As the average educational debt for senior dental students continue to grow, the ADA launched in September a new web portal dedicated on money-saving resources and tools to help dentists achieve financial stability.
“This is a great resource for members and sorely needed, especially for new dentists,” said Dr. Chris Hasty, New Dentist Committee chair.
Educational debt for senior dental students in 2015 averaged about $255,000, according to the American Dental Education Association.
The website, ADA.org/mydebt, is a one-stop shop for dentists seeking information on debt and finance management.
Features include “Debt Facts,” which helps dentists better understand and track various debts such as student loans, credit cards and mortgages.
Looking to consolidate? The portal includes information on consolidation, such as the exclusive benefit from Darien Rowayton Bank to ADA members. The ADA endorsed DRB’s student loan consolidation/refinancing program giving ADA members an opportunity to refinance existing federal and private undergraduate and graduate school loans at 0.25 percent lower rate. As of August 2016, ADA members are saving nearly $33,000 on average through DRB refinancing over the life of their loan, according to the new web portal.
In addition, the new site features budgeting tips, debt load and loan repayment calculators, and resources on federal and state loan repayment options to help dentists get out of the red faster.
For more information, visit ADA.org/mydebt.