The Eligibility Requirements of a Dental School Loan

Like all loans, dental school loans have minimum requirements of the applicant to prove they will repay the sum borrowed. Student loans are unique because they take into account factors that affect a student lifestyle, such as lack of salary or a short credit history. Furthermore, graduate student loans, like dental school loans, also address the unique needs of older students who perhaps have additional undergraduate debt. Even though lenders offering graduate student loans have different standards than those offering other traditional installment loans, there are still a number of basic requirements to be met.

Acceptance to a Dental School

First, you will not be able to apply for loans until you know where you will be attending dental school. A traditional dental school loan is distributed based on the cost of tuition for attending a specific program. With dental school, it may even be possible that some programs are longer than others. The lender will need all of this information before considering when and how to fund your loan.

Minimum Credit Hours in Dental School

You will typically need to be a full time student in order to receive most dental school loans. Part-time students will need to apply for different loan options. However, part-time students who are working may find many options if they can agree to repay the debts while they attend school. If you plan to drop below the hours required by your loan at any point during its lifetime, you will need to notify your lender to ensure you can start loan payments again after the break in schooling.

Separate Information on Cost of Living

Not all dental school loans account for the cost of living. In fact, government loans typically go directly to the university you will be attending without ever stopping in your bank account. If you will need assistance covering costs for rent, food and other expenses, you will likely need to apply for a cost of living loan separately. Most private loans include this sum, but you need to estimate how much will be required based on information provided by your school of choice.

Minimum Credit Score Requirements

Salary is not typically required for dental school loans. Nonetheless, you will need to meet minimum credit requirements, which include current payments on all existing student loans. If your credit history is too short to assure a lender you will make your payments, a co-singer will be required. A cosigner can be a parent, spouse or any other individual willing to accept responsibility for your loan if you are unable to pay.

Some Immediate Payoff

It is rare to have all dental loans stayed until after graduation. It is common to have an interest only loan while you attend school, though, which can bring the cost of your loan payments down when you do not have a full-time salary. The more you can pay off while you attend school, the lower your burden will be in the future. Most dental students will work during breaks in order to pay off loans and living expenses during the school term.

 


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