Federal Loan Options

Federal Loans

To receive Federal loan for either the DMD, PASS or Graduate Dental Education (GDE) Program , you must hold U.S. citizenship or be a permanent resident of the U.S. Four year DMD students only are eligible to be considered for need-based aid at Penn Dental Medicine. Qualified students are required to complete the student and parent sections of the PENN Financial Aid Application and the student section only of the Free Application for Federal Student Aid as well as submit parental and student taxes. It is important to remember that your credit history is one of the most important factors used in determining your loan eligibility. Most loan programs require some form of credit evaluation. If you have defaulted on a previous educational loan, you are ineligible for future loans.

Students applying for only the Federal Direct Loan and the Direct PLUS Loan should file just the “FAFSA application” no additional forms are required and parental information is not required.
 
It is important to remember that your credit history is one of the most important factors used in determining your loan eligibility. Most loan programs require some form of credit evaluation. If you have defaulted on a previous educational loan, you may not be eligible for future loans.

Need-based Federal Loans

Health Professions Loan (HPL)
Federally subsidized Health Professions Loans are awarded to four year DMD students who are U.S. citizens or permanent residents and demonstrate exceptionally high need. This loan carries a 5% interest rate upon repayment, and repayment begins 12 months after graduation with ten years to repay. Students are required to complete the student and parent sections of the PENN Financial Aid Application and the student section only of the Free Application for Federal Student Aid.

Parental and student taxes are mandatory for eligibility. Eligibility is assessed only when all completed financial aid documents are submitted.

Non Need-based Federal Loan Opportunities

DMD, advanced standing students and post-doctoral students will be considered for non-need based Federal loans if they are U.S. citizens or permanent residents. More information on loans is available on the Student Financial Services website.
 
Direct Loan
The Federal Direct loan program enables all full-time DMD students to borrow between $40,500 and $44,942, depending on their year in school. Graduate Dental Education (GDE) students’ eligibility maximum is $20,500.The entire loan is unsubsidized, with interest accruing from the date of disbursement. The interest rate is set annually every July 1. Maximum aggregate eligibility is $224,000 including undergraduate borrowing. The Federal government charges an origination fee for money borrowed.
 
Direct PLUS Loan
The Federal Direct loan program enables full-time students to borrow up to the cost of attendance. The entire loan is unsubsidized, with interest accruing from the date of disbursement. The interest rate is set annually every July 1 for the academic year and is fixed for the life of the loan. The federal government charges an origination fee for money borrowed.
 
Private Educational/Alternative Loans
Alternative loan options include the Federal Direct PLUS loan, available only to U.S. citizens and permanent residents, as well as private educational loan programs typically with variable interest rates although some lenders do offer fixed rate loans.
International students may borrow private educational loans with an approved U.S. citizen or permanent resident co-signer. The loan is unsubsidized with interest accruing from the date of disbursement.
 
Don’t forget to review the information in our general scholarships section for additional information on scholarship opportunities, government resources and loan forgiveness programs.
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