Medical students look to private student loans to decrease cost of education
WEST PALM BEACH, FL, USA, July 10, 2020 /EINPresswire.com/ — While many students are wondering whether school will be in session next year, those students in the health professions are wondering more about how to pay for the ever increasing cost of medical education.
According to the American Dental Education Association (ADEA), the average debt for graduates of private dental schools in 2019 was over $320,000. With yearly increases in tuition, dental students going into their first year of school in 2020 may end up with over $400,000 in student debt by the time they graduate in 2024.
“When I was in dental school, we only had one option for loans” explains Dr. Edgar Radjabli, CTA of Loan Doctor Financial. “With only one lender, the Federal Government, there is no competition or incentive to reduce cost for students”
Currently, Federal student loans have an origination fee of 4.236%. For the expected 2024 graduate of a private dental school, that amounts to nearly $17,000 in fees alone. In addition, current interest rates stand at 5.3%, much higher than other options.
“While health professions careers can certainly regarding financially, it has been a personal mission for me to find ways to reduce the cost. Without a heavy student loan burden, doctors, dentists, nurses and others have more flexibility to work in underserved areas, choose primary care over specialties, and perform more charity care”
In order to help students with alternative options to finance their education, Loan Doctor Financial is partnering with top banks to offer $0 fee, low interest loans to health care professional students
“The interest rates in the private market are very competitive. Banks are offering rates that can be a full 4% lower than the federal rate for variable rate loans, and even the fixed rate loans are more competitive. There are some important considerations that students should consider when choosing between federal and private student loans, such as forbearance etc. It’s an important conversation to have with their financial aid officer or financial advisor. If private loans make sense, there are some great opportunities for savings”
Source: EIN Presswire