DENTAL SCHOOL DEBT. A hypothetical case-based scenario for dental students. Using Pending Congressional Proposals
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1 DENTAL SCHOOL DEBT A hypothetical case-based scenario for dental students Using Pending Congressional Proposals
2 Meet Katherine. She s a fourth year dental student at a school in Massachusetts Next year, she wants to start work as a general dentist in an underserved area in rural New Hampshire But when Katherine graduates, she will be carrying $247,000 of student debt from her four years of dental school She would like to know more about: Her overall student debt picture Her monthly debt payment and its impact on her wallet Her options for repayment, with and without a career in public service What is being done in Congress to help her more easily pay her loan obligations Our goal: Address each of Katherine s concerns in a simplified and straightforward way
3 First, let s take a closer look at Katherine s overall student debt picture. Cumulative Debt $250,000 $200,000 $150,000 $100,000 $50,000 $247, Year in Dental School By the end of her fourth year of dental school, she has accumulated $247,000 in student loan debt. + This debt is part of the Direct Federal Student Loan program and is provided by the U.S. Department of Education. 6.8% interest Katherine is being charged 6.8% interest on her loans. This interest is compounded using a daily interest multiplier formula. By the time she completes her standard scheduled payments 10 years from now, Katherine will have paid over $94,000 in interest. Many Repayment Options Luckily, Katherine has many options to repay her student loans. She may even qualify for special incentives by providing care in an underserved area or working in public service. Next, we will explore three of her most likely repayment options in detail. + Average educational debt among graduating students with debt. American Dental Education Association (ADEA) 2014 Survey of Dental School Seniors. ^Interest rate for direct unsubsidized graduate student loan in U.S. Dept. of Education.
4 Let s examine three of Katherine s loan repayment options. Standard 10-year Repayment Debt: $247,000 Interest Rate: 6.8% Payment: $2,845/month for 10 years Percent of Income: 19% (assuming $178,000 income * ) Other Things to Know: Students can opt to extend repayment for up to 25 years, which would lower this payment to $1,714/month However, extended repayment would also add $173,000 of additional interest payments over the life of the loan repayment Public Service Loan Forgiveness (PSLF) Debt: $247,000 Interest Rate: 6.8% Payment: $1,336/month for 10 years, then remainder of loan ($86,656) is forgiven Percent of Income: 9% (assuming $178,000 income * ) Other Things to Know: Must work in a public service job (including Federally Qualified Health Centers) for entire 10 year period National Health Service Corps + PSLF Debt: $197,000 ($247,000 minus $50,000 of debt forgiveness for two year NHSC commitment in underserved area) Interest Rate: 6.8% Payment: $1,336/month for 10 years, then remainder of loan ($36,680) is forgiven Percent of Income: 9% (assuming $178,000 income * ) Other Things to Know: Must work in a public service job (including Federally Qualified Health Centers) for entire 10 year period Must work in a health professions shortage area as determined by HRSA for two-year NHSC program *Mean net income from the primary private practice of independent dentists under 35 years old. American Dental Association, Survey Center, 2010 Survey of Dental Practice.
5 Yes, that s a lot to pay. So, is Congress doing anything to help? Here are some bills currently pending in Congress, and brief explanations of how they might affect student loans if they pass. Proposed Bill Bill s Effect on Student Debt H.R. 649 Student Loan Refinancing Act H.R and S. 793 Bank on Students Emergency Loan Refinancing Act H.R. 509 Student Loan Interest Deduction Act of 2015 H.R Fairness in Student Loan Lending Act S. 85 Repay Act of 2015 Allows a borrower to refinance his or her loan at any time, and fixes the new interest rate for the life of the loan, unless the borrower chooses to refinance again Refinances loans at the previous rate for the 12 months beginning July 1, 2013 and ending June 30, 2014 (3.86%) Increases the maximum tax deduction for interest paid on loans to $5,000 ($10,000 for married couples filing a joint tax return) and repeals the limitation of deductions based on modified adjusted gross income Sets the interest rates for all Federal Direct loans at the rate on high-yield 10-year Treasury notes plus 1% (currently, that rate would be 3.25%) Sets a student s annual repayment at 10% of his or her discretionary income (income greater than 150% of federal poverty line) that is less than $25,000, and 15% of discretionary income that is greater than $25,000
6 Finally, if these bills became law, here is the realistic impact they may have on Katherine s dental school debt. Katherine s Standard Repayment Scenario Debt: $247,000 Interest Rate: 6.8% Payment: $2,845/month for 10 years H.R. 649 Student Loan Refinancing Act H.R and S. 793 Bank on Students Emergency Loan Refinancing Act H.R Fairness in Student Loan Lending Act S. 85 Repay Act of 2015 if implemented today (June 2015), these bills would set new interest rate at 6.21% set new interest rate at 3.86% set new interest rate at 3.25% set payment at 10% of disc. income <$25k + 15% of disc. income >$25k and over the 10-year life of the loan repayment, they would result in $9,360 savings $43,320 savings $51,840 savings $113,400 savings
7 With the help of Congress, Katherine and dental students like her could save a lot of money. There s one problem, though: NONE of these bills are current law. They are only proposals. Wait. You said none of these moneysaving bills are current law? That s right. There is some support in Congress for these bills, but more effort is needed to pass a bill that helps students repay their loans. I d like to help. How do I make my voice heard by people in Congress? It s easy! And it only takes two minutes. Subscribe to ADEA action alerts and we will send you an should Congress consider legislation or regulations related to student loan debt. To subscribe to ADEA s action alerts visit adea.org/advocacy.
8 For more information about dental student debt, visit godental.org For more information about ADEA s advocacy efforts, visit adea.org/advocacy 2015 American Dental Education Association
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