The Educational Investment, ECU School of Dental Medicine

The Educational Investment

Hillary Harrell, MBAStudent Financial Support Manager

ECU School of Dental Medicine

Responsible borrowing leads to responsible repayment.

The Good News…

The Good News…Dental school graduates have an excellent

repayment history


repayment history

You can fund entire dental education with student loans


repayment history


Multiple repayment options- be as aggressive as you want


repayment history


Multiple repayment options- be as aggressive as you want

Easier than ever to track loans

Educational Debt Statistics


National Avg: Dental School Only: _________


National Avg: Dental School Only: $203,987



ECU SoDM Average: _________



ECU SoDM Average: $123,900

Cost of AttendanceThe total estimated cost of an education, including

tuition, fees, and living expenses.

Cost of Attendance

Cost of AttendanceAll sources of funding (grants, scholarships,

loans, etc.) may not exceed cost of attendance.

Cost of AttendanceAll sources of funding (grants, scholarships,

loans, etc.) may not exceed cost of attendance.

Set annually by Financial Aid Office with input from SoDM.

2015-2016 Cost of Attendance D1 D2 D3 D4

Tuition and Fees

$29,638 $29,638 $29,638 $19,759

Room and Board

$17,565 $17,565 $17,565 $11,710

Books and Supplies

$8,134 $4,974 $7,219 $3,236

Personal $2,985 $2,985 $2,985 $1,990

Transportation $2,757 $2,757 $4,080 $4,485

Medical Insurance

$1,820 $1,820 $1,820 $1,820

Loan Fees $808 $808 $808 $654

Total $63,707 $60,547 $64,115 $43,654

Cost of Attendance D1

Tuition and Fees $29,638

Room and Board $17,565

Books and Supplies $8,134

Personal $2,985

Transportation $2,757

Medical Insurance $1,820

Loan Fees $808

Total $63,707

D1FELS: $14,00

0

Grant: $5,000

Scholarship: $10,000

Total Outside Funding: $29,000

Student Loans: ($63,707- $29,000)

$34,707

Total $63,707

=

2015-2016 Cost of Attendance D1

Tuition and Fees $29,638

Room and Board $17,565

Books and Supplies

$8,134

Personal $2,985

Transportation $2,757

Medical Insurance $1,820

Loan Fees $808

Total $63,707

Includes “Technology Loan”

Technology Loan

Technology Loan3 terms= 3 refund disbursements

Technology Loan3 terms= 3 refund disbursements

Separate loan for Technology $960 allowance for loupe purchase$2,795 for Apple bundle

Funding Sources?

Funding Sources?

Direct Unsubsidized Stafford Loans

Funding Sources?


Private Loans

Funding Sources?


Private Loans

FELS

Direct Unsubsidized Stafford Loan


Subsidized versus Unsubsidized?



Maximum borrowing per year is $47,167




Aggregate borrowing limit is $224,000





Fixed interest rate, set annually in July





Fixed interest rate, set annually in July

Grace period after graduation

Private Loan

Private LoanUnsubsidized


Rates, terms, and fees all vary by lender



Not eligible for federal consolidation



Not eligible for federal consolidation

Higher interest rate

FELS

FELSForgivable Education Loans for Service


Forgivable as long as you practice in NC


Forgivable as long as you practice in NC

$14,000 per year/ $56,000 aggregate

NSLDS

NSLDSNational Student Loan Data System


Includes: All federal student loans Amount, disbursement date, servicer, status


Includes: All federal student loans Amount, disbursement date, servicer, status

Does NOT Include: Interest accrued Private loans FELS

www.NSLDS.ed.gov

Interest?Interest begins to accrue when loans are

disbursed


disbursed

$47,167 at 5.84% accrues:______ per day______ per month ______ per year

Important to be a smart borrower!


disbursed

$47,167 at 5.84% accrues:$7.65 per day______ per month ______ per year



disbursed

$47,167 at 5.84% accrues:$7.65 per day$230 per month ______ per year



disbursed

$47,167 at 5.84% accrues:$7.65 per day$230 per month $2,755 per year


Important RemindersLoans are a serious obligation and repayment

must be considered from beginning.

There are serious consequences of default.

Helpful Tips

Helpful Tips Know the status of your credit


Now isn't the time for large purchases



Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation,

personal




personal

Be smart. Never borrow more than you need.




personal

Be smart. Never borrow more than you need.

Set a budget and stick with it. Don’t overspend and rely on credit.



Control what you can control: Direct: tuition and fees, books and supplies Indirect: housing, food, utilities, transportation, personal

If borrowing for undergrad, be smart. Never borrow more than you need.

Set a budget and stick with it. Don’t overspend and rely on credit.

Pay things off now, as you are able, to make dental school finances more manageable

Questions?