ADA, DRB loan refinancing offer extends to residents, graduate students
January 17, 2017
In an effort to help ease the burden of student debt on dental residents and graduate students, the ADA announced this month a new program through its exclusive endorsement of Darien Rowayton Bank.
The new program could result in savings in the tens of thousands of dollars, on average, in interest to all ADA members, including dental residents and graduate students, according to the ADA.
In 2015, the ADA announced the endorsement of DRB, which allowed ADA members an opportunity to refinance existing federal and private loans at a lower rate.
"If dental residents can reduce their student loan interest rate, they may be able to avoid thousands of dollars of debt accumulating," said Dr. Colleen Greene, a pediatric dentist from Milwaukee and a 2013 graduate of Harvard School of Dental Medicine. "I think it's a great idea for dental residents to begin paying down student debt as soon as possible, so this benefit will kick off strong financial habits. I would have pursued this option in residency if it had existed then."
Residents going into the nine ADA-recognized specialties and general practice residents are able to apply to refinance entire student loan portfolio as soon as they're matched to a residency program. For ADA members who qualify, resident rates range from 4.76 percent to 6.95 percent (with autopay). Regardless of how much is refinanced, the payment will be only $100 per month for all of training.
As with other DRB product offerings, ADA members receive an extra 0.25 percent discount on their loan rate as along as they maintain their membership. As of December 2016, ADA members are saving nearly $33,000 on average through DRB refinancing over the life of their loan.
"The ADA is listening to what members need right now," said Dr. Jonathan Limberakis, a 2014 graduate of Villanova University. "We graduate with such high loans and high loan rates — it's obscene actually — so it's comforting knowing the ADA is looking out for you. I refinanced with DRB and the loan process was simple overall. You save so much money in the end. It's definitely worth it."
For more information about the new program, visit student.drbank.com/ada-residents