows the borrowers to get a period of up to 12 months pause on payments. For more detailed review of SOFI you can check our detailed article on SOFI Review.
FAQs
1. When can I refinance dental school loans?
For students who are pursuing their dental courses from any US-based college or educational institution, there are many private lenders for loan refinancing.
Refinancing dental school loans is an option available during residency and after completion of the course Two is the best loan refinancers are SoFi and Laurel Road. The students can go with them and enjoy several benefits and perks. They extend student loan refinancing to residents as well.
2. How much can refinancing dental school loans save?
The savings that can be achieved through education loan refinancing depend on your current loan terms and conditions. For example, if you refinance $304,824 for the average dental school debt for the class of 2020 with a 7% APR to a 5% APR.
After calculating all the aspects you have saved around $306 every month and about $36,736 within the time of 10 years or more. The savings can be more depending upon the terms and conditions of your loan lending company.
3. Can I refinance all my dental school loans?
The students who are pursuing dentistry courses must look at several aspects. These include the loan limit on your student loan refinance offered by the lender.
Some lenders may refinance the whole debt of your education whereas, on the other hand, others might impose limits and restrictions on refinancing, such as $300,000 or $500,000, which may not be sufficient for certain dentists. So, always go for the best refinance dental school loans.
4. What are ways to expedite repayment of dental school loans?
There are several ways to pay off your dental school loan. These includes laying off your dental school loans at an accelerated pace. This can be facilitated by refinancing to a lower interest rate or opting for a shorter repayment term or schedule.
However, you need to make sure that refinancing may not be the best option if you require federal loan benefits, such as income-driven repayment. Refinancing will lose all the federal loan perks and benefits.
5. How to pause the repayment for student loan refinance?
Those who have refinanced their education debts from any private lenders might not get the pause facility for their loan. As the private lenders give less perks and benefits. Moreover, you will also lose all your benefits and perks after refinancing a loan from federal to private lenders.
You need to check whether your lender is offering the forbearance options or not before applying. The option can be accessed in case of natural disasters, loss of a job, accident, injury, or death the repayment schedule can be paused but for a limited period.
Conclusion
Refinancing dental school loans offers more than financial ease; it’s a bridge to a brighter future. With flexible repayments and potential loan forgiveness, it’s a path to stability and career growth.
For those passionate about community dental service, programs like PSLF align perfectly. It’s not just about loans; it’s sculpting a journey where financial well-being meets impactful service.
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